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The banking division of Social Technologies, SoFi Bank, was established at the beginning of 2022. In February 2022, the bank debuted SoFi Checking and Savings, an online bank account. It replaces the SoFi Money cash management account, which is no longer available to new members and is the only product offered by the bank.
Many features popular with SoFi Money are also available in SoFi Checking and Savings, including high-yield interest, low fees, and early direct deposit. Currently, current SoFi Money users can keep using the service. To switch to a SoFi Checking and Savings account, all SoFi Money clients have been invited.
According to Traders Union experts and analysts, this is a SoFi bank review:
- The returns on SoFi’s checking and savings accounts are competitive.
- SoFi bank provides early direct deposit.
- You must have a direct deposit to receive the bank’s highest APY.
- You must open checking and savings accounts; you cannot just open one or the other.
- Direct deposits of $5,000 or more must be made during the 25-day assessment period to qualify for the broker’s with welcome bonus. Some folks might find it challenging to complete the 25-day goal.
Sofi Bank Products
The SoFi savings account has a reasonable rate, but it is only available to bank customers who have direct deposits. Although SoFi’s direct deposit yield is far more competitive with that of leading online banks, customers without a direct deposit will still receive a yield that is significantly greater than the national average.
The savings account is not accessible through an ATM. However, you must open both a checking and a savings account. You can transfer funds between the two accounts and then use an ATM to withdraw funds from the checking account.
How Sofi Stacks Up
Those looking for both checking and savings accounts might consider SoFi Checking and Savings. The bank has few fees and very competitive tiered interest rates, with one of the best APYs for checking accounts at up to 1.25%. Additionally, it offers consumers automated savings solutions to aid in saving money.
The availability of additional potentially beneficial perks like rate reductions, financial planning services, exclusive event access, and career guidance is made possible by having a SoFi account.
Unlike most internet banks, there are no real branch locations for in-person banking. When you require additional assistance, live chat and phone service keep you in contact with real people.
Customer service for SoFi Checking and Savings
Customers of SoFi have the choice of contacting customer support by phone or online chat.
There are no physical locations of SoFi Bank in your area, and no in-person customer service is offered. Even though this is typical of online banks, people who want a more conventional banking setting might prefer to use a bank or credit union with physical locations they can visit. Otherwise, you can access your account details whenever you want via the SoFi mobile app or online.