SoFi Bank is a subsidiary of SoFi Technologies that has recently launched its first product, SoFi Checking and Savings Account. It is an online bank which has replaced the SoFi Money cash management account, no longer available to new members.
The account claims to offer some of the best rates available with no monthly cost and a solid free overdraft coverage program for qualified customers.
If you’ve grown tired of scrolling through complicated sofi bank reviews, this guide will help you understand SoFi’s Checking and Saving Accounts, including annual percentage yields (APYs) more easily.
Why is sofi a good bank choice?
Though SoFi doesn’t offer a wide selection of accounts, its online bank account is an excellent choice for those who don’t want to deal with standard bank fees.
Features of SoFi Checking and Saving Account
It is a combined account, but the checking and savings balances gain different rates. Regardless of the direct deposit setup, users earn 0.50% on checking balances. However, the direct deposit setup can help you earn a higher rate on your savings balance.
Early Paycheck
Individuals with direct deposit setups also receive their paycheck two days earlier. Also, it doesn’t require a minimum direct deposit balance to earn the perk. However, you must have a $1000 monthly direct deposit requirement to become a qualified member for overdraft coverage.
Wider Access to ATMs
Since SoFi is a part of the Allpoint ATM network, customers can access over 55,000 nationwide ATMs to withdraw cash at no cost.
Costly Cash Deposit Services
Due to the lack of branch access, customers have to visit the Green Dot retail location to deposit cash. It charges a fee of up to $4.95 per deposit.
Savings
SoFi pays a competitive 4.60% APY on the savings balance for customers with a direct deposit set or who deposit at least $5000 every 30 days into their account.
Pros of SoFi Checking and Saving Account
- There are no overdraft fees in the sofi savings account.
- There are no monthly charges.
- It offers competitive rates on savings accounts.
- It has a large and free-of-cost nationwide ATM network.
- It also offers early direct deposit.
Cons of SoFi Checking and Saving Account
- There is no branch access, as it is an online account.
- It charges fees for cash deposits.
To conclude
This review by accountiod helps you understand the features of SoFi Checkings and Services Account, along with its pros and cons in detail.
