SoFi’s Checking and Savings hybrid account is one of the best, but it’s not perfect. To earn the savings account’s highest 4.00% APY, you have to either set up direct deposit or deposit at least $5,000 per month. The debit card cash back is limited, it only has one credit card option with mediocre rewards, and it doesn’t have any banking options for kids or seniors. And as an online bank, SoFi just isn’t suited for frequent cash deposits or when you need in-person customer support.
Just like SoFi, Axos Bank is an FDIC-insured online bank. Axos has a hybrid checking and savings account called Axos ONE with no monthly fees. It’s very similar to SoFi’s hybrid account, letting you earn interest on both your checking and savings balances. The account offers up to 4.86% APY on savings and up to 0.51% APY on checking with at least $1,500 in total direct deposits per statement cycle and maintaining an average daily balance of $1,500 or more in your checking account. Axos doesn’t charge monthly maintenance fees on any of its accounts and also offers specialty accounts such as senior checking and teen checking. Additionally, it has a very large ATM network, and accepts cash deposits at Green Dot locations just like SoFi.
APY
Up to 4.86%
Fee
$0 per month
Minimum deposit to open
$0
Just like SoFi, Axos Bank is an FDIC-insured online bank. Axos has a hybrid checking and savings account called Axos ONE with no monthly fees. It’s very similar to SoFi’s hybrid account, letting you earn interest on both your checking and savings balances. The account offers up to 4.86% APY on savings and up to 0.51% APY on checking with at least $1,500 in total direct deposits per statement cycle and maintaining an average daily balance of $1,500 or more in your checking account. Axos doesn’t charge monthly maintenance fees on any of its accounts and also offers specialty accounts such as senior checking and teen checking. Additionally, it has a very large ATM network, and accepts cash deposits at Green Dot locations just like SoFi.
Pros
$0 monthly fee and $0 opening deposit
Up to 4.86% APY on savings and 0.51% APY on checking
No requirements to earn best APYs
Accepts cash deposits
Cons
Online only
Low APYs on CDs
Requirements to earn best APYs
Annual Percentage Yield (APY)
4.86% on balances of $0+ 1.00% on balances of $0+ 0.51% on balances of $0+
Discover is a mostly online bank with only one branch location in Delaware. Its credit card options are hard to beat, offering secured and unsecured cards that often have no annual fee and generous cashback rewards. SoFi only has one credit card with cash back between 2% to 3%. Discover has cards for many walks of life, including student and travel cashback rewards cards. Its Discover It card line also features an unlimited cashback match for your first year. Alongside its card options, Discover also has an online savings account with 4.25% APY with no monthly fees, minimum balance or deposit requirements, and there's a free cashback checking account offering up to 1% cash back on up to $3,000 per month. Discover also has a few thousand more ATMs than SoFi, with a large 60,000 free ATM network. But unlike SoFi, Discover doesn't offer personal loans or budgeting features.
Fee
$0 per month
Minimum deposit to open
$0
Discover is a mostly online bank with only one branch location in Delaware. Its credit card options are hard to beat, offering secured and unsecured cards that often have no annual fee and generous cashback rewards. SoFi only has one credit card with cash back between 2% to 3%. Discover has cards for many walks of life, including student and travel cashback rewards cards. Its Discover It card line also features an unlimited cashback match for your first year. Alongside its card options, Discover also has an online savings account with 4.25% APY with no monthly fees, minimum balance or deposit requirements, and there's a free cashback checking account offering up to 1% cash back on up to $3,000 per month. Discover also has a few thousand more ATMs than SoFi, with a large 60,000 free ATM network. But unlike SoFi, Discover doesn't offer personal loans or budgeting features.
Pros
Multiple cashback credit cards
Free cashback checking
High 4.25% APY on savings
60,000+ ATM network
Cons
Lacks budgeting features you get with SoFi
No personal loans
Annual Percentage Yield (APY)
N/A
Rewards
Earn 1% cash back on up to $3,000 in debit card purchases each month. .
Get a $50 referral bonus by inviting your friends to join Current. Once the person receives the invite link and makes qualifying deposits of at least $200 within 45 days of opening the account, you and the referred friend each earn $50
Current is a fintech company with banking services backed by Choice Financial Group and Cross River Bank. Like SoFi, Current offers an all-in-one bank account with no monthly fees, overdraft fees or opening deposit requirements. Current also has an envelope feature similar to SoFi's vault feature, with Current letting you split up your savings into 'pods'. You can create up to three savings pods and earn a 4% savings bonus on up to $2,000 in each pod if you set up qualifying direct deposits. However, its savings bonus has a balance limit, and its APY is lower than SoFi's. Current also stands out for its credit-building opportunities with its Current Build card with paycheck advances and no annual fees or interest charges. However, Current doesn't support joint accounts like SoFi does and doesn't offer personal, home or business financing.
APY
4.00%
Fee
$0 per month
Minimum deposit to open
$0
Current is a fintech company with banking services backed by Choice Financial Group and Cross River Bank. Like SoFi, Current offers an all-in-one bank account with no monthly fees, overdraft fees or opening deposit requirements. Current also has an envelope feature similar to SoFi's vault feature, with Current letting you split up your savings into 'pods'. You can create up to three savings pods and earn a 4% savings bonus on up to $2,000 in each pod if you set up qualifying direct deposits. However, its savings bonus has a balance limit, and its APY is lower than SoFi's. Current also stands out for its credit-building opportunities with its Current Build card with paycheck advances and no annual fees or interest charges. However, Current doesn't support joint accounts like SoFi does and doesn't offer personal, home or business financing.
Pros
No monthly fees
Savings pods with high rates
Cashback rewards
Credit building with Current Build card
Cons
Doesn't support joint accounts
$3 plus 3% international ATM withdrawals
No lending options
Annual Percentage Yield (APY)
4.00% on balances of $0.01 to $2,000
Intro or bonus offer
Get a $50 referral bonus by inviting your friends to join Current. Once the person receives the invite link and makes qualifying deposits of at least $200 within 45 days of opening the account, you and the referred friend each earn $50
Rewards
Earn up to 15x the points when you use your debit card at one of 14,000+ participating merchants
Varo and SoFi are both FDIC-insured online banks. Varo's digital checking account has no monthly or overdraft fees and other perks like Zelle payments, early direct deposit and cash advances. The crown jewel of Varo's digital checking account is the cashback rewards — up to 6% with select brands like Nike, Little Caesars, Macy's and more. SoFi also features cashback rewards, but you must activate the rewards in the app, and they can vary widely by location and merchant. With a Varo checking account, you can also get a savings account with a high 5% APY on balances up to $5,000 that requires direct deposit of at least $1,000 per month, so it's similar to SoFi's high APY requirements. Varo uses the Allpoint ATM network and accepts cash deposits at Green Dot locations just like SoFi. But Varo doesn't accept domestic or international wires or support joint accounts.
Fee
$0 per month
Minimum deposit to open
$0
Varo and SoFi are both FDIC-insured online banks. Varo's digital checking account has no monthly or overdraft fees and other perks like Zelle payments, early direct deposit and cash advances. The crown jewel of Varo's digital checking account is the cashback rewards — up to 6% with select brands like Nike, Little Caesars, Macy's and more. SoFi also features cashback rewards, but you must activate the rewards in the app, and they can vary widely by location and merchant. With a Varo checking account, you can also get a savings account with a high 5% APY on balances up to $5,000 that requires direct deposit of at least $1,000 per month, so it's similar to SoFi's high APY requirements. Varo uses the Allpoint ATM network and accepts cash deposits at Green Dot locations just like SoFi. But Varo doesn't accept domestic or international wires or support joint accounts.
Pros
No monthly fees
Up to 6% cash back at select stores
Up to 5% APY on savings with requirements
Same ATM network as SoFi
Cons
Doesn't accept wire transfers
No joint accounts
Cash deposits at Green Dot locations for a fee
Annual Percentage Yield (APY)
N/A
Intro or bonus offer
Existing and new customers get a $25 referral bonus when signing up for a Varo Bank account. T&C apply.
Earn 10% cash back at Walmart, up to $20, on your first purchase. Limited time offer. Get 3% cash back on future purchases up to an additional $50 a year with eligible deposits.
One is a fintech with banking services. One has a free, all-in-one account like SoFi, but it offers a higher APY on its savings. One Cash's savings feature a high 3.75% APY, which requires at least $500 in monthly direct deposits or an average balance of at least $5,000 — nearly identical to SoFi's requirements to earn its 4.00% APY. If you don't meet the requirements, your savings earns 1% APY. Also similar to SoFi, the One Cash account has no monthly fees and offers overdraft protection services and cashback rewards. A standout feature is the ability to earn 3% cash back at Walmart up to $50 per year if you meet the same deposit or balance requirements for its APY. On the downside, it doesn't support joint accounts or offer 24/7 customer phone support like SoFi does.
APY
Up to 3.75%
Fee
$0 per month
Minimum deposit to open
$0
One is a fintech with banking services. One has a free, all-in-one account like SoFi, but it offers a higher APY on its savings. One Cash's savings feature a high 3.75% APY, which requires at least $500 in monthly direct deposits or an average balance of at least $5,000 — nearly identical to SoFi's requirements to earn its 4.00% APY. If you don't meet the requirements, your savings earns 1% APY. Also similar to SoFi, the One Cash account has no monthly fees and offers overdraft protection services and cashback rewards. A standout feature is the ability to earn 3% cash back at Walmart up to $50 per year if you meet the same deposit or balance requirements for its APY. On the downside, it doesn't support joint accounts or offer 24/7 customer phone support like SoFi does.
Pros
All-in-one checking and savings
Higher APY than SoFi
No monthly or overdraft fees
Cash back and overdraft services
Cons
No joint accounts
Limited phone support
Annual Percentage Yield (APY)
3.75% on balances of to $250,000 1.00% on balances of +
Intro or bonus offer
Earn 10% cash back at Walmart, up to $20, on your first purchase. Limited time offer. Get 3% cash back on future purchases up to an additional $50 a year with eligible deposits.
Rewards
Earn 3% cash back at Walmart, up to $50 annually, with eligible deposits
One is a financial technology company, not a bank. Banking services provided by Coastal Community Bank, Member FDIC. Debit card rewards: ● Earn 10% cash back at Walmart, up to $20, on your first purchase. Limited time offer¹ ● Get 3% cash back on future purchases, up to an additional $50 every year, with eligible deposits² ● Earn up to 5% cash back on select brands³ Early Pay: Get paid up to 2 days early. Direct deposit may be available up to 2 days in advance, but depends on when your employer sends paycheck data. 3.75% APY on Savings with eligible deposits: 3.75% annual percentage yield (APY) applies to the Savings balance of One Cash customers who either (i) received $500 or more of Direct Deposits in the previous month or (ii) have a total daily account balance of $5,000 or more. 3.75% APY is also earned on Pay Autosave balances without these deposit or balance requirements. In all instances, 3.75% APY is limited to a total Savings balance of up to $250,000. All other Savings balances will earn 1.00% APY. APYs are as of 12/20/2024, but may change at any time before or after account opening. ATM: Allpoint Network ATM transactions are fee-free for accounts with eligible direct deposits totaling at least $500 in the previous month. For all other ATM transactions the One ATM Fee will apply and third-party ATM fees may be incurred. Overdraft Protection: Available with Direct Deposits totaling at least $500 in the previous month. You must be 18 or older to receive Overdraft Protection. When on, Savings Backup will be used before Overdraft Protection. Overdraft balance is due right away. Transactions eligible for Overdraft Protection are at the discretion of One and may exclude certain transactions (e.g., bill pay, global transfers). See terms for details. ¹Only available to consumers who open an account through Walmart.com, the Walmart app, one.app, or the One app from 8/8/24 - 10/31/24. Terms apply. ²To receive 3% cash back, eligible customers (at the time their purchase settles) must (i) have received $500 or more of eligible direct deposits in the previous month, or (ii) have a total account balance of $5,000 or more. 3% cash back is limited to up to $50 per year and applies only to purchases made at U.S. Walmart locations and on Walmart.com. This promotion may not be combined with other One promotions that offer cash back on purchases at Walmart. Terms apply. ³Cash back can be earned through the Debit Rewards Program. Individual offer details can be found in the One app. Terms apply.
Earn $400 when you open a new PNC Virtual Wallet with Performance Select and establish a direct deposit of at least $5,000+ to your Spend account in the first 60 days.
SoFi doesn't have any physical branches, and cash deposits will cost you $4.95 at Green Dot locations. If you're looking for in-person banking, PNC has over 2,700 branches in the US and 7,400 ATMs, and it also has an all-in-one checking and savings with its Virtual Wallet accounts, which is similar to SoFi's hybrid account. There are multiple Virtual Wallet variations, high APYs on its savings, various CD terms, a money market account, financing, business banking and more. The PNC High Yield Savings account also has a 4.65% APY, a slightly higher rate than SoFi, and no opening deposit or monthly fees. However, watch out for monthly service fees on checking, which you'll have to try to waive.
APY
0.01%
Fee
$25 per month
Minimum deposit to open
$0
SoFi doesn't have any physical branches, and cash deposits will cost you $4.95 at Green Dot locations. If you're looking for in-person banking, PNC has over 2,700 branches in the US and 7,400 ATMs, and it also has an all-in-one checking and savings with its Virtual Wallet accounts, which is similar to SoFi's hybrid account. There are multiple Virtual Wallet variations, high APYs on its savings, various CD terms, a money market account, financing, business banking and more. The PNC High Yield Savings account also has a 4.65% APY, a slightly higher rate than SoFi, and no opening deposit or monthly fees. However, watch out for monthly service fees on checking, which you'll have to try to waive.
Pros
Over 2,700 branches
All-in-one Virtual Wallet accounts
Loans, CDs and MMAs
High 4.65% APY on savings
Cons
Checking monthly fees (waivable)
Smaller ATM network than SoFi
Virtual Wallet availability varies by state
Rates vary by location
Annual Percentage Yield (APY)
0.01%
Intro or bonus offer
Earn $400 when you open a new PNC Virtual Wallet with Performance Select and establish a direct deposit of at least $5,000+ to your Spend account in the first 60 days.
Fee
$25 per month
To waive the fee
You can waive the monthly service fee when you: Establish $5,000+ direct deposit to the Spend account OR, $5,000+ monthly balance in Spend + Reserve OR, $25,000 in all PNC consumer and/or investment accounts
SoFi doesn't offer any teen or kid bank account options. For families looking to boost their kids' financial literacy, Greenlight is a great option. It offers up to five kids' prepaid debit cards per plan, starting at $5.99 per month. Kids can earn allowances for completing chores, won't get charged overdraft fees, and there's an educational money game they can play. Parents get granular spending controls they can set up by category or store and can easily transfer money to their kids' account in real time. There are tools for spending, saving and earning, and you can earn up to 2% in saving rewards with the core plan and get cashback rewards. The downside is the unavoidable monthly fee, ranging from $5.99 to $14.98, and the higher-tier plans give you access to cashback rewards and safety perks. But know Greenlight also doesn't accept deposits from PayPal, Apple Cash or Venmo.
APY
5.00%
Fee
From $5.99 per month
Minimum deposit to open
$0
SoFi doesn't offer any teen or kid bank account options. For families looking to boost their kids' financial literacy, Greenlight is a great option. It offers up to five kids' prepaid debit cards per plan, starting at $5.99 per month. Kids can earn allowances for completing chores, won't get charged overdraft fees, and there's an educational money game they can play. Parents get granular spending controls they can set up by category or store and can easily transfer money to their kids' account in real time. There are tools for spending, saving and earning, and you can earn up to 2% in saving rewards with the core plan and get cashback rewards. The downside is the unavoidable monthly fee, ranging from $5.99 to $14.98, and the higher-tier plans give you access to cashback rewards and safety perks. But know Greenlight also doesn't accept deposits from PayPal, Apple Cash or Venmo.
Ally and SoFi have a lot in common. Both are online banks with free checking and savings, have similar lending options, and use Allpoint's large network of 55,000 ATMs. But Ally has more budgeting features on its checking and fewer hoops to earn its best APYs. SoFi offers envelope budgeting features but only on its savings account. Ally's free checking and savings accounts have envelope budgeting features to sort savings goals and expenses. The Ally Spending Account earns 0.25% APY, and the Ally Savings Account earns 4.00% with no requirements. SoFi's checking has a higher 0.50% APY, but to earn its savings rate of 4.00% APY, you'll need to meet deposit requirements. Ally's accounts are also full of features like SoFi, including early direct deposit, savings round-ups, free checks and ATM reimbursements.
APY
Up to 0.25%
Fee
$0 per month
Minimum deposit to open
$0
Ally and SoFi have a lot in common. Both are online banks with free checking and savings, have similar lending options, and use Allpoint's large network of 55,000 ATMs. But Ally has more budgeting features on its checking and fewer hoops to earn its best APYs. SoFi offers envelope budgeting features but only on its savings account. Ally's free checking and savings accounts have envelope budgeting features to sort savings goals and expenses. The Ally Spending Account earns 0.25% APY, and the Ally Savings Account earns 4.00% with no requirements. SoFi's checking has a higher 0.50% APY, but to earn its savings rate of 4.00% APY, you'll need to meet deposit requirements. Ally's accounts are also full of features like SoFi, including early direct deposit, savings round-ups, free checks and ATM reimbursements.
Pros
No monthly fees
Envelope budgeting on checking and savings
Large ATM network
Cons
Slightly lower APY than SoFi
Online only
Annual Percentage Yield (APY)
0.25% on balances of $15,000+ 0.10% on balances of to $15,000
Fee
$0 per month
ATM transaction fee
$0
Foreign transaction fee
1%
Overdraft fee
$0
APY
Up to 0.25%
Fee
$0 per month
Minimum deposit to open
$0
verified_userFDIC Insured
How SoFi compares
There aren’t many real downsides to SoFi. It’s considered one of the best online banking options out there. It has a large variety of account, lending and investing services, including its hybrid checking and savings, personal loans and online investing platform called SoFi Invest®. And while SoFi is an entirely online bank, it offers 24/7 customer support over the phone.
Its main downside is you must either set up direct deposit or deposit at least $5,000 per month to earn the high 4.00% APY on savings. If you don’t, your rate drops to a meager 1.20% APY. But compared to other high-yield bank accounts, these requirements aren’t dealbreakers. Also, its cashback rewards previously offered up to 15% at select merchants, but it now varies between 2% and 4%, and offers must be activated within the SoFi app.
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Direct Deposit can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.00% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/3/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at SoFi.com/banking/fdic/termsSee list of participating banks at SoFi.com/banking/fdic/receivingbanks
We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
Bethany Hickey is the banking editor and personal finance expert at Finder, specializing in banking, lending, insurance, and crypto.
Bethany’s expertise in personal finance has garnered recognition from esteemed media outlets, such as Nasdaq, MSN, Yahoo Finance, GOBankingRates, SuperMoney, AOL and Newsweek. Her articles offer practical financial strategies to Americans, empowering them to make decisions that meet their financial goals. Her past work includes articles on generational spending and saving habits, lending, budgeting and managing debt.
Before joining Finder, she was a content manager where she wrote hundreds of articles and news pieces on auto financing and credit repair for CarsDirect, Auto Credit Express and The Car Connection, among others.
Bethany holds a BA in English from the University of Michigan-Flint, and was poetry editor for the university’s Qua Literary and Fine Arts Magazine. See full bio
Bethany's expertise
Bethany has written 448 Finder guides across topics including:
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