SoFi is a US fintech that offers a wide range of banking products to its members, headlined by its no-fee Chequing Account and High-Yield Savings Account. While it doesn’t have any physical branches, it has gathered over eight million members since it was founded in 2011. That’s why many Canadians may be wondering whether they can open a SoFi account in Canada.
Is SoFi available in Canada?
No, SoFi is not available in Canada. It is only available in the USA and Hong Kong. But the good news is that there are several similar alternatives to SoFi in Canada — keep reading to find out what they have to offer.
Like the SoFi Chequing Account in the US, this Simplii account has no monthly fee and no minimum balance requirements. It supports unlimited transactions, including e-Transfers, and you get fee-free access to your funds at CIBC's network of over 3,400 ATMs. You can also manage your money through Simplii's mobile and online banking portals.
In the US, SoFi offers a Chequing Account and a High-Yield Savings Account. In Canada, EQ Bank combines these two features together in its EQ Bank Personal Account. On one hand, the Personal Account functions like a chequing account, supporting unlimited transactions with no monthly fee. On the other, it also works as a savings account — you can earn 4% interest on your balance if you get your pay direct deposited into the account.
No monthly fee or minimum balance requirement
Unlimited transactions
Earn up to 4% interest
Fee-free ATM withdrawals across Canada
No physical branches
No cheques
You need to meet terms and conditions to earn the maximum interest rate
KOHO combines the interest-earning power of a savings account with the cash back-earning chops you'd expect to find in a credit card. It offers a spending account linked to a reloadable prepaid Mastercard, and it pays 5% interest on your balance. You can also earn between 1% and 2% cash back on card purchases of groceries, transportation, food and drink — the amount you earn varies depending on the account plan you choose.
Earn 5% interest
Get 1-2% cash back on your spending
Get your credit score for free
No foreign transaction fees on the Extra and Everything paid plans
Watch out for ATM fees
Monthly fee applies (can be waived on entry-level plan)
Like SoFi's Chequing Account, this Tangerine day-to-day account has no monthly fee and no minimum balance requirement. You get unlimited daily transactions, including free Interac e-Transfers, and you also get free access to over 44,000 ATMs worldwide. And when you need to manage your money, it's easy to do so with Tangerine's highly-rated mobile app.
The Neo Everyday Account functions like a chequing account, with free day-to-day transactions, no monthly fee and no minimum balance requirement. But it also allows you to earn cash back when you spend with your prepaid Neo Money Card. The cash back earn rate varies depending on your account balance, but you can earn up to 4% on gas and grocery purchases.
Supports unlimited transactions
No monthly fee to worry about
Earn up to 4% cash back on gas and groceries and 1% on other purchases
CDIC insured
You'll need a large account balance to earn maximum cash back
Monthly cash back limits
No physical branches for in-person service
Min. Age
18
Account Fee
$0
Transaction Fee
$0
Interac e-Transfer Fee
$0
NSF Fee
$0
International ATM Fee
$0
What is SoFi?
SoFi is an American fintech that started life as Social Finance, Inc. when it was founded by Stanford business school students in 2011. This online-only provider has no physical branches but offers a wide range of banking products and services to its US customers, including chequing and savings accounts, a credit card, investing services, student and personal loans, and mortgages.
SoFi has over 8.8 million members and is headquartered in San Francisco.
Yes. If you have a SoFi account in the USA and you’re travelling to Canada, you can use your SoFi debit card to withdraw cash from ATMs and pay for purchases.
If you have a SoFi Unlimited 2% Credit Card, you can also use it anywhere Mastercard is accepted.
SoFi provides access to fee-free withdrawals at over 55,000 Allpoint Network ATMs worldwide, while you’ll also be pleased to learn that the Unlimited 2% Credit Card has no foreign transaction fees.
What does SoFi offer in the US?
SoFi offers a wide variety of products and accounts in the USA. These include:
Credit card. The SoFi Unlimited 2% Credit Card has no annual fee and pays unlimited 2% cash back on purchases.
Loans. SoFi offers student loans, personal loans, mortgages and more.
Insurance. Auto insurance, life insurance, homeowners insurance and more are available.
Other services. SoFi also provides estate planning, credit score monitoring, budgeting tools and small business financing.
How does the SoFi savings account work?
When you open a SoFi Chequing Account, you also automatically open a SoFi High-Yield Savings Account. This account offers an interest rate of up to 4.50% and comes with no account fees or minimum balance requirement.
You can set up automatic deposits to grow your balance quicker, and turn on Roundups so that your debit card purchases are automatically rounded up to the next dollar and deposited into your savings account.
If you’re looking for something similar in Canada, you could check out the EQ Bank Personal Account. Earn up to 4.00% interest on your balance for 12 months and enjoy no fees on everyday banking, plus unlimited transactions and no minimum balances. Sign up online in minutes.
Can you get SoFi loans in Canada?
No, even though SoFi offers loans in the US, its loans are not available in Canada. However, there are plenty of reputable lenders that offer personal loans in Canada, including options for good and bad credit.
SoFi stadium is an indoor-outdoor arena in Los Angeles County that is home to the Los Angeles Rams and Los Angeles Chargers NFL teams. It is a 3-million-square-foot arena with a 70,240 seating capacity. Sofi Bank bought the naming rights for the stadium in 2019 for a 20-year period.
Bottom line
There are several options worth checking out if you’re searching for SoFi Canada alternatives. Compare accounts from a range of digital banks before deciding which is the best choice for managing your money or growing your savings.
Frequently asked questions about SoFi
SoFi is an abbreviation for "Social Finance." The original name of the company when it was founded in 2011 was Social Finance Inc., and although it is now called SoFi Technologies, Inc., it has become more commonly known as SoFi.
The CDIC is a federal crown corporation that insures eligible deposits at its member institutions, which include banks and credit unions. This means that up to $100,000 you deposit at a CDIC member institution will be covered in the event that the bank fails.
Finder scores, in blue, are based on our expert analysis. We assess multiple key categories broken down into over 30 different data points across both chequing and savings accounts.
Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio
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