SoFi does not offer a dedicated business checking account
SoFi's product line focuses on consumer banking, investing, and lending. The company does not have a business checking account, business savings account, or merchant services for small business owners. If you operate a sole proprietorship or small business and are looking for a checking account through SoFi, you will need to use a personal account instead.
This matters because personal accounts come with terms that may not fit business use. Most banks—including SoFi—prohibit using personal accounts for business deposits or regular commercial transactions. Doing so can result in account closure and the freezing of funds while the bank investigates.
SoFi's focus is on individual consumers. The company offers personal checking and savings accounts, investment accounts, personal loans, student loan refinancing, and mortgage products. If you need business banking, you will need to open an account elsewhere.
Key Takeaways
- SoFi does not offer business checking accounts, business savings accounts, or any products designed for business use.
- Using a personal SoFi account for regular business deposits or transactions violates the account terms and can result in closure.
- If you operate a business and need a checking account, you must open one at a bank that offers business accounts.
- Banks that do offer business checking include Chase, Bank of America, Wells Fargo, and many regional and online banks.
What happens if you use a personal account for business
Banks distinguish between personal and business accounts because the activity patterns, deposit volumes, and regulatory requirements are different. When a bank detects business activity on a personal account, the account holder typically receives a notice asking them to either move the account to a business product or close it.
In some cases, the bank may freeze the account during an investigation. This means you cannot withdraw funds, transfer money, or access your balance until the bank completes its review. The freeze can last days or weeks. Once the investigation concludes, the bank may require you to close the personal account and open a business account, or it may close the account entirely and return your funds.
The risk is real but not automatic. A single business deposit or occasional business transaction may not trigger a review. Regular deposits from a business, deposits that exceed typical personal income patterns, or deposits labeled with a business name are more likely to be flagged.
Where to open a business checking account instead
Most traditional banks and many online banks offer business checking accounts. Chase, Bank of America, Wells Fargo, and Citibank all have business checking products. Online banks like Stripe, Square, Wise, and Novo also offer business accounts, often with lower fees and faster setup than traditional banks.
Business checking accounts typically require an Employer Identification Number (EIN) or a Social Security Number, a business license or registration documents, and an initial deposit. Some banks require a minimum balance to avoid monthly fees. Setup usually takes a few days to a week once you submit your documents.
If you are a sole proprietor without an EIN, you can often open a business account using your Social Security Number and a DBA (Doing Business As) registration from your state. Check with the bank directly about what documents they accept, because requirements vary.
Why SoFi does not offer business accounts
SoFi was founded as a consumer-focused fintech company and has remained focused on individual banking and lending products. The company does not have the infrastructure, compliance team, or regulatory licenses that business banking requires. Business accounts involve different accounting rules, tax reporting, merchant services, and regulatory oversight than consumer accounts.
Expanding into business banking would require SoFi to build or acquire new systems, hire specialized staff, and obtain additional regulatory approvals. The company has chosen to stay in the consumer market instead. This is a strategic decision, not a temporary gap—SoFi has not announced plans to enter business banking.
Alternatives if you bank with SoFi
If you currently use SoFi for personal banking and you have started a business, you do not have to close your SoFi account. You can keep it for personal use and open a business checking account at another bank. Many business owners maintain both a personal account and a business account at different institutions.
When you open a business account elsewhere, make sure to update any automatic deposits or payments that are currently tied to your SoFi account. Direct deposits from your business should go to the business account, not your personal SoFi account. This keeps the accounts separate and avoids the risk of triggering a review on your personal account.
What to look for in a business checking account
When comparing business checking accounts, look at monthly fees, minimum balance requirements, check costs, and whether the bank offers online banking and mobile deposits. Some banks charge per-check fees; others include a set number of checks per month. A few banks offer free business checking with no minimum balance.
If you process credit card or debit card payments from customers, ask whether the bank offers merchant services or can refer you to a processor. Some business accounts include basic merchant services; others require you to use a third-party processor like Square or Stripe. The cost of processing can add up, so compare rates before you commit.
Also ask about ACH transfers, wire transfers, and whether the bank offers a business debit card. If you plan to pay employees or vendors, you may need ACH capability. If you travel or make frequent purchases for the business, a business debit card can simplify expense tracking.
Frequently Asked Questions
Can I use my SoFi personal account if I'm a freelancer or contractor?
Technically you can receive payments into a personal account, but doing so regularly violates SoFi's terms. If SoFi detects a pattern of business deposits, the bank may freeze or close the account. The safest approach is to open a business account at another bank, even if your business is small or part-time.
What if I only receive one or two business payments a year?
Occasional business deposits are less likely to trigger a review than regular deposits. However, SoFi's account agreement prohibits business use, so there is always a risk. If you want to avoid that risk entirely, open a business account. If you decide to use your personal account, keep business deposits infrequent and avoid labeling them with a business name.
Do I need an EIN to open a business checking account?
Not always. Sole proprietors can open a business account using a Social Security Number and a DBA registration. Partnerships, LLCs, and corporations typically need an EIN. Contact the bank you are interested in to confirm what documents they accept for your business structure.
How much does a business checking account cost?
Costs vary widely. Some online banks offer free business checking with no minimum balance. Traditional banks often charge $10 to $30 per month, though fees may be waived if you maintain a minimum balance or set up direct deposits. Compare several banks before you decide.
Can I transfer money from my SoFi personal account to a business account at another bank?
Yes. You can transfer money from SoFi to another bank using ACH transfer, which typically takes one to three business days. SoFi does not charge for outgoing transfers. Once you have a business account open, you can move your business funds there and keep your personal account separate.