SoFi offers checking accounts, but they work differently than traditional bank accounts
SoFi Money is a checking account offered by SoFi (Social Finance), an online bank. It functions like a regular checking account — you deposit money, write checks, use a debit card, and pay bills — but SoFi operates entirely online with no physical branches. There is no monthly fee, and the account comes with a debit card and online bill pay built in.
The main difference between SoFi and a traditional bank is how you access your money. You cannot walk into a branch to deposit cash or speak to someone in person. Instead, you manage everything through the SoFi mobile app or website. SoFi does offer some in-person services through partnerships with other banks' ATM networks, which we explain below.
SoFi Money is FDIC insured, meaning your deposits are protected by federal insurance up to $250,000 per account holder. This is the same protection you get at any traditional bank.
Key Takeaways
- SoFi Money is a no-fee checking account run entirely through a mobile app or website, with no physical branches to visit.
- You can deposit checks remotely using your phone camera, but depositing cash requires using a partner bank's ATM or mailing a check.
- SoFi offers a debit card, bill pay, and transfers between accounts, all included with no monthly charge.
- Your money is FDIC insured up to $250,000, the same protection as traditional banks.
- SoFi also offers savings accounts and other financial products, but a checking account is the core product most people use.
How to deposit money into a SoFi checking account
SoFi lets you deposit checks remotely using your phone's camera. You open the SoFi app, select "deposit check," take photos of the front and back of the check, and the money appears in your account within one to two business days. This is called mobile check deposit and works for most personal checks.
Depositing cash is more complicated because SoFi has no tellers or branch locations. You have two options: use an ATM at a partner bank to deposit cash, or mail a check to SoFi's address (though mailing takes longer and defeats the purpose of having cash). SoFi partners with ATM networks like Allpoint and MoneyPass, so you can find a nearby ATM through the app. Not all ATMs accept cash deposits, so you may need to search for one that does.
If you receive direct deposit from an employer or government benefit, you can set that up through the SoFi app by providing your account and routing number to your employer or benefits administrator. Direct deposits usually land in your account within one to two business days.
What you can do with a SoFi checking account
A SoFi checking account includes a debit card that arrives in the mail within five to seven business days of opening the account. You use it to withdraw cash at ATMs, make purchases at stores, and pay for things online. SoFi reimburses ATM fees charged by other banks, so you can use almost any ATM without paying out of pocket.
You can pay bills through the SoFi app using bill pay, which lets you schedule payments to companies, landlords, or individuals. You choose the payment date, and SoFi sends the money by check or electronic transfer depending on the payee. This is included at no extra cost.
You can also transfer money between your SoFi checking account and other accounts you own at different banks. Transfers usually take one to three business days. If you have a SoFi savings account or other SoFi products, transfers between them are when ready.
SoFi checking account fees and interest
SoFi Money has no monthly maintenance fee, no minimum balance requirement, and no overdraft fees. This means you will not be charged for having the account open, and if you spend more than you have, SoFi will not charge you a penalty (though the transaction may still be declined).
SoFi does pay interest on checking account balances, though the rate varies and changes over time. You can check the current rate on SoFi's website. The interest is small compared to a dedicated savings account, but it is something — many traditional banks pay zero interest on checking accounts.
There are a few situations where you might pay a fee: if you request a wire transfer, SoFi charges for that service. International transfers also carry a fee. These are optional services, so you only pay if you use them.
How SoFi checking compares to a traditional bank account
The biggest difference is access. A traditional bank has branches where you can deposit cash, speak to someone in person, and handle problems face-to-face. SoFi has none of that — everything happens through the app or website. If you need to deposit cash regularly, a traditional bank or credit union may be more convenient.
On cost, SoFi is competitive. Many traditional banks charge monthly fees ($10 to $15 is common), require minimum balances, or charge overdraft fees ($30 to $35 per incident). SoFi charges none of these. However, some traditional banks and credit unions also offer free checking with no fees, so SoFi is not unique in that regard.
On interest, SoFi pays more on checking balances than most traditional banks, though the amount is still modest. If you want higher interest, a dedicated savings account at any bank (including SoFi) will pay more.
Opening a SoFi checking account
You open a SoFi checking account through the SoFi app or website. You will need to provide your name, address, Social Security number, and date of birth. SoFi will run a background check and verify your identity. The process usually takes a few minutes, and you can start using the account the same day, though your debit card arrives by mail.
SoFi may ask you to link an existing bank account to verify your identity. This is a security step and does not mean you have to keep money there — it is just a way for SoFi to confirm you are who you say you are.
Once your account is open, you can set up direct deposit, transfer money in from another bank, or deposit checks using your phone camera.
When a SoFi checking account makes sense
A SoFi checking account works well if you rarely deposit cash, are comfortable using a mobile app, and want to avoid monthly fees. It is also a good choice if you want a single place to keep checking and savings accounts together, since SoFi offers both.
A SoFi checking account may not be the best fit if you deposit cash frequently, prefer to speak with someone in person, or need access to a physical branch. In those cases, a traditional bank or credit union is probably more practical.
Frequently Asked Questions
Can I use a SoFi checking account without a smartphone?
SoFi is designed for mobile and web use, so you will need access to a computer or smartphone to manage your account. You can use a computer instead of a phone, but you cannot do everything through a phone call or in person. If you do not have reliable internet access, SoFi is not a good fit.
What happens if I overdraft my SoFi checking account?
SoFi does not charge overdraft fees, but transactions that would overdraft your account may be declined. You will not be charged a penalty, but you also will not be able to spend money you do not have. This is different from traditional banks, which often charge $30 to $35 per overdraft.
Can I get a cashier's check or certified check from SoFi?
SoFi does not issue cashier's checks or certified checks because it has no branches. If you need one, you can request a regular check from SoFi and have it mailed to you, or you can open a second account at a traditional bank that offers these services.
Is my money safe in a SoFi checking account?
Yes. SoFi is FDIC insured, meaning your deposits are protected by federal insurance up to $250,000. This is the same protection you get at any traditional bank. Your money is held in a real bank account, not an investment account.
Can I have both a SoFi checking account and a savings account?
Yes. Many people open both a SoFi checking account (for everyday spending) and a SoFi savings account (for money they want to set aside). Transfers between them are when ready and free. You can also link external accounts from other banks.