Social Finance Inc. — better known as SoFi — is an online bank founded in 2011 by a group of Stanford business school students. In 2012, SoFi launched its Student Loan Refinancing program for . Currently, SoFi serves more than 6.9 million customers and has expanded its product offering to include lending, investing, personal banking, insurance, and more.
SoFi Bank’s product offerings
SoFi currently offers the following banking products and account options:
Checking and savings accounts
SoFi offers an interest-bearing combination checking account and savings account with no account fees, minimum balance requirement, or minimum opening deposit to get started. Users who sign up for direct deposit can also take advantage of SoFi’s early paycheck feature and get paid up to two days early. SoFi currently offers a cash bonus of up to $300 for customers who sign up for this account.
Credit cards
SoFi currently offers just one credit card. The SoFi Unlimited 2% Credit Card earns users unlimited 2% cash-back rewards for every dollar spent on purchases. With the SoFi credit card, you’ll also earn 3% cash back on trips booked through SoFi travel. This card has no annual fee and offers zero fraud liability protection to ensure that you’re never on the hook for unauthorized charges.
Read our full review of the SoFi Unlimited 2% Credit Card
SoFi Invest
SoFi customers can trade stocks and ETFs right in their SoFi mobile app with SoFi Invest account. Customers must make a minimum deposit of at least $10 within 30 days of opening the account. Once it’s active, you can trade stocks commission-free. Currently, SoFi offers up to $1,000 in stock when you fund a new account.
Private student loans and student loan refinancing
SoFi offers student loan refinancing options with no origination fees, prepayment penalties, or late fees. It also offers private student loans with no fees and multiple repayment terms.
Personal loans
SoFi’s personal loans range from $5,000 up to $100,000 to help you cover personal expenses such as your wedding, travel, and home improvements. Once approved, your money could be available as soon as the same day.
Mortgages
SoFi’s home mortgage loans offer fixed terms ranging from 10 to 30 years, with as little as 3% down.
Insurance
For extra protection, SoFi offers , home, life, renters, and cyber insurance.
Auto loan refinancing
SoFi offers auto loan refinancing offers through Lantern, its product comparison platform. Customers can use this platform to find the best product offers available to them and secure the lowest possible rate for their financing needs.
Account fees
Here’s a closer look at the account fees SoFi customers can expect to pay:
Monthly fee for combination account: $0
Stop payment fee: $0
Overdraft fee: $0
Dormant account fee: $0
ATM fee: $0
Pros and cons of SoFi Bank
Customers should note a few major perks and drawbacks before banking with SoFi.
SoFi Bank pros
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No monthly account fees. SoFi prides itself on its no-fee model, and as part of that it does not charge any monthly maintenance fees for its accounts.
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No overdraft fees. SoFi does not charge overdraft fees. Instead, it offers customers fee-free overdraft protection to help them avoid excessive fees.
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Competitive APYs. SoFi’s savings balances can earn customers an annual percentage yield (APY) well over 4% with qualifying direct deposits into their account, which is significantly higher than the national average.
SoFi Bank cons
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No physical branches. SoFi is an online bank with no physical branches for customers to visit for in-person banking needs.
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Fee for cash deposits. SoFi used the Green Dot network for cash deposit, which requires customers to visit a participating retailer to deposit cash. Retail partners can charge a fee of up to $4.95 per cash deposit.
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No separate checking and savings account options. SoFi does not currently offer a separate checking and savings option, it only offers a combination account.
SoFi Bank customer support and mobile banking experience
SoFi customer support specialists are available to help with checking and savings products, personal loans, and student loans Monday through Thursday between 5:00 a.m. and 7:00 p.m. PT, and weekends from 5:00 a.m. to 5:00 p.m. PT.
For support with home loans, specialists are available Monday through Friday from 6:00 a.m. to 3:00 p.m. PT, and closed on weekends.
SoFi Invest customers can speak to a specialist Monday through Friday from 5:00 a.m. PT to 5:00 p.m. PT; support specialists are unavailable on the weekends. Credit card specialists are available 24/7 via telephone. SoFi also has a 24/7 virtual chat assistant.
Customers who like to bank from their mobile devices can download SoFi’s mobile app from the App Store or Google Play. The app has a rating of 4.8 and 4.0 on the respective platforms, and customers can use it to track account balances, set savings goals, organize their cash into separate savings vaults, sign up to boost their savings with round-ups, and more.
SoFi Bank’s social and environmental impact
SoFi’s charitable giving arm, SoFi Gives, is a volunteer program that helps make it easier for SoFi employees to give back to their communities. According to SoFi’s latest ESG report, in 2022, employees volunteered their time for over 2,700 hours and donated more than $80,000 to meaningful causes.
In partnership with the SoFi Circles (SoFi’s network of resource groups), SoFi created donation opportunities and volunteer events for 16 causes specifically supporting underrepresented communities. SoFi has committed to giving $250,000 annually to organizations supporting various mental health initiatives.
SoFi has also committed to reducing its carbon footprint and in 2022, SoFi’s headquarters earned the U.S. Environmental Protection Agency’s (EPA) ENERGY STAR® certification for superior energy efficiency.
FAQs
How do I withdraw money from my SoFi account?
To make a withdrawal from your SoFi account, you’ll need to visit an ATM within the Allpoint ATM network, which consists of more than 55,000 machines.
Can I use Zelle with SoFi?
Zelle is not currently a feature in the SoFi app, however you can download the Zelle app separately and connect your SoFi debit card to send and receive money via Zelle.
Can I transfer money from SoFi to my bank?
Yes. You can transfer funds from your SoFi bank account to an external bank account using the SoFi app.