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SoFi Checking Review
Our take: Interest on checking with no requirements, no account fees, 55,000+ fee free ATMs and a bonus for new direct deposit customers.
Pros
- 0.50% APY on checking with no requirements
- No account, overdraft or minimum fees
- Direct deposit bonus of $50 to $400
Cons
- Overdraft coverage only up to $50
- Phone support is not 24/7 (chat is)
- Lower Google Play rating than peers
Key facts
- Overdraft
- Covers up to $50 on debit purchases with $1,000+ in direct deposits
- Early direct deposit
- Up to 2 days early
- Minimum to open
- $0
- Monthly fee
- No account fees
- ATM access
- 55,000+ fee free Allpoint ATMs
- Current offer
- $50 to $400 with qualifying direct deposits (through Dec 31, 2027)
- Insurance
- FDIC insured up to $250,000 per depositor, per ownership category. Up to $3 million in additional FDIC coverage through participating banks
- FDIC certificate
- 26881 (SoFi Bank, N.A., Cottonwood Heights, UT)
- Who can open
- US residents 18 or older
- Mobile app
- SoFi app: 4.7 on the App Store, 3.8 on Google Play (Sep 28, 2026)
- Customer service
- 855-456-7634; chat 24/7
Source: SoFi website, checked Oct 26, 2026. Insurance details from the FDIC BankFind database.
Our verdict
SoFi Checking pays 0.50% APY with no requirements, charges no account or overdraft fees and includes 55,000+ fee free Allpoint ATMs. New members who set up direct deposit can earn a bonus of $50 to $400 through December 31, 2027.
It comes bundled with SoFi Savings. Read our SoFi Checking and Savings review for the savings rates.
Overdraft
SoFi covers overdrafts up to $50 on debit card purchases for members with at least $1,000 in direct deposits within 31 days, with no fee.
How we rated it
It earns top marks for fees, APY and safety, and loses a little on its Google Play rating. It scores 4.6 out of 5 on our scorecard for this category. See how we score on the comparison page and our methodology.
How SoFi compares
| Account | Rating | Monthly fee | Fee free ATMs |
|---|---|---|---|
| Axos ONE Checking | 4.6 | $0 | 95,000+ |
| SoFi Checking | 4.6 | $0 | 55,000+ |
| Capital One 360 Checking | 4.5 | $0 | 70,000+ |
| Chime Checking Account | 4.3 | $0 | 47,000+ |
| U.S. Bank Smartly Checking | 3.3 | $12 | 4,000+ |
SoFi checking FAQ
Does SoFi Checking pay interest?
Yes. SoFi lists 0.50% APY on checking, current as of Oct 20, 2026, with no requirements.
How much is the SoFi checking bonus?
$50 for $1,000 to $4,999.99 in direct deposits or $400 for $5,000 or more, for new direct deposit members through December 31, 2027. Terms apply.
Does SoFi charge overdraft fees?
No. SoFi says it charges no overdraft fees.
Ready to open SoFi Checking?
Rates as of Oct 20, 2026. Confirm the current rate and terms on the provider’s site before you apply.