3 Reasons Why SoFi Checking and Savings is the Best Checking Account

I moved my money from Chase to SoFi® in April 2024 and haven’t looked back. While Chase initially won me over with its extensive branch network and ATM access (who am I kidding? I was drawn to the checking account bonus), my friends convinced me to at least give SoFi® a try. Since there is no monthly fee for the account, I felt like I had nothing to lose. Fast forward to now, I use a SoFi checking and savings account as my main bank account.

I know that people have different banking needs, and not everyone will find an online-only bank account best suited for them. But if you’re paying a monthly checking account fee (or worse, not earning any interest), here are three reasons why you might want to switch to SoFi® soon.

1. Earn interest on your checking (and savings)

SoFi Checking and Savings Account earns 0.50% APY on your checking account balance. While 0.50% APY isn’t much in the grand scheme of things, it’s still better than the 0% APY that most checking accounts offer.

But that’s not the only trick this bank account performs. In fact, unlike most checking accounts, it is a checking and savings account. hybrid. The account comes with a built-in high-yield savings account with an interest rate of up to 4.30%² (if you set up direct deposits).

Don’t miss the last part: You can only get the maximum APY when you set up direct deposits into your checking or savings. There are no minimum direct deposit requirements (you can receive as little as $100 a month and still be eligible); you just need direct deposits into your account for your savings to earn a higher interest rate. Without direct deposit, your account will earn 1.20% APY.

An APY of up to 4.30%² is not the leading rate among the best high-yield savings accounts. But it’s damn good. This is much higher than what most large national banks offer in their savings accounts, especially compared to the FDIC’s national average savings rate of 0.45.

2. The mobile app itself is a unique experience.

The SoFi® banking app is one of the best. It’s easy to navigate, puts you in control of your credit, and gives you insight into your spending and saving habits.

Moreover, the app allows you to instantly transfer money between your checking and savings accounts. It also enables lightning-fast transfers to and from external bank accounts. In fact, this is one of the reasons I stick with SoFi®. Since I use multiple bank accounts for my freelancing business, I’m grateful that SoFi® reduces the typical delay between transfers. Most often, electronic transfers occur on the same day or, at most, a day later.

The mobile app now also supports Zelle, which once deterred people from using it as their primary bank account. You can also use the SoFi® app to order a new debit card, receive notifications about checking account activity (including when direct deposits hit your account), and receive direct deposits up to two days ahead of schedule.⁶

3. Bank bonus

Finally, SoFi Checking and Savings offers one of the best bank bonuses for a free checking account. New and existing account holders can earn up to $300 when they make a qualifying direct deposit into their account¹.

To receive the full $300, you must receive $5,000 or more within the bonus period (25 days from the time SoFi® receives your first direct deposit). If you receive between $1,000 and $4,999.99, you will receive a $50 bonus.

All things considered, there are plenty of reasons to love SoFi®. The account is free³, has no minimum initial deposit and gives you access to over 55,000 ATMs on the Allpoint network. If you’re happy with your regular office accounts, that’s fine. But if you’re like me and looking for something different, try SoFi®. Compare it with other leading banks and see if it can help meet your banking needs.