Do you want to see a complete review of the Sofi Checking Account? From Responsible Economy we have carried out an analysis of all the features: fees, interest rate, welcome bonus, requirements and everything you need to know. You also have a comparison of the best checking accounts you can open in the United States in 2023. Welcome!
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Features
In this section we will show one by one all the characteristics of the Sofi checking account.
Fees
One of the best aspects of this checking account is that it has no monthly fees. Nor does it requires you meet certain conditions for the account to be free.
Minimum deposit
It is not necessary to have an average minimum deposit in the checking account.
Overdraft services
Overdraft Coverage is limited to $50 on debit card purchases only and is available to customers with monthly direct deposits of $1,000 or more. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
Zelle
At the moment Sofi is not compatible with Zelle.
Bonus
You have a welcome bonus of up to $250. If you make a direct deposit between 1,000 and 4,999 dollars you will have a 50 dollar bonus and if it is more than 5,000 dollars it is a 250 dollar bonus.

ATMs
You can withdraw money at more than 55,000 ATMs in the United States without commissions. The ATMs that do not have commissions are the entire Allpoint network.
Wires
Outgoing transfers have commissions of $25, incoming $15, and international $45.
Rates
If you make direct deposits you have an interest rate of 3.75% in the savings account and 2.50% in the checking account. Those who do not have direct deposits have an interest rate of 1.20% in either of the two accounts.

Fees
We have made a list with all the commissions that the Sofi checking account has:
- Monthly maintenance: $0
- Overdraft: $0
- Wires: minimum 15 dollars for each transfer
- ATMs: Withdrawals without commissions at Allpoint ATMs but in the rest of the ATMs there are commissions
Requirements
The only requirements that you must meet to contract the Sofi account are the following:
- To be over 18 years old
- Reside in the United States
- Social Security number
- Open account online
Documents
The documents needed to open this current account are:
- Proof that you reside in the United States. An invoice is valid
- Driver’s license or social security card
Pros
Here you have all the advantages of Sofi’s online checking account:
- You do not have to deposit money to open the account
- More than 60,000 ATMs to make withdrawals without commissions
- High interest rates with direct deposit
- You can get a bonus of up to $200
Cons
Now we show you a list with all the disadvantages:
- Does not have Zelle service
- Wires with high commissions
- You have to direct deposit to have high income
- It has no branches
Best banks in 2023
We have made a comparison of Sofi with the best checking accounts that you can open in 2023:

- It is very easy to avoid monthly commissions
- Welcome bonus of 200 dollars fulfilling conditions
- More than 16,000 ATMs in the United States
- $25 minimum deposit
- Very low interest rates

- It is very easy to avoid monthly commissions
- More than 16,000 ATMs in the United States
- $100 minimum deposit
- No welcome bonus
- High interest rates if you have a lot of savings

- It is very easy to avoid monthly commissions
- Nearly 12,000 ATMs
- $25 minimum deposit
- Welcome bonus of 300 dollars fulfilling conditions
- High interest rates on CDs

- No fees and no requirements
- Nearly 60,000 ATMs
- Welcome bonus of 250 dollars fulfilling conditions
- High interest rates on CDs

- No fees no direct deposits
- Fee-free withdrawals from ATMs around the world
- Without minimum deposit
- No welcome bonus
- High interest rates on CDs

- No fees no direct deposits
- More than 60,000 commission-free ATMs
- Without minimum deposit
- No welcome bonus
- High interest rates on Savings

- No fees no direct deposits
- More than 50,000 commission-free ATMs
- Without minimum deposit
- No welcome bonus
- High interest rates on CDs and Savings

- Commissions of $10 if you do not meet requirements
- No fees at Citibank ATMs
- Without minimum deposit
- No welcome bonus
- High interest rates on CDs
Video with the best checking account
Here you a complete video with the best banks to open a checking account:
How to open a Sofi checking account
As we have already mentioned before, Sofi does not have branches so the only way you have to open the account is online.
Frequent questions
We answer all the questions you may have about Sofi:
More information about Sofi
We show you a table with information of interest about Sofi:
Description | Information |
---|---|
Web | https://www.sofi.com/ |
https://twitter.com/SoFi | |
https://www.facebook.com/SoFi | |
https://www.linkedin.com/company/sofi/ | |
Phone | 855-456-7634 |
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Updated the day 12 May, 2023 by Alfredo Barandiarán
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