Sofi checking account review

Do you want to know all the characteristics, requirements and conditions offered by the Sofi checking account? Alfredo Barandiarán has carried out a complete analysis for Economía Responsable in which you can also see a comparison of all checking accounts. Welcome!

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.

Welcome bonus Sofi
Welcome bonus Sofi

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.

features Sofi checking account
Sofi checking account features

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:

Logo Chase
  • 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
Bank of America logo
  • 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
Wells Fargo logo
  • It is very easy to avoid monthly commissions
  • Nearly 12,000 ATMs
  • $25 minimum deposit
  • Welcome bonus of 200 dollars fulfilling conditions
  • High interest rates on CDs
Logo Sofi
  • No fees and no requirements
  • Nearly 60,000 ATMs
  • Welcome bonus of 250 dollars fulfilling conditions
  • High interest rates on CDs
PNC Logo
  • It is very easy to avoid monthly commissions
  • Nearly 50,000 ATMs
  • Without minimum deposit
  • Welcome bonus of 400 dollars fulfilling conditions
  • High interest rates on CDs

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:

DescriptionInformation
Webhttps://www.sofi.com/
Twitterhttps://twitter.com/SoFi
Facebookhttps://www.facebook.com/SoFi
Linkedinhttps://www.linkedin.com/company/sofi/
Phone855-456-7634
Information of interest about Sofi

Finally, we show you related content about checking accounts:

Updated the day 24 January, 2023 by Alfredo Barandiarán

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