Sofi checking account review

Would you like to see a comprehensive review of the Sofi Checking Account? Responsible Economy has conducted an analysis of all its features: fees, interest rate, welcome bonus, requirements, and everything you need to know. We also provide a comparison of the best checking accounts you can open in the United States in 2023. Welcome!

Explanatory video

We have a comprehensive video showcasing all the features of the Sofi Checking Account. If you enjoy the video, consider subscribing to our channel for daily updates and to support our growth.


In this section we will show one by one all the characteristics of the Sofi checking account.


The Sofi checking account has no monthly fees, and there are no conditions to meet in order for the account to remain free.

Minimum deposit

There is no average minimum deposit requirement for the Sofi checking account.

Overdraft services

Overdraft Coverage is available for debit card purchases, but it is limited to $50. It is only accessible to customers with monthly direct deposits of $1,000 or more. Customers with a history of non-repayment of negative balances are not eligible for Overdraft Coverage.


Currently, Sofi is not compatible with Zelle.


There is a welcome bonus of up to $250 for the Sofi checking account. A direct deposit between $1,000 and $4,999 will earn a $50 bonus, while a direct deposit of $5,000 or more will earn a $250 bonus.

Welcome bonus Sofi
Welcome bonus Sofi


Sofi customers can withdraw money from over 55,000 ATMs in the United States without incurring any fees. The Allpoint network ATMs are completely fee-free.


Outgoing transfers from the Sofi checking account have a $25 fee, incoming transfers have a $15 fee, and international transfers have a $45 fee.


For customers who make direct deposits, the Sofi savings account offers an interest rate of 3.75%, while the checking account offers a rate of 2.50%. Customers without direct deposits receive an interest rate of 1.20% in either account.

features Sofi checking account
Sofi checking account features


Here is a list of the commissions associated with the Sofi checking account:

  • Monthly Maintenance Fee: $0
  • Overdraft Fee: $0
  • Wires: Minimum of $15 for each transfer
  • ATMs: Withdrawals are fee-free at Allpoint ATMs, but there may be commissions at other ATMs.


The only requirements to open a Sofi account are as follows:

  • Be over 18 years old.
  • Reside in the United States.
  • Have a Social Security number.
  • Open the account online.


To open a SoFi checking account, you will typically need the following documents:

  1. Proof of residence in the United States: This can be provided in the form of a utility bill, bank statement, or any official document that includes your name and current address.
  2. Identification document: You will need to provide a valid driver’s license or a social security card as proof of your identity.


Here are some of the advantages of Sofi’s online checking account:

  • No initial deposit required: You can open the account without needing to make an initial deposit.
  • Extensive ATM network: Access to over 60,000 ATMs where you can make withdrawals without incurring any fees.
  • High interest rates with direct deposit: By setting up direct deposit, you can benefit from competitive interest rates on your account balance.
  • Bonus opportunity: There is a potential bonus of up to $200 available when you meet certain requirements.


  • Here is a list of the disadvantages of Sofi’s online checking account:
  1. No Zelle service: Sofi’s online checking account does not offer the convenience of Zelle, which is a popular peer-to-peer payment service.
  2. High wire transfer commissions: The account may have high fees associated with outgoing wire transfers, which can be costly for certain transactions.
  3. Requirement for direct deposit for higher interest rates: To benefit from the higher interest rates offered by Sofi, you are required to set up direct deposit, which may not be feasible or convenient for everyone.
  4. Lack of physical branches: Sofi’s online checking account is entirely online, meaning there are no physical branch locations. This may be a drawback for individuals who prefer in-person banking services.

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 300 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
  • No fees no direct deposits
  • Fee-free withdrawals from ATMs around the world
  • Without minimum deposit
  • No welcome bonus
  • High interest rates on CDs
Chime checking account Logo
  • No fees no direct deposits
  • More than 60,000 commission-free ATMs
  • Without minimum deposit
  • No welcome bonus
  • High interest rates on Savings
Ally logo
  • 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.


After conducting our analysis, our opinion is that SoFi’s checking account can be a good option because it offers a fee-free account without the requirement of direct deposit or bill payment, and it rewards the money we have in the bank. However, it’s important to note that SoFi is an online bank and does not have physical branches in the United States.

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:

Information of interest about Sofi

Finally, we show you related content about checking accounts:

Updated the day 1 September, 2023 by Alfredo Barandiarán

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