SoFi review
Updated September 28, 2026 · VaultCue Editorial Team · Facts checked September 26, 2026
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Our verdict
SoFi suits US savers who want an online savings balance held beside their checking account, with deposits covered by FDIC up to USD 250,000 and a variable interest rate. Because it is an online-only direct bank, the savings balance is managed from your own screen rather than a branch counter.
Key facts
- Best for
- US savers who want savings and checking side by side, with deposits held at an insured bank.
- Rate type
- Variable↗
- Deposit protection
- FDIC up to USD 250,000↗
- Access terms
- Online-only direct bank, no physical branches; SoFi Savings bundled with SoFi Checking↗
- Monthly fee
- $0↗
- Account kind
- Easy access↗
- Legal entity
- SoFi Bank, National Association↗
- Headquarters
- United States↗
- Founded
- 2011↗
- Support channels
- Help-centre↗
- Pricing model
- No monthly fee
- Official website
- sofi.com
Pros and cons
Pros
- Deposits sit under FDIC up to USD 250,000, and the bank is listed as FDIC cert 26881
- The savings rate is variable and the account kind is easy access, so you can draw money out without a fixed term
- Cash machine use is listed under free atm, with an allowance of $0
Cons
- Support runs on help centre only, so no phone or email channel appears in the list
- Wire transfers come with Outgoing domestic wire $30 per transfer; incoming wire $0, so moving larger sums to someone else is not free
- The rate is variable, so what you earn can fall as well as rise
Who it suits
- US residents who want savings and checking in a single place
- People who are happy to bank entirely online
- Savers who want a bank licence and insured deposits rather than a partner account
Who should look elsewhere
- XTB, if you hold UK pounds and want cover under FSCS up to GBP 85,000 rather than FDIC up to USD 250,000
- Plazo ES, whose fixed rate locks money away, when you would rather hold an easy access balance
- AXI Card Tarjeta y Credito, whose fixed rate suits readers who prefer a return locked for a set period
Safety of your money
Money in this account sits with an insured bank rather than an investment platform or a partner. Deposits are covered by FDIC up to USD 250,000, so your balance is protected up to that limit and you can claim from the scheme if the bank fails. The licence is recorded as FDIC cert 26881, which is the detail to check against the insurer's own register.
Who runs it
The account is run by SoFi Bank, National Association, a bank based in the United States, founded in 2011 and listed under FDIC cert 26881. The banking licence is the point to check: your money sits with a named bank rather than a partner. When you need a person, help comes through help centre.
How SoFi compares
8.7 vs 8.6
8.7 vs 9.5
8.7 vs 8.0
8.7 vs 8.9
8.7 vs 8.9
8.7 vs 9.1
8.7 vs 9.1
8.7 vs 8.9
8.7 vs 8.7- 8.7 vs 8.0
8.7 vs 9.0
8.7 vs 8.1
8.7 vs 8.7
8.7 vs 8.0
8.7 vs 9.5
8.7 vs 9.4
8.7 vs 9.3
8.7 vs 9.2
8.7 vs 9.0
8.7 vs 8.7
8.7 vs 8.5
8.7 vs 8.5
8.7 vs 8.5
8.7 vs 8.4
8.7 vs 8.3
8.7 vs 9.0
Where SoFi is available
- Available
- United States
- Licence in United States
- Office of the Comptroller of the Currency (OCC), checked September 26, 2026
- Licence in United States
- FDIC (FDIC cert 26881), checked September 26, 2026
Countries from the brand (Source, checked September 26, 2026)
Frequently asked questions
How much does SoFi Savings cost to hold?+
Nothing is charged to keep the balance open. The monthly fee is $0, and the account model is no monthly fee. Money only becomes costly when you move it in certain ways, such as sending a wire rather than making a standard transfer.
Is my money safe with SoFi?+
It sits with a bank, and deposits are covered by FDIC up to USD 250,000, so the balance is protected up to that limit. The bank is listed as FDIC cert 26881, a certificate you can check against the insurer's register.
What interest rate does SoFi Savings pay?+
The rate is variable, so it can move up or down rather than being locked. The account is an easy access account, which means you can draw your money out without a fixed term.
Do I need a checking account to keep savings at SoFi?+
The savings balance is bundled with SoFi Checking, so the pair is designed to run together. The bank is an online-only direct bank, so there is no physical branch to visit, and everyday payments run on us ach details.
What does it cost to send or receive money?+
Transfers are charged as follows: Outgoing domestic wire $30 per transfer; incoming wire $0. Domestic payments use us ach details, and converting currency costs 0%, so holding several currencies adds nothing to the bill.
Can I withdraw cash without a charge?+
Yes. Cash machine withdrawals are covered by free atm, and the free allowance is $0. Since SoFi is an online-only direct bank, you take money out at a machine rather than at a counter.
Who do I contact for help?+
Help comes through help centre, so questions are answered through the online help centre. The account is run by SoFi Bank, National Association in the United States, and that is where a formal complaint would be directed.
Sources
- banks.data.fdic.gov/bankfind-suite/bankfind/details/26881 checked September 26, 2026
Backs: Headquarters, Legal entity, Licence type, Licences
“CERT=26881; NAME=SoFi Bank, National Association; WEBADDR=www.sofi.com; ACTIVE=1”
- en.wikipedia.org/wiki/SoFi checked September 26, 2026
Backs: Access terms, Account kind, Deposit protection, Founded, Pricing model, Monthly fee, Rate type, Support channels
“focusing on digital banking methods, without operating physical branches”
- wealthvieu.com/banking/sofi/fees checked September 26, 2026
Backs: Free ATM withdrawals, Features, Currency conversion fee, Local account details, Transfer fee
“ATM fees (Allpoint, 55,000+ ATMs) $0 In-network only; no out-of-network ATM reimbursement”
Compiled from 3 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Headline rate, Term, Minimum deposit.
Related by the facts
SoFi
US savers who want savings and checking side by side, with deposits held at an insured bank.