Updated September 28, 2026 · VaultCue Editorial Team
SoFi vs Step
SoFi
Step
Higher score in this comparison
SoFi vs Step: the differences
| Compare | SoFiReviewSee alternativesSee alternatives | StepReviewSee alternativesSee alternatives |
|---|---|---|
| Access terms | Online-only direct bank, no physical branches; SoFi Savings bundled with SoFi Checking | No savings minimums; 3.00% on savings requires Step Black status, earned by spending $500 with the Step Card or $300 in qualifying direct deposits each calendar month |
| Headline rate | Not confirmed | 3% |
| Minimum deposit | Not confirmed | $0 |
Same on both: Rate type (Variable), Deposit protection (FDIC up to USD 250,000), Monthly fee ($0), Account kind (Easy access).
We earn a commission when you sign up through links on this site. Partner status can affect where a brand appears in our rankings. Partners with a live offer in your country come first, then every other brand by score.
Key differences
- Step scores higher overall: 8.8 vs 8.7.
- Founded is lower at SoFi: 2011 vs 2020.
- Support channels: only Step offers Chat, Email, Phone.
Our verdict on each
SoFi
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.
Step
Step suits teens and students in the US who want a free everyday account and easy access savings, with an overall score of 6.3. Costs sit at $0 a month and savings run at 3% variable, but that rate waits on a status earned by card spending or qualifying direct deposits.
Score breakdown
| Area | SoFi | Step |
|---|---|---|
| Cost | 9.1Monthly fee $0 and currency conversion fee 0%, against site medians of €0 and 0.5%. | 9.3HigherMonthly fee of $0 on a no monthly fee model, with free atm for ATM withdrawals. |
| Offer | 8.1 | 9.4Higher |
| Trust | 8.8Higher | 8.1 |
How they place
| Ranking | SoFi | Step |
|---|---|---|
| Savings accounts | 537 of 1420 | 490 of 1420 |
Every fact side by side
| Fact | SoFi | Step |
|---|---|---|
| Pricing model | No monthly fee | No monthly fee |
| Legal entity | SoFi Bank, National Association | Step Financial LLC |
| Headquarters | United States | United States |
| Founded | 2011Lower | 2020 |
| Support channels | Help centre | Chat, Email, Phone, Help centreCovers more |
Everyday accounts
| Fact | SoFi | Step |
|---|---|---|
| Licence type | Bank | Not confirmed |
| Currency conversion fee | 0% | Not confirmed |
| Audience | Not confirmed | Teen |
| Features | Free ATM | Free ATM |
| Local account details | Us ACH | Us ACH |
| Free ATM withdrawals | $0 | Not confirmed |
| Transfer fee | Outgoing domestic wire $30 per transfer; incoming wire $0 | Small fee for Instant Transfer to a linked debit card |
Where each stands against the rest
| Fact | SoFi | Step | Median |
|---|---|---|---|
| Headline rate | Not confirmed | 3%below the median | 3.25% |
| Minimum deposit | Not confirmed | $0at the median | $0 |
| Monthly fee | $0at the median | $0at the median | $0 |
Median across 658 listed accounts.
Pros and cons
SoFi
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
Step
Pros
- Monthly fee of $0 on a no monthly fee account
- Savings rate of 3% variable with a minimum deposit of $0
- free atm means no ATM charge when you need cash
Cons
- The full savings rate is tied to a status earned by card spending or qualifying direct deposits, so an inactive month earns less
- Small fee for Instant Transfer to a linked debit card for an Instant Transfer to a linked debit card
Who each suits
SoFi
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
Step
Who it suits
- Teens in the US building their first account
- Students who keep a direct deposit in place to keep the better savings rate
Who should look elsewhere
- bunq and bunq Spain Bank Account, where a euro account serves a euro market rather than a US teen account
- Pixpay FR, which charges a monthly fee of €3.99
Current offers
Step
Current offer
Bonus
Cashback on Step Card purchases with Step Black: Up to 10% cashback on purchases with select Step Black Partners, and unlimited 1% cashback on everything else
Requires Step Black enrollment; Step Black is an earned status available at no cost and full status is earned by meeting qualifying activity thresholds each month
Source, checked September 26, 2026
Bonus
Step savings reward: 3.00% on your savings balance (cash rewards, not interest)
Step Black is an earned status available at no cost; full status is earned by meeting qualifying activity thresholds each month; percentage is variable and may change
Source, checked September 26, 2026
Country by country
| Country | SoFi | Step |
|---|---|---|
| United States | Yes | Yes |
Questions about each
SoFi
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.
Step
How much does a Step account cost each month?+
The monthly fee is $0 and the account follows a no monthly fee model, so there is nothing to pay simply for holding it. Cash handling is covered by free atm, so withdrawing at an ATM costs nothing either. The one charge to watch is Small fee for Instant Transfer to a linked debit card to a linked debit card.
What interest do I get on savings?+
The headline savings rate is 3% and it is variable, so it can move rather than being locked. The minimum deposit is $0, which means you can start small. Savings are easy access, so you can take money out without giving up a fixed term.
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SoFi
Step