SoFi Bank Review

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Points of Interest

SoFi is an online bank that offers loan options, mortgages, insurance, small business funding and cash-management accounts to help you meet your banking needs.

Sofi is an online bank headquartered in San Francisco and has funded over $45 billion in loans since its inception. Sofi has been operating since 20111 and offers plenty of services other than loans, including mortgages, small business financing, investment accounts, insurance, bank accounts, credit cards and budgeting apps.

The cash management account offered by SoFi has an interest rate that’s slightly below what you’d get at a traditional brick and mortar bank and significantly lower what you’d get at other online banks. Still, it could be a good option for some, as you can earn up to 5% cashback on most purchases up to $100, in addition to the interest you’ll earn on the account.

While it would be nice to see a higher APY rate, SoFi is still a great fit for people looking for loans or simplified banking solutions.

What SoFi offers

  • Student loans and refinancing
  • Small business financing
  • Personal loans
  • Mortgage loans
  • Investment accounts
  • Cash management accounts
  • Insurance (renters, homeowners, auto and life)

How SoFi stacks up



  • Limited investment products
  • No dedicated savings accounts other than SoFi Money, a high-yield cash management account 
 Max. Savings APYMin. Savings Deposit1-Year CD RatePersonal Loans APR30-Year Mortgage APR
SoFi0.20%$0NA5.99% – 18.72%Varies

Banking with Sofi

Checking account

SoFi Money is the name of the hybrid cash management account that serves as both a checking account and savings account for SoFi customers, and the account offers a 0.20% APY on your money. New account holders can also get up to 5% cash back, up to $100, on most purchases with SoFi’s welcome bonus program. There are some additional stipulations in the fine print on the bank’s website that you should read when considering the pros and cons of this account.

The account comes with several other perks, including no account fees, a money management app and ATM fee reimbursements. As long as the ATM you use takes Mastercard, you’ll be reimbursed for all fees — no matter where you are.

Signing up for the account is quick and can be completed online, and you can sign up online for joint accounts, too. Plus, the account is FDIC insured up to $1.5 million, which is much higher than the $250,000 you normally see with these types of accounts.

Savings account

SoFi does not offer a dedicated savings account, but the SoFi Money account is designed to work as both a checking account and a savings account. Unlike a regular savings account, there are no limitations on how many times you can withdraw money from your account each month.

If you’re looking for a dedicated savings account from an online bank, check out Ally or Discover. Both accounts offer no fees, no account minimums and have great APY rates. Ally currently offers 1.50% and Discover offers 1.40%, regardless of how much money you have in your account.

Certificates of deposit

Currently, there are no certificates of deposit (CDs) available through SoFi. The bank does offer some investment products, including stocks, ETFs, retirement accounts and crypto investing. You can also create your own active investing account or use the digitally automated investing service through the bank. It leverages technology to help you earn the best returns possible.

SoFi also allows customers to invest in fractional shares. If there is a stock that you are interested in but one share is too expensive, you can buy a small portion of one share to get in on the action. While it would be nice to see fixed-rate investment products like CDs offered by SoFi, currently these products are not available.

Credit cards

Sofi doesn’t offer credit cards, but the SoFi Money World Debit Mastercard is a debit card that works through the Mastercard network. This card is linked to your SoFi Money cash-management account and you can only “charge” what is in your account, but you can still expect to get a ton of great unique perks.

First, your card comes with insurance on your cellphone for up to $200 and for up to two claims per year if you pay your bill with your card. You’ll also get purchase protection up to $1,000 annually for damaged or stolen items that you bought with your card. The card also comes with ID theft protection, a travel and lifestyle concierge, discounted access to golf and offers once-in-a-lifetime experiences.

Bank Loans

Personal loans

Loans through SoFi can be used for a host of reasons, including debt consolidation, home improvement or other major purchases. Loan rates range from 5.99% and 18.82% APR, which are competitive with the rest of the industry. All SoFi personal loans are unsecured, which means you don’t have to put up any collateral to secure your loan.

SoFi personal loans have terms from 2-7 years, no extra fees and are available in amounts from $5,000 to $100,000, which is higher than you can get from most banks — especially on unsecured loans. SoFi loans also come with unemployment protection, which allows you to suspend your loan payments temporarily if you lose your job. The bank will also help you with employment assistance to find a job in some cases. These benefits are offered in three-month increments with a maximum of one year.

Mortgage loans and refinancing

SoFi offers several different mortgage and refi products with competitive rates and attractive perks. Loans are available up to $3 million, so if you’re looking for a jumbo loan, SoFi may be a good place to start. This lender requires at least 10% down on a purchase, though, which is higher than some of the other homebuyer assistance programs offered by other lenders.

Your SoFi mortgage loan options are 30-year fixed, 15-year fixed and a 7/1 adjustable-rate mortgage (ARM). Rates are not posted on the lender website, but you can get a prequalification rate quickly with no damage to your credit score through the SoFi website.

Home equity loans and HELOCs

Known as Spring EQ Home Equity, the program from SoFi allows current homeowners with home equity to tap into those funds without having to sell their home. These funds can be used for home renovations, major appliance replacements, medical bills, debt consolidation or any other of a number of uses.

Funding is available in as few as two weeks and online qualification is quick and easy. According to SoFi, the average monthly payment for the program is $530. That said, your exact rate will depend on the amount you borrow, your creditworthiness and loan terms.

Auto loans

SoFi does not currently offer auto loans. While you may be able to use a personal loan from SoFi to pay for your car purchase, it is always better to use a product best suited for your purchase. If you’re looking for car loan options, check out Capital One, Bank of America or U.S. Bank.

Student loans

SoFi student loans are available in a wide variety of terms and rates to help you meet your educational needs. The bank offers private undergraduate, graduate and parent student loans. Undergraduate loans are available with fixed and variable rates. Current fixed rates range from 4.73% to 11.46% APR, and variable rates currently range from 1.30% to 10.00% APR. All rates reflect a discount for using autopay.

Graduate loans are available for regular graduate programs, MBAs and law school. Fixed rates range from 4.51% to 11.67% and variable rates range from 1.08% to 10.30% APR.

You can also refinance your loan through SoFi if you’re a medical student. You may be able to get a better rate or lower your payments, plus you can reduce your payments down to $100 for up to four years if that better fits your savings plans. Refinance rates range from 3.75% to 7.16% fixed and 3.75% to 7.16% variable.

The final word

While SoFi loans and SoFi personal loans are the top products offered by this bank, there are plenty of other options available when it comes to meeting your banking needs. Credit card options and some investment options aren’t available through SoFi, but loans, cash-management accounts, mortgages, small business funding and insurance are, making this bank a good choice for a ton of product choices.

Next steps

Jason Lee

Jason Lee is a U.S.-based freelance writer with a passion for writing about dating, banking, tech, personal growth, food and personal finance. As a business owner, relationship strategist, and officer in the U.S. military, Jason enjoys sharing his unique knowledge base and skillsets with the rest of the world.