SoFi Checking and Savings Review 2025

Click “Show More” to see my Favorite Financial Tools

▽MY FINANCIAL TOOLS▽

🏦 SoFi Complete Money Management

----------

💰 Chime Fully Online Banking

----------

💳 Favorite Credit Cards

----------

📊 Wealthfront Automated Investing

----------

💵 Current Card

----------

📸 MY CAMERA GEAR

Let's start out with the core features. As many of you know what was once called SoFi money has now transitioned to a more traditional checking and savings account model which is what we're going to focus on in this video and both of those accounts work in tandem and have no account fees including no overdraft fees, no minimum balance requirements, no monthly fees of any kind, and access to 55,000 free to use ATMs on the all point network.

Direct deposit users can also get their paycheck up to two days early Which is definitely nice but something that is pretty standard nowadays with most of these fintech companies. We'll take a look at the app itself and some of the automated savings features in a second but perhaps the best part of this account right now is the 4.2% APY on your savings account Which continues to climb higher and higher in recent months.

I've made an entire dedicated video on vaults and how to use them and set them up but essentially these are sub-accounts of your main SoFi account allowing you to set money aside towards specific financial goals and this vaults feature coupled with their automated transfer tool allows you to literally automate your finances from start to finish. In my case, my direct deposited paycheck comes into my SoFi account and at the start of each month, money is automatically moved into a number of different vaults like my mortgage payoff fund, saving for a car, and even little things like insurance and different bills.

So a lot of platforms offer multiple tools under one app but usually they have their main product and focus and an assortment of other products that feel like and afterthought. SoFi on the other hand has a stand out checking and savings account and is a legit bank but they also have the SoFi credit card which has industry leading cash back and features which making it one of my favorites on its own, their investing platform which is certainly no TD Ameritrade but does have all of the asset types and account options that you need to get started and when it comes to lending they will loan money to you for almost anything. And in the areas where they know they'd probably fall a bit short, they have strategically partnered with outside companies who focus on things like insurance to make sure that their members are getting the best financial tools across the board not just with banking. But also 4.20% on your savings account makes the switch pretty easy as well.

0:00-Intro
0:50-Core Features
2:29-NEWEST Features
4:08-App Demo
5:17-My FAVORITE Feature
7:08-Get $250 for FREE
8:42-My FINAL Thoughts

Magnified Money may receive compensation for sending traffic to partnered sites. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers.

The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired.

[tactful_colt]

Been using SoFi for about a year and it’s been so good. I don’t think I’d ever need to switch from them being my main bank

[PurpleReign]

In order to receive the $250 bonus, you have to have at least $5, 000 direct deposit set up. Just in case anyone was wondering. If you have less than that, you'll receive a whopping $50 instead.

[adaml.]

It’s weird but I think the SoFi Mastercard World Debit card is one of the best parts of SoFi. Definitely one of the best looking fintech designs. Also notable that unlike a run of the mill Visa, the Mastercard World Debit comes with 90 day $1000 purchase assurance for damaged or stolen items, and double the manufacturers warranty for every purchase. Of course it comes with zero liability fraud protection and free ID theft monitoring. And SoFi is a real bank, not a technology company, can’t beat that.

[Port]

I'm loving Sofi for the most part. Two things would make me love it more. Eliminate the cash deposit fee and offer up an unsecured credit card similar to Chime Credit Builder.

[b_rayy]

Switched to Sofi little over a month ago now and i am lovin the platform!, Vaults make it so easy to rebuild my savings and having everything in all in one app is absolutely amazing 🙌🏽

[rikko]

Sofi is the best bank I've experienced so far.

[woodzy]

Sooo I used your link to sign up for sofi. I forgot how much I hated linking accounts but going from .35% to 4.20% saving is going to be great with my balances to just park money until some of the volatility leaves the market

[supernovacaine]

I love SoFi, I just need for them to have Zelle directly on the app.

[ELPCOTILLION-SD]

I Still Currently Have An Account With SoFi...Some Improvements Still Needed...But Still Absolutely Splendid Thus Far...

[carllewis]

Where can I find info about the SoFi joint accounts. Would be nice to make a video about it. Great content

[maxluna]

You should go into marketing my guy cause you just sold me on the card

Much appreciate it for the information!

[WillieSam]

Have been a long time I don;t see a video from you and the quality have improve a lot!. The transitions with the camara the props. Great work.

[InstructorWest]

I'd love to see a video dedicated to Sofi's joint account option.

[WHlSKYx]

Would you still take Sofi over Charles Schwab’s Investor Checking? Im trying to figure out which one. I use both, but I also don’t have thousands of dollars so the high yield really doesn’t matter to me.

[bengalshead]

I’ve had SoFi for about a month now and absolutely love it

[rogerthat]

So can i use chase as checking and sofi for savings only?

[xpanda]

To get the 4.6% apy do I just need the $5000 direct deposit one time and I will have 4.6% for the entirety of account being open?

[JonathanNear]

Please review ally next with their new spending buckets 🙏🏽

[richardle]

Damn. Am like 470 . And wanted to get builders, and bonus, so got Sofi, chime builder, experin boost, kioff... then realized to get bonus from them. I need direct deposits.. but would do alot of main job, doordash, Walmart. Lol

[steveblankenship]

What do you do if you’re new? Do you just make an account then send money from your regular bank to sofi?