💡 Quick Verdict
SoFi is our top pick for beginners who want everything in one place—banking, investing, and loans. The 4%+ APY on savings is among the best available, and there are no account fees. The app can feel overwhelming at first, but it's worth learning if you want a complete financial platform.
✅ Pros
- 4%+ APY on savings (with direct deposit)
- No account fees
- Free stock & ETF trading
- Early direct deposit
- Comprehensive financial tools
- Member perks & career coaching
❌ Cons
- Can feel overwhelming for beginners
- No physical branches
- Joint accounts limited
- Cash deposits require workarounds
- Some features require direct deposit
- Investment options less than Fidelity
What is SoFi?
SoFi (Social Finance) started in 2011 as a student loan refinancing company and has grown into a full-service financial platform. It now offers banking (SoFi Checking & Savings), investing (SoFi Invest), loans, and credit cards. SoFi Bank is FDIC-insured directly, not through partners.
Learn more about app safety in our Safe Finance Guide.
SoFi Banking
4%+ APY, no fees
SoFi Invest
Stocks, ETFs, crypto
Loan Products
Student, personal, home
Credit Card
2% cashback rewards
Who Should Use SoFi?
SoFi is ideal for:
- People who want one app for everything
- Those seeking high APY savings
- Beginners ready to start investing
- Anyone refinancing student loans
SoFi might NOT be for you if:
- Those who prefer simplicity over features
- People needing physical branches
- Users who deposit cash frequently
- Those who find full-service apps overwhelming
Not sure if SoFi is right for you? Take our quiz for a personalized recommendation.
SoFi vs Competitors
SoFi vs Chime
Chime: Chime is simpler and better for pure beginners. SoFi offers more features and higher APY for those willing to learn.
SoFi vs Ally Bank
Ally Bank: Both offer high APY and no fees. SoFi has investing built-in; Ally has better traditional banking features.
SoFi vs Robinhood
Robinhood: Robinhood has better trading tools for active investors. SoFi is better for beginners who also want banking.
❓ Frequently Asked Questions
Is SoFi a real bank?
Yes! SoFi Bank is a nationally chartered, FDIC-insured bank. Your deposits are protected up to $250,000.
How do I get 4% APY?
Set up direct deposit of any amount to qualify. Without direct deposit, APY is lower (around 1%).
Is SoFi Invest good for beginners?
Yes, especially the automated portfolios feature. It's simpler than Fidelity but offers less control than Robinhood.
Does SoFi have fees?
No monthly fees, no overdraft fees, no minimum balance. Some loan products have origination fees.
Can I transfer from other brokerages to SoFi?
Yes, SoFi offers free ACAT transfers and sometimes bonus offers for transferring investment accounts.
Ready to Try SoFi?
See if SoFi is the right fit for your financial journey