Will there be a savings only or a checking only option?

No, not at this time. Members will sign up for both a checking and savings account (and can get 1.25% APY on both with active direct deposit).

If you are an existing Money member, you'll be upgraded to both checking and savings accounts.

NOTE: Members without direct deposit will earn 0.70% APY on Checking and Savings deposits. 

More Information:

I’m a SoFi Money member…what changes when I upgrade to SoFi Checking and Savings accounts?