Our goal is to ensure a seamless transition for all of our members. When you switch to SoFi Checking and Savings accounts, all of the amazing features you currently use will still be available to you, such as:
- Keeping your current debit card, which continues to work without any interruption
- No account fees²
- Access to features like Vaults, automatic savings, up to 2-day-early-paycheck³, and no-fee overdraft coverage⁴ (requires a direct deposit of $1,000 or more every 31 days*)
- The ability to open both an Individual and Joint account
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Easily keep track of all of your transactions, including in-progress transactions
Note: Transaction history will include transactions from both SoFi Money and your new Checking and Savings accounts - Scheduled activities, including autopay and direct deposit
- Connected external accounts will remain available and linked
- Your routing number, account number, and checks will also continue to work without any interruption
What will change:
- Earn up to 3.10% APY on your savings & Vaults balances and 0.50% APY on your checking balances¹ (requires direct deposit or $5,000 or more in qualifying deposits every 31 days)
- FDIC insurance update to the industry standard of $250k per per depositor, per account ownership category unless you opt-in to the SoFi Insured Deposit Program to receive up to $3M of FDIC insurance⁵
- To learn more about the SoFi Insured Deposit Program click here.
- Our ATM reimbursement program has changed to only provide reimbursements at the Allpoint Network of 55,000+ ATMs⁶
Note, if you don't have a direct deposit or $5,000 or more in qualifying deposits every 31 days, you’ll earn 0.80% APY on savings & Vaults balances and 0.50% APY on checking balances.¹
Commonly Asked Questions
| Question | Answer |
| I have my SoFi Money account linked at another bank, will this still work? | Yes, any external banks linked to your current SoFi Money account will be moved to your new SoFi checking account. However, your new Savings account will be unique, and if you would like to transfer funds to/from it will need to be added as a transfer option. |
| I'm a SoFi Money member...what happens to my existing Vaults when I switch to SoFi Checking and Savings? | Once you switch to SoFi Checking and Savings, all existing Vaults will move under your Savings account. If you wish to create new Vaults or edit existing Vaults, you’ll be able to do so via your SoFi Savings account homepage. |
| I’m a SoFi Money member…do I need to order new checks? | No, you can continue to use your SoFi Money checks, as your SoFi Checking account will have the same routing and account number as your CMA account. |
| Will I have to get a new SoFi debit card when I switch to SoFi Checking and Savings? | Good news! Your existing SoFi debit card will continue to work as usual with no interruptions. |
| Will Debit Card and Withdrawal limits be increasing or changing with the new Checking and Savings accounts? |
Withdrawal limits for those members who switch from a SoFi Money account to SoFi Checking and Savings are not changing. There is no limit to how often you can transfer between your SoFi Checking, Savings, or vaults. |
¹We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge transaction fees for outgoing wire transfer, Instant Transfers and global remittance transfers. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
²Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
³Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at https://www.sofi.com/legal/banking-rate-sheet. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website.
⁴SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
⁵We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.