My Experience with SOFI Check and Savings Accounts

I review various bank accounts, both the good and the not-so-good. But personally, I only use one: the SOFI Check and Savings accounts.

This account stands out as one of the best high-yield savings options out there, offering a high annual percentage yield (APY), no monthly fees, and attractive bonuses for newcomers. A few months back, I left Wells Fargo and opened a SOFI account, and honestly, I’ve had no regrets since then.

I think it’s worth recommending, and here’s why I chose SOFI.

Why I Love SOFI

First off, SOFI provides an impressive APY. Right now, you can earn up to 3.80% annually on savings and 0.50% on checking when you set up direct deposits.

That’s about 380 times the 0.01% APY from Wells Fargo. With my SOFI account, keeping $10,000 earns me around $380 per year—way better than the dollar I was making at Wells Fargo.

Plus, I like the extra perks that come with it.

• Up to $50 in free overdraft coverage when you set up direct deposit
• Early payday with direct deposits (up to 2 days)
• No account fees or minimum deposit requirements
• FDIC insurance for up to $250,000

If you’re looking to take advantage of a limited-time offer, there’s a chance to earn bonuses up to $300 with direct deposits. New customers can also get an additional 0.70% on savings for up to six months, terms apply.

This is honestly the best welcome bonus I’ve seen from SOFI. If you’re even considering opening an account, I’d say now is a great time.

Switching to SOFI Was a Breeze

I had heard that transitioning to SOFI was straightforward, but it turned out to be easier than I anticipated. It took less than 30 minutes, and I did it all from the comfort of my sofa.

Here’s what I did:

1. Opened a SOFI Check and Savings (Member FDIC) account by providing some basic info.
2. Transferred my money from Wells Fargo to SOFI.
3. Updated all my automatic payments, including direct deposits to SOFI.
4. Closed my Wells Fargo account over the phone.

That was it! Now I enjoy a great APY, early payment options, and zero account fees. It really was that simple.

Other High-Yield Savings Accounts to Consider

While SOFI is my go-to bank and I recommend it to friends and family, there are a couple of other solid options out there.

Barclays Tiered Savings

Barclays is a straightforward option with a slightly higher continuous APY than SOFI. Here’s what they offer:

• 3.90% APY for balances under $250,000
• No account fees or minimum deposits
• FDIC insurance up to $250,000

However, Barclays doesn’t provide a checking account, which means you won’t have cash access immediately. Still, if your main goal is a high APY without any frills, their savings account could work well.

CIT Platinum Savings

CIT Platinum Savings is another excellent choice. Here’s what you can expect:

• 4.00% APY for balances over $5,000
• FDIC insurance up to $250,000

If quick access to cash is important, CIT also offers a checking account. The 4.00% APY applies as long as your balance stays above $5,000 and you need at least $100 to open an account.

If you can meet those balance requirements, CIT’s higher APY makes it an attractive option for those with larger savings.

If you’re looking for a competitive rate with your savings, consider checking out the CIT Platinum Savings account.