SoFi
SoFi, a brokerage and financial services company, obtained its bank charter in 2022 and introduced a joint checking and savings account. For customers who meet the requirements, the account offers competitive rates, no monthly fees, and an effective free overdraft coverage program. Despite the fact that this account is a combo account, we've discussed the checking and savings sections separately because the APYs earned on the various elements of the account vary. Even after accounting for its customer complaints in relation to asset size (more details below), SoFi still receives high marks.
Although SoFi's Checking and Savings account is a combined account, if you set up direct deposit, the place in the account where you put your money determines the APY you will receive. Your savings account balance will earn 3.50% APY, while your checking account will earn 2.50% APY (APY is variable and subject to change). You will receive 1.20% on all balances if you don't have direct deposit.
Customers who set up direct deposit might receive their paychecks two days earlier and benefit from a greater APY. Both benefits can be obtained with no minimum direct deposit requirement, although overdraft protection requires a minimum direct deposit of $1,000 per month.
Best for: Individuals who are willing to use remote customer assistance in place of bank branches and who want to earn high interest rates.
Pros:
- High rate if you set up direct deposit.
- No monthly maintenance fees or overdraft fees.
- Fee-free access to more than 55,000 Allpoint ATMs.
- Two-day early direct deposit.
Cons:
- Cash deposits cost up to $4.95 and are available only through third-party retailers.
Website:https://www.sofi.com/
NerdWallet rating: 4.5/5.0
