SoFi Money
all-in-one banking, investing, and crypto with high APY and zero fees
How it works
SoFi Money is an all-in-one financial platform combining checking and high-yield savings accounts with a full suite of investing and crypto trading tools. With qualifying direct deposit, members earn competitive APY on savings and get access to SoFi Plus premium features including rate discounts on loans. The app also includes credit score monitoring, Vaults for goal-based saving, financial planning tools, and a rewards credit card — all with no account fees.
Is it right for you?
Consider if you
- You want banking, investing, and crypto trading in a single app
- You can set up direct deposit to earn the top 3.30% savings APY
- You want zero account fees plus a welcome bonus of $50-$400 for new members
Skip if you
- People who prefer physical branch access for in-person banking
- Those who want separate best-in-class apps for banking and investing
- Android users — the iOS app is significantly better rated at 4.8 vs 3.9
Your money and data
SoFi Money is a product of SoFi Bank, N.A., Member FDIC. Deposits are FDIC-insured up to $250,000 per depositor (up to $3 million with the Insured Deposit Program sweep network). SoFi connects third-party budgeting apps via read-only Plaid integration — it can view your transactions but cannot move money on your behalf. Data is encrypted in transit and at rest.
Pros & Cons
Pros
- 3.30% APY savings with direct deposit and 4.00% promo rate for new accounts
- All-in-one platform: checking, high-yield savings, investing, crypto, and credit card
- Zero account fees, no minimum balance, and $50-$400 welcome bonus
Cons
- Top 3.30% APY requires direct deposit or $5,000+ average balance
- Android app rated significantly lower at 3.9 with rising complaints about fund transfers
- Customer support and account freeze complaints have increased in 2025-2026
Pricing details
$0/month · no monthly fees · no minimum balance · optional SoFi Plus $10/month
On sofi.com · We may earn a commission
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