SoFi Bank: Online Checking, Savings, Loans, and Credit Cards

SoFi Bank: Overview

SoFi, originally known as Social Finance, was founded in 2011 as a platform focused on student loan refinancing and student lending. As the company grew, it expanded into additional financial services, including personal and home lending, banking accounts, and investing. In 2022, SoFi received a banking charter and began operating as SoFi Bank, N.A., headquartered in Cottonwood Heights, Utah. Meanwhile, SoFi, Inc., the parent company, is headquartered in San Francisco, California.

SoFi Bank Products and Services

sofi.com | Products

SoFi Bank is an online bank designed to help people manage their money and reach financial goals through an app-first ecosystem. Key products and services include:

• Banking: Checking and savings accounts with no monthly account fees. 
• Credit: A credit card that offers unlimited 2% cash back and no annual fee, plus personal loans, student lending/refinancing, and mortgages. 
• Investing: Investing access to stocks and ETFs through SoFi Invest. 
• Insurance: Insurance shopping/quotes (including life and home-related options) offered through partners. 
• Travel: A member travel booking portal integrated into the SoFi experience (powered by Expedia).

Checking Accounts

SoFi Checking

SoFi Checking is SoFi Bank’s primary everyday checking option, built for people who want a digital-first account managed through the SoFi app. It’s commonly positioned around direct deposit benefits, broad ATM access, and a simplified fee structure that avoids monthly maintenance fees and minimum balance requirements. For customers who prefer online banking and an app-based experience, it pairs naturally with SoFi’s broader ecosystem, including savings and other consumer products.

Savings Accounts

SoFi Savings

SoFi Savings is SoFi Banks’s high-yield savings option within its combined Checking & Savings experience, designed for people who want flexible saving inside a digital-first banking ecosystem. It’s commonly positioned around a no monthly fee structure with no minimum balance requirements, plus app-based tools that make it easier to build savings automatically—while also offering benefits that can be tied to direct deposit and broader SoFi membership features.

Money Market Accounts (MMAs)

SoFi Bank does not offer Money Market Accounts (MMAs). Instead, it positions SoFi Savings as its primary interest-earning deposit option within its Checking & Savings setup.

Certificates of Deposit (CDs)

SoFi Bank does not offer Certificates of Deposit (CDs) at this time. Instead, SoFi positions Vaults inside its Checking & Savings setup as a way to set money aside for longer-term goals while still earning the same savings rate—without locking funds into a traditional CD term.

Credit Cards

sofi.com | Credit Cards

SoFi Bank offers 3 consumer credit card options, designed to work inside the broader SoFi ecosystem and managed through a digital-first experience. Across the lineup, SoFi positions its cards around no surprise fees, fraud protection, and extra rewards on travel booked through SoFi Travel. 

SoFi Unlimited 2%

SoFi Unlimited 2% is the flagship “simple rewards” card, built for people who want unlimited 2% cash back on eligible purchases with no annual fee. It also highlights 3% cash back on travel booked through SoFi Travel, plus no foreign transaction fees. 

SoFi Everyday Cash Rewards

SoFi Everyday Cash Rewards is designed to earn more in everyday categories, offering 3% cash back on dining, 2% on groceries, and 1% on other eligible purchases, with no annual fee. Like the other SoFi cards, it also features 3% cash back on travel booked through SoFi Travel and no foreign transaction fees. 

SoFi Essential Credit Card

SoFi Essential is positioned for people focused on building or improving credit, with no annual fee and an emphasis on no surprise fees (including no over-limit fees and no foreign transaction fees). It also includes 3% cash back on travel booked through SoFi Travel, consistent with SoFi’s credit card lineup. 

Loans

SoFi is best known for lending, with an online-first application and management experience across multiple loan types.

Personal Loans

SoFi personal loans are positioned for common goals like debt consolidation, home improvements, and major expenses, with loan amounts typically ranging from $5,000 to $100,000. SoFi states there are no prepayment penalties and no late fees, while the APR may include an origination fee ranging from 0% to 7%, depending on the offer. 

Auto Loan Refinancing

SoFi promotes auto loan refinancing through its marketplace, where refinancing options are provided by partner lenders rather than a single in-house auto loan product.

Student Loans

• Student Loan Refinancing: SoFi student loan refinancing is designed for borrowers who want to combine multiple loans into one and potentially lower their rate or simplify repayment through an online-first process. This is the product category SoFi is most closely associated with historically. 
• Private Student Loans: SoFi also offers private student loans for students who need funding for education expenses beyond scholarships, grants, and federal aid. These loans include options for undergraduate and graduate programs, and they typically come with fixed-rate and variable-rate structures depending on the offer and applicant profile.

Mortgages

Conventional Mortgages

SoFi Bank offers conventional mortgages for home purchases and refinances, typically designed for borrowers who meet standard credit and down payment guidelines.

FHA Mortgages

SoFi offers FHA mortgages, a government-backed option that’s often used by buyers who want more flexible qualifying requirements compared to conventional financing.

VA Mortgages

SoFi offers VA mortgages for eligible service members, veterans, and qualified spouses, commonly associated with flexible underwriting and potential benefits compared to other loan types.

Jumbo Mortgages

SoFi offers jumbo mortgages for higher-priced homes that exceed conventional loan limits, designed for borrowers who need larger loan amounts for purchase or refinance.

Investments

SoFi offers investing through SoFi Invest, which is designed to keep investing inside the same digital ecosystem as SoFi’s banking products. Rather than operating like a traditional in-person brokerage, SoFi Invest is positioned as an app-first investing experience that lets members manage cash, investing, and long-term goals in one place.

Through SoFi Invest, customers can generally invest in stocks and ETFs, and SoFi also promotes automated investing options depending on availability. This makes SoFi appealing to people who want a streamlined “banking + investing” setup under one brand.

Important: Investment products are not FDIC insured, not bank guaranteed, and may lose value.

Conclusion

SoFi Bank, N.A. is a Utah-headquartered, digital-first bank that grew out of SoFi’s early focus on student loan financing. Founded in 2011 as Social Finance, SoFi built its reputation through student loan refinancing and later expanded into a broader set of consumer financial services. The bank entity is based in Cottonwood Heights, Utah, while SoFi, Inc. (the parent company) is headquartered in San Francisco, California.

Today, SoFi positions itself as an “all-in-one” consumer finance ecosystem built around an app-first experience rather than a traditional branch network. Its lineup typically spans checking and savings, cash-back credit cards, and multiple forms of consumer lending—including personal loans, student lending and refinancing, and mortgages across several common loan types. It also offers SoFi Invest for access to investing in stocks and ETFs (with the reminder that investments are not FDIC insured and may lose value), rounding out a platform designed for customers who want banking and long-term money management in one place.