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 lending, home lending, banking, and investing. In 2022, SoFi became a national bank following its acquisition of Golden Pacific Bancorp and Golden Pacific Bank, operating the bank subsidiary as SoFi Bank, N.A., headquartered in Cottonwood Heights, Utah. Meanwhile, SoFi, Inc. (the parent company) is headquartered in San Francisco, California.

Expansion

SoFi launched in 2011 with a focus on student loan financing and refinancing, then expanded into a broader consumer finance ecosystem that includes checking and savings, cash-back credit cards, personal lending, and a more complete mortgage offering—built around a digital-first banking experience rather than a traditional branch network.

For a deeper explanation, see Digital-First Banking: How Online Platforms Are Changing.

SoFi’s Utah footprint dates back to 2016, when it established operations in the Salt Lake Valley. Over time, its Utah presence has included offices in Murray, Sandy, and Cottonwood Heights. The bank entity later established its main office in Cottonwood Heights, making SoFi Bank, N.A. a notable Utah-headquartered digital bank.

SoFi also expanded through acquisitions that strengthened its technology and lending infrastructure. Key deals include Galileo Financial Technologies (now SoFi Tech Solutions) in 2020 to add payments and API infrastructure, Golden Pacific Bancorp and Technisys in 2022 to deepen its banking foundation and core banking technology, and Wyndham Capital Mortgage in 2023 to expand its home lending operation.

Read our full SoFi Tech Solutions profile.

SoFi Bank Products and Services

sofi.com | Products

SoFi Bank is an online bank designed around an app-first financial ecosystem. Its broader product lineup includes banking, credit, lending, investing, and other financial services:

• Banking: Checking and savings accounts with no monthly account maintenance fees.
• Credit Cards: Consumer cash-back credit cards integrated into the broader SoFi ecosystem.
• Loans: Personal loans, student lending and refinancing, and access to auto refinancing through partner lenders.
• Mortgages: Home financing for purchases and refinancing, including several common mortgage types.
• Investing: Access to stocks, ETFs, and other investing options through SoFi Invest.
• Insurance: Insurance shopping and quotes, including life and home-related options, offered through partners.
• Travel: A member travel booking portal integrated into the SoFi experience.

Checking Accounts

SoFi Checking

SoFi Checking is SoFi Bank’s primary everyday checking account, designed for customers who want a digital-first banking experience through the SoFi app.

• Monthly fee: $0
• Minimum balance: $0
• ATM access: Access to more than 55,000 fee-free Allpoint ATMs
• Direct deposit: Eligible customers can access their paycheck up to 2 days early
• Overdraft: Eligible accounts can receive fee-free overdraft coverage on qualifying debit card purchases
• Account access: Managed online and through the SoFi mobile app

Savings Accounts

SoFi Savings

SoFi Savings is SoFi Bank’s high-yield savings account within its combined Checking & Savings experience, designed for customers who want to save and manage money through the SoFi app.

• Monthly fee: $0
• Minimum balance: $0
• Interest: Earns a variable APY, with higher rates available to qualifying customers depending on current SoFi requirements
• Vaults: Create separate savings goals within the account with no additional fees or minimums
• Automatic saving: Includes app-based tools designed to help customers automate savings
• Account access: Managed online and through the SoFi mobile app

Money Market Accounts (MMAs)

SoFi Bank does not offer Money Market Accounts (MMAs). Instead, it offers SoFi Savings as its primary interest-earning savings account.

Certificates of Deposit (CDs)

SoFi Bank does not offer Certificates of Deposit (CDs) at this time. Instead, customers can use Vaults within SoFi Savings to separate money for longer-term savings goals without locking funds into a traditional CD term.

Credit Cards

sofi.com | Credit Cards

SoFi offers 3 consumer credit card options, each designed for a different type of borrower or spending pattern while integrating with the broader SoFi ecosystem.

SoFi Unlimited 2%

Best for: Customers who want simple, flat-rate cash-back rewards without having to track spending categories.

• Annual fee: $0
• Welcome bonus: No standard public welcome bonus listed
• Intro offer: No standard introductory APR offer listed
• Rewards: Unlimited 2% cash back on eligible purchases, with enhanced rewards available through SoFi Travel and for qualifying SoFi Plus members
• Other perks: $0 foreign transaction fees, Mastercard benefits, fraud protection, and integration with SoFi Member Rewards

SoFi Everyday Cash Rewards

Best for: Customers who want to earn more rewards on dining and grocery purchases.

• Annual fee: $0
• Welcome bonus: No standard public welcome bonus listed
• Intro offer: Promotional introductory APR offers may be available to qualifying applicants
• Rewards: Baseline rewards include 3% cash back on eligible dining, 2% on eligible grocery purchases, and 1% on other eligible purchases, with enhanced rewards available to qualifying SoFi Plus members
• Other perks: Enhanced rewards through SoFi Travel, $0 foreign transaction fees, Mastercard benefits, and fraud protection

SoFi Essential Credit Card

Best for: Customers focused on building or improving their credit history with a card that avoids an annual fee.

• Annual fee: $0
• Welcome bonus: No standard public welcome bonus listed
• Intro offer: No standard introductory APR offer listed
• Rewards: Rewards are available on eligible purchases, with additional rewards through SoFi Travel and enhanced benefits for qualifying SoFi Plus members
• Other perks: No over-limit fee, $0 foreign transaction fees, Mastercard benefits, and fraud protection

Loans

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

Personal Loans

SoFi personal loans are positioned for common needs such as 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 provides access to auto loan refinancing through its marketplace, where offers come from partner lenders rather than directly from SoFi Bank.

Student Loans

• Student Loan Refinancing: SoFi offers refinancing for existing federal and private student loans, with fixed-rate and variable-rate options. Refinancing can be used to consolidate multiple loans into one and potentially simplify repayment or obtain different loan terms. SoFi does not charge application or origination fees, and there are no prepayment penalties.
• Private Student Loans: SoFi offers private student loans for education expenses, including options for undergraduate and graduate programs. Borrowers can generally choose between fixed-rate and variable-rate loans, with eligibility and pricing based on the applicant and loan type.

Mortgages

Conventional Mortgages

SoFi offers conventional mortgages for home purchases and refinancing, with an online-first application process and options for qualifying borrowers who meet standard credit, income, and down payment requirements.

FHA Mortgages

SoFi offers FHA mortgages, a government-backed option designed for borrowers who may benefit from lower down payment requirements and more flexible qualification standards than some conventional loans.

VA Mortgages

SoFi offers VA mortgages for eligible service members, veterans, and qualifying borrowers. VA loans may provide benefits such as low or no down payment requirements, subject to VA eligibility and SoFi underwriting requirements.

Jumbo Mortgages

SoFi offers jumbo mortgages for borrowers who need financing above standard conforming loan limits, including options for higher-value home purchases and refinancing.

Home Equity

SoFi also offers access to home equity loans and Home Equity Lines of Credit (HELOCs), giving qualifying homeowners options to borrow against the equity in their homes.

Investments

SoFi offers investing through SoFi Invest, 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 provides an app-first investing experience where members can manage banking and investing through the broader SoFi platform.

SoFi Invest includes self-directed investing and robo investing, with access to products such as stocks, ETFs, fractional shares, IRAs, and other investment options. SoFi also offers features such as IPO investing and options trading for eligible investors.

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 range 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 operates as an all-in-one consumer finance ecosystem built around an app-first experience rather than a traditional branch network. Its lineup includes checking and savings, cash-back credit cards, personal and student lending, mortgages and home equity products, and investing through SoFi Invest. The combination gives customers access to banking, borrowing, and investing within one digital platform, although investment products are not FDIC insured, not bank guaranteed, and may lose value.

Disclaimer:
This page is not affiliated with, maintained by, or sponsored by SoFi Bank. The information provided in this overview may be outdated or inaccurate after the publication date. UtahFi does not assume responsibility for the accuracy of the content. The logo is a registered trademark of Social Finance, LLC