How to open a bank account with SoFi

Lately, more people are gearing towards online banks because of their numerous products, the convenience associated with each account, and other additional benefits.

One of the most popular online banks in the United States is SoFi. SoFi is a financial services company that offers various products, including its high-yield checking and savings accounts.

If you're considering switching banks or opening a new account altogether, SoFi might be a good fit.

This guide will walk you through everything you need to know about the bank as well as the process of opening a SoFi bank account and more.

Features of SoFi bank and other available products

Not sure if SoFi has what you need? SoFi offers a variety of other financial products and popular options among its customers including;

Personal loans
Credit score and insights
Private student loans
Student loan refinancing
Investments
Credit cards
Insurance and more

Plus, when you consolidate these offerings with SoFi, you may be eligible for benefits and discounts.

Want to see how it works yourself? Download the app and create an account for free here.

Why should you bank with SoFi?

Similar to most online banks, SoFi offers a lot of benefits when you bank with them. Some of these include;

Competitive Interest Rates: SoFi offers competitive Annual Percentage Yields (APYs) on both checking and savings accounts. On a checking account, you can get as high as 0.50% APY, while their savings account offers a rate that is competitive with other online banks.

No Monthly Fees: Unlike traditional banks, SoFi doesn't charge monthly maintenance fees on their checking accounts. This can save you a significant amount of money in the long run, especially if you maintain a low balance.

Mobile Banking App: SoFi offers a user-friendly mobile app that allows you to manage your finances on the go. You can view your account balances, transfer money, deposit checks, and pay bills directly through the app.

Early Direct Deposit Access: If you set up direct deposit with SoFi, you may be able to access your paycheck up to two days earlier than with traditional banks

Open a bank account with SoFi

To open a bank account on SoFi, you’ll need a valid government-issued ID, your social security number, contact information like a phone number and email address, information about your income source and status as well as any existing checking account details if you want to make a transfer immediately.

Once this is complete, follow the steps below to create an account;

Visit the SoFi website and tap on ‘Get Started’
Next, fill out the personal details form for your Date of Birth, full address and upload your ID for verification
Provide your employment details, and status and select your occupation from the list
Review all the information and submit
SoFi will run a quick verification process which may include a soft credit check but it only takes a few minutes
Once your account is approved, you can then choose to open specific types of accounts and fund them
Fill out the basic form entering your name, state, email and password.

For added security, we recommend enabling two-factor authentication on your SoFi account because it adds an extra layer of protection when logging in.

A Better Way to Move Money Across Borders

SoFi is a great alternative to traditional banks however, it also has its shortcomings.

For one, while SoFi doesn't explicitly state any specific eligibility requirements, you have to be a legal resident of the United States with a valid SSN to open an account.

Also, its travel products are limited to membership savings on booking hotels and flights.

Unfortunately, it doesn’t offer any specific features or discounts for receiving, exchanging or sending money abroad. So you pay the same rates and fees as any general US checking account provider.

If you’re not yet a resident of the US or you send money abroad very frequently, we recommend using Ohentpay alongside your SoFi account. With Ohentpay you can;