SoFi Information

What Is Sofi Banking?

Answer: SoFi is an FDIC insured, nationally chartered bank that offers SoFi Checking and Savings. SoFi became a bank in order to bring you the best features, including a simple, market-leading interest rate of 4.50% APY across both SoFi Checking and Savings accounts (requires an active direct deposit).

Is SoFi a legit bank?

Yes, SoFi checking and savings accounts are FDIC insured for up to $2 million per account holder. Most banks only offer up to $250,000 in FDIC insurance.

Does SoFi have a good reputation?

SoFi has an A+ rating with the Better Business Bureau, but it is not BBB-accredited. In 2021, the Consumer Financial Protection Bureau received 14 personal-loan-related complaints about SoFi. The most common issues were related to getting a loan. SoFi provided a timely response to all but one complaint.