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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).

Sofi.com

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.

Forbes.com

The bottom line: Financial services company and brokerage SoFi gained its bank charter in 2022 and launched a combination checking and savings account. SoFi Bank's account offers some of the best rates available, no monthly fees and a solid free overdraft coverage program for customers who qualify. 

NerdWallet.com

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.

Money.USANews.com