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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.
Why do people use SoFi?
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.