SoFi Bank Review 2023: Still the Best Bank in 2023

I've been a SoFi Checking & Savings customer since May 2019, back when it was still called SoFi Money and it's been my favorite bank account since I made the switch from Capital One 360.

SoFi has continued to be a leader in what matters to me.


  • Checking account pays 2.50% APY with direct deposit, 1.20% without direct deposit.
  • Savings account pays 3.75% APY with direct deposit, 1.20% without direct deposit.
  • Savings Vaults allow you to set up sub accounts to save for individual goals separately or to set up sinking funds.
  • Broad portfolio of financial products such as the SoFi Credit Card and SoFi Invest (both of which I have).
  • No overdraft fees.
  • Access to 55,000+ fee-free Allpoint ATMs.
  • Get paid 2 days early.


  • Can't easily send and receive payments with Zelle.
  • Fee to deposit cash ($4.95).

Sign up for a SoFi Checking & Savings account, deposit $10 to earn $25 and then set up direct deposit to earn up to another $250.

Here's my full 2023 SoFi Bank Review video.

Sign up for your SoFi Checking & Savings account, fund it with $10 + direct deposit and earn up to $275.

SoFi Savings Vaults

One of the top features (besides the great interest rates on both checking and savings accounts) are SoFi's savings vaults.

Being able to save for individual goals is one of the most important features for me when choosing a savings account.

It's really easy to create a vault and start saving for an individual goal.

Here's an example of a savings vault I created for holiday gifts. I'd like to have $600 in this vault for my holiday shopping in December.

I set up a recurring deposit of $50 to be added on the first of each month. You can see in February 2023, I have over $100 in the vault and with the $50 added each month, I'll reach my goal of $600 on December 1st, 2023, plus any interest earned throughout the year.

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