SoFi Bank’s Checking Accounts: Building a Brighter Financial Future for New Immigrants
SoFi Bank’s Checking Accounts make it easy for new immigrants to build a brighter financial future, enjoy no monthly fees, early direct deposits, and earn interest while managing money confidently online.
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What Is a SoFi Checking Account?
SoFi’s checking account is a modern, online way to manage your money without the usual banking stress. You don’t need to worry about monthly fees, minimum balances, or overdraft charges. Everything is worked from the SoFi app, which gives you instant access to your balance, transactions, and budgeting tools.
Features and Benefits of SoFi Bank’s Checking Account
With a SoFi Checking Account, you can get paid up to two days early when you set up direct deposit. You also earn up to 0.50% APY on checking balances and higher rates on savings if you open a linked SoFi Savings Account. You’ll receive a SoFi Debit Mastercard that works anywhere Mastercard is accepted and can withdraw cash fee-free from over 55,000 Allpoint ATMs across the U.S.
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How to Open a SoFi Bank Checking Account?
Opening a SoFi Bank checking & savings account is quick and done fully online. Visit the SoFi signup page for checking and savings. You’ll start by entering your first and last name, selecting your state, providing your email, and creating a secure password.
After that, you agree to SoFi’s terms, privacy policy, and other agreements. Once submitted, SoFi will verify your identity. When approved, your account is set up and you can begin using your SoFi Debit Mastercard. Since it’s part of SoFi Bank, it’s FDIC insured and works everywhere Mastercard is accepted.
SoFi Bank Vs Traditional Banks
| Feature | Traditional Banks | SoFi Bank Checking Account |
| Monthly Fees | Often charge monthly service or maintenance fees. | $0 monthly charges, completely fee-free. |
| Overdraft Fees | Usually charge high overdraft fees. | No overdraft fees (up to $50 coverage with qualifying direct deposit). |
| Minimum Balance | Require minimum balances to avoid fees. | No minimum balance required to open or maintain your account. |
| Accessibility | Standard paycheck timing: funds arrive on payday. | Get paid up to 2 days early with direct deposit for faster access to money. |
| Debit Card | Basic debit cards with limited benefits. | Free SoFi World Debit Mastercard® with modern features and global acceptance. |
| Best For | Traditional banking customers. | New immigrants, students, professionals, and anyone seeking a fee-free, modern banking experience. |
Does SoFi Work with Zelle?
Easily Send and Receive Money with Zelle®
Want to make managing your money even easier? With Zelle and SoFi Bank, you can quickly send and receive money with people you trust — even if they don’t bank with SoFi. It’s a fast, secure, and convenient way to transfer funds directly from your SoFi account.
Whether you’re splitting bills, paying friends, or sending money to family, Zelle with SoFi Bank helps you move your money instantly and safely — giving you more control and flexibility over your everyday banking.
Why Choose Zelle®?
Zelle® makes sending money simple, quick, and secure.
Whether you’re sharing the cost of dinner, contributing to a family gift, or paying your babysitter, it’s an easy way to move money between people you trust. Whatever the reason, Zelle® helps you handle payments effortlessly and instantly.
| Feature | Description |
| Easy | Send or receive money instantly with trusted contacts directly from the SoFi app. |
| Fast | Payments are delivered within minutes, so your money gets where it needs to go quickly. |
| Safe | Transfer money securely between people you know, account to account, with no third-party stops. |
How to enroll with Zelle
- Step 1Tap on the Zelle® card in your Banking account overview screen in the SoFi app.
- Step 2In the main menu, select “Transfer and Pay,” then “Send money with Zelle®.”
- Step 3Enter your email address or U.S. mobile number.
