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SoFi Checking and Savings isn’t a bank account — it’s a brokerage account. But your deposited funds are FDIC insured once it reaches SoFi’s program bank.
The financial tech company also offers a number of other financial products, including investment accounts, student loans, personal loans and mortgages. It’s known for its member perks, which include career coaching, exclusive events and discounts on estate planning.
Is an online bank right for me?
An online bank can be a good choice for people who don’t need to go in and talk with a banker face to face. As with many other online banks, this isn’t an option with SoFi. You also have to be comfortable with cashing checks by scanning them with an app or using direct deposit.
Not sure if SoFi is right for you? Consider an alternative
- Ally checking: This online bank may be a good choice if you want some of your out-of-network ATM fees reimbursed.