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SoFi
SoFi Bank, N.A. is an OCC national bank and FDIC member. Investing sits in a different company.
Legal entity: SoFi Bank, N.A. — national bank, Member FDIC. Broker-dealer products sit in SoFi Securities (SEC/FINRA), a different entity.
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7.8Solid
AlternativesFive questions
At a glance
Is it a bank?
Yes — National bank charter (OCC). Still read the entity on the statement.
If it fails?
SoFi Bank, N.A. Member FDIC. Core cover is $250,000 per depositor per ownership category at SoFi Bank. SoFi’s own FDIC page: the bank does not provide more than $250,000 of FDIC insurance per depositor per category. Additional cover up to $3M is only via the opt-in Insured Deposit Program at participating banks — not the core checking balance.
Salary?
Yes. US payroll can land in SoFi Bank checking with a routing and account number.
Open from abroad?
No. You need a US address in the 50 states or DC (or a military address). SoFi is not a bank for people living abroad.
Monthly fee
$0 on Checking and Savings
Account number
US routing number and account number. No IBAN.
NeoBankDB Verdict
Licence first · score second
7.8
/10 · Solid
Yes, SoFi is a real bank. SoFi Bank, N.A. holds an OCC national charter and is FDIC-insured. That is the whole point of this file. Deposits live at the bank. Stocks live at SoFi Securities LLC, which is SIPC, not FDIC. Use it for a US salary and savings. Keep a proper FX app for anything that is not the dollar.
What it is
SoFi started in 2011 as Social Finance. It became a bank in 2022 when SoFi Technologies bought Golden Pacific Bank and renamed it SoFi Bank, N.A. The bank’s OCC/FDIC headquarters is in Cottonwood Heights, Utah. The public parent, SoFi Technologies, Inc., is listed in San Francisco. Checking, savings, debit and most new loans are the bank. Invest is SoFi Securities LLC.
Best for: US persons who want a real national bank plus a brokerage in one login — not a partner-bank neobank.
Last checked 2026-09-17. Not advice.
What it does well
- +OCC national bank, not a sponsor-bank wrapper
- +FDIC at SoFi Bank, N.A.
- +$0 monthly fee and no minimum balance
- +Allpoint ATM network
What to watch
- −US only
- −Headline savings APY is gated
- −Investing is not FDIC-insured
- −Cross-border money is not Wise
Legal entity, not the app icon
Who is behind it
- Legal name
- SoFi Bank, N.A. — national bank, Member FDIC. Broker-dealer products sit in SoFi Securities (SEC/FINRA), a different entity.
- Parent
- SoFi Technologies, Inc. (bank holding company). Direct parent of the bank: Social Finance, Inc.
- Founders
- Mike Cagney, Dan Macklin, James Finnigan, Hayden Baker
- Offices
- Bank HQ: 2750 E Cottonwood Pkwy, Cottonwood Heights, UT. Parent: 234 1st Street, San Francisco, CA.
- If something goes wrong
- OCC and CFPB. SoFi Bank, N.A., Member FDIC, cert 26881.
Who holds the money
The account
- Platforms
- iOS, Android, Web
- Account types
- Checking, Savings, Brokerage
- Partner bank
- SoFi Bank, N.A.
- Minimum balance
- $0
- Lowest monthly fee
- $0
- Who can open
- US consumers
- Availability
- US persons, 18+, SSN or ITIN, street address in the 50 states or DC.
- IBAN country
- US routing number and account number. No IBAN.
- Support
- In-app, phone, and email — better than most US fintechs
- Hours
- In-app, phone, email
- Remote open
- No. You need a US address in the 50 states or DC (or a military address). SoFi is not a bank for people living abroad.
- Onboarding
- Apply in the SoFi app as a US person with SSN or ITIN. Checking and savings open together.
- KYC documents
- Government photo ID, SSN or ITIN, US street address. No P.O. Box as the primary address.
- Minimum age
- 18
- Languages
- English
- Salary / payroll
- Yes. US payroll can land in SoFi Bank checking with a routing and account number.
- Local rails
- ACH, wire, debit. Outgoing domestic wire is $30 on the May 2026 fee sheet.
- ATM network
- Allpoint. SoFi does not charge at Allpoint. Other ATM owners may.
- Overdraft
- Overdraft coverage options — confirm live; this is not SpotMe theatre
How money actually moves
- Who holds the cash
- Insured bank deposit
- How money moves
- ACH / USD · Crypto on-ramp
- Built for
- Personal · Investing
- Settlement
- App-ledger instant; bank rails per corridor
- Freeze risk
- Compliance holds on fiat ramps are common
- Card
- SoFi lists a physical card and a virtual card on mastercard, plus Apple Pay and Google Pay. Confirm the live product in the app — a card is not a current account.
Licence first
Safety
SoFi Bank, N.A. Member FDIC. Core cover is $250,000 per depositor per ownership category at SoFi Bank. SoFi’s own FDIC page: the bank does not provide more than $250,000 of FDIC insurance per depositor per category. Additional cover up to $3M is only via the opt-in Insured Deposit Program at participating banks — not the core checking balance.
Who holds the money: SoFi Bank, N.A.
- OCCNational bank charter · United States · 20862
- FINRA / SIPCBroker-dealer (SoFi Securities LLC) · United States
Fees
- Monthly
- $0 on Checking and Savings
- FX markup
- US domestic. International ATM and spend fees apply.
- ATM
- Free at Allpoint. SoFi does not add its own fee at other US ATMs; the operator might.
- Interest
- Variable APY. The headline savings rate needs qualifying activity — read the live rate sheet.
Features
- –IBAN
- ✓Fee-free core
- –Multi-currency
- ✓Apple Pay
- ✓Google Pay
- ✓Virtual card
- ✓Physical card
- –Metal card
- ✓Crypto
- ✓Stocks
- –Business
- –Kids
- –Halal
- Checking and savings at SoFi Bank, N.A.
- Debit card
- Direct deposit
- Investing at SoFi Securities LLC
- Loans originated by the bank
Editorial, not a live demo
Screenshots and video
Official YouTube · SoFiMedia is editorial context, not a live demo of the app. Screenshots go stale — read the licence first.
Before you tap Sign up
How to open
Step 1
Confirm you are a US person
SoFi Bank wants you 18 or over, with an SSN or ITIN and a physical address in the 50 states or DC.
Step 2
Download the SoFi app
Apply for Checking and Savings. Those products are SoFi Bank, N.A., Member FDIC.
Step 3
Read the two entities
Deposits are the bank. Invest is SoFi Securities LLC. Do not treat brokerage cash as an FDIC deposit.
Step 4
Set up direct deposit if you want the headline APY
The advertised savings rate is variable and often needs qualifying activity. The live rate sheet on sofi.com is the one that counts.
Official help: www.sofi.com/banking/fdic
Operator documents
Their own papers
These are the operator’s documents. They outrank this review if they disagree.
Score
- Safety25%
- 9.2
- Fees20%
- 8.4
- Features15%
- 8.6
- App15%
- 8.4
- Global15%
- 3.6
- Support10%
- 7.4
Change log
Full logLicence
SoFi Bank, N.A. — national bank charter
This is the rare US consumer brand that became a bank. FDIC through SoFi Bank, not a fintech footnote.
Licence
SoFi Bank, N.A. — national bank charter
This is the rare US consumer brand that became a bank. FDIC through SoFi Bank, not a fintech footnote.
Available in
Straight answers
FAQ
01Is SoFi a real bank?
Yes. SoFi Bank, N.A. is an OCC-chartered national bank, charter 20862. It is not Chime. Deposits sit at SoFi Bank, not at a sponsor bank.
02Is SoFi FDIC insured?
Checking and savings at SoFi Bank, N.A. are FDIC-insured up to $250,000 per depositor, per ownership category. SoFi’s extra SIDP programme can place cash at other banks. Brokerage is not FDIC.
03Who is the legal entity?
SoFi Bank, National Association for deposits, cards and most new loans. SoFi Securities LLC for Invest. SoFi Technologies, Inc. is the listed parent.
04Can I open SoFi from another country?
No. You need a US street address in the 50 states or DC, plus an SSN or ITIN. The app in a foreign App Store is not an account.
05What is the monthly fee?
$0 on Checking and Savings, and no minimum balance, on the May 2026 fee sheet. Wires and some instant transfers still cost money.
06Can I receive salary on SoFi?
Yes. US employers can pay a SoFi Bank routing and account number. That is a bank account, not an IBAN.
07Is SoFi investing FDIC insured?
No. Invest is SoFi Securities LLC, member FINRA/SIPC. Stocks are not bank deposits. Keep the two tabs separate in your head.
08SoFi vs Varo?
Both are OCC national banks with FDIC cover on their own name. SoFi also wraps a brokerage and lending supermarket. Varo is the smaller, bank-only app.
09Does SoFi work for travel?
It is a US dollar bank. International ATM and spend still have fees. Use it as the salary home, not as a multi-currency travel card.
10If SoFi failed, where is the money?
Eligible deposits at SoFi Bank, N.A. follow FDIC rules. Brokerage follows SIPC. Crypto and insurance products are not FDIC deposits.
Ratings and reviews
4.0 / 5 from 1 published review on NeoBankDB.
Priya N.
United States· 2026-08-27Verified userThe bank charter is why I moved salary. Investing is a separate decision.
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