You do not have to use SoFi Checking to hold a SoFi savings account or take out a SoFi loan
SoFi offers multiple products — checking, savings, investing, loans — and you can use any combination of them. If you open a SoFi savings account or borrow from SoFi, you are not required to also open their checking account. Many people use SoFi for one product (say, a personal loan) while keeping their checking account elsewhere.
That said, SoFi Checking does come with benefits that apply only if you have it: no overdraft fees, no monthly fees, and higher interest rates on linked savings. If you do not have the checking account, you miss those perks. But missing them is not the same as being forced to open one.
The main scenario where you might want SoFi Checking is if you are already using SoFi for savings or loans and want to consolidate your banking in one place. The main scenario where you would skip it is if you are happy with your current checking account and only want SoFi for a specific product.
Key Takeaways
- SoFi Checking is optional; you can use SoFi savings, loans, or investing without opening a checking account.
- SoFi Checking offers no overdraft fees, no monthly maintenance fees, and bonus interest rates on linked savings accounts.
- If you do not open SoFi Checking, your SoFi savings account will earn a lower interest rate than if it were linked to a checking account.
- You can transfer money between your SoFi accounts and external bank accounts regardless of whether you have SoFi Checking.
How SoFi Checking affects your savings rate
SoFi Checking and SoFi Savings are designed to work together. If you link a SoFi savings account to a SoFi Checking account, the savings account earns a higher interest rate than it would on its own. The exact rate difference varies and changes with market conditions, but the pattern is consistent: checking + savings together earn more than savings alone.
If you only open SoFi Savings without the checking account, you still earn interest, but at a lower tier. You can still deposit money, withdraw it, and use it as a savings vehicle — you just do not get the rate boost. For someone who keeps a small emergency fund in SoFi Savings and does not plan to move money frequently, the rate difference may not matter much. For someone who keeps a larger balance, it could add up over time.
You can check the current rates for both tiers on SoFi's website before you decide whether the checking account is worth opening for you.
Transferring money without SoFi Checking
You can move money in and out of SoFi accounts even if you do not have SoFi Checking. SoFi allows ACH transfers (electronic transfers from your external bank account to SoFi and back) and wire transfers for larger amounts. You can also deposit checks through SoFi's mobile app if you have a SoFi savings account.
The transfer process is the same whether you have checking or not: you link your external bank account to SoFi, initiate the transfer, and wait for it to clear. ACH transfers typically take one to three business days. If you need money faster, some banks offer same-day ACH, but that depends on your external bank, not SoFi.
The main convenience advantage of having SoFi Checking is that you can move money between your checking and savings accounts instantly, without waiting for an ACH transfer to clear. If you rarely move money between accounts, this is not a major factor.
When you might want SoFi Checking anyway
Even though it is optional, SoFi Checking makes sense for certain situations. If you are taking out a SoFi personal loan or student loan refinance, having a SoFi Checking account simplifies the loan funding and repayment process — the money lands in your checking account, and you pay the loan from the same place. If you are using SoFi Invest to buy stocks or ETFs, a linked checking account makes it easier to fund your investments.
SoFi Checking also has no overdraft fees and no monthly maintenance fees, which appeals to people who want to avoid surprise charges. The account includes a debit card, ATM access through Allpoint (a network of over 55,000 ATMs), and the ability to set up direct deposit. If your current checking account charges monthly fees or overdraft fees, switching to SoFi Checking could save you money even if you do not use other SoFi products.
Another reason to open it: SoFi occasionally runs promotions offering cash bonuses for new checking account holders. If a bonus is available and you were already considering SoFi Checking, it can offset the effort of opening the account.
Keeping your current bank and using SoFi for one product
Many people use SoFi this way: they keep their main checking account at their current bank and open a SoFi savings account for a higher interest rate, or they take out a SoFi loan while their paycheck still goes to their existing bank. This approach works fine. You link your external bank account to SoFi once, and then you can transfer money between the two whenever you need to.
The downside is that you have accounts at two institutions, so you have two logins, two apps, and two sets of statements to track. For someone who values simplicity, consolidating at SoFi (including opening checking) might be worth it. For someone who wants to keep their existing bank relationship and just use SoFi for a specific product, splitting your accounts is perfectly reasonable.
If you do split, make sure you understand the transfer timeline. If you need money from SoFi to pay a bill at your main bank, an ACH transfer takes a few business days. Plan ahead so you do not miss a payment deadline.
What happens if you close SoFi Checking later
If you open SoFi Checking and later decide you do not want it, you can close the account without affecting your other SoFi products. Your SoFi savings account, loans, or investments will continue to work. However, closing the checking account will drop your savings rate back to the lower tier (the rate for savings-only accounts).
Before you close checking, make sure you have moved any money out of it and set up a new way to fund your SoFi savings if you plan to keep it. You will also need to update any automatic transfers or direct deposits that were going to the checking account.
Frequently Asked Questions
Can I get a SoFi personal loan without opening checking?
Yes. You can take out a SoFi personal loan and have the funds deposited to your external bank account. You will need to set up an ACH transfer from your bank to SoFi to make loan payments, or you can authorize SoFi to pull payments directly from your external account.
Will my SoFi savings earn interest if I do not have checking?
Yes, but at a lower rate. SoFi Savings accounts earn interest whether or not you have SoFi Checking, but the rate is higher if the two accounts are linked. Check SoFi's current rates to see the difference.
Can I use SoFi Invest without SoFi Checking?
Yes. You can fund your SoFi Invest account through ACH transfers from your external bank account. Having SoFi Checking makes funding faster and more convenient, but it is not required.
What if I want to close my SoFi Checking but keep my savings account?
You can close checking without closing savings. Your savings account will stay open, but the interest rate will drop to the savings-only tier. Make sure you move any money out of checking first and update any automatic transfers.
Does SoFi charge a fee to link my external bank account?
No. Linking an external bank account to SoFi is free, whether you have SoFi Checking or not. SoFi does not charge for ACH transfers either.