SoFi does not offer a dedicated business checking account
SoFi's current product lineup includes personal checking and savings accounts, money market accounts, and investment services, but no business checking product. If you are a sole proprietor or small business owner looking for a checking account through SoFi, you will need to use a personal account or look elsewhere for a business-specific option.
SoFi has expanded its offerings significantly since launching as a student loan refinancer, but business banking remains outside their current scope. This matters because personal accounts come with terms that may not suit business use—deposit limits, transaction restrictions, or tax reporting that does not align with business needs.
Key Takeaways
- SoFi does not currently offer business checking accounts of any kind, only personal checking products.
- Using a personal SoFi account for business deposits and payments may violate the account terms of service.
- Business checking accounts from other banks typically include features like higher deposit limits, business debit cards, and separate tax reporting.
- If you need business checking, you will need to open an account with a different bank or fintech that serves business customers.
Why SoFi's personal account is not designed for business use
SoFi's personal checking account terms prohibit using the account for business purposes. This is standard language across most consumer banks, but it matters in practice: if your account shows regular business deposits or payments, the bank can freeze the account or close it without warning.
Personal accounts also lack features that business owners rely on. There is no separate business debit card, no merchant category coding for tax tracking, no invoice payment tools, and no way to add authorized signers or employees to the account. Deposit limits on personal accounts are also lower than what a business might need.
What to look for in a business checking account instead
If you need business checking, look for accounts that include a business debit card, the ability to add multiple authorized users, and ACH payment capabilities. Many banks and fintechs now offer business checking with low or no monthly fees, though some require a minimum balance or monthly deposit threshold.
Consider whether you need features like invoice payment, expense categorization for taxes, or integration with accounting software like QuickBooks. Some business checking accounts bundle these in; others charge extra. The right choice depends on your transaction volume and how much administrative work you want to handle yourself.
Alternatives to SoFi for business banking
Banks like Chase, Bank of America, and Wells Fargo all offer business checking accounts, though they typically charge monthly fees unless you maintain a minimum balance. Online banks and fintechs like Mercury, Brex, and Novo offer business checking with lower fees and faster account opening, though some have restrictions on business type or require a higher minimum balance.
Credit unions in your area may also offer business checking, sometimes at lower cost than national banks. If you are a sole proprietor just starting out, some banks allow you to open a business account with just an EIN and a business license or DBA filing—no separate business entity required.
Can you use SoFi for personal finances while keeping business separate
Yes, you can keep a personal SoFi account for your own expenses and open a business checking account elsewhere. Many small business owners do this to keep finances separate for tax purposes and to avoid the risk of account closure if the bank detects business use on a personal account.
Keeping accounts separate also makes tax time easier: your business account shows only business transactions, and your personal account shows only personal spending. This separation is one of the main reasons accountants recommend opening a business account, even if you are a sole proprietor.
What SoFi does offer for money management
SoFi's personal checking account includes no monthly fees, no minimum balance requirement, and competitive interest rates on the checking balance itself. You also get access to SoFi's investment platform, which includes stocks, ETFs, and cryptocurrency trading through the same app.
If you are a SoFi customer and need business banking, you can keep your personal account for personal use and open a business account with another provider. There is no requirement to close your SoFi account or move all your banking in one direction.
Frequently Asked Questions
What happens if I use my SoFi personal account for business deposits?
SoFi's terms of service prohibit business use of personal accounts. If the bank detects regular business deposits or payments, they may freeze the account, require you to close it, or close it without notice. The safest approach is to open a business account elsewhere if you have business income.
Do I need a business license to open a business checking account?
Requirements vary by bank. Some require a business license, EIN, or DBA filing; others will open an account for a sole proprietor with just an ID and Social Security number. Call the bank you are considering and ask what documents they need before you apply.
Can I use a business checking account for personal expenses?
Technically yes, but it complicates your taxes and accounting. Most accountants recommend keeping business and personal spending separate, even if you are a sole proprietor. Mixing the two makes it harder to prove business expenses to the IRS if you are audited.
Is SoFi planning to add business checking in the future?
SoFi has not announced plans for a business checking product. The company has focused on personal banking, investing, and lending. If business banking becomes important to your decision, you will need to use another bank.
What is the cheapest business checking account available?
Some online banks and fintechs offer business checking with no monthly fee and no minimum balance—Mercury, Novo, and Brex are examples. Traditional banks usually charge monthly fees unless you maintain a minimum balance, which can range from $500 to $5,000 depending on the bank.