SoFi does not offer dedicated business checking or savings accounts
SoFi's current product lineup focuses on personal banking, investing, and lending. The platform does not have a separate business account tier, business checking account, or business savings account. If you are a sole proprietor, freelancer, or small business owner looking for a dedicated business account with SoFi, you will need to use a personal account instead.
This matters because personal accounts come with different rules around business use. Most banks' terms of service restrict business transactions on personal accounts, though enforcement varies. SoFi's personal accounts are designed for individual spending, bill pay, and transfers—not for processing customer payments or managing business cash flow at scale.
SoFi has expanded its product offerings over time, adding credit cards, personal loans, and investment tools. A business account product is not currently part of that roadmap based on publicly available information. If your business needs grow beyond what a personal account can handle, you will need to move to a bank that offers actual business accounts.
Key Takeaways
- SoFi offers personal checking and savings accounts only; there is no business account product available.
- Using a personal SoFi account for business transactions may violate the account terms of service, though SoFi does not actively monitor for this.
- If you need invoicing, merchant payment processing, or business-specific features, you will need to open an account elsewhere.
- SoFi's strength remains personal banking, investing, and consumer lending rather than business financial management.
What you can and cannot do with a SoFi personal account for business
A SoFi personal checking account includes ACH transfers, bill pay, and peer-to-peer transfers through their app. You can receive payments from customers or clients into a personal account, and you can pay business expenses from it. Many sole proprietors do this without incident, especially if the volume is low and the account activity looks like normal personal spending.
What you cannot do is process credit card payments, set up recurring invoicing, or use SoFi's platform to collect payments from multiple customers. You also cannot access business-specific features like separate tax reporting, expense categorization, or the ability to add employees or contractors to the account. If a customer wants to pay you by credit card, you would need a separate merchant account through a payment processor like Stripe or Square.
The risk is that SoFi could flag unusual activity—many deposits from different sources, large or frequent transfers out—and either freeze the account or close it. This is rare with low-volume business use, but it is a real possibility. If your business grows, moving to a bank with an actual business account removes this risk entirely.
Where to open a business account if you need one
Banks that offer business checking accounts include Chase, Bank of America, Wells Fargo, Citibank, and most regional banks. Online banks like Mercury, Brex, and Lemonade also offer business accounts, often with lower fees and faster onboarding than traditional banks. Credit unions sometimes offer business accounts to members as well.
Business accounts typically require an Employer Identification Number (EIN) or your Social Security Number if you are a sole proprietor. You will also need to provide a business license or DBA (Doing Business As) certificate, depending on your state and business structure. Some banks require a minimum deposit to open; others do not.
If you are just starting out and do not yet have an EIN, you can still open a business account as a sole proprietor using your Social Security Number. The IRS issues EINs for free, and the process takes about 15 minutes online through their website.
SoFi's other products that might help your business
SoFi offers personal loans and lines of credit that a business owner could use for working capital or equipment purchases. These are unsecured loans based on your personal credit, not your business revenue. Interest rates vary based on creditworthiness, and loan amounts typically range from $5,000 to $100,000.
SoFi also has an investing platform where you can buy stocks, ETFs, and crypto. Some business owners use this to invest retained earnings or set aside money for taxes. However, this is not a business banking tool—it is a personal investment account.
If you need a business line of credit or a business loan, you will have better terms and more flexibility through a bank that specializes in business lending or through the Small Business Administration (SBA). SBA loans often have lower rates and longer terms than personal loans, though the application process is longer.
Payment processing for your business without a business account
If you want to accept payments from customers but do not yet have a business account, you can use a payment processor that works with personal accounts. Square, Stripe, PayPal, and Wise all allow sole proprietors to collect payments and deposit them into a personal bank account.
These processors charge a fee per transaction—usually 2.2% to 3.5% plus a small flat fee for card payments, or a lower percentage for ACH transfers. They handle the payment processing, fraud protection, and deposit to your bank account. You then manage the money in your personal account as you normally would.
This approach works well for freelancers, consultants, and small service businesses. It does not require a separate business account, though you will still want to keep business and personal spending separate for tax purposes. Many payment processors also provide monthly statements and reports that make tax filing easier.
Tax and accounting considerations
Whether you use a SoFi personal account or a business account elsewhere, you are required to report business income to the IRS. The account type does not change your tax obligations. If you are a sole proprietor, you report business income on Schedule C of your personal tax return.
A business account makes record-keeping easier because all business transactions are in one place. A personal account mixed with business transactions requires you to sort and categorize manually. This is doable but more time-consuming, especially as your business grows.
If you hire an accountant or use tax software, they will ask for bank statements and transaction history. Having a separate business account makes this process faster and reduces the chance of missing a deduction or misreporting income. It also makes an audit easier to defend if the IRS ever questions your return.
Frequently Asked Questions
Can I use a SoFi personal account to receive payments from my business customers?
Yes, you can receive payments into a personal SoFi account. However, SoFi's terms of service technically restrict business use of personal accounts. In practice, low-volume business use is rarely flagged, but there is no may provide. If your business grows, opening a business account elsewhere removes this risk.
Does SoFi charge fees for ACH transfers or bill pay?
SoFi does not charge fees for ACH transfers or bill pay on personal accounts. This makes it inexpensive to move money in and out, which is useful for business owners managing cash flow. However, the lack of business-specific features still makes a dedicated business account preferable as your business scales.
What happens if SoFi closes my account for business use?
If SoFi closes your account, you will receive notice and a window to withdraw your funds. The closure itself does not affect your credit score, but you will lose access to the account and any linked services. This is why moving to a business account is safer if you plan to run a business long-term.
Can I get a business loan from SoFi?
SoFi offers personal loans that a business owner could use for business purposes, but these are not business loans. Interest rates and terms are based on personal credit, not business revenue. For actual business loans, you will have better options through banks that specialize in business lending or through SBA programs.
Do I need an EIN to open a business account?
No. If you are a sole proprietor, you can open a business account using your Social Security Number. An EIN is optional for sole proprietors but required if you have employees or operate as an LLC or corporation. You can obtain an EIN for free from the IRS website in about 15 minutes.