What is Sofi bank?

SoFi Bank, a subsidiary of SoFi Technologies, Inc., launched its first product—an online bank account called SoFi Checking and Savings Account—in February 2022. This is currently SoFi’s sole banking product, replacing the SoFi Money cash management account, which is no longer open to new members.

Does Sofi have FDIC insurance?

SoFi offers an online cash management account that acts as a hybrid checking/savings account. They obtain FDIC insurance through their partner banks: MetaBank, Hills Bank and Trust Company, EagleBank, East West Bank, Tristate Bank Capital Bank, and Wells Fargo.

Does Sofi Bank have a bank account bonus?

SoFi offers competitive yields on both its checking and savings accounts. SoFi Bank offers early direct deposit. At the time of our review, SoFi Bank had a bank account bonus for opening its checking and savings account. The bank doesn’t have overdraft fees.

What is a non-bank financial institution (NBFI)?

A non-bank financial institution (NBFI), such as a payday loan provider or a retailer that issues a store card, is unable to accept deposits as it does not hold a full banking licence. Financial institutions can range in size from local community banks to multinational investment firms.