Does Sofi Have Minimum Balance Review

SoFi offers a combined checking and savings package designed to be fee-free.

SoFi is excellent for anyone wanting a simple, no-minimum, no-fee banking experience with high interest. It’s especially strong for young professionals, gig workers, or anyone who wants banking and investing in one place. Just be sure you can set up direct deposit to unlock the best savings rate.

To provide context, below is a comparison between SoFi and traditional brick-and-mortar banking models:

for its core products: Checking and Savings , Investing , Credit Card , or Loans .

For completeness, it is worth noting that SoFi’s investment platform also adheres to low-barrier entry:

$0. There are no rules requiring you to maintain a specific amount to keep the account active or avoid monthly fees.

While you can open the account with $0, you generally need at least $5 to start active investing in stocks or ETFs.