Without a doubt, the SoFi Checking and Savings account is one of the best bank account deals of 2024. Sure, it may not have the absolute highest APY on your savings, and its criteria for earning the highest savings rate can be seen as steep. But when all its benefits are put together, this checking and savings account hybrid packs a real punch, one that few banks can really match.

Whether you’re looking for a new bank or want the opportunity to earn a bonus of up to $300¹, here are four reasons why SoFi® has the best bank account right now.

1. No account fees

SoFi Checking and Savings has no account fees.³ And when I say “no account fees,” I don’t just mean no monthly service fees, which is what most banks mean when they use that saying. No fees in this case means no fees.

Overdraft fee? No.

Stop paying fees? Nada.

Inactivity fee? Dormant account fee? Return fee? Research fee? No, no, no, and, No. The only charge you Power meeting is on cash deposits. You pay $4.95 per deposit when you deposit cash through its partner, Green Dot. An easy way around this is to get a checking account with no cash deposit fees, like Capital One 360 ​​Checking, and transfer money from one to the other.

2. Big bank bonus for new customers

SoFi® currently has one of the best bank bonuses for new customers.

New account holders can earn up to $300 when they get at least $5,000 in direct deposits within a bonus period (25 days after SoFi® receives your first direct deposit).¹ If you don’t get $5,000, you can still get a $50 bonus for taking receive between $1,000 and $4,999.99 within the same bonus period.

To be fair, this isn’t the highest bank bonus out there right now. For example, the Axos Bank Rewards Checking Account will give you $100 for five months ($500 total) when you have direct deposits totaling $1,500 or more each month and have a daily balance of $3,000 during the promotional period. But SoFi®’s bonus is much simpler than this and doesn’t require you to wait a long time to get the full payout.

3. Competitive APY with direct deposit activities

SoFi checking and savings account holders can earn up to 4.30%² APY on their savings and 0.50% APY on checking account balances when making direct deposits or deposit $5,000 or more into their account every 30 days.² While this isn’t the highest APY available – many of the best high-yield savings accounts pay 5.00% APY or more – it’s strong for an online bank.

SoFi® is a member of the FDIC and provides $250,000 in FDIC insurance per depositor, per bank, per ownership category.⁴ But SoFi® goes beyond this and can provide as much as $2 million in FDIC insurance when you choose SoFi® insured deposit Program.

This program will spread large balances in your SoFi checking and savings account across multiple FDIC bank accounts, providing up to eight times the normal FDIC insurance limits.

Overall, SoFi Checking and Savings is hard to beat. So far, my experience as a new account holder has been mostly positive, with only a few minor complaints (like being bombarded with personal loan ads). But if you’re looking for a new checking or savings account, compare it to other top picks to see if it can meet your banking needs.