SoFi Bank Review: A Deep Dive into Features, Services, and Benefits

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The bottom line: SoFi Bank is a great choice if you are comfortable with a fully online banking experience. At SoFi, you're able to save, invest, and explore a variety of loan options. SoFi is one of our top picks for the best online banks.

SoFi Checking and Savings (Member FDIC)

Start saving

SoFi Bank, N.A., Member FDIC

Insider’s Rating

4.25/5

Perks

New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 during the Direct Deposit Bonus Period. Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/24. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Direct Deposit can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.50% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

Earn up to a $300 bonus with qualifying direct deposits for eligible customers through 12/31/24. Earn up to 4.50% APY on savings balances (including Vaults) with direct deposit.

Fees

no monthly service fee

Annual Percentage Yield (APY)

SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

up to 4.50%

Minimum Opening Deposit

$0

Bonus

up to $300

Pros

• FDIC insured for $2 million
• High interest rate
• Earn a higher interest rate with qualifying activities
• No minimum opening deposit
• No monthly service fees
• Up to $300 bonus with qualifying direct deposit (terms apply)
• Savings tools
• Early direct deposit
• Joint account available

Cons

• Declined purchase if you overdraw by more than $50
• Doesn't reimburse out-of-network ATM providers' fees
• May deposit cash at Green Dot locations but there's a $4.95 fee

Insider’s Take

SoFi Checking and Savings is a great account option if you don't mind keeping your savings and checking in one account.

SoFi Checking and Savings (Member FDIC) review

Product Details

• Sign-up bonus of up to $300. When you sign up and set up direct deposit. Wait for direct deposit to hit account (typically 2-4 weeks). Collect cash bonus of $50 to $300 depending on direct deposit amount
• Up to 4.50% APY with direct deposit or $5,000 or more in qualifying deposits during the 30-day evaluation period
• FDIC Insured and covered up to $2 million in FDIC coverage through a network of participating banks
• 55,000+ fee-free ATMs

Show Pros, Cons, and More

SoFi Bank Review: Overall Rating

SoFi Bank Pros and Cons

About SoFi Bank

SoFi is an online bank that helps you save and invest. You may also apply for personal loans, student loans, mortgages, and credit cards. 

SoFi Checking and Savings customers have access to over 55,000 fee-free ATMs in the Allpoint ATM network. 

SoFi Checking and Savings members can protect up to $2 million in deposits through the SoFi Insured Deposit Program. Money beyond the traditional FDIC insurance limit will be put into FDIC-insured accounts at partner banks.

SoFi Bank Digital Experience and App Usability

SoFi Bank is an online-only bank. This means the bank doesn't have any physical branches. You'll have to manage SoFi products primarily through online and mobile banking. 

The bank's mobile app is rated 4 out of 5 stars in the Google Play store and 4.8 out of 5 stars in the Apple store. The SoFi Bank mobile app user experience includes many essential banking features. For example, you can make mobile check deposits, find ATMs, and set alerts for managing bill payments.

SoFi Bank Customer Service and Support

Customer support is available through phone or live chat. Representatives are available seven days of week, but the exact hours vary depending on the product. 

If you have questions about SoFi Checking and Savings (Member FDIC), SoFi Personal Loan, or SoFi Undergraduate Student Loans, support is available from 5 a.m. to 7 p.m. PT Monday through Thursday or 5 a.m. to 5 p.m. PT Friday through Sunday.

Representatives can answer questions about SoFi Home Loans from 6 a.m. to 3 p.m. PT Monday through Friday. If you need to talk to a representative about SoFi Invest®, you can contact the bank from 5 a.m. to 5 p.m. PT Monday through Friday. Lastly, credit card support is available 24/7 by phone.

Is SoFi Bank Trustworthy?

The Better Business Bureau rates companies to see if they handle business practices well, have honest advertising, and respond effectively to customer complaints. The BBB gives SoFi an A+ rating.

SoFi has been involved in a recent public controversy. In 2021, the Securities and Exchange Commission required SoFi Wealth to pay $300,000 in a settlement that stated the bank failed to tell SoFi customers of a conflict of interest when it put account holders' assets into SoFi ETFs instead of third-party ETFs.

SoFi Fees, Rates and Financial Benefits

Understanding SoFi's Fee Structure

SoFi is a great option if you're priority is to avoid common bank fees.

The SoFi Checking and Savings Account has no monthly service fee and no inactive account fees. 

The SoFi Credit Card has $0 annual fee. It has a cash advance fee of $10 or 5% of the total advance amount. There's also a late payment fee of up to $41 to be mindful of.

SoFi Invest has no advisory fees and no commission fees. There's a $20 IRA closing fee, and a $15 insufficient funds fee, though.

SoFi Bank Interest Rates 

You can earn up to 4.50% APY on savings balances and Vaults when you set up direct deposits or deposit $5,000 or more every 30 days. Otherwise, you'll earn 1.20% APY on savings balances and Vaults. SoFi checking balances earn 0.50% APY.

SoFi Bank FAQs

SoFi Savings and Checking Account Review

SoFi Checking and Savings (Member FDIC)

SoFi Checking and Savings (Member FDIC)

Start saving

SoFi Bank, N.A., Member FDIC

Insider’s Rating

4.25/5

Perks

New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 during the Direct Deposit Bonus Period. Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/24. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Direct Deposit can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.50% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

Earn up to a $300 bonus with qualifying direct deposits for eligible customers through 12/31/24. Earn up to 4.50% APY on savings balances (including Vaults) with direct deposit.

Fees

no monthly service fee

Annual Percentage Yield (APY)

SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

up to 4.50%

Minimum Opening Deposit

$0

Bonus

up to $300

Pros

• FDIC insured for $2 million
• High interest rate
• Earn a higher interest rate with qualifying activities
• No minimum opening deposit
• No monthly service fees
• Up to $300 bonus with qualifying direct deposit (terms apply)
• Savings tools
• Early direct deposit
• Joint account available

Cons

• Declined purchase if you overdraw by more than $50
• Doesn't reimburse out-of-network ATM providers' fees
• May deposit cash at Green Dot locations but there's a $4.95 fee

Insider’s Take

SoFi Checking and Savings is a great account option if you don't mind keeping your savings and checking in one account.

SoFi Checking and Savings (Member FDIC) review

Product Details

• Sign-up bonus of up to $300. When you sign up and set up direct deposit. Wait for direct deposit to hit account (typically 2-4 weeks). Collect cash bonus of $50 to $300 depending on direct deposit amount
• Up to 4.50% APY with direct deposit or $5,000 or more in qualifying deposits during the 30-day evaluation period
• FDIC Insured and covered up to $2 million in FDIC coverage through a network of participating banks
• 55,000+ fee-free ATMs

Show Pros, Cons, and More

SoFi Checking and Savings (Member FDIC) is featured in our best high-yield savings accounts and best bank account bonuses. You'll get the most out of your account if you set up direct deposits or have qualifying deposits of $5,000 or more per month. That way, you'll qualify for the higher interest rate tier and earn more on your savings balances.

If you're a new customer or existing customer who hasn't set up direct deposits yet, you could also get a cash bonus of up to $300.

See Business Insider's SoFi Checking and Savings Review.

SoFi Personal Loans Review

SoFi Personal Loan

SoFi Personal Loan

Check rates

On SoFi's website

Insider’s Rating

4/5

Perks

0.25% AutoPay interest rate discount and a 0.25% direct deposit interest rate discount

Regular APR

Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors. Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive. Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi. Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.

8.99% - 29.99% fixed (with all discounts)

Loan Amount Range

$5,000 to $100,000

Minimum Credit Score

680

Pros

• High maximum loan limit
• No fees required
• Competitive APR

Cons

• High minimum credit score requirement
• High minimum loan amount
• No in-person support

Insider’s Take

SoFi is a strong personal loan lender for those with high credit scores — you'll get perks like no fees required. The best personal loan for you depends on your credit score, which will determine what you qualify for and can lower your rate.

SoFi review

Product Details

• Loan amounts range from $5,000 to $100,000
• Loan term lengths range from 2 to 7 years
• Usually receive your money in a few business days after your application is approved
• Loans are made by SoFi Lending Corp.

Show Pros, Cons, and More

You might like SoFi if you have a good credit score. A SoFi Personal Loan does not have origination fees or late payment fees.

See Business Insider's SoFi Personal Loans Review.

Compare Personal Loan Rates

SoFi Student Loans Review

SoFi Undergraduate Student Loans

SoFi Undergraduate Student Loans

Apply now

On SoFi's website

Insider’s Rating

4/5

Perks

The SoFi 0.25% autopay interest rate reduction requires payments by an automatic monthly deduction from a savings or checking account. This benefit is suspended during periods of non-payment through ACH, deferment and forbearance. Autopay is not required to receive a loan from SoFi.

Earn up to $250 if you have a GPA of 3.0 or higher

Regular Annual Percentage Rate (APR)

* Interest Rates: Eligibility and Important Details. Fixed rates range from 3.74% APR to 14.83% APR with 0.25% autopay discount. Variable rates range from 5.74% APR to 15.86% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates are capped at 17.95%. SoFi rate ranges are current as of 8/26/24 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term and type of repayment option you select, evaluation of your creditworthiness, income, presence of a co-signer (if applicable) and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. Check out our eligibility criteria at https://www.sofi.com/eligibility-criteria/. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

5.74% - 15.86% variable and 3.74% - 14.83% fixed (with AutoPay discount)

Fees

N/A

Recommended Credit

Undisclosed

Loan Amount Range

Minimum of $1,000

Pros

• No origination fees, prepayment penalties, or late fees
• Solid APR
• Several options for repayment term length
• Quick application process

Cons

• Credit check required

Insider’s Take

SoFi is an excellent lender for borrowers who want a competitive APRs. It's also a great lender for those who don't want to worry about fees.

SoFi Undergraduate Student Loans review

Product Details

• Apply through your computer or mobile device
• Customer service available via phone, mail, and social media
• Five, seven, 10, or 15 year repayment terms available
• Loan minimum of $1,000, maximum up to 100% cost of attendance
• Loans are originated by SoFi Lending Corp. or an affiliate

Show Pros, Cons, and More

SoFi Graduate Student Loans

SoFi Graduate Student Loans

Apply now

Compare loan options and get your rates today.

Insider’s Rating

4.25/5

Perks

The SoFi 0.25% autopay interest rate reduction requires payments by an automatic monthly deduction from a savings or checking account. This benefit is suspended during periods of non-payment through ACH, deferment and forbearance. Autopay is not required to receive a loan from SoFi.

Earn up to $250 if you have a GPA of 3.0 or higher

Regular Annual Percentage Rate (APR)

*Interest Rates: Eligibility and Important Details. Fixed rates range from 3.74% APR to 14.83% APR with a 0.25% autopay discount. Variable rates range from 5.74% APR – 15.86% APR a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates are capped at 17.95%. SoFi rate ranges are current as of 8/26/24 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term and type of repayment option you select, evaluation of your creditworthiness, income, presence of a co-signer (if applicable) and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. Check out our eligibility criteria at https://www.sofi.com/eligibility-criteria/. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

5.74% - 15.86% variable and 3.74% - 14.83% fixed (with AutoPay discount)

Recommended Credit

Undisclosed

Loan Amount Range

Minimum of $1,000

Pros

• No origination fees, prepayment penalties, or late fees
• Highly competitive APR
• Several options for repayment term length
• Quick application process

Cons

• Credit check required
• $1,000 loan minimum

SoFi Graduate Student Loans review

Product Details

• Apply through your computer or mobile device
• Customer service available via phone, mail, and social media
• Five, seven, 10, or 15 year repayment terms available
• Loan minimum of $1,000, maximum up to 100% cost of attendance
• Loans are originated by SoFi Lending Corp. or an affiliate

Show Pros, Cons, and More

SoFi offers student loans for undergraduate, graduate, law school, MBAs, and health profession degrees. 

See Business Insider's SoFi Student Loans Review.

SoFi Invest Review

SoFi Invest®

SoFi Invest®

Start investing

On SoFi's website

Insider’s Rating

4.65/5

Perks

Customer must fund their Active Invest account with at least $10 within 30 days of opening the account. Probability of customer receiving $1,000 is 0.028%. See full terms and conditions.

Get up to $1,000 in stock when you fund a new account.

Account Minimum

$0 ($1 to start investing); $5 fractional shares; $2,000 for margin trading

Fees

0% for active trading and automated investing

Pros

• No account minimum
• No account or trading fees, and low fees to own funds
• Access to Certified Financial Planners at no additional charge
• IPOs available
• SoFi 1% IRA match

Cons

• No tax-loss harvesting, an advanced investing technique where you sell a stock or mutual fund at a loss for a tax benefit
• No option for stop-loss orders when actively investing. SoFi's active investing account only uses market orders
• Currently only available to US residents

Insider’s Take

SoFi Invest is a great platform for US investors who are looking for an intuitive online trading experience, an open active or automated investing account.

SoFi Invest review

Product Details

• Promotion: Get up to $1,000 in stock when you fund a new account.
• App store rating: 4.8 iOS/3.8 Android
• Consider it if: You want an easy-to-use platform paired with rock-bottom pricing.

Show Pros, Cons, and More

SoFi Invest® is a solid choice if you're a beginning investor. You may open an account with $0, and there's access to certified financial planners at no additional cost.

See Business Insider's SoFi Invest Review.

SoFi Credit Card Review

SoFi Credit Card

SoFi Credit Card

Read Review

Insider’s Rating

3.5/5

Perks

Earn 3% cash back rewards on SoFi Travel. Earn unlimited 2% cash back rewards on all purchases

Annual Fee

$0

Intro APR

N/A

Regular APR

20.24% - 29.99% variable

Intro Offer

N/A

Recommended Credit

Good to Excellent

Pros

• Earn 2% cash back on every purchase, with no bonus categories to keep track of
• Automatic deposit available to your SoFi accounts
• Rewards can potentially grow when you invest them through SoFi
• No annual fee and no foreign transaction fees

Cons

• Redemptions other than deposits to eligible SoFi accounts offer lower value

Insider’s Take

If you're looking for a hassle-free cash-back credit card with no annual fee, the SoFi Credit Card is an interesting option. Anyone can apply, but you'll get the best return if you bank, invest, or have loans with SoFi.

SoFi Credit Card review

Product Details

• Earn 3% cash back rewards on SoFi Travel
• Earn unlimited 2% cash back rewards on all purchases any way you want to redeem them, including statement credit
• No annual fee
• No foreign transaction fee
• Includes zero fraud liability protection and cell phone protection up to $1,000
• Mastercard World Elite Benefits including 24/7 Travel Concierge and $5 monthly Lyft credits

Show Pros, Cons, and More

The SoFi Credit Card may be worthwhile if you're searching for a credit card with no annual fee that lets you earn 2% cash back on purchases.

See Business Insider's SoFi Credit Card Review.

SoFi Mortgages Review

SoFi Home Loans

SoFi Home Loans

Insider’s Rating

4.18/5

Recommended Credit

620

Minimum Down Payment

3%

Types of Loans Offered

Conventional, FHA, VA, HELOC, JUMBO

Pros

• Easy to use
• Great rate personalization tool
• Allows low scores on VA loans
• Member benefits available to previous customers

Cons

• Doesn’t offer USDA loans
• Minimum credit score for FHA loans is 600

Insider’s Take

SoFi Home Loans is a convenient online mortgage lender for conventional mortgage borrowers looking for an easy online experience. It also recently started offering FHA and VA loans, and will accept credit scores as low as 600 on both of these mortgages.

SoFi Mortgage review

Show Pros, Cons, and More

You may like SoFi if you're comfortable with an online lending experience. SoFi doesn't offer USDA loans, though.

See Business Insider's SoFi Mortgages Review.

How SoFi Bank Compares

We compare SoFi Bank to two other banks: Ally and Chase. 

SoFi vs. Ally

SoFi and Ally are both online banks. You'll have to be comfortable with online-only banking or consider other options.

Both Ally and SoFi are great choices if you're looking for a bank where you can save and invest. The two financial institutions are featured in our best savings accounts guide and best online brokerages for beginners. 

Ally has more banking options than SoFi, like money market accounts and CDs. But SoFi may be more compelling if you'd like to get a student loan.

Ally Bank Review

SoFi vs. Chase 

Chase is a national bank with over 4,700 branches and 16,000 ATMs throughout the continental US. You'll likely prefer Chase over SoFi if you would rather bank at a branch than online. Chase may also be a better choice if you'd like more options for home loans or credit cards. 

If you'd like to get a competitive interest rate on a savings account, you'll want to go with SoFi. SoFi Checking and Savings (Member FDIC) pays much higher rates than Chase's savings accounts.

Chase Bank Review

Is SoFi Bank Right for You? 

Overall, SoFi is a great option if you'd like to open a checking and high-yield savings account at the same bank. It is also a strong choice if you're interested in investing or exploring a variety of loan options. 

You'll prefer another online bank if you want to open CDs or money market accounts. SoFi Bank doesn't have these types of bank accounts. Other online banks also have more credit card options. 

Why You Should Trust Us: How We Reviewed SoFi Bank

For our SoFi Bank review, we rated bank products and services using our editorial standards.

At Business Insider, we rate products on a scale from zero to five stars. We review different features for distinct products.

For example, for SoFi Checking and Savings we combined our bank account methodologies for savings and checking accounts to look at features like interest rates and ATM network size/fees. We also used distinct methodologies for reviewing credit cards, personal loans, student loans, home loans, and investment accounts. With credit cards, we examined annual fees and rewards rates, and with personal loans, we looked at fees and term options.

Sophia Acevedo

Banking Editor

Sophia Acevedo is a banking editor at Business Insider. She has spent three years as a personal finance journalist and is an expert across numerous banking topics. ExperienceSophia leads Personal Finance Insider's banking coverage, including reviews, guides, reference articles, and news. She edits and updates articles about banks, checking and savings accounts, CD rates, budgeting, and general saving. Sophia was also a part of Business Insider's 2024 series "My Financial Life," which focused on telling stories that could help people live and spend better.Before joining Business Insider, Sophia worked as a journalist at her college newspaper and was a freelance writer. She has spent seven years writing and editing as a journalist.Sophia was nominated for an Axel Springer Award for Change in 2023 for her coverage of ABLE accounts, tax-free savings accounts for people with disabilities. She was also a winner of a 2018 California Journalism Awards Campus Contest for her photography.She loves helping people find the best solutions for their unique needs and hopes that more people will find the tools to solve their financial problems. She’s inspired by stories of everyday people adapting to their financial circumstances and overcoming their fears around money.ExpertiseSophia's expertise includes:

• Bank accounts
• Savings and CD rate trends
• Budgeting
• Saving
• How banks operate

EducationSophia graduated from California State University Fullerton with a degree in journalism and a minor in political science.Sophia is a member of the National Association of Hispanic Journalists.She is an avid reader across a variety of genres, and she started running in 2021. She ran in the 2024 Los Angeles Marathon.

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Evelyn He

Compliance and Operations Associate

Evelyn He is a Compliance and Operations Associate on the Personal Finance team to ensure content accuracy and editorial independence so readers get up-to-date and objective financial advice.The compliance team's mission is to provide readers with fact-checked and current stories so they can make informed financial decisions. The team also works to minimize risk for partners by ensuring language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.

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5.31% annual percentage yield (APY) is accurate as of 7/11/2024 and subject to change at the Bank’s discretion. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY. Accurate as of the time of publication. The national average rate referenced is from the FDIC’s published National Rates and Rate Caps for Savings deposit products, accurate as of 8/19/2024. See the FDIC website for more information. https://www.fdic.gov/resources/bankers/national-rates/index.html

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