Is SoFi FDIC insured?

Yes. SoFi Bank has a national banking charter and all deposits in SoFi checking and savings accounts are FDIC-insured up to $250,000 per depositor. SoFi also offers additional FDIC coverage up to $2 million through its partner bank network.

What savings rate does SoFi offer?

SoFi offers up to 4.6% APY on savings account balances for members who set up direct deposit. The checking account also earns interest. Rates are variable and subject to change.

Is SoFi available outside the US?

No. SoFi is a US-only product available to US residents. International users should consider Revolut, Wise, or N26 for similar functionality in their region.

Does SoFi charge fees?

SoFi charges no monthly fees on its checking or savings accounts, no account minimum, no overdraft fees, and no ATM fees at 55,000+ Allpoint ATMs. SoFi earns revenue from loan origination and investment management rather than account fees.

Can I get a mortgage through SoFi?

Yes. SoFi offers home purchase loans and mortgage refinancing. SoFi members get a 0.25% rate discount on mortgages. The application process is fully digital and SoFi guarantees on-time closing or it pays $10,000.

Home/New York/US Banking, Loans & Investing/SoFi Review

Viewing SoFi for New York, USA · See global review

FDIC InsuredUS Banking + Investing + Loans — One App, One MembershipNew York

Is SoFi available in the United States?

SoFi is available to residents of the United States — here's how New York readers can open an account and what to check first.

4.5

Based on 50,000+ user reviewsEst. 2011

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*Affiliate disclosure: We may earn a commission if you open an account via our link, at no extra cost to you.

Quick Facts

Members9M+

High-yield savings APY4.6%

Loans issued$73B+

Founded2011

RegionNorth America

Our rating

4.5

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Using SoFi in New York, the United States

Confirm country eligibility with the providerRated 4.5/5 · 50,000+ reviews

SoFi is a US financial-technology company and its products are available only to US residents.

To open an account from the United States you will typically need US citizenship or permanent residency, a US Social Security Number and a US address. Eligibility, supported documents, fees and available products can change, so confirm the current requirements on SoFi's official site before you apply.

Digital Bank Networks earns a commission if you open an account through our link, at no extra cost to you. Our rating reflects the global product; always verify country-specific terms directly with SoFi.

Is SoFi available in the United States?

Yes. SoFi operates in the United States as of 2026. SoFi is a US financial-technology company and its products are available only to US residents. Confirm the latest eligibility and pricing on SoFi's official website before applying.

What is SoFi?

SoFi (Social Finance) was founded in 2011 at Stanford as a student loan refinancing company and has since grown into a full-service US financial super-app serving 9 million+ members. SoFi holds a national banking charter (acquired from Golden Pacific Bancorp in 2022), meaning customer deposits are FDIC-insured. SoFi offers a high-yield checking and savings account (up to 4.6% APY), commission-free investing in stocks and ETFs, automated investing (robo-advisor), crypto trading, personal loans, student loan refinancing, mortgages, and insurance. SoFi is publicly listed on NASDAQ (SOFI) and is one of the leading financial super-apps in the US.

Headquarters: San Francisco, California, USA

Founded: 2011

Key Features of SoFi

High-yield savings (4.6% APY)

Earn competitive yield on savings with FDIC insurance — well above the national average.

Commission-free investing

Buy US stocks, ETFs, and fractional shares with zero commissions.

Automated investing

Hands-off robo-advisor that builds and rebalances a diversified ETF portfolio for you.

Student loan refinancing

Refinance federal and private student loans at competitive rates to lower monthly payments.

Personal loans

Borrow $5,000–$100,000 with no origination fees at competitive fixed rates.

SoFi Relay (net worth tracker)

Track all your accounts, credit score, and net worth in one place for free.

SoFi Pros & Cons

Advantages

True financial super-app — banking, investing, and loans in one place
Among the highest savings APY available from a regulated US bank
FDIC-insured deposits and SIPC-insured investments
No account fees on checking or savings
Useful perks: career coaching, estate planning, financial advisors (included)
NASDAQ-listed public company — full transparency

Disadvantages

US only — not available internationally
No physical branches
Crypto selection more limited than dedicated exchanges

Who is SoFi Best For?

US residents wanting banking, investing, and loans in one appPeople looking to refinance student loans at lower ratesSavers wanting among the highest FDIC-insured APYNew investors starting with commission-free stock tradingAnyone looking to consolidate their financial life

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Frequently Asked Questions About SoFiin New York

Is SoFi safe?

SoFi is a regulated financial services provider. Digital Bank Networks only features regulated, vetted affiliates. Always review the provider's terms, fees, and regulatory status before transferring funds. CFD and forex trading carries risk — please read all risk disclosures before trading.

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