SoFi Business Account Review 2024 – Pros, Cons, & Cost

SoFi Business Account Review 2024 – Pros, Cons, & Cost

SoFi is a fintech company that individuals and businesses can use to manage and grow their funds securely. This review of SoFi outlines all the advantages and disadvantages to help you determine if it’s the right choice.

>> Open an Account With SoFi >>

Our Verdict 


SoFi offers a range of products, from loans to banking and insurance. Sole proprietors, partnerships, and LLCs aiming to differentiate business and personal finances will find appealing options here.

Its bank account minimizes fees while offering high-interest rates and the flexibility to manage funds as needed. For projects requiring significant investment, SoFi provides financing options to ensure you take advantage of opportunities.


  • Up to 1.25% APY for savings and checking
  • No minimums or monthly fees
  • 2-3% cash back on credit card purchases


  • Limited to one savings/checking account
  • All business loans sourced from third parties
  • Restricted features for business owners

>> Experience Better Banking With SoFi >>

SoFi at a Glance

SoFi is a financial platform providing savings, checking, and lending solutions for small business owners. Setting up an account is free, and except for loans, there are no monthly fees. This extends to cash deposits, transactions, and overdraft fees, which other institutions often charge.

Source: SoFi  

The platform offers a 1.25% APY for checking and savings, requiring a direct deposit to secure this rate. SoFi’s single credit card offers 2-3% cash back, enhancing income.

SoFi is renowned for providing personal loans and introducing business financing through its Lantern Credit service. While SoFi doesn’t directly provide these loans, it connects you to various leading options for business owners.

Who SoFi Is Best For

Small business owners will benefit most from SoFi’s services. Its banking services lean more towards personal use, but individual business owners can fully utilize a bank account. Joint accounts are also available for partnerships sharing business responsibilities. Maximizing the interest rate for checking and savings is possible with direct deposit.


SoFi is committed to minimizing fees wherever possible and offers one of the highest interest rates among online and traditional banks.

  • Monthly Fee: $0
  • Minimum Deposit to Open Account: $0
  • Minimum Balance: $0
  • Overdraft Fees: Up to $50 covered
  • APY: 0.70% or 1.25%
  • Transactions: Unlimited free transfers and point-of-sale transactions
  • Cash Deposits: No fee at 55,000 in-network ATMs
  • ATM Fees: None at over 55,000 in-network machines
  • Wires: $25 to $30 for domestic, $45 to $50 for international

SoFi is relatively new to banking. It offers a single savings and checking account. There are no minimum deposits, monthly fees, or balance requirements.

Accessing SoFi’s 1.25% APY is straightforward with a linked direct deposit. Without this, you’ll still earn 0.70% on both accounts, well above the industry norm. The platform dislikes fees, offering free money transfers and point-of-sale transactions both domestically and internationally. A linked direct deposit forgives overdrafts up to $50.

Using any of the 55,000+ ATMs in SoFi’s network incurs no charges. However, when using out-of-network ATMs, expect fees from the ATM itself. SoFi’s wire transfer fees are typically at $25 to $30 for domestic and closer to $50 for international transfers.

>> Check Out the Best Pricing for the SoFi >>

SoFi Features

SoFi has several standout features that make it an appealing online bank.

Credit Cards  

SoFi provides a single credit card for business purchases. MasterCard offers 2% cash back, increasing to 3% with a linked direct deposit. This card has no annual fee but, depending on your credit score, can vary in APR from 13.74% to 25.74%. The option to issue multiple cards to employees needs to be mentioned.

>> Get a SoFi Credit Card & Enjoy Exclusive Benefits >>

Checking and Savings 

Banking with SoFi opens both a checking and savings account simultaneously. Both accounts earn the same interest rate of 0.70% or 1.25% with a direct deposit.

No monthly fees or minimums apply, allowing free movement of cash. Be cautious not to overdraft your checking account by more than $50. Joint accounts are available for multiple business owners.


Small business owners seeking insurance will find options suitable for startups and small enterprises. SoFi currently offers auto, life, renters, and homeowners insurance, but these cannot be extended to employees.

Student Loan Repayment

SoFi offers a unique incentive for business owners to assist employees with student loan debt. Contribute up to $5,250 tax-free annually towards employees’ student loans, with employers able to deduct this amount while attracting recent graduates.

>> Apply for SoFi Student Loan Refinancing! >>

Mobile Banking

SoFi’s app enables real-time fund transfers and receipts. It facilitates online bill payments and sets up recurring payments for vendors or employees. Check deposits are simple, done by photographing the check and specifying the destination.

Minimal Fees

SoFi is committed to low fees. Account setup is free, monthly fees are non-existent, and there are no charges for overdrafts up to $50, cash transfers, or deposits. Fees apply only for outgoing wire transfers and out-of-network ATM usage.

If you seek a business account with minimal fees, consider detailed reviews of Oxygen, Capital One, and Lili, covering pros, cons, and alternatives.

Loans and Lines of Credit 

SoFi’s Lantern Marketplace helps business owners explore and compare leading loan options. While not a direct lender, SoFi facilitates finding the necessary loans by providing pertinent business and location information to Lantern.


If your credit card is compromised, you can freeze it instantly via the SoFi app. SoFi monitors for suspicious activity and alerts you immediately. Two-factor authentication and unique transaction codes for each card purchase bolster account security. All funds are FDIC insured up to $250,000.

>> Check Out SoFi >>

Alternatives to SoFi

While SoFi suits many business owners, it might only meet some needs. Explore these alternatives for a better fit.


LendingClub offers more account variety than SoFi, with ten checking and savings plans designed for businesses. The app monitors transactions in real-time, facilitating fund transfers and check deposits. 

Accounts offer 1% cash back on debit purchases and global ATM rebates. Interest rates are low, peaking at 0.10% for balances over $5,000, and a $10 monthly fee applies if below this threshold.

LendingClub specializes in flexible small business loans up to $500,000, with property and equipment loans reaching $10 million.


  • 1% unlimited cash back on debit purchases
  • Worldwide ATM rebates
  • Various loan packages


  • $10 monthly fee for balances under $100
  • Low interest rates
  • Stringent cash-back requirements

>> Experience Better Banking With LendingClub >>


Bluevine offers loans and checking accounts for small businesses aiming for a competitive edge. Few fees are present, but cash deposit charges apply. Meeting Bluevine’s criteria can yield a 1.5% APY on checking accounts, surpassing SoFi’s 1.25%. Like SoFi, no minimum balance or monthly fees are required, but funds over $100,000 earn no interest, and there’s no savings option.

Bluevine provides lines of credit up to $250,000 with rates as low as 4.8%. These align with SoFi’s third-party lenders in the Lantern network. When managing loan payments, remember the monthly limits on checking account deposits.


  • High interest rates
  • Few fees
  • No minimum balance or monthly fees


  • Limits on monthly deposits and withdrawals
  • No savings account option
  • Fees for cash deposits

>> Experience Better Banking With Bluevine >>


Kabbage supports small businesses with a fee-free monthly checking account. While its interest rate is slightly below SoFi’s, Kabbage offers 1.10% on funds up to $100,000 without prerequisites. Kabbage doesn’t allow joint accounts, making it ideal for sole proprietorships or single-owner LLCs. ATM fees are waived whether in-network or not, but cash deposits incur a $4.95 fee.

Kabbage provides accessible lines of credit for business growth. Approval takes minutes, and funds are transferred to your checking account instantly.


  • No monthly or signup fees, no minimum balance
  • Competitive interest rate
  • No fees for out-of-network ATM withdrawals


  • Cash deposit fees up to $4.95 per transaction
  • No joint account option
  • Mobile deposit delays

>> Experience Better Banking With Kabbage >>


Axos offers several checking and savings accounts for business owners. Its Interest Checking plan provides a 1.01% APY for balances up to $50,000, with interest decreasing beyond that. Excess funds can be moved to a savings account, earning a maximum of 0.20% interest.

High initial deposits and substantial balances are needed to avoid monthly fees, contrasting SoFi’s fee-free approach. Axos reimburses all ATM fees if balance requirements are met.

The platform provides loans and lines of credit for business expansion, starting at $10 million and requiring at least two years of operation.


  • High APY with interest checking accounts
  • Unlimited domestic ATM fee reimbursements
  • No monthly fees or balance requirements for basic checking


  • Monthly fees with higher-tier accounts
  • Low APY on business savings
  • High deposit requirements for some accounts

>> Experience Better Banking With Axos >>

Frequently asked questions

SoFi ticks all the boxes as a bank and lender. Its funds are insured by FDIC, and the Better Business Bureau gave it an A+.

It was originally Social Finance, Inc., a name the founders chose in 2011. These days, it’s SoFi Technologies, but the social element in its business is still strong.

Sure thing! Thanks to FDIC insurance, once your cash lands in your account, SoFi covers it up to $250,000.

By the end of 2021, SoFi boasted about 3.5 million members, showing a staggering 90% growth from the previous year.

>> Join SoFi Today! >>

Bottom Line on SoFi Review

SoFi is an excellent starting point for small businesses aiming to grow their funds’ interest. To enjoy SoFi’s top rates, you just need a direct deposit, even if it’s your own payment to yourself. 

This financial service provider offers loan options from several third-party companies, so you’re not stuck with just one choice. With minimal fees, you can maximize your money without it trickling away.

>> Apply for a SoFi Loan Today! >>

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Judith Harvey is a seasoned finance editor with over two decades of experience in the financial journalism industry. Her analytical skills and keen insight into market trends quickly made her a sought-after expert in financial reporting.