I moved my money from Chase to SoFi® in April 2024 and haven’t looked back. While Chase had initially won me over with its extensive branch network and ATM access (who am I kidding? – it was the checking account bonus that won me over), my friends convinced me to at least try SoFi®. Since the account had no monthly fee, I felt like I had nothing to lose. Fast forward to now and I use the SoFi Checking and Savings account as my primary bank account.

Now I know that people have different banking needs and not everyone will find the online-only bank account that suits them best. But if you’re paying monthly service fees for a checking account (or worse, earning no interest), here are three reasons you might want to switch to SoFi® soon.

1. Earn interest on your checking (and savings)

The SoFi Checking and Savings account earns 0.50% APY by checking account balances. While 0.50% APY isn’t much in the grand scheme of things, it’s better than the 0% APY most checking accounts offer.

But that’s not the only trick this bank account performs. In fact, unlike most checking accounts, this is a checking-savings account crossbreed. The account features a high-yield savings account with an APY of up to 4.30%² (if you have direct deposit).

Don’t miss the last part: You can only get the maximum APY when you make a direct deposit to your checking or savings. There is no minimum direct deposit requirement (you can only get $100 per month and still qualify); To earn a higher APY on your savings, simply deposit money directly into your account. Without direct deposit, your account will earn 1.20% APY.

APY of up to 4.30%² isn’t the leading rate among the best high-yield savings accounts. But it’s pretty good. This is much higher than what most major national banks offer on savings accounts, especially when compared to the national average FDIC savings rate of 0.45.

2. Mobile app is an experience in itself

The SoFi® banking app is one of the best. It’s easy to navigate, allows you to monitor your credit, and gives you insight into your spending and saving habits.

What’s more, the app allows you to instantly transfer money between your checking and savings accounts. Lightning-fast transfers to and from external bank accounts are also available. In fact, that’s one of the reasons I’m sticking with SoFi®. Since I use multiple bank accounts for my freelance business, I am grateful that SoFi® reduces the typical lag time between transfers. Most of the time, wire transfers occur the same day or at most one day later.

The mobile app now supports Zelle; This is something that once discouraged people from using it as a primary bank account. You can also use the SoFi® app to order a new debit card, receive notifications about checking account activity (including direct deposits being credited to your account), and receive direct deposits two days before the scheduled time.⁶

3. Bank bonus

Finally, SoFi Checking and Savings has one of the best bank bonuses for a free checking account. New and existing account holders can earn up to $300 when they place a qualifying direct deposit into their account.¹

To get the full $300, you must receive $5,000 or more within the bonus period (25 days starting from 25 days after you receive your first SoFi® direct deposit). If you buy $1,000 to $4,999.99, you get a $50 bonus.

All things considered, there are many reasons to love SoFi®. The account is free,³ has no minimum opening deposit and gives you access to over 55,000 ATMs within the Allpoint network. If you’re happy with the calculations on a brick and mortar brick, no problem. But if you’re looking for something different like me, try SoFi®. Compare it with other leading banks and see if it can help meet your banking needs.