Sofi Checking Review -Quite possibly the best checking account for travelers

If you’re an avid traveler, disagree with the fees that make no sense, low-interest rates and complicated rules established banks try to force you in to playing by, read on.

Here’s a quick highlight reel for banking with SoFi.

1. Attractive signup bonus! SoFi is hungry to prove itself as a challenger to larger banks and they’re willing to put their money where their mouth is. Signup with SoFi with their very low minimum needed for the bonus and get anywhere from a free $25 — $100

2. ATM fees are reimbursed

SoFi has no physical locations which is obviously a problem if you ever need to withdraw cash from them. But they’ve not only solved this problem, they’ve made it their strength. Now since you no longer have to worry about ATM fees (since SoFi will reimburse those fees with 48 hours). SoFi now has the strongest ATM network since now you have access all over the world. So now if you’re traveling you don’t have to worry about what you’re getting charged by banks all over the world. I was pretty annoyed when I found out I was getting out of network atm charges from the bank I was withdrawing money from in Medellin Colombia and Wells Fargo was also charging me for withdrawing money on out of network ATMs.

Thanks, Wells Fargo, shortly after I moved over to SoFi.

3. Generous interest rates

SoFi’s interest rates hover around 1.2% (unfortunately changed due to fed but still much higher than large banks) which isn’t going to make you a millionaire by any means but about 100x more aggressive than larger banks. For example, google “Wells Fargo Checking account interest rates” as of writing this at the office space I work out of in Honolulu Hawaii it’s .01% couple with that with all the fees Wells Fargo send your way every chance they get (try just 1 ATM fee) and yeah, you’re not making any money.

4. SoFi’s transparency

When SoFi says they don’t charge you any fees they mean it. No overdraft fees, no ATM fees, no minimum fees, literally none, I’m still looking for reasons they might be breaking this rule but so far so good.

5. Free member experiences

This shouldn’t really factor into your decision to bank with SoFi or not but it is worth noting that they do their best to live up to both sides of what makes their name. Social & Finance.

I attended one of their member-only experiences which was a silent disco yoga class in San Francisco at the Palace of Fine Arts. It was quite cool, free SoFi swag an option to chat with their financial advisors. I met some cool people and definitely like their approach to banking with them truly an experience and not just an entity your fighting to keep your money safe from.

All in all, I think this is a great checking account that you can trust and also a friendly group that makes banking so much more than banking with the cold bankers who are more likely than not looking after their wallets first and yours second.

6. Debit Card

Comes with a swaggy debit card with a sweet color gradient

TLDR:

I would recommend opening up a SoFi checking account if you’re a frequent traveler, have gotten burned by your banks in the past through fees, or want higher interest rates so the money that sits in your checking is doing a little something for you in the background.

If you want to get my take on SoFi’s investment account read here!