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If you have a bank account, cashing a check is a simple process; you just deposit it and can then use the funds once it’s cleared.

However, about 4.5% of American households don’t have a bank account, according to a recent study from the Federal Deposit Insurance Corporation. They must therefore rely on alternative methods to cash a check. These workarounds can take a bit of time and energy, but can help you access cash if you are in this situation.

Here, you’ll learn about how you can cash a check if you don’t have a bank account or can’t use it for some reason. You’ll find out the pros and cons of each technique, as well as some important information about using checks and checking accounts.

7 Places Where You Can Cash a Check

There are several ways to cash a check if you don’t have a bank account. Some of these alternatives may come with fees or extra legwork. And some may have restrictions on the dollar amount they will cash. Here’s a closer look at the different ways you can cash a personal or business check without a bank account.

1. Cash the Check at the Issuing Bank

Look at the check to see which bank issued it and if there is a brick-and-mortar branch near you. Sometimes that bank will allow a non-customer to cash a personal check without a bank account if the payee comes in person. The teller can usually determine whether funds are available. The same often holds true for business checks.

•  Those that do provide this service often charge a flat fee (say, $8) or percentage of the check amount.

•  Some large banks will cash a check under a certain amount, $5,000 for example, without a fee.

•  Worth noting: If a bank does collect a fee, it may try to persuade the non-customer to open an account to avoid paying that charge.

2. Cash at a Retailer

Where else can you cash a check without a bank account? Several retailers such as Walmart and some grocery-store chains offer check-cashing services through their customer-service departments, usually for a flat fee based on the size of the check. For instance, at Walmart, there is a $4 fee for checks of up to $1,000 and a $8 fee for those over $1,000.

The amount charged and restrictions on the types of checks cashed will vary, however. For this reason, it’s important to check with each retailer in your area that offers this service to find one that works for your situation.

3. Payday Lending Store

Stand-alone check-cashing and payday-lending stores will cash many types of checks of varying amounts. However, the problem with payday loan check cashing services is that they are often the most expensive, charging a percentage of the check amount as well as a flat fee. For many people, this is best thought of as a last-chance option.


💡 Quick Tip: Fees can be a real drag when you’re trying to save money. SoFi’s high-yield checking account has no account fees, including overdraft coverage up to $50.

4. Prepaid Debit Cards

Some banks and financial institutions allow unbanked consumers to deposit checks directly to a prepaid debit card. Some big banks allow you to use their ATM system to deposit checks onto the card for a monthly service fee.

In other cases, using an app, you can use your smartphone to take pictures of your checks and deposit them into any type of account, including a prepaid card. This is often free, but you may have to wait up to 10 days before the funds from the check are available. In some cases, you can pay a relatively large fee, usually about 2% to 5% of the check value, for quicker access to the funds.

5. Employer-Sponsored Payroll Debit Card

Some large employers have programs that allow you to deposit your paycheck directly onto a reusable debit card. Be sure to look at the various types of fees associated with these cards. You may wind up paying overdraft, ATM, transfer, and inactivity fees in addition to general service fees.

6. Sign Your Check Over to Someone Else

Another option would be to sign a check over to a trusted friend or relative. This person could then deposit the check in their account and withdraw the funds, once available, and give them to you.

This is a simple process. Some verification is involved, and then you usually just need to write “Pay to the order of” and the name of the person on the back of the check and then sign it. However, it’s vital that this person can be relied upon to give you the cash once they deposit the check in their checking account and it clears.

7. Check Cashing Outlet

If you need to cash a check without a bank account, you could also visit a check cashing outlet. This can be expensive, though: Fees can be around 10% of the check’s value.

Here, consider the pros and cons of each in chart form:

What to Consider Before Cashing a Check

To help determine which check-cashing option is best for you, keep the following in mind.

Check Amount

In general, larger checks are harder and more expensive to cash without a bank account than smaller sums. Walmart, for instance, will usually only cash checks up to $5,000 or $7,500.

Check-cashing stores may have similar limits, or higher fees for larger checks. For large checks, depositing into a prepaid debit card may be the best option.

Fees

As we’ve seen above, almost every non-bank checking service entails fees when cashing your check. They can vary widely, with check-cashing and payday-lending stores usually being the most expensive.

It can pay to look for the least expensive alternative in your area, especially if you are able to access the bank that issued the check.

Identification Requirements

To show that the check rightfully belongs to you, you’ll need to show at least one form of government-issued identification, such as a license or passport. With large checks, you may be required to show two forms of ID.

Recommended: How to Write a Check to Yourself

Personal Checks

Personal checks can be more difficult to cash without a bank account than government-issued or payroll checks. Many check-cashing stores won’t accept any personal checks, and retailers may have lower limits on how much they’ll cash, usually a couple hundred dollars.

Here’s one workaround: Ask the person writing you the personal check to send a money order or cashier’s check instead.

Can You Cash a Check Without ID?

To cash a check without ID, you have a few options:

•  Check with the issuing bank and see if they will allow you to cash it without identification or with an alternative method of identification.

•  Sign the check over to someone else, have them cash it, and give you the funds.

•  If you have an account but no ID, deposit the check, wait for it to process, and then withdraw the funds.

•  Use ATM check cashing, if possible.

Recommended: How to Make Money From Home

How to Cash a Large Check Without a Bank Account

The methods for cashing a large check without a bank account are similar to methods for cashing any other check. You will likely want to be a bit more cautious and double-check the process in advance:

•  Sign the check over to a trusted friend or relative

•  Visit a check-cashing outlet.

Opening a Bank Account

Cashing a check without a bank account can often be costly and inconvenient. After exploring the options above, you may find that your best option for the long term involves opening a bank account. A bank account makes saving and spending easy, safe and flexible. Some points to consider when opening an account:

•  What do you need to open a checking account? You’ll usually need to make sure you qualify for an account, have an ID, and be willing to share basic personal information such as your birthdate, address, phone, social security number, etc. You’ll also need an initial deposit, which can often be as little as $25.

•  Keep in mind, most banks have a minimum age to open a bank account; they won’t allow those under 18 to have an account without a parent or guardian as the joint owner.

•  If you have a history of banking issues, such as unpaid overdraft fees, you may not qualify for a traditional checking account. Instead, you may want to consider what’s known as a second-chance account, offered by many lenders. These accounts often charge a monthly fee and come with more restrictions than a traditional checking account. That said, many allow solid customers the opportunity to convert to a regular checking account in six months to a year.

The Takeaway

It is possible to cash a check without a bank account. Options include signing the check over to a trusted friend to cash it and give you the funds, seeing if the issuing bank will cash it, using the check to buy prepaid debit cards, and other tactics.

That said, opening a bank account can be a simple process and can provide not just check cashing but the foundation for your daily financial life.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

FAQ

Can I cash a $5000 check without a bank account?

You will likely be able to cash a $5000 check at a retailer, such as Walmart, or at a check cashing outlet. Inquire about fees, though, before proceeding to be sure you are prepared.

How can I cash a large check immediately?

To cash a large check immediately, try your bank if you have one or the bank that issued the check. You might also be able to cash it by signing it over to a friend or relative who can give you the cash once it clears, buying prepaid debit cards with it, or going to a check cashing outlet.

What bank will cash a check without an account?

It’s often best to go to the bank that issued the check and see if they will cash it. They will be able to verify that the funds are available and may be willing to give you the money.

Photo credit: iStock/AndreyPopov

SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. The SoFi® Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

SOBNK-Q325-044

If you have frozen your credit to protect your sensitive information from fraudsters, you may at some point want to unfreeze it. That will typically be necessary if you are applying for a new credit card or a loan. A credit freeze provides you with an extra layer of security because it prevents anyone (even a legitimate entity) from running a hard inquiry on your report or potentially opening a new line of credit without your permission.

In this guide, you’ll learn all about how to unfreeze credit.

What Does it Mean to Unfreeze Credit?

When you freeze your credit report, you can’t open a new line of credit, whether that’s a credit card, mortgage, auto loan, or something else. At the same time, no one can run a hard inquiry on your credit report — so lenders, landlords, even potential employers can’t access it. While there are limits on who can legally look at your credit report, a credit freeze can provide peace of mind that no one can open an account in your name.

When you unfreeze your credit, it’s like you’re turning back on access to the credit report. Once your credit is unfrozen, you can once again open a new line of credit or apply for a loan, and lenders can run a hard pull on your report.

How a Credit Freeze Works

Also known as a security freeze, a credit freeze restricts access to your credit file. Credit freezes don’t happen automatically. You have to reach out to each of the three credit bureaus — Experian®, Equifax® and TransUnion® — to ask for a credit freeze. Thanks to the Fair Credit Reporting Act, if you request a credit freeze over the phone or online, the credit bureaus are required to freeze your report within 24 hours. If you send the request via mail, they have up to three business days.

Thanks to the Fair Credit Reporting Act, if you request a credit freeze over the phone or online, the credit bureaus are required to freeze your report within 24 hours. If you send the request via mail, they have up to three business days.

When you make a credit freeze request, each bureau will give you a PIN (personal identification number) or password that you need when you decide to lift the freeze.

A credit freeze is often confused with a credit lock, but they’re two separate things. A credit lock is a service you sign up for, and there’s usually a subscription fee. It’s similar to a credit freeze as you block access from most lenders. However, you can freeze or unfreeze it at any time on your phone or computer, and you don’t have to wait for it to go into effect.

A credit freeze is free, and you have to go through the credit bureaus to thaw your credit, and it takes about an hour to go into effect.

Types of Credit Freeze Lifts

At some point you may think about unlocking your credit freeze. When the time comes, there are two main types of credit freeze lifts:

Temporary Lift

A temporary lift will unfreeze your credit report for a designated time period. You can choose how long you’d like your credit to be thawed.

You can thaw your credit freeze temporarily to apply for new credit, take out a loan, or apply to rent an apartment. But once you’re done with that financial task, the freeze restarts.

Permanent Lift

A permanent lift will thaw your credit freeze for an indefinite amount of time. You might want to go this route if you don’t want to go through the steps of freezing and unfreezing your credit and find that the trouble isn’t worth the benefits.

Recommended: How to Read and Understand Your Credit Report

Ways to Unfreeze Credit Using Bureaus

If you are ready to unfreeze your credit, you need to contact each of the credit bureaus. You can do it in one of three ways:

•   Phone: If you request a lift by phone, the credit bureaus are required to thaw your credit within an hour.

•   Online: If you make the request online, your credit freeze will also be lifted within the hour.

•   Mail: You can also request a credit thaw by mail. If you go this route, expect the lift to happen within three business days after receipt of your request.

Recommended: How to Dispute a Credit Report and Win Your Case

When You Should Unfreeze Your Credit

Generally, you need to unfreeze your credit anytime someone needs to review your credit report, like if you’re opening a new line of credit or applying for a loan. Some common scenarios of when you’ll need to unfreeze your credit:

•   Applying for a credit card

•   Applying for a mortgage, personal loan, or car loan

•   Applying for a line of credit

•   Hunting for an apartment

Recommended: Common Credit Report Errors and How to Dispute Them

Credit Freeze vs. Fraud Alert

If you’re at high risk for fraud, suspect you’ve been a victim of a credit card scam, or just want to take extra precautions, you can set up a fraud alert on your credit report. When you have a fraud alert in place, a lender or creditor needs to verify your identity before they can issue you a new line of credit or approve you for a loan.

To place a fraud alert, you only need to reach out to one of the three credit bureaus. By law, that credit bureau must let the other two credit bureaus know you placed a fraud alert. In turn, all three credit bureaus will place a fraud alert on your credit file.

Initial fraud alerts are free, and initial fraud alerts last one year. After one year, you can renew it. Extended fraud alerts last for seven years, but they are for victims of identity theft, and you must submit a police report to qualify.

A credit freeze, on the other hand, blocks any party, including lenders and creditors, from accessing your credit. You need to place a credit freeze separately with each of the three credit bureaus, which lasts indefinitely. They can only be lifted when you make a request.


💡 Quick Tip: On-time payments are key to building your credit score. To ensure that you make your payments in time, consider setting up automatic payments or set a calendar reminder of your due date.

The Takeaway

Unfreezing your credit report is relatively simple, and it’s easy to set up a temporary lift should you decide you want to apply for a new credit card or personal loan. There are a few different ways you can go about thawing your credit as needed, and the credit bureaus have to unfreeze your credit within an hour of you making the request by phone or online.

Whether you're looking to build credit, apply for a new credit card, or save money with the cards you have, it's important to understand the options that are best for you. Learn more about credit cards by exploring this credit card guide.

FAQ

Can I unfreeze my credit?

You can unfreeze your credit anytime by going through each of the three credit bureaus — Experian, Equifax, and TransUnion — and requesting a lift on your credit freeze. You can ask for either a permanent or temporary lift. The thaw usually lasts anywhere from one to 30 days if it’s temporary.

Can you freeze your credit automatically?

Credit freezes don’t happen automatically. You will need to contact the three credit bureaus and make a specific request. You can do so online, by telephone, or via snail mail.

How soon can I unfreeze my credit after freezing?

You can unfreeze your credit as frequently as you like and request a credit lift as soon as you freeze it. If you made the request online or over the phone, it can take up to an hour to unfreeze your credit. If you send the request in the mail, it can take up to three business days after receipt of your request.

How long does it take to unfreeze your credit?

It depends on the credit bureau and how you made your request. If you requested your credit to unfreeze or “thaw” over the phone or email, the credit bureaus must lift it within an hour. If you made the request by mail, the credit bureaus must unfreeze your credit within three business days of receipt of your request.

Can I still use my credit card after freezing my credit?

Freezing your credit doesn’t impact your ability to use your credit card. You can freely make purchases on your card, book trips, redeem your cash-back points, and so forth. But if you want to do something that requires a hard pull of your credit — apply for new credit, say, or submit a rental application for an apartment — you’ll need to unfreeze your report first.

Photo credit: iStock/nortonrsx

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

SOCC-Q325-003

A credit card chip malfunction can be a small embarrassment and disruption in your day-to-day life, but don’t panic. There are several reasons why it might be malfunctioning, including wear and tear, dirt buildup, or an issue with your account.

Here, learn the basics of credit card chips, the different reasons a credit card chip might stop working, and what to do if it malfunctions.

What Is a Credit Card Chip?

A credit card chip is a microchip that’s embedded in your credit card. The chip protects your data when you make an in-person payment. It uses a process called tokenization that encrypts your information, and generates a one-time code for each transaction.

Thanks to this technology, your credit card information is never received or transmitted by the merchant. This lowers the instances of credit card fraud when you use your card in a store or restaurant.

How a Credit Card Chip Works

Chip technology is also known as “card-and-PIN,” “card-and-signature,” or EMV (aka Europay, Mastercard, and Visa). The microchip that’s embedded in your card uses a process called tokenization. This is the same technology used in contactless credit cards and payments. In short, tokenization takes your sensitive card information and converts it into a unique token. This token protects your card info and account details.

The credit card chip holds encrypted data and transaction codes. These transaction codes are unique, one-time use, and always changing. As a result, it’s hard for counterfeit thieves to duplicate the data that’s stored on the chip.

Credit Card Chip Types

Within the realm of credit cards, there are three main chip types:

Standard “smart cards”: If you want to make an in-person purchase or take out cash at an ATM, many “smart cards” with the EMV chip technology simply require you to insert or tap your card into the card terminal.

Chip-and-PIN cards: This type of credit credit chip offers the most security. To make a purchase or make a withdrawal from an ATM with a chip-and-PIN card, you’ll need to first tap your card into the card reader, then punch in your credit card PIN code.

Chip-and-signature cards: This type of chip card provides a bit more security than if you simply swiped your card, but it’s not as secure as the chip-and-PIN type card. As the name implies, to use your card, you insert your card into the reader, then provide a signature for the transaction to go through.

Chip-and-signature cards aren’t as secure as their chip-and-PIN counterparts because it’s easier for fraudsters to forge a signature than to decipher your 4-digit PIN.

5 Things That Can Cause a Credit Card Chip to Stop Working

Here are some reasons why your credit card stopped working, and how to avoid these hiccups from happening:

Grime Buildup

Your card encounters dirt each time you insert or swipe in a machine, and grime will build up over time. This grime buildup could mean the terminal can’t read your card. To avoid this from happening, wipe down your card periodically.

Wear and Tear

Over time, the chip can get scratched or damaged. While scratches to the plastic on your card won’t cause any issues, scratches or dings to the chip might cause your chip to stop working and the transaction won’t go through.

To prevent wear and tear, consider protecting your physical card with a protective sleeve holder. These are usually made of a thin yet durable material, like synthetic fibers.

Heat or Water Damage

If you accidentally spill coffee and your credit card gets doused in the hot liquid or you leave your card in the hot car in the middle of summer, the chip on your card might get warped and go on the fritz.

To avoid this from happening, keep your card in your wallet when not in use. And be mindful of exposing it to extreme heat.

Recommended: All You Need to Know About Credit Card Numbers

Issue With Your Account

Sometimes when your chip stops working it’s because there’s an issue with your account. Common reasons include going over your credit limit, a missed minimum payment, or making purchases in locations where you don’t normally shop.

In this case, try swiping your credit card instead of doing the chip-and-PIN route. Hopefully that will resolve the issue and your payment will go through.


💡 Quick Tip: When using your credit card, make sure you’re spending within your means. Ideally, you won’t charge more to your card in any given month than you can afford to pay off that month.

Issue with your account

Sometimes when your chip stops working it’s because there’s an issue with your account. Common reasons include going over your credit limit, the billing info doesn’t match with your account, or you’re making purchases in locations where you don’t normally shop.

To steer clear of this potential issue, watch your credit limit. You can log on to your account or check your card balance on your card’s mobile app. If you’re using your card while on a business trip or vacation, set a vacation alert.


💡 Quick Tip: When using your credit card, make sure you’re spending within your means. Ideally, you won’t charge more to your card in any given month than you can afford to pay off that month.

What to Do if Your Credit Card Chip Stops Working

Here’s how to fix your credit card’s chip if it’s not working:

Clean the Card

If your chip is malfunctioning because of dirt buildup, try to clean your card. Gently wipe it down with an antibacterial wipe, alcohol pad, or microfiber cloth. You can also gently wipe around the edges of your chip with a cotton swab.

Swipe Instead

The magnetic stripe on your card also contains your account data. If the problem is with the checkout terminal, try swiping instead of tapping your card. There’s a chance that your transaction will go through without a hitch.

Get a Replacement Card

If the chip on your card regularly doesn’t work and no amount of cleaning fixes the problem, you might need to reach out to your credit card issuer and ask for a new one. You can do so by calling the number on the back of your card or on the issuer’s website or app. You can sometimes request a new card directly on the app or issuer’s website.

How long it will take for you to receive a replacement card depends on the credit card issuer, but you can expect it to take anywhere from one to seven business days. There might be a charge for a replacement card and a charge if you want shipment to be expedited.

Recommended: How Many Credit Cards Should I Have?

The Takeaway

There are a handful of reasons why your credit card chip stopped working. By doing a bit of investigating, you can get to the root of the issue and troubleshoot accordingly. Most likely you’ll just need to clean the card, but sometimes you may need to request a new one or address an issue with your credit card account.

FAQ

What do you do if your credit card chip doesn’t work?

If your credit card chip isn’t working, there’s usually a simple explanation why. It could be the result of normal wear-and-tear, heat or water damage, or grime buildup. Or it could be an issue with the card terminal or your account. Try to clean your card to see if that helps. If you’re in the middle of a purchase, swipe your card instead of inserting it into the terminal. In some instances, you might need to replace your credit card or address an account issue.

What can ruin a chip in a credit card?

There are a few ways a credit card chip can get ruined: regular wear and tear, grime buildup, or extreme heat or water damage.

Can you still use your card if the chip is broken?

You can still use your card by swiping. However, swiping your card instead of going the “chip-and-PIN” or “chip-and-signature” route reduces its security. You may want to request a replacement card.

Photo credit: iStock/Juanmonino

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

SOCC-Q325-004

Bank accounts are essential tools for managing your money and achieving financial goals. Whether you’re looking to streamline everyday transactions, save for future expenses, or build wealth over time, there’s a type of bank account designed for each purpose.

In fact, most Americans rely on these financial tools regularly. According to SoFi’s April 2024 Banking Survey of 500 U.S. adults, 88% of respondents reported having a checking account, while 71% said they had a savings account. These numbers reflect how foundational these accounts are to everyday life.

Understanding the differences among account types can help you choose the right combination for your needs. Below, we explore seven common types of bank accounts, their features and benefits, and how they can fit into your financial plan.

7 Types of Bank Accounts Explained

Choosing the right mix of bank accounts can make it easier to manage your money and bring you closer to your goals. Here’s a rundown of the different types of bank accounts, how they differ, and how each can support your financial journey.

1. Checking Account

A checking account is often the hub of your financial life, where your income flows in and your day-to-day spending flows out.

Key features:

•   Opening a checking account is typically quick and easy, and these accounts are widely available through traditional banks, credit unions, and online banks.

•   Checking accounts typically come with a debit card and checks for convenient spending.

•   Checking accounts are typically insured by the Federal Deposit Insurance Corporate (FDIC) or National Credit Union Administration (NCUA) for up to $250,000 per account holder, per ownership category (such as single accounts, joint accounts, or trust accounts), per insured institution.

•   Some checking accounts charge monthly fees, but offer ways to waive them, such as maintaining a certain minimum balance or setting up direct deposit.

Because checking accounts usually pay little or no interest, they geneally work best for short-term storage and daily use, rather than long-term saving.

2. Savings Account

Savings accounts are designed to help you set aside money for future use while earning interest.

Key features:

•   Savings accounts generally earn more interest than checking accounts, especially high-yield savings accounts found at online banks. In SoFi’s survey, 23% of respondents said they have a high-yield savings account.

•   Savings accounts are typically FDIC- or NCUA-insured.

•   Savings accounts are ideal for short-term money goals or emergency funds, rather than day-to-day spending.

•   Savings accounts usually don’t come with checks or debit cards, making the funds less accessible than money stored in a checking account.

•   While the federal regulation that limited withdrawals from savings accounts to six per month was suspended in 2020, some banks still have savings account withdrawal limits, and will assess fees if customers exceed those limits.

•   Some savings accounts require a minimum balance and will charge a monthly maintenance fee if your balance goes below that threshold.

A savings account can be a good place to build your emergency fund and/or save for a short-term goal, such as a vacation, a new car down payment, or a home renovation.

3. Checking and Savings Account

Some financial institutions, especially online banks, offer hybrid checking and savings accounts that combine characteristics of both types of accounts.

Key features:

•   Checking and savings accounts at online banks typically offer higher annual percentage yields (APYs) compared to traditional savings accounts.

•   These accounts allow convenient access to funds — you can spend through debit cards, checks, and mobile payments, similar to a traditional checking account.

•   Online banks often have fewer and/or lower fees compared to traditional banks.

•   Checking and savings accounts are typically FDIC- or NCUA-insured.

•   These accounts often come with conveniences like automatic savings tools and budgeting insights that can make it easier to track spending and saving.

Having checking and savings features combined within one account can help simplify managing your finances and make it easier to monitor your overall financial picture.

Alternatively, you can open both a checking and a savings account at the same financial institution or at two different banks, then link the accounts for easy transfers. Having multiple bank accounts can help you manage both daily transactions and short- to mid-term savings effectively. In SoFi’s survey:

•   31% of respondents said they had two checking or savings accounts

•   20% had three accounts or more

•   37% had just one checking or savings account

4. Certificate of Deposit

A certificate of deposit (CD) is a type of savings account that locks in your money for a set period of time in exchange for a fixed interest rate.

Key features:

•   Term length typically ranges from a few months to several years or longer. Longer terms tend to come with higher interest rates, although this isn’t always the case.

•   CDs typically have a minimum deposit, often starting at $500 and up.

•   Withdrawing funds early typically results in penalties, unless it’s a no-penalty CD. No-penalty CDs generally offer lower interest rates than traditional CDs.

•   CDs are usually FDIC- or NCUA-insured.

CDs can work well if you’re saving for specific, near-term goals. For example, If you’re saving for a down payment on a house or a car purchase within the next few years, a CD with a matching term can help you reach that goal with guaranteed earnings.

5. Money Market Account

A money market account (MMA) is a type of savings account that offers some of the conveniences of a checking account.

Key features:

•   MMAs typically offer better interest rates than traditional savings accounts.

•   MMAs usually come with a debit card and checks, making it easy to access your funds.

•   Like other types of savings accounts, MMAs may be subject to monthly withdrawal limits, and you may get hit with fees if you exceed those limits.

•   Many MMAs require a minimum balance to open the account and/or to earn the advertised rate.

•   Some MMAs charge monthly maintenance fees, though you may be able to waive them by maintaining a certain minimum balance or setting up direct deposits.

•   MMAs are usually FDIC- or NCUA-insured.

An MMA can be a good option for those who want interest and some level of liquidity, yet don’t require frequent access to their funds.

6. Brokerage Accounts

A brokerage account is a type of investment account that allows you to buy and sell investments like stocks, bonds, exchange-traded funds (EFTs), and mutual funds.

Key features:

•   Brokerage accounts provide access to a wide range of investment options, allowing for diversification based on your financial goals and risk tolerance.

•   Unlike retirement accounts, which often have rules about contributions and withdrawals, you can typically contribute as much as you want to a brokerage account and withdraw funds whenever you need them without penalty.

•   While there is potential for growth in a brokerage account, it also involves market risk. The value of your investments can fluctuate, and you could potentially lose some or all of your invested principal.

•   Fees vary; full-service brokerages may charge higher fees for personal support, while DIY or automated platforms offer lower-cost options.

The flexibility of accessing your money without penalties makes a brokerage account worth considering for medium- to long-term financial goals, like a down payment on a home, a car purchase, or a wedding.

7. Retirement Accounts

Retirement accounts, such as individual retirement accounts (IRAs) and 401(k)s, are designed to help individuals save for retirement in a tax-advantaged way.

Key features:

•   The primary draw of retirement accounts is their tax benefits. Depending on the specific type of account, these benefits can include tax-deferred growth or tax-free withdrawals.

•   There are limits on how much you can contribute to retirement accounts that are set annually by the IRS and can vary depending on the type of plan and your age.

•   401(k) plans are offered by many employers, sometimes with matching contributions, which is effectively free money toward retirement.

•   IRAs (traditional or ROTH) are available to eligible individuals and may offer tax deductions or tax-free growth depending on the type.

•   Contributions are typically locked in until retirement age, early withdrawals may result in penalties and taxes.

Retirement planning involves a number of factors, including:

•   Age and desired retirement date

•   Contribution limits

•   Expected return

•   Risk tolerance

Consulting with a financial advisor can help determine the best retirement account for your situation.

Finding Accounts That Work for You

Different types of bank accounts serve different roles in a well-rounded financial strategy. It’s common — and often wise — to maintain a combination of accounts to support everyday spending, short-term savings, and long-term investing.

For example you might choose to have:

•   A checking account for bills and everyday spending

•   A savings or money market account for an emergency fund

•   A brokerage account for investing and building wealth

•   A retirement account for long-term financial security

When selecting where to open these accounts, consider factors like interest rates, fees, accessibility, customer service, and mobile tools.

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Get access to higher APY, credit card cash back rewards, discounts, and more.

The Takeaway

Understanding the main types of bank accounts can help you create a strong foundation for your financial future. Checking accounts are designed for everyday money management, while savings accounts are primarily for storing money for short-term goals while earning interest. Accounts like CDs, brokerage accounts, and retirement plans can support longer-term strategies.

By choosing the right combination of accounts and using them strategically, you can simplify money management, earn more on your deposits, and move confidently towards your financial goals.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

FAQ

What are the most common types of bank accounts?

The most common types of bank accounts include checking accounts, savings accounts, money market accounts, and certificates of deposit (CDs). Checking accounts are ideal for daily transactions like paying bills or making purchases. Savings accounts earn interest and are a good place to store funds for emergencies and short-term goals. Money market accounts combine features of checking and savings, often with higher interest rates. CDs lock in your money for a fixed term with a guaranteed return. Each serves different financial needs and goals.

What are the two most common types of bank accounts?

Two of the most common types of bank accounts are checking and savings. A checking account is designed for frequent use, offering easy access to your money through debit cards, checks, and online banking. A savings account, on the other hand, is intended for storing money and earning interest over time. It can help you build an emergency fund or save for specific goals while keeping your money accessible but separate from daily spending.

What is the best kind of bank account to open?

The best kind of bank account to open depends on your financial goals. If you need easy access to your money for daily expenses, a checking account can be ideal. For saving money and earning interest, a savings account can be a good choice. If you want higher interest rates and can meet balance requirements, consider a money market account. For longer-term savings with a fixed return, a certificate of deposit (CD) can be a smart option. Many people benefit from having both checking and savings accounts.

Photo credit: iStock/hemul75

SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. The SoFi® Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

SOBNK-Q325-064

You probably know how easily you can tap to pay for items when shopping and click to send a friend money for your share of dinner. Why can’t most of your financial transactions be that easy?

They can be. You can be freed from much of the usual day-to-day account activity by automating your finances. Doing so can eliminate your wondering whether you have paid bills on time, allocated the right amount to savings, and more.

Automating your finances can be a smart money move that saves you on late fees and reduces financial stress. It may also help you establish and stick to a budget, as well as get on a path to growing your wealth.

Deciding where and when to automate personal finances need not be complicated. Here’s a guide sharing what it means to automate your finances, the different ways you can put your money management on autopilot, and tips for making the process super simple.

What Does It Mean to Automate Your Finances?

Automating your finances means you use today’s technology to preschedule and preapprove transfers of your funds. It’s a “set it and forget it” way to pay bills, move money from checking to savings, and even enrich your retirement account.

The beauty of doing so means you can avoid late fees (which many of us, no matter how responsible we are, get hit with sooner or later). You may also become more organized and free your mind to ponder better things. Worrying about when bills are due is so last decade, after all!

Check out our Money Management Guide.

This article is from SoFi’s guide on how to manage your money, where you can learn basic money management tips and strategies.

What Kind of Accounts Can You Automate?

If you’re wondering what kind of accounts you can automate, you’ll probably like this answer: Almost any kind. Here’s a list of some of the most popular:

Automating payments can spare you late fees and overdraft charges. It can also help you streamline the process of staying active and accountable on your accounts (a great way to avoid winding up with credit charge offs).

It may also help keep your credit score from being impacted by missed payments. In fact, payment history contributes 35% to your FICO® score.^[1] You want to protect those digits.

(BTW, it’s a good idea to scan for common credit report errors on an annual basis, just to make sure nothing is amiss.)

💡 Quick Tip: Want to save more, spend smarter? Let your bank manage the basics. It’s surprisingly easy, and secure, when you open a bank account online.

Different Ways to Automate Your Finances

When it comes to the set-up of automating personal finances, there are a few different techniques to try. Here, you’ll learn some of the most popular options so you can decide what’s right for you, whether it’s one method or a combination.

Option 1: Sign Up for Automatic Payments With Your Creditor

Here’s how this works: Say your wifi provider or landlord of your rental apartment gives you an automatic bill payment option.

•   Through their payment portal, you’ll set up an autopay schedule, connecting the service provider to your bank account. On the agreed-upon date (say, rent is due by the 7th of every month so you select to pay on the 6th), they will automatically deduct the amount from your checking.

•   In some cases, you may be assessed a fee for this privilege; it varies with the provider.

•   When you opt into this kind of plan, you may be given the opportunity to have the payment charged to a credit card or deducted from an account other than your bank account. Look carefully, though; you may wind up paying additional fees for this.

Recommended: Guide to Automated Credit Card Payments

Option 2: Set Up Bill Pay With Your Bank

You may find that some creditors don’t offer you the kind of convenience described above, but your bank may swoop in and help you pay automatically. Many major banks will issue payments on your behalf to a creditor or service provider, which can make your life infinitely easier. No more writing checks every month and digging around for stamps. Here are the steps to take:

•   Check with your bank about what they offer. Typically, they will need the name, account number, and potentially the address of the business you are paying.

•   You’ll also need to assess how long this process will take every month; it may not be instantaneous. You’ll want to make sure the money arrives on time and you are not charged any late fees so your credit score doesn’t suffer.

•   Then you’ll sign up for the series of payments to be handled by your bank.

Option 3: Set Up Direct Deposit With Your Employer (if You Have the Option)

An excellent way to automate and fund your personal finances is to set up direct deposit of your paycheck (the vast majority of salaried workers are paid this way). You’ll know your salary is getting sent to your bank account and when it hits. Some pointers:

Option 4: Set Up Automatic Retirement Contributions

It’s all too easy to think, “I’ll get around to saving for retirement…someday.” Perhaps that’s why the American households had a median balance of only $87,000 in retirement accounts, according to the Federal Reserve’s most recent survey.^[2] That’s probably not enough if your dream is moving to Hawaii at age 65 and spending your days with your toes in the sand.

That’s why learning how to automate your finances for retirement savings can be such a helpful practice. Many experts suggest depositing at least 15% of your pretax income into your retirement plan every paycheck. Some tips:

If you’re self-employed, you may be able to automate your savings with recurring transfers into such vehicles as a solo 401(k), SEP IRA, or SIMPLE IRA as you save for your future.^[3]

Option 5: Put Your Savings on Autopilot

Your non-retirement savings are another important account to automate. Again, if your salary hits your checking account, you may feel rich and go spend more than you should. By automating your savings and funneling money from your paycheck straight into an account, you may avoid going on shopping sprees.

This can be a very effective tool. In one study by financial psychologist Brad Klontz, people who visualized their goals and set up automatic withdrawals enjoyed a 73% increase in their savings after just one month.^[4]

Into what kind of account can you direct those funds? That’s up to you. Perhaps you want to have a few separate accounts that feed different goals. You might have one account for a down payment fund, one for vacation savings, and one for your child’s educational expenses. You can direct how much and how often you want each transfer to be.

Of course, there are options about where exactly you keep your savings. Some possibilities to consider:

Option 6: Set Up Regular Contributions to Your Emergency Fund

Your emergency fund is another type of savings that can benefit from automated infusions of money. An emergency fund is a stockpile of easily accessed cash that can tide you over when unexpected circumstances hit. Perhaps you get a major car repair or medical bill or are laid off from your job. An emergency fund can let you pay bills without accessing a high-interest line of credit (say, ringing up too much debt on your credit card).

In terms of emergency funds, keep the following in mind:

Option 7: Sign Up for Automated Investing With Your Brokerage

If you currently have an investment portfolio or are planning on starting one, that’s another task that can be made simpler by technology. Automated investing can allow you to achieve consistency with minimal effort, which can help you build your net worth over time.

Some examples:

Tips to Successfully Automate Your Finances

Now that you have a good grounding in the benefits and how-to’s of automating personal finances, consider these strategies for success:

Create a Budget Based on the Balance You Get Paid

Look at where your money stands after you deduct your retirement and savings amounts. With the remaining funds, you can plan out ways to budget. There are various techniques out there, like the 50-30-20 budget rule, among others. Do an online search and see what resonates with you.

A budget will guide your saving and spending and can reveal how you are doing in terms of setting financial goals and meeting them on other fronts, such as a vacation fund or a retirement account.

It will help you handle good vs. bad debt more effectively. All are terrific ways to avoid excessive debt and build wealth.

Be Aware of All Your Bill Due Dates

As you automate your finances, do pay careful attention to the due dates on your bills. Who wants to see their hard-earned cash get drained by late fees?

Review Your Bank Account and Bank Statements Often to Stay on Top of Your Transactions

One of the pleasures of automating your finances is that you are freed from thinking and worrying about your money and your bills on a regular basis. However, daily life involves all kinds of money blips, from treating your bestie to a fancy birthday dinner to (ugh) having fraudulent charges appear on your credit card bill.

So do review your bank account and other statements regularly to make sure everything is as it should be and that your balance isn’t too low. Check in with your accounts often. Should you check your bank account every day? Not necessarily. A couple of times a week can be a good cadence.

Increase Your Contributions When It Makes Sense

While you’re checking your finances and bank balances, don’t overlook whether it’s time to increase your contributions to help meet your savings goals. If you’ve gotten a raise or paid off a student loan, you may have funds available to save more.

Or you might find that a chunk of change has accumulated in your checking account which could do more for your finances if used elsewhere. There are times when you may want to increase your transfers to reflect your positive financial status.

The Takeaway

Automating your finances can be a great way to take control of your money and make bill paying and saving so much more convenient. That kind of organization can let you breathe easier when it comes to managing your money and be more successful in meeting your financial goals.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

FAQ

How often should I review and adjust my automated finances?

You should review your finances and automated transactions regularly to monitor your payments and balance, which for some people may mean a couple of times weekly; for others, it might be every other week. Also, it’s wise to check in when you have significant changes in your life, whether you’ve gotten a raise, took out a mortgage, or moved to an area with a higher cost of living. You may want to recalibrate your automated transfers.

Is it safe to automate my finances?

By and large, it is safe to automate your finances. You should, however, check in regularly to make sure you are not overdrafting or getting close to it, and also to keep in touch with your money. It’s possible that a glitch could delay a payment and, unfortunately, it’s important to be aware of any potential signs of fraud when conducting any type of financial transaction.

What are the best tools or apps to use for automating my finances?

There are an array of tools and apps for automating your finances. A good place to start may be with your very own financial institution. They may have automated savings and investing products, roundup apps, and other tools to help you make the most of your money and grow your wealth.

Can I still make manual payments even if I have automatic payments set up?

In many cases, you will still be able to make a manual payment even if you have automated payments set up. This could occur when you have an additional bill for an account that is set on autopay, or when you have a credit and want to pay a lower amount. Check with your creditor or the financial institution handling the transfer for details on how to do this smoothly.

SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. The SoFi® Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.

¹SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

SOBNK-Q225-093