Opening a SoFi Checking and Savings account takes about 15 minutes online, with most applications approved instantly. You’ll need to be at least 18, have a U.S. address, and provide a valid photo ID. Here’s everything you need to get started and fund your account.
What You Need Before You Apply
SoFi requires a few basics to verify your identity and open the account. Gather these before you start so you can move through the application without stopping:
- Your Social Security number
- A physical U.S. address in one of the 50 states, Washington D.C., or a U.S. military address (P.O. boxes won’t work)
- Your date of birth (you must be 18 or older)
- A valid, unexpired government-issued photo ID such as a driver’s license, U.S. passport, or state ID card
- A phone number that can receive verification codes
SoFi accepts U.S. citizens, permanent residents, and non-permanent residents. There’s no credit score requirement or minimum opening deposit.
Accepted ID Documents
If you’re a U.S. citizen, the simplest options are a driver’s license (front and back), a U.S. passport, or any valid state-issued photo ID. SoFi also accepts Global Entry cards, birth certificates, and certificates of naturalization. Military IDs and federal employee IDs are not accepted.
Permanent residents can use a Green Card. If your card is expired, you may need to submit proof of an extension, such as a Form I-90 receipt. Non-permanent residents can use a valid work visa (H-1B, L-1, O-1, and others) along with supporting forms like I-797A or I-797B. DACA recipients and asylum seekers are also eligible with a valid Employment Authorization Document and the appropriate application receipts.
Every document you submit must be unexpired, show all four corners clearly, and any photo IDs must be submitted in color.
Step-by-Step Application Process
You’ll complete the entire process through SoFi’s website or mobile app. There’s no branch visit required.
- Create a SoFi profile or log in. If you don’t already have a SoFi account for any of their products, you’ll set one up with your email and a password first.
- Navigate to the banking section and select “Get Started.”
- Choose Individual or Joint. You’ll need to open an individual account first. Once that’s set up, you can invite a second person to create a joint account.
- Enter your personal details. This includes your date of birth, citizenship status, and whether you’re subject to backup withholding (most people aren’t; this applies if the IRS has notified you that you underreported income).
- Verify your phone number. SoFi sends a code via text that you’ll enter to confirm.
- Review and submit. Read through the legal disclosures, check the agreement box, and hit “Submit.”
Most applicants get approved instantly. In some cases, SoFi may need a day or two to verify your identity, especially if your information doesn’t match public records right away. If additional verification is needed, you’ll be asked to upload your photo ID at that point.
Funding Your Account
Once approved, you can add money to your new account in a few ways. The most common is linking an existing bank account and transferring funds electronically, which typically takes one to three business days. You can also set up direct deposit from your employer by providing your new SoFi account and routing numbers to your payroll department.
SoFi doesn’t require a minimum deposit to open or maintain the account, so you can start with any amount or even leave it at zero while you arrange your first transfer.
How to Get the Sign-Up Bonus
SoFi currently offers a cash bonus for new members who set up direct deposit. You’ll earn $50 if you receive between $1,000 and $4,999.99 in qualifying direct deposits, or up to $400 if you receive $5,000 or more. The key detail: those deposits must arrive within 25 calendar days of your first eligible direct deposit of at least $1. Once you hit the threshold, SoFi deposits the bonus into your account within seven business days.
This promotion runs through December 31, 2026, so you have time, but the 25-day window starts as soon as your first direct deposit lands. If your employer pays you biweekly, a couple of paychecks may be enough to qualify. Make sure the deposits are actual direct deposits from an employer or payroll provider, since transfers from another bank account typically don’t count.
Joint Accounts
If you want to share the account with a partner or family member, you’ll first complete your own individual account setup. After that, SoFi gives you the option to invite a joint account holder. The second person will need to meet the same eligibility requirements: 18 or older, valid ID, and a U.S. address. They’ll go through their own identity verification before being added.
What Happens After Approval
Your SoFi Checking and Savings account is actually two accounts in one. You get a checking account with a debit card (SoFi will mail it to you) and a savings account, both managed from the same dashboard. You can move money between the two instantly within the app. Your account and routing numbers are available in the app right away, so you can set up direct deposit or receive transfers before your debit card arrives.