SoFi Bank, National Association

SoFi Bank is the banking subsidiary of SoFi Technologies and is regulated as a national bank under the OCC. The company began as a student loan refinancing platform and has since expanded into a broad range of personal finance products aimed primarily at younger, digitally active consumers.

For individual customers, SoFi commonly offers high-yield checking and savings accounts, personal loans, student loan refinancing, home loans, and credit cards. The bank also provides investing and retirement account services through the SoFi Invest platform, making it a broad financial services app for customers who want to manage banking, borrowing, and investing in one place.

SoFi operates entirely online with no physical branches. All products are managed through its mobile app or website. The app is generally well reviewed for ease of use, and SoFi has invested significantly in its digital experience.

SoFi personal loans typically carry no origination fees and no prepayment penalties, which can make them attractive for well-qualified borrowers compared to some other lenders. Rates depend on the applicant's credit profile and other factors.

SoFi members, meaning those who hold at least one SoFi product, may access various benefits including career coaching, financial planning resources, and rate discounts on certain products. These member perks are a deliberate part of SoFi's approach to customer retention.

For home buyers, SoFi Home Loans offers conventional and jumbo mortgage products. Student loan refinancing products cover both federal and private student loans, though refinancing federal loans into a private loan removes access to federal repayment protections.

SoFi Bank is regulated by the Office of the Comptroller of the Currency and deposits are insured by the FDIC up to applicable limits. Rates, fees, and eligibility vary by product and individual circumstances.