Story perspectives

SoFi Bank Launches High-Interest Fee-Free Checking and Savings

1/29/2026

Summary

Story summary

SoFi Bank offers a combined Checking and Savings account with up to 4.30% APY on savings.
The account has no maintenance fees and provides FDIC insurance up to $3 million through SoFi's Insured Deposit Program.
Eligible direct deposits of at least $1,000 within 31 days qualify for no-fee overdraft coverage.
SoFi partners with Allpoint to offer access to over 55,000 ATMs without fees, though some out-of-network charges may apply.

History

Historical Context

The Glass-Steagall Act, enacted in 1933, established a crucial separation between commercial and investment banking to safeguard consumer deposits and led to the creation of the Federal Deposit Insurance Corporation (FDIC). Over the decades, regulatory loopholes weakened these protections, culminating in the 1999 Gramm-Leach-Bliley Act, which repealed key provisions, significantly impacting the financial landscape and contributing to the 2008 financial crisis.

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Story summary

SoFi Bank offers a combined Checking and Savings account with up to 4.30% APY on savings.
The account has no maintenance fees and provides FDIC insurance up to $3 million through SoFi's Insured Deposit Program.
Eligible direct deposits of at least $1,000 within 31 days qualify for no-fee overdraft coverage.
SoFi partners with Allpoint to offer access to over 55,000 ATMs without fees, though some out-of-network charges may apply.

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