SoFi Checking and Savings is a better choice for users looking for higher APY on savings and debit card rewards, while Charles Schwab Bank High Yield Investor Checking is better for those who want unlimited ATM fee rebates worldwide and integration with a Schwab One brokerage account.
| Attribute | SoFi Checking and Savings | Charles Schwab Bank High Yield Investor Checking |
|---|---|---|
| Minimum Deposit Requirement | No minimum deposit required | $0 |
| Monthly Maintenance Fees | No monthly maintenance fees | $0 |
| ATM Fee Policy | Access to Allpoint ATM network with over 55,000 fee-free ATMs. No SoFi fee for in-network ATMs. Third-party fees for out-of-network ATMs are not reimbursed. | Unlimited ATM fee rebates worldwide. Schwab reimburses 100% of ATM fees worldwide. |
| Overdraft Fee Policy | No overdraft fees. Offers Overdraft Protection (transfers from savings) and Overdraft Coverage (up to $50 on debit card purchases with $1,000+ monthly direct deposits). | No overdraft fees. Schwab may pull money from a linked Schwab One brokerage account or Schwab Bank Investor Savings account to cover overdrafts for free. If there are not enough funds in the backup account, Schwab may deny the transaction without charging a fee. |
| Interest Rate (APY) | Checking: 0.50% APY. Savings: 3.80% APY (with SoFi Plus enrollment, $5,000+ deposit every 30 days, or $10 SoFi Plus subscription fee every 30 days), 1.00% APY (otherwise). New customers enrolling between 7/10/25 to 8/12/25 can get a 0.20% boost on their Savings APY for up to six months by setting up direct deposit, potentially earning up to 4.00% APY total on savings balances for six months. | 0.20% APY. A minimum balance of $0.01 is required to earn APY. |
| Mobile Banking Features | Deposit checks, pay bills, send money, manage digital wallet, access customer support, transaction monitoring, debit/credit card lock, biometric login. | Transfer funds between accounts, Deposit checks remotely, Pay bills, View detailed transaction history, Manage account settings. |
| Bill Payment Options | Online via mobile app and online banking platform | Free bill pay online and via the mobile app. |
| FDIC Insurance Coverage | Standard FDIC insurance up to $250,000 per depositor. Up to $3 million in FDIC coverage through SoFi Insured Deposit Program. | Up to $250,000 per depositor, per insured bank, for each account ownership category. |
| Availability of Physical Branches | Online-only bank, no physical branches | Limited physical branches. |
| Customer Service Channels | Phone, chat, and social media seven days a week | Phone, live chat, email, and mail. Call Schwab Bank Customer Service toll-free: 1-888-403-9000. |
| Debit Card Rewards Program | Cash back rewards on debit card purchases | The account comes with a Schwab Bank Visa Platinum Debit Card. There is no cash back on spending. |
| Integration with Investment Accounts | Integrated investment platform | Linked to a Schwab One brokerage account. You can transfer money instantly during business hours. |