Regional Banks Slash Their Fees in Order to Win Back Customers
Savings Account with up to 3.60% APY* (read their website to see terms)
Savings Account with up to 3.60% APY* (read their website to see terms)
- Cash Bonus up to $300 with direct deposit set up (Terms apply)
- No monthly fees
- Up to 2-day-early paycheck
- FDIC Insured up to $250k plus up to $3M in supplemental insurance
*Rate as of 1/24/2025
* Interest rates are subject to change at any time. Terms and conditions may apply.
1. Up to $300 Bonus Tiered Disclosure
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.60% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
2. APY disclosures
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 11/12/25. 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
3. Fee Policy
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 incomingwire 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/.
4. Additional FDIC Insurance
SoFi 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.
5. ATM Access
We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.
6. Early Access to Direct Deposit Funds
Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
7. Overdraft Coverage
Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at https://www.sofi.com/legal/banking-rate-sheet. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website.
8. 0.70% Savings APY Boost
Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) for up to 6 months. Enroll in SoFi Plus between 9/18/25 and 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/sofi-plus SoFi Bank, N.A. Member FDIC.
Get paid up to 2 days early with direct deposit
Get paid up to 2 days early with direct deposit
Get Paid Up To 2 Days Early with Direct Deposit Set Up
- No minimum balance fees
- 47k+ Fee-free ATMs³ at Walgreens®, 7-Eleven®, CVS® & more**
- No foreign transaction fees
- 24/7 live support
*Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank, N.A. or Stride Bank, N.A.
**Out-of-network ATM withdrawal and over the counter advance fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
Earn 3.75% APY* with CIT's Savings Connect Account
-
$100 minimum balance for APY
- No account opening or monthly service fees
- Deposit checks online with the CIT Bank mobile app
- FDIC Insured
*Rate as of September 23, 20251See Site For Details
*For complete list of account details and fees, see our Personal Account disclosures
*Annual Percentage Yield is accurate as of September 23, 2025. Interest Rates for the Savings Connect Account are variable and may change at any time without notice. The minimum to open a Savings Connect account is $100. Fees could reduce earnings on the account.
2Based on comparison to the national average Annual Percentage Yield (APY) on savings accounts as published in the FDIC National Rates and Rate Caps, accurate as of September 15, 2025.
The banking industry is full of stiff competition, overwhelming consumers with options for choosing a bank. Smaller, regional banks are always vying against the larger, nationwide institutions. But in the last 15 years or so, a new sector of banking is upping the ante: digital banks.
These newcomers continue to grow in a post-pandemic world, regional banks — sandwiched between online and brick-and-mortar institutions — must innovate to compete.
The rise of digital banking
Computers have been used to assist banks for many decades, but the concept of exclusively digital banking has proliferated only over the last decade and a half. Now, institutions like Ally Bank and Chime are some of the most popular banks in America while operating entirely online, siphoning clientele (and their deposits) from regional banks.
The rise in these banks can be attributed to several factors. Some might say the timing was ripe for new options as trust in banking giants faltered amid the 2007 financial crisis. Or that the growing ubiquity of smartphones in the years after played a role by making digital banking extremely accessible. But another important factor in the success of digital banking is that those banks sought out a larger demographic than all but the largest traditional banks can.
“The thing with traditional banks is that you have to be near them,” Julianna Sansevero, senior analyst at Corporate Insight tells Money. “While that works for a lot of areas of the country, it doesn't work for all of them.” While they don’t have the physical dominance of centuries-old nationwide banks, these digital startups can still appeal to the same nationwide pool of prospective customers — something regional banks can’t do.
More recently, a sudden and dramatic need for contactless services thrust online banking fully into the spotlight. “The pandemic really exploded the need for a good digital banking experience, because everything was online, and it needed to be implemented quickly,” Sansevero says.
Indeed, in the first full month of the pandemic alone, registrations with online banking services rose by over 200%. Sansevero says that most people today still stick with online banking over brick-and-mortar companies.
What are regional banks doing to keep up?
The biggest regional banks and their larger, nationwide competitors have an easier time competing directly with the likes of Chime or Ally; these national banks have far more resources to invest directly to create their own digital experiences. Smaller regional banks (and community banks, for that matter), have taken to competing in other ways.
Most commonly, they do so by slashing costs for customers. “We’ve seen more and more smaller banks reducing fees,” Stephanie Sorage, senior research associate at Corporate Insight tells Money. “And overdraft fees, in particular. Those have come under scrutiny with more regulations and federal attention, and we've seen a dramatic reduction in them, too.”
Regional banks have also taken cues from their larger counterparts when it comes to satisfying their customers’ needs. While early direct deposits were a feature introduced by Capital One, regional banks have taken to adopting early deposit features far more quickly than other nationwide banks. Corporate Insight has pointed out Cleveland-based KeyBank as a particularly skilled innovator in this area; the company’s “Manage Direct Deposits” interface allows customers to automate the addition and removal of direct deposits to their accounts.
Banks of any size with sufficient resources can and have adopted other banks’ innovations; while regional banks have slashed fees and implemented early direct deposit services to gain an edge, digital banks like Ally have also adopted these services.
Perhaps the only feature regional banks have that online-only banks couldn’t replicate are physical branches. Being able to physically deposit cash at a bank is a convenience not afforded by online-only banks, as is access to professional guidance from an advisor who can get to know a customer and their specific needs.
Regional banks at odds with new regulations
In early 2023, several midsize banks were forced into closure after their clients withdrew more funds than the banks could pay. This chain of regional bank collapses led many Americans to withdraw their own deposits for fear of a contagion spreading to their bank.
Save for the handful of banks closed or absorbed in the immediate aftermath of the crisis, the rest of the country’s regional banks avoided this fate. But many customers who left their banks would turn to digital banks like Ally and Marcus by Goldman Sachs instead of going back. The following quarter saw deposits fall even at the largest regional banks while digital competitors’ deposits grew. Those who opted to stay with their traditional brick-and-mortar institutions chose to go with national banks like JPMorgan Chase, likely because their size provided peace of mind.
Now, not only must regional banks keep innovating, they must also assuage their customers' solvency fears. New regulations may be able to help; in August, regulators announced plans to up the amount of long-term debt banks would need to take on. These changes would only affect larger regional banks — those holding over $100 billion in assets — but the changes might well bring back deposits to beleaguered midsize banks also.
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