SoFi review

The monthly fee is $0. That is the headline cost of the account, and it puts SoFi alongside bunq at €0, Wise at £0 and Starling at £0. SoFi ranks 1 of 422 brands on this measure.

It is a debit card, drawing on the balance in the account rather than on a credit line. The wider SoFi range also covers credit lending, so the card sits alongside borrowing products rather than replacing them. The account is aimed at business customers.

Rewards take the form of cashback, so card spending returns cash rather than points or miles. Across the cards compared here, cashback is the most common reward type at 45.9%, with points at 21.3% and miles at 3.1% well behind.

The account is held by SoFi Bank, National Association, listed under FDIC cert 26881, and the provider is supervised by the Office of the Comptroller of the Currency and the FDIC in the US. That places the balance with a chartered US bank, and the certificate is the record of that supervision.

The audience is business customers, and the headquarters are in the US. The group was founded in 2011, so it is a young provider next to the long-established banks many readers already hold an account with.

It is a US provider, with its headquarters in the US and its legal entity listed as SoFi Bank, National Association. Readers in the UK and Europe may find Wise or bunq a more familiar fit for daily spending and currency conversion, since both are listed here among the alternatives.

Crypto is listed among the account's features, so digital assets sit alongside the debit card. That is the main addition beyond the basics, since the fee is already $0 and the reward type is cashback.

The cost part of the score is 6.3 and the overall score is 6.3. The fee line is the clear part: $0 a month with cashback on everyday spending. Compared with bunq at €0 and Wise at £0, SoFi sits level on price.