Capital One 360 Checking vs SoFi Checking and Savings

360 Checking pays 0.10% variable APY; SoFi Checking pays 0.50%. For savings, Capital One’s separate 360 Performance Savings pays 3.20% without a direct-deposit condition. SoFi Savings pays 3.30% with eligible direct deposit or $5,000 in qualifying deposits every 31 days; without qualification or Plus, it pays 0.80%. On $10,000 for one year at unchanged APYs, with interest retained, the two standard qualified savings choices earn $320 versus $330 before taxes and fees. The $10 difference is not a comparison of checking returns.

Neither base account has a monthly maintenance fee or minimum balance fee. Optional SoFi Plus costs $10 monthly and pays 4.70% on an eligible individual savings tier up to $20,000, then 3.30%; joint-account configurations can change tier allocation. At $10,000 with unchanged rates and subscription fees paid separately, $470 annual interest minus $120 fees leaves $350, only $20 above the $330 deposit-qualified SoFi savings example. This excludes other perks, taxes, transaction fees and temporary boosts.

Eligible first SoFi Checking and Savings accounts opened October 20, 2026–December 31, 2027 can receive a 1.10-percentage-point boost, currently taking qualified savings to 4.40%, for up to six months. Qualify within 60 days through eligible direct deposit or $5,000 qualifying deposits, then maintain qualification every 31 days. The boost is not a permanent checking rate and cannot stack on balances earning the Plus rate.

Capital One Add Cash in Store is free at participating retailers such as Walgreens and CVS. Limits per eligible account are $999 per transaction, $1,500 daily, $5,000 monthly and ten deposits monthly; location restrictions apply. Deposit-enabled Capital One ATMs at branches or Cafés offer another route. SoFi uses Green Dot retailers and partners may charge up to $4.95 per deposit. One deposit monthly at that maximum costs $59.40 yearly, more than the $10 savings-interest difference in the example above.

Capital One lists more than 70,000 fee-free Capital One, MoneyPass and Allpoint ATMs; SoFi lists more than 55,000 Allpoint ATMs. Compare locations near you, not only network totals. Out-of-network operator charges can apply. A fee-free withdrawal ATM is not automatically a cash-deposit location.

Both charge no overdraft fee, but neither promises to pay every shortfall. Capital One No-Fee Overdraft requires enrollment and at least $250 deposited in two of the previous three calendar months; payments remain discretionary. SoFi’s up-to-$50 Overdraft Coverage requires recurring eligible direct deposits of at least $1,000 every 31 days and applies only to eligible debit-card purchases, not checks, bill pay or peer-to-peer transfers. Transfers from your savings are a separate protection feature.

Capital One CHECKING250 offers $250 for two qualifying direct deposits of $500 or more each within 75 days, with payout potentially taking 135 days from opening; specified checking accounts held since January 1, 2024 disqualify you. SoFi’s one-time direct-deposit bonus pays $50 at $1,000–$4,999.99 or $400 at $5,000+ within its 25-day window, triggered by the first eligible deposit of at least $1. The first eligible deposit must arrive by December 31, 2027. A higher maximum is useful only if your deposit schedule meets its terms.

Both are FDIC-member banks. Capital One applies the standard $250,000 per depositor, per ownership category, combining same-category deposits at the bank. SoFi’s Insured Deposit Program can extend coverage up to $3 million through participating banks, subject to enrollment, placement and program limits. Deposits you already hold at those banks count toward their limits; the headline maximum is not extra coverage on every account.

Is Capital One 360 Checking or SoFi Checking and Savings better?

Choose Capital One when free cash deposits, nearby locations and savings without recurring deposit qualification fit your routine. Choose SoFi when its combined accounts and rate requirements fit deposits you can maintain. Compare the ongoing savings rate first, then subtract cash-deposit charges or a Plus subscription; evaluate temporary boosts and one-time bonuses separately. Neither bank wins for every balance or payment pattern.

Does Capital One or SoFi charge a monthly fee?

Capital One 360 Checking: $0 monthly maintenance fee; some optional services have charges. SoFi Checking and Savings: $0.

Which earns more on cash, Capital One or SoFi?

360 Checking pays 0.10% variable APY; SoFi Checking pays 0.50%. For savings, Capital One’s separate 360 Performance Savings pays 3.20% without a direct-deposit condition. SoFi Savings pays 3.30% with eligible direct deposit or $5,000 in qualifying deposits every 31 days; without qualification or Plus, it pays 0.80%. On $10,000 for one year at unchanged APYs, with interest retained, the two standard qualified savings choices earn $320 versus $330 before taxes and fees. The $10 difference is not a comparison of checking returns.

Which is better for temporary savings promotion?

SoFi. Eligible first SoFi Checking and Savings accounts opened October 20, 2026–December 31, 2027 can receive a 1.10-percentage-point boost, currently taking qualified savings to 4.40%, for up to six months. Qualify within 60 days through eligible direct deposit or $5,000 qualifying deposits, then maintain qualification every 31 days. The boost is not a permanent checking rate and cannot stack on balances earning the Plus rate.

Is SoFi’s savings APY paid on its checking balance?

No. SoFi Checking pays 0.50% variable APY. Its deposit-qualified, promotional and Plus savings rates apply to the savings account under their own conditions. Capital One 360 Checking and 360 Performance Savings are also separate accounts.

Can I earn SoFi’s higher savings rate without direct deposit?

Yes, through $5,000 in qualifying deposits every 31 days or a paid Plus subscription, under their respective rules. Holding a $5,000 balance by itself does not satisfy a recurring deposit requirement. Compare that commitment with Capital One Performance Savings, which has no direct-deposit condition.

Which is better if I regularly deposit cash?

Capital One’s free retail deposit service can save money if the participating locations and limits fit. SoFi’s partners may charge up to $4.95 each time. Twelve deposits at that maximum cost $59.40, which exceeds the $10 annual rate difference on the $10,000 standard qualified savings example.

Are the accounts free for every transaction?

No. Both base accounts have no monthly maintenance fee, but each lists a $30 outgoing domestic wire fee. Capital One can charge for cashier’s checks and later checkbooks. SoFi can have partner cash-deposit charges and optional subscription costs.

Can I collect either bank bonus repeatedly?

Do not assume so. Capital One excludes specified checking accounts held since January 1, 2024 and permits one account-opening offer per new account. SoFi limits the direct-deposit bonus to one per member who has never set up direct deposit with SoFi; joint-account activity applies to the primary holder. Savings-rate qualification is different from bonus eligibility.