SoFi Checking & Savings Account
A modern, no-fee banking experience designed to help us save, organize, and spend—all from one mobile-friendly platform.
Account Overview
SoFi provides a free joint checking and savings account with no monthly maintenance fees, no minimums, and no overdraft fees. It's easy to set up and user-friendly, making it a solid option for managing a group travel fund.
The savings portion of the account earns up to 4.60% APY when direct deposit is set up. This allows the fund to grow passively over time.
Funds are FDIC-insured up to 2 million dollars through SoFi's banking partners, ensuring your money stays safe.
Joint Account Features
Co-Ownership
Two individuals (in this case, Athena and Robin) can be co-owners of the account. Both have full access to view balances, transfer money, organize funds, and track activity.
Vaults (Sub-Accounts)
SoFi allows you to create up to 20 Vaults within the account. These Vaults function as digital envelopes or sub-accounts. You can label each Vault for a specific purpose such as Lodging, Transportation, Dining, Activities, Emergency Fund, Future Trips, and Admin Costs.
Automated Savings
Money can be moved easily between Vaults and the main account. You can also set savings goals and automate transfers into each Vault.
Spending and Travel Features
Global Debit Card
A SoFi debit card is included and can be used domestically and internationally with no foreign transaction fees. It is accepted anywhere Mastercard is.
ATM Fee Reimbursements
SoFi reimburses up to two ATM fees per month worldwide.
Transfer Options
The account integrates with platforms like Zelle and Venmo, and allows for labeled transactions to keep things organized.
Limitations
There is no support for international wire transfers. Only two people can be official account holders. Other group members cannot directly log in to view the account, but regular updates and access to the contribution tracker will keep everyone informed.
Tracking and Transparency
Real-Time Visibility
All activity is visible to both account holders in real time. Push notifications alert you to deposits, payments, and balance changes.
User-Friendly Interface
The mobile app is highly rated for its clean interface and ease of use.
Transaction Labeling
SoFi allows for labeled transactions to keep things organized, making it easy to track where money is being spent.
Group Transparency
While only two people can be official account holders, regular updates and access to the contribution tracker will keep everyone informed.
Why Not Choose a Traditional Bank?
No Fees or Minimums
Most national banks charge monthly maintenance fees, minimum balance requirements, or overdraft fees—especially on joint accounts. SoFi does not.
Higher Interest Rates
Traditional banks offer very low interest (often 0.01% APY), while SoFi offers up to 3.80% APY when direct deposit is set up—helping our fund grow passively.
Modern Tools
SoFi offers digital Vaults (sub-accounts), goal tracking, and an easy-to-use app—all optimized for saving, organizing, and spending in one place.
Travel-Friendly
No foreign transaction fees (big banks charge 1-3%), ATM fee reimbursements, and better flexibility for group fund management.
More Benefits Over Traditional Banks
Better Transparency
Many national banks don't offer transaction tagging, Vaults, or clear fund organization. SoFi's features make it easier to manage a shared account and show where our money is going.
Fewer Hidden Fees
Traditional banks often surprise you with ATM, overdraft, wire transfer, or inactivity fees. SoFi has no account fees, and ATM fee reimbursements (2x/month worldwide).
Fast Setup
SoFi lets you open an account and manage everything online or via mobile app. No need to visit a branch or deal with old-school paper processes.
Group-Friendly Features
While traditional banks were built for individual consumers, SoFi's tools are more aligned with group goal-saving, fund segmentation, and mobile-first collaboration.
SoFi vs Traditional Banks: Feature Comparison
How the Travel Fund Account Will Be Set Up
We're opening a dedicated SoFi Checking & Savings account specifically for our Sisterhood Travel Fund. Here's how the setup will work:
1
Athena Applies
I (Athena) will apply for the account first and be listed as the primary account holder.
2
Robin Creates Profile
Robin will create her own SoFi profile using her name and Social Security Number.
3
Joint Account Request
Once her profile is active, I will send her a request to become a joint account holder.
4
Joint Account Access
After she accepts the joint request, we will both have equal access to the same account—it will not be two separate accounts.
This allows either one of us to manage deposits, track balances, and access funds when needed—especially helpful if I'm ever unavailable.
The account will be used strictly for our group travel fund, and all transactions will be tracked transparently. We'll also use sub-accounts (Vaults) to organize funds by category like lodging, transportation, and activities.