SoFI

SoFi offers a straightforward checking and savings account combo that's particularly attractive if you can set up direct deposit. The standout feature is the 3.30% APY on savings when you have eligible direct deposit, with no minimum deposit amount required to earn this rate. Your checking account will earn 0.50% APY with direct deposit as well. The service provides access to over 55,000 fee-free ATMs through the Allpoint network, which covers most major retailers and many standalone locations.

The fee structure is genuinely consumer-friendly with no monthly account fees, no minimum balance requirements, and no overdraft fees. SoFi doesn't charge for using non-Allpoint ATMs either, though the ATM owner may still charge you their own fee. Wire transfers cost $30, which is typical for most banks.

There are some practical limitations to consider. Cash deposits can cost up to $4.95 through SoFi's partners, making this less ideal if you frequently deposit cash. The high savings rate requires direct deposit, so if your employer doesn't offer this or you're self-employed, you'll likely earn a much lower rate. SoFi also reserves the right to change benefits without notice, and you'll need to meet their underwriting requirements to qualify.

SoFi works best for people with steady employment who can take advantage of direct deposit and primarily use ATMs for cash needs rather than making frequent cash deposits. The combination of no fees and competitive rates makes it a solid choice for straightforward banking needs, though it lacks some advanced features that traditional banks might offer.