SoFi is an online bank known for its competitive interest rates, low fees, and seamless digital experience. Since 2011, SoFi has expanded to include student loan refinancing, mortgages, personal loans, and high-yield checking and savings accounts. However, if you’re a small business owner looking for a business account, you might wonder: Does SoFi offer a business account?

SoFi currently doesn’t offer a dedicated business account. In this article, we’ll explore their other offerings and suggest some excellent alternatives to meet your business banking requirements.

SoFi’s Current Account Offerings (2024)

SoFi has developed a robust suite of financial products tailored to meet various personal finance needs. Let’s take a closer look at what SoFi currently offers:

Personal Checking and Savings Accounts

SoFi’s primary banking product is its combined checking and savings account, known as SoFi Checking and Savings. This account offers several advantages for personal banking:

  • High-Yield Savings: Earn up to 4.50% APY with qualifying monthly deposits.
  • No Fees: No monthly service fees, overdraft fees or minimum balance requirements.
  • Extensive ATM Network: Access over 55,000 fee-free ATMs through SoFi’s partnership with Allpoint.
  • Cash Bonuses: New customers can earn a bonus of up to $300.
  • FDIC Insurance: Up to $2 million in FDIC insurance through the SoFi Insured Deposit Program.

Investment Accounts

SoFi also provides various investment opportunities to help individuals grow their wealth:

  • Automated Investing: Sofi offers a robo-advisory service that creates and manages a diversified portfolio based on your financial goals and risk tolerance.
  • Active Investing: Users can trade stocks and ETFs with no commissions.
  • Cryptocurrency Trading: Buy and sell popular cryptocurrencies directly through the SoFi app.
  • Retirement Accounts: Open traditional IRAs, Roth IRAs and SEP IRAs for tax-advantaged retirement savings.

Loans and Credit Products

In addition to banking and investment services, SoFi offers a range of lending products:

  • Personal Loans: Get access to unsecured loans for various personal needs, such as debt consolidation, home improvements, or major purchases.
  • Student loan refinancing: SoFi offers options for federal and private student loans, often with lower interest rates than what the borrower was paying.
  • Home loans: Access mortgages and mortgage refinancing with competitive rates and flexible terms.
  • Credit card: The SoFi Credit Card offers rewards on purchases and the ability to redeem points for cash back, investments or loan repayment.

While SoFi excels at providing these personal finance products, it currently does not offer business accounts. However, several excellent alternatives exist for your business banking needs.

Does SoFi Offer a Business Account?

SoFi does not offer business accounts at the moment. While SoFi has made significant strides in personal finance, it has yet to extend its services to cater specifically to business banking needs. Entrepreneurs and small business owners looking for dedicated business accounts with features tailored to managing business finances will need to consider other financial institutions.

SoFi’s primary focus remains on personal finance, where it has carved out a niche by providing a wide array of products that help individuals manage and grow their wealth. SoFi offers high-yield checking and savings accounts, investment accounts and various loan products designed to simplify personal financial management. The company emphasizes lower fees, higher interest rates on savings and a seamless online banking experience, catering to the needs of individual consumers rather than businesses.

Digital Banking Alternatives for Business Owners

For business owners seeking modern and flexible banking solutions, several fintech companies offer robust business account options. These digital-first banks often provide competitive features tailored to the needs of small and medium-sized enterprises. Here are some noteworthy alternatives:

North One

North One offers flexible and convenient business banking with accessible business accounts. They offer no monthly fees, no overdraft fees, no bounced check fees, no return wire fees, no ATM fees, no inbound wire fees, and cash back rewards on cards.

It’s an especially strong choice for tech-savvy business owners because of its integration capabilities with platforms like QuickBooks and Gusto. By syncing your accounts, North One centralizes bill management, streamlines bookkeeping and reduces administrative tasks.

Relay

Relay provides a comprehensive business checking solution with fee-free cash deposits and the ability to make international wire transfers. It offers features like unlimited sub-accounts and integrates with accounting tools, making it ideal for businesses with complex financial needs.

Lili

Designed specifically for freelancers and sole proprietors, Lili offers a no-fee business checking account with features like tax-saving tools and expense management. Its integration with QuickBooks and free expense tracking make it a practical choice for independent workers.

Brex

Brex targets high-growth startups and established businesses with no-fee business checking accounts and corporate credit cards. It offers a variety of features including cash management and expense tracking, along with partnerships with a range of financial tools.

Traditional Banks with Business Account Options

Traditional banks offer in-person banking services and established reputations, making them a reliable choice for businesses that prefer face-to-face interactions or require more comprehensive services. Here are a few examples:

  • Chase Business Complete Banking: Chase offers a suite of business checking accounts with options for unlimited electronic deposits and access to an extensive network of ATMs and branches. Their accounts come with features like expense tracking, invoicing tools and dedicated customer support.
  • Bank of America Business Advantage: Bank of America provides several business account options, including checking, savings, and merchant services. Their accounts offer benefits such as flexible transaction limits, access to an extensive ATM network and specialized business tools.
  • Wells Fargo Business Choice Checking: Wells Fargo’s business checking accounts come with features like unlimited electronic deposits, a range of transaction limits and access to an extensive branch and ATM network. They also offer business credit cards and lending options.
  • Citibank Business Accounts: Citibank provides business checking and savings accounts with features such as online and mobile banking, cash management solutions and a network of ATMs and branches. Their accounts are designed to support a variety of business needs, from small startups to larger enterprises.

North One: A Robust Solution for Business Banking

North One is a digital-first financial institution designed specifically to serve the needs of small businesses and entrepreneurs. Focusing on providing an intuitive and streamlined banking experience, North One offers a business bank account that combines modern technology with essential banking features. Its platform is built to help businesses manage their finances efficiently, integrating seamlessly with popular financial tools.

Key Features

North One’s business checking account stands out due to its array of features:

  • No Monthly Fees: North One eliminates the burden of monthly maintenance fees, allowing businesses to keep more of their hard-earned money.
  • High Transfer Limits: With generous transfer limits, businesses can move larger sums of money without running into restrictive limits.
  • Integration With Business Tools: The account integrates smoothly with popular business management tools like QuickBooks, Gusto and Stripe, making it easier to handle accounting, payroll, and payment processing.
  • Sub-Accounts: North One allows businesses to create multiple sub-accounts for various purposes, such as savings, taxes or project funds, helping with better financial organization.
  • Online and Mobile Banking: North One provides convenience and flexibility for managing accounts on the go with its user-friendly app and online platform. 

Benefits for Small Business Owners and Entrepreneurs

North One’s business checking account offers numerous benefits:

  • Cost-Effective: By eliminating monthly fees and offering a free account, North One helps reduce overhead costs.
  • Streamlined Financial Management: Integration with key business tools simplifies financial management, reducing administrative burdens and enhancing productivity.
  • Enhanced Organization: The ability to create sub-accounts helps business owners manage their finances more effectively, setting aside funds for specific purposes and tracking expenses with greater accuracy.
  • Flexibility and Convenience: With a fully digital platform, business owners can manage their accounts anytime, anywhere, seamlessly fitting into their busy schedules.

How North One Compares To Traditional Banking Options

When compared to conventional business banking options, North One offers several advantages:

  • Lower fees: Unlike many traditional banks that charge monthly fees and require minimum balances, North One’s no-fee structure is more budget-friendly.
  • Integration capabilities: North One’s integration with modern business tools provides insight into financial management and a level of convenience that traditional banks may lack.
  • No physical branches: While traditional banks offer in-person service, North One’s digital-only approach caters well to tech-savvy businesses that prefer online management.
  • Flexibility: North One’s mobile and online banking features offer flexibility and accessibility that can be superior to traditional banking hours and locations.

Look Beyond SoFi for Business Banking Accounts

While offering competitive personal finance products, SoFi does not provide business accounts. Its focus is personal banking, including checking and savings accounts, investment products and loans. For business owners, this limitation means seeking alternative options for managing business finances.

However, North One is a strong alternative for business owners seeking a modern, cost-effective checking solution. With its no-fee structure, integration capabilities and flexible digital banking options, North One provides a compelling choice for managing business finances. While SoFi does not offer business accounts, alternatives like North One are a suitable solution for your business banking needs.