SoFi checking/savings combo -- worth it or gimmick?

I've been looking at SoFi's checking/savings combo account and wanted to get people's thoughts. They offer 3.80% APY on savings and 0.50% on checking, but you need direct deposit to get those rates. Without DD it drops to like 1.20%.

The checking account has no fees, ATM reimbursements up to $15/month, and early direct deposit (up to 2 days). The savings and checking are kind of linked together in one "money" account with vaults.

On paper it seems like a decent deal for someone who wants checking + savings in one place. But SoFi gives me slight fintech vibes -- they started as a student loan company and now they do everything (banking, investing, crypto, personal loans, insurance). Jack of all trades master of none?

Anyone actually using this as their primary bank?

I've been using SoFi as my primary checking for about 6 months now. Switched from a local bank. Here's my honest take:

Pros:
- The early DD is nice. I get paid on Wednesdays instead of Fridays
- ATM reimbursements work, I've used them maybe 4-5 times
- Having checking and savings in one app is convenient
- The 3.80% on savings is decent (not the best but not bad)

Cons:
- No physical branches obviously. If you need to deposit cash you're stuck using the Allpoint ATM network and some of those machines are in random gas stations
- Their app sends SO MANY notifications and marketing pushes. "Did you know you can invest with SoFi?" Yes I know, please stop.
- The savings rate requires DD and they're strict about it. I missed a DD cycle once (switched jobs) and the rate dropped immediately

Overall its fine. Nothing amazing. I wouldn't say it's better than Ally or Fidelity's cash management account. It's just... another option.

I tried SoFi briefly last year and closed it. The marketing is relentless. They want you to use them for literally everything -- banking, investing, crypto, loans, insurance. Every time you open the app theres a popup about some new product.

Also 3.80% with DD requirement vs Ally at 4.00% with no requirements... why would you choose SoFi? The checking perks are fine but Fidelity's cash management account does the same thing with better ATM coverage and doesn't spam you.

I think SoFi's main appeal is for people who want one app for everything and don't want to optimize each piece separately. Like if you just want to set up DD, have your checking and savings in one place, maybe do some basic investing, and not think about it too hard -- SoFi is fine for that.

But if you're on this forum you're probably the type of person who DOES want to optimize each piece separately, in which case you'd do better with Ally/Marcus for savings, Fidelity/Schwab for investing, and whatever for checking.

SoFi is the all-in-one default option. It's fine. It's not the best at anything but it's acceptable at everything.

The DD requirement is the deal killer for me. I don't want my savings rate to depend on my employer's payroll schedule. What if I switch jobs? What if I go freelance? What if there's a payroll error one month?

Ally and Marcus pay their rate unconditionally. No hoops. No requirements. I value that simplicity.

Also the 3.80% rate has been slowly declining. It was 4.60% at the peak in early 2024. They've been cutting it faster than Ally and Marcus.

Reading this thread is making me reconsider lol. I think I might move my savings portion to Ally and just keep SoFi for checking since I already have DD set up and the early pay is nice. Best of both worlds maybe?

The marketing spam is real tho. I turned off all notifications except transaction alerts and it still finds ways to bug me. They're really desperate to cross-sell.