Sofi is an innovative financial services company based in San Francisco, California. There are a variety of services offered by SoFi to help people manage their finances.
Four students from the business school founded the company in 2011. With thousands of customers across the country, the company has become a leader in the student loan refinancing space.
The company branched out into other financial services areas. It provides financial services and advice to millions of customers around the world. SoFi became a bank insured by the Federal Deposit Insurance Corporation. SoFi is a leading provider of financial services to businesses and consumers.
In this review, I’ll give an overview of SoFi’s Checking and Savings account and other products and services can help you decide if it is the right online bank for you. Fees, interest rates, customer service, and other features should be compared when selecting an online bank.
SoFi Checking and Savings Account Features
SoFi Checking and Savings is an online checking and saving account. Users of SoFi Checking and Savings have access to over 55,000 fee-free ATMs and are rewarded for using their debit card. Here are some key account features you should know about:
- Competitive interest can be earned with its Checking and Savings account. While taking advantage of the convenience of a digital banking platform, you can enjoy the benefits of competitive interest rates with its Checking and Savings account. You can earn 2.5% on your checking balance when you set up direct deposits. You can be sure that your money is safe and secure with FDIC insurance.
- You can access your paycheck up to two days early if you set up direct deposits. The Paycheck Advance feature is free and can help you manage your finances more closely.
- You can get 15% in rewards when you shop locally. Don’t miss out on this offer, it’s only available for a short time.
- You don’t have to pay a fee if you make at least $1,000 of direct deposits per month. This way, you can be sure that your finances are secure.
- Monthly maintenance and overdraft fees are not included in account fees. You will have access to free online and mobile banking tools to help you manage your money more easily. It does not have a minimum balance requirement. It’s an attractive option for people who don’t have a lot of money.
- You can manage your checking and savings account on the go. It’s easy to make transfers, deposit checks, and track spending with SoFi’s intuitive mobile banking features. You can make mobile deposits, transfer money, and pay bills.
- There aren’t reimbursements for out-of-network ATM fees for SoFi Checking and Savings accounts. You can use any ATM that is part of the MoneyPass or Visa Plus Alliance networks with no additional costs.
- Savings Tools can help you organize your savings. You can see your progress in real-time, giving you the motivation to reach your savings goals.
- When you open a new Checking and Savings account, Routinely offers generous sign-up bonuses. You can get started with your new account with these bonuses, which come with attractive rates and terms. When you fund your account, you can earn a bonus of up to $250, depending on how much you deposit. You can get started with your new account with this bonus.
- Membership Benefits: A Membership perks include rewards you can put towards your savings, investments, or loans, a referral program, career coaching, and discounted estate planning services. Financial advice from experts can help you make the most of your money.
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Fees
Like a lot of online banks, SoFi wants to keep its fees low. Customers can expect competitive rates and low fees from SoFi. SoFi doesn’t charge a service fee for any of the following:
- Account management
- Overdrafts and item returns due to insufficient funds
- Debit card replacement and rush delivery
- Stop payments
- Dormant or inactive account
- Account opening
- P2P transfers
- Bill payment and mobile deposits
- Domestic and international POS transactions
Fee structure can change at any time. We recommend that you keep an eye on this page for any changes to the fee structure.
SoFi Invest
The investment arm of the company is called SoFi Invest.
It is a good fit for active and hands-off investors. You can buy fractional shares for $5. This makes it easier to invest in stocks.
The company offers traditional IRAs with retirement resources for investors. Detailed guidance is provided by the company to help investors make the right decisions. You can use the mobile app to manage your account and investments.
Additional Products
Here’s a brief overview of some of SoFi’s other financial products and services:
1. Student Loan Refi
SoFi Student Loan Refinance offers most student loan borrowers the option to
Thanks to benefits such as flexible terms and low-interest rates, the company already has over 375,000 customers and over $30 billion in student loan refinances under its belt. The company is one of the most successful in the student loan refinance industry. Impressive!
2. Personal Loans
Personal Loans can be up to $100,000 for two to seven years. Competitive interest rates, low fees, and no application or origination charges are offered by SoFi. They have fixed rates that are based on your credit score, outstanding loans, and other factors. You can get the funds you need with these loans.
A If you have high-interest credit card debts or need some extra cash to make home improvements, SoFi Personal Loan might be the perfect option for you.
3. Home Loans
The company has a new online home mortgage lending division. Modern borrowers looking for an easy, convenient and secure way to finance their home should consider SoFi Home Mortgage Loans. This division offers traditional home loans, competitive mortgage refinancing rates, and jumbo loans that don’t require private mortgage insurance (PMI).
SoFi Mortgage Loans Offers the Following Products:
- 10, 15, 20, and 30-year Fixed-Term Mortgages
- Mortgage Refinance
- Cash-Out Refinance
- Jumbo Loans
- Home Equity Line of Credit (HELOC)
4. Private Student Loans
Private student loans have no hidden fees. An online application process is also available.
SoFi’s Student Loan Offerings Include:
- Undergraduate Student Loans: Undergrads can pay for their entire tuition with SoFi’s There are undergraduate loans with no fees. Flexible repayment options can be tailored to fit a student’s budget.
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Graduate Student Loans: Grad students can finance their tuition fees with SoFi’s Graduate Student Loans. Rates range from 5.25% to 14.48% APR for fixed-interest loans, while variable-rate interest loans range from 4.99% to 13.82%.
- Parent Loans: As you might expect, SoFi’s Parent Loans were designed to help parents pay for the cost of their children’s tuition, with variable rates as low as 5.74%. Living expenses and other costs of attending college may be covered by these loans.
The student loan rates include an autopay discount. It’s beneficial to set up autopay when possible because this discount can offer borrowers up to 0.25% off of their interest rate. If you can afford it, take advantage of the payment discounts that are available to you. It can help you save money in the long run.
User Experience
The SoFi mobile app is highly rated in both the Apple app store and the Play Store. The app has been praised for its intuitive design and helpful features. In addition to carrying out basic banking tasks, the app lets you manage your account, monitor your credit, freeze your card, and more. Financial education tools are included in the app to help you make the most of your money.
Customer Support
There are a number of ways to get in touch with SoFi. You can reach out through email, chat, or phone with SoFi. The customer support line is open seven days a week. Please don’t hesitate to contact us if you have any questions. It’s on weekdays from 5:00 a.m. to 5:00 p.m. PT on weekends.
There is a virtual chat tool on the website, as well as articles for common account issues and banking questions. The customer service team is available around the clock to help with any questions. It might not be the right fit for you if you are looking for hands-on personalized support. Sofi is a great option for people who like to manage their finances online.
Pros & Cons
If you’re trying to decide if SoFi is right for you, check out these pros and cons:
Pros:
- Abundant Services is quickly adding to its service portfolio. Abundant Services is committed to providing its customers with the best quality services, remaining at the forefront of innovation and responding quickly to their ever-evolving needs. Their wide array of services—including student loans, personal loans, SoFi Money (similar to an HYSA), Sofi Home Loans and Sofi Invest are unique in the online banking world. Sofi provides a wide range of services, from low-interest loans to financial planning, that make it a one-stop shop for all your financial needs.
- When you enroll in direct deposits, you can get competitive interest rates on your checking and savings balances. You can earn up to a $100 bonus when you make at least two direct deposits of $500 or more within the first 30 days.
- The account doesn’t come with minimums balance requirements and doesn’t have monthly maintenance fees.
- More online banks are starting to offer early pay with direct deposits, a nice perk that will pay you up to two days early. When unexpected expenses arise, this benefit is useful for those who may need access to their funds sooner.
- Overdraft protection is one of the biggest advantages. With no additional fees or charges for using the service, this overdraft protection helps to keep your accounts safe and secure. The lack of a fee for this service is a nice asset. Being able to access your account from anywhere makes it worth considering.
- If you want to reach your savings goals, you can put your savings on auto-pilot with the help of the Automatic Savings tool. You can choose how much you want to save, how much you want to round up, and when you want the transfers to occur.
Cons:
- Unlike other online banks, they don’t have physical locations that can offer in-person assistance. Any questions or concerns you may have can be answered by their customer service team. That means you have to make deposits from your phone or a Green Dot location.
- You can make withdrawals from 50,000 Allpoint ATMs across the country without paying out-of-network ATM fees. You don’t have to worry about out-of-network fees if you use your Allpoint ATM card. It doesn’t reimburse you for using other ATMs, a service that many online banks offer. When looking for an ATM to use, be aware that many banks will charge an ATM owner a fee for withdrawing from their ATMs.
- Only offers one bank account: SoFi’s Checking and Savings account is the only one they currently offer. It’s not suitable for everyone and may be the perfect solution for many. If you want to have your checking and savings separate, look elsewhere. You are sure to find a bank that will meet your needs, because there are many other banks that offer these services.
Frequently Asked Questions
Some of the most common questions about SoFi Bank are answered. Don’t hesitate toreach out if you need help or have a question, as SoFi Bank is committed to providing the highest level of customer service.
Is SoFi legitimate?
There is an online bank called SoFi Bank. SoFi Bank offers a wide range of banking services, including checking, savings, and investing accounts, as well as access to loans and financial advice. The checking and savings account of the financial institution offers a number of benefits. Fee-free transfers between accounts and secure access to your funds are other benefits.
Is my money safe with SoFi?
Your money is safe with SoFi. It is insured by the Federal Deposit Insurance Corporation. So any money you deposit into a The SoFi Bank Checking and Savings account is insured up to $250,000 per depositor. SoFi Bank Checking and Savings accounts are insured by the Federal Deposit Insurance Corporation.
How much do you need to open a SoFi account?
You don’t have to deposit a certain amount of money to open a bank account with SoFi. To make it easy for customers to manage their finances, SoFi offers a variety of banking services, including checking and savings accounts.
Does SoFi offer a savings account?
There is a dual checking and savings account at SoFi. With competitive rates and a variety of features, SoFi’s dual checking and savings account is an easy to use platform for managing your finances. The benefits of SoFi Checking and Savings are similar to online savings accounts. SoFi Checking and Savings is an attractive option for anyone looking to maximize their savings potential.
Can you use a SoFi debit card anywhere?
SoFi Checking and Savings accounts come with a Mastercard. It can be used anywhere Mastercard is accepted.
Is SoFi a Good Option for You?
It’s impossible for me to tell you whether SoFi is the best bank for your needs. It is a great option for some people, but it may not work out for others. Before you make a decision about whether this option is right for you, you should consider all the pros and cons.
I can tell you that the Checking and Savings account at SoFi has competitive interest rates and rewarding features.
If you want to choose the right bank, you need to research your options, compare rates, and consider account features. Don’t forget to ask about the fees associated with the accounts, some banks may charge higher fees than others.
