SoFi Bank Review: What We Liked – and What We Didn’t

SoFi may be the creation of the couple of Stanford Business students who desired to tackle a student debt issue. 

Eventually, they shifted the organization focus for an internet banking and banking application, SoFi Money. Today, SoFi offers lots of banking services with a few wonderful benefits. 

Here’s an in-depth and honest take a look at SoFi’s checking and savings features for people and small companies, along with its overall convenience and mobile banking features.

What we should like:

  • No minimum balance needs or minimum opening deposit
  • No overdraft charges or ATM charges
  • Reimbursement for ATM charges
  • Clever application with many different features
  • Great rate of interest at 1.6%

What we should don’t like:

  • No cash deposits
  • Some restricting transaction limitations.
  • No enterprise checking or savings options
  • No ATMs or branches

Checking 

Grade: B+

SoFi does not have what you’d call a conventional bank account. The things they offers are known as SoFi Money, a money management account that’s a mix of a checking along with a checking account. 

You are able to open your SoFi Smart Money Account without any minimum opening deposit requirement. You’ll will also get the advantage of no account service charges. 

Your SoFi Smart Money Account won’t earn interest it’ll earn 1.60%, that is nearly 18 occasions the nation’s average of .09%. It’s not necessary to hold balance minimums or connect with other accounts to be eligible for a this rate of interest. It’s only a straight-up APY on whatever money you retain within the account.

SoFi boasts no charges, and typically, that’s true. The financial institution charges no overdraft charges with no ATM charges within the U.S. or worldwide. In addition to this, if you are using an ATM having a Visa®, Plus®, or NYCE® emblem, SoFi will compensate you for just about any third-party ATM charges you might be billed. 

The only real charges it expenditure is for such things as a $20 fee for any substitute bank card after the first card, so chances are good that you will never need to pay that.

If you are using your bank account a great deal every single day, SoFi comes with some account limitations that may be concerning for you. You are able to only withdraw $610 each day and send $250 each day peer-to-peer. 

The financial institution also offers a restriction of 12 point-of-purchase transactions each day, which may be a hassle for busy shopping or vacation days.

Despite the fact that SoFi Money isn’t a real bank account, you may still get checks and employ them.

Savings

Grade: C

SoFi doesn’t offer standalone savings accounts, because the SoFi Money account is both checking and savings folded into one. As pointed out above, SoFi Money doesn’t have minimum opening deposit, no minimum balance needs with no service charges. 

The Fir.sixPercent appeal to you earn inside your SoFi Money account can also be nearly 18 occasions the nation’s average for savings accounts, that is .09%.

The down-side to getting your checking and savings in a single account is your savings are often accessible, that make simple to use to use that account whenever you shouldn’t. Additionally, it means that you can’t setup automatic deposits or gather deposits to place your savings automatically. 

SoFi doesn’t presently offer CDs. 

Small Company Banking

SoFi doesn’t offer small company checking or savings accounts.

Convenience

Grade: D

Since SoFi is definitely an online-only banking option, you will not find any brick-and-mortar branches or perhaps any SoFi ATMs. But, since it’ll compensate you for ATM charges, you do not need to bother about the possible lack of ATMs. 

The upside is the fact that, being an online- and application-only bank, that suite of digital tools is enhanced for user ease and stacked with features like easy account transfers, bill pay as well as budgeting tools. It’s ideal for the one who really wants to do all their banking on their own phone or laptop, although not so excellent for somebody who desires person-to-person interaction. 

SoFi also provides mortgages, debt consolidation reduction loans as well as some insurance options. You may also refinance has given through SoFi.

Customer care is provided through email or by telephone with limited hrs.

Mobile Banking

Grade: A

Customers provide the SoFi Finance application at 4.6 from 5 possible stars on the internet Play and 4.8 from 5 stars within the Apple Application Store.

The application does all the standard banking options you’d expect, it offers budgeting and cash tracking tools, in addition to features where you can invest. You have access to your hard earned money account with the application, in addition to any one of SoFi’s other products.

The application enables you to definitely freeze and unfreeze your cards. There is also online support directly with the application. 

In The BANKING FORUM

Would you use Uncover Bank?

1/22/20 @ 6:19 PM

Sierra

How to locate a bank account that displays scheduled transaction on account activinty view?

9/4/19 @ 2:05 PM

Steve - seeking straightforward checking

rewards debit accounts

1/15/20 @ 6:07 PM

t

Now in… The Cent Hoarder Community

11/8/19 @ 2:28 PM

Ashlee

See more in Banking or ask a cash question

Our Bank Review Methodology

The Cent Hoarder’s editorial team views greater than 25 factors in the banking account reviews, including charges, minimum daily balance needs, APYs, overdraft charges, ATM access, quantity of physical locations, customer support support access and mobile features. 

To find out the way we weigh each factor, The Cent Hoarder surveyed 1,500 people to discover what banking features matter most for you. 

For instance, we give top grades to banks which have low charges because our survey demonstrated that this is actually the No. 1 factor to consider inside a bank. Because greater than 70% individuals stated you visited an actual bank branch this past year, we consider the amount of brick-and-mortar locations. But several-third individuals use mobile phone applications in excess of 75% of the banking, so digital features will also be considered carefully.

Ratings are assigned on the proportions of one (worst) to 5 (best) stars over the following groups:

  • Personal checking accounts
  • Personal savings accounts
  • Small-business banking
  • Convenience
  • Mobile banking

Charge card and loan goods are not presently considered.

Tyler Omoth is really a cause of The Cent Hoarder.

It was initially printed around the Cent Hoarder, which will help countless readers worldwide earn and cut costs by discussing unique job possibilities, personal tales, freebies and much more. The Corporation. 5000 rated The Cent Hoarder because the fastest-growing private media company within the U.S. in 2017.

Leave a Reply

Close Menu