SoFi Bank Review 2023 (Still The Best Checking & Savings Account in 2023)
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- čas přidán 24. 08. 2024
- I've been a SoFi Checking & Savings customer since May 2019 when it was still known as SoFi Money. Over the last couple of years, I've reviewed dozens of different banks and SoFi Bank is again the best bank in 2023.
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Why I am I just finding this out at the age of 26. Thank you for the vid!
by around 2 min into the video i knew i was gonna be subscribing and spending the next 2 hours on your channel
I recently opened a SoFi account, they say you can use your debit card anywhere that accepts Master Card. Does this work at foreign (overseas) ATM's. I gave your video a like. Thanks!
SOFI is now 4% interest on savings for direct deposit customers as of March 2023 and they added upgraded 2 million FDIC insurance for all deposit accounts in April 2023....for free
Can direct deposit be a regular bank transfer from a traditional bank? Like Bank of America? Or does it need to be payroll?
Their savings APY is now 4.3%
@@blyback Its now 4.40%
@@JSRJS just keeps going up 🤑
@@blyback Yeah it's nice. I'm literally paying all my monthly utility, phone and internet bills with just monthly interest from SOFI at this point. (plus about $100 extra)
WOOHOO, 4.20% AS OF TODAY!!
👏
SoFi is the way! Also. to get around paying the $4.95 fee for adding money to your account, keep your original checking account and link that account to your SoFi account. This way, you're able to deposit cash to your original bank and then, within a few screen taps, move the money you deposited from your original checking account to your SoFi account.
but you still have to wait 2 business days to get the money in your sofi account right?
@Nikole what I do is add my other checking account debit card to my cashapp buisness account (it's free to make it buisness) and then add the money there, change my card to my sofi card and chose the instant deposit button (free of fees if you convert your cashapp to buisness)
@@galaxynova2196 This would be a great video for @GreaterThanEnough
@@galaxynova2196 sorry but I feel like this is too much hassle when most banks have instant deposits
There are indeed many reasons to like Sofi checking and savings account, e.g. interest rates and vaults. However, the bill pay functionality is very frustrating; while trying to setup an automatic payment for my Chase bank mortgage I could not find a Chase payee where my mortgage account number was recognized. Thanks, but I am not looking for workarounds; Sofi needs to make finding payees easier.
They raise the apy for the HY savings to 3.75 as of January 4th. I am enjoying my vault accounts. If they integrate zelle, I am switching to Sofi for my main bank.
Yeah, they should add Zelle
I agree Zelle would be a game changer!
You can link the card to the zelle app at least!
Now its 4% 👍
DONT DO ITTT
how safe is this bank in terms of what happened to the digital bank in cali a few months ago?
Not quite long I started investing. I'm very curious and need help on how to enhance and increase my returns. Any good investment tips would be appreciated
@@Alexedmartin Generally, investing requires higher knowledge. For this reason, It's important to have a solid support structure (financial consultant) to guide you through especially in asset picking. I operate with (Regina Louise Collaro) an investment advisor who partners with a licensed wealth management firm. For the record, the experience has been the best for my finance.She is quite popular for her services so you might have heard of her.
She made me financially stable investing through her help, now I earn on a monthly basis through her passive income strategy... So I’ll advise you do get a good Investment advisor for yourself.
@@ugojazzy7812 That’s great , your investment advisor must be really good,I have seen testimonies of people using the help of investment advisors in making them more financial stable. Do you mind sharing more info on this person?
@@Alexedmartin look her up on the internet and leave her a message she's quite popular for her services as she was recently featured on cnn. She can work with anyone irrespective of where their located
@@ugojazzy7812 I have had the intentions of starting investing. But I always thought it was late and I think I need to stop procrastinating. I will definitely 🔍 Regina Louise Collaro and see what she can advise .Thanks a lot . This was of so much help to me .
It’s been changed to 4.00apy for both accounts
Can you review The Wealthfront Cash Account
Im a self employed artist and had no idea the APY increase would not apply unless you have an official payroll. Any recommendations or suggestions or are self employed basically screwed in this society?
For checking, you can still earn 1.20% with SoFi, better than other banks for checking accounts. For savings, you could use Bask Bank or another top high yield savings account, I have them listed on our website: greaterthanenough.com/best-high-yield-savings-accounts/
I am self employed and don't have official payroll. I get paid mostly through google adsense and etsy. I set those payments up to automatically deposit into my sofi account and it qualified me for the higher interest rate. PayPal auto deposit didn't qualify.
@@BrittanyFlammer so good to know, thank you!
Capital one and Discover both have high yield savings currently over 3.5% that don’t require direct deposit. Capital one has ATMs also to deposit and withdraw cash.
To get that interest rate on your savings and checking you need direct deposit set up on both? Or can you set it up on your checking then transfer what you want to savings once you have the funds?
Direct deposit linked to checking.
You only need to have direct deposit on 1. Either checking or savings.
can you direct deposit from a European bank into sofi?
SoFi does not allow you to name a beneficary, BE CAREFUL!
Oohhh FUCK.
Thank you!
For real? Ouch. This hasn’t changed?
Just looked on their website today and it looks like they do allow you to put beneficiary. Maybe they literally just implemented that but it does indeed say you can. It says you can request a Payable on Death (POD) by phone or chat.
"Sorry, but at this time, you cannot add a beneficiary to your SoFi Money or Checking and Savings account. However, please check back with us soon as we are always working to enhance the experience for our members." - sofi chat bot. 😢 haven't called yet tho. Thank you guys for the heads up
@@ThatGuyKGH Yeah, I think they just added it, which is good!
Sick of CZcams creators pretending having a referral link to the bank you’re reviewing isn’t a huge conflict of interest. You’re literally getting paid to recommend them.
They don't do Zelle.. won't be changing until they add it.
I kept my Capital One account open to be able to use Zelle, I use SoFi for everything else.
Hey curious, have you done a review about relay bank or with the Kohls red Bank?
Where are they investing your money to yield the high interest rate?
but how SAFE is this online bank, along with other online banks?
I have Wells Fargo right now, so just curious.
Basically, all banks (online and banks like Wells Fargo) are FDIC insured so you don't have to worry about losing your money. The only times where there could be a risk is if you have an amount over the FDIC insurance limit of $250,000 and that bank goes bankrupt. SoFi is also an example of a bank that works with partner banks to offer up to $2 million of FDIC insurance, basically when you have over $250,000 with them, they have the deposits at partner banks allowing you to be insured on amounts over $250,000.
Can I use SoFi for as a business account for wire transactions?! Please help or recommend good options
Are there any Non-ESG online banks????
It was a tough choice between Discover or SoFi, but SoFi offers investments and other things. I may still use Discover as a backup bank in case the system goes down.
Is it a good option for an international student in the US?
Your wild hands are making me crazy!!!
I got some text at 3:45 a.m. so I signed up with you guys and I did not.
I've recently switched to SoFi Bank and I'm liking it so far.
That's great!
What if you're self employed? Would transferring money from your primary bank into a Sofi HY savings count for the 3.5%?
Bank to bank transfers do not count to get the 3.5 unfortunately
Hi, after opening an account for the first time how much do you recommend to start with to put in the savings account and checking account?
Get a financial advisor like Regina
Not much, maybe start with a little to be safe after what they did to me. I couldn't even get 2k deposited with a check without my account getting frozen.
I'm no financial advisor, but I'm going to open one and move all of my rainy day fund/liquid cash there. You know, they proverbial 3 to 6 months worth of expense money? Might as well get 4% from it.
They still don't support Zelle right?
So i just opened up SoFi and set up direct deposit on the employer side as well as trying to set it up on the bank side. However, the button for set up direct deposit is still therre as if i had not set it up in the first place. How do i know if it's set up? Would i just need to wait til the direct deposit paymeny comes through and then ill get the higher interest rate?
Yea, sounds like you did everything right. SoFi should update your account when they receive your first direct deposit.
was the pay 2 days early like they say or no?
You won't penalized with a fee if you don't do direct deposit? You can get the 1.20% apy.
Also what is considered direct deposit? Does a transfer from another bank is considered direct deposit?
No fee without direct deposit, just a lower interest rate.
Direct deposit is payment from employer, transferring from another bank doesn’t count.
@@GreaterThanEnough Can you do paper checks? and can you add a benficary?
I was grandfathered in with unlimited atm reimbursements FROM ANY ATM. So that was nice
hi, just found your channel and loving it !! hit the subscribe :) question, are these online banking savings and money managing accounts all considered safe?? just because it's an online thing and not an actual physical bank - has anyone ever had a bad experience with these types of accounts?
Hi Greta, For any of the banks talked about on this channel, they are FDIC insured up to $250,000, sometimes more. If anything ever happens to the bank, the government guarantees to pay you the money you had in your account below those limits. Even with what happened with Silicon Valley Bank, the govt is guaranteeing the entire balance, even if it was over $250k.
@@GreaterThanEnough sounds good, thanks for sharing!!
Read the comments
You cant have a beneficiary with this bank.... not good considering the amount of people falling ill and suddenly dying these days
@@lionintuI don’t know if it was super recent but I do have the ability to add beneficiaries on all 3 Sofi accounts that I have (checking, savings and investing)
Looking just to deposit money and that’s all, could I do so without any direct deposit or linking any other information?
You can do that but you'll earn a lower APY. In order to get the current 4.00% APY on the savings account you will need to have direct deposit set up.
What if I have a check, how can I put the money in any account with SoFi?
@@Confucius_Says Thanks.
Really easy to deposit checks with their mobile app
Sofi apy is 3.75% not 3.5% or 2.5% one of the best apy
Urm, this video was made before SoFi changed their rates.
I love you.. THAN YOU!
Do you have to have the direct deposit set up in order to get the 3.5% only for a savings account?
I’m wondering this as well
Looking at the fine print, it looks like it. Currently, if you don't have direct deposit, you only earn 1.20% for both checking and savings account.
@@chrissanchez24 what is considered direct deposit? What a transfer from another bank be considered a direct deposit?
@@Native722 Dont quote me on this, but I think I've seen on other channels thatother than the usual direct deposit from your employer, if the transaction was considered ACH transfer, it can be counted as direct deposit as well.
Alliant does 3.1% with no direct deposit.
I thought they do require direct deposit?
@@Native722 Nope, i don't have direct deposit an I hit 3.2% now.
Bank to Sofi money transfers… take forever to clear! I don’t use my Sofi for saving because I don’t have direct deposit so my apy is too small for a saving account. Marcus is the best saving account I ever had. 3.30 APY and the transfers clear in one business day that way you can start collecting interest immediately. I do use sofi for the checking account tho. Free personalized check. That’s great for sending in my rent checks every month. Also 1.20 apy is better than nothing on a checking account. The debit card is super cute 🥰 if you care about that. I sadly do 😂. You can lock the debit card immediately if you lose it. That’s a great feature that some banks have but my brick and mortar bank does not so I appreciate it. I would have a much better experience if those transfers were quicker tho. Especially since I can’t put cash in directly without paying an ATM fee.
Does Google AdSense accept Sofi as a bank in the U.S?
Sorry, I don’t understand your question.
@@GreaterThanEnough Google Adsense only accepts certain banks. I'm wondering if SoFi is one of them.
Could anyone explain to me the direct deposit? I most likely will deposit money myself into the savings, so would I receive that 3.75% APY?
I have the same question
Unfortunately, it needs to come from your employer...
I got spam from you on my email. I do not want anything...I am retired. Not me.
That's odd. I'm sorry to hear that. Did it say it was from Jeff? What was the email about? We send out very few emails and only to people who signed up to our email list...
Nobody talking about bask?
I like Bask Bank a lot! I've mentioned them in my last couple best high yield savings account videos: czcams.com/video/sWB6UQxis8o/video.html
If your direct deposit is only 2k every two weeks but you deposit an additional 1k in cash transfer. Does that count. Not many ppl make 2,500 biweekly
If you are talking about getting the max bonus for opening the account, an account transfer does not count towards the 5000, that being said it tracks for 4 weeks from the 1st direct deposit, you might get the 3rd check counted
@@wsmoran online said the period is only 25 days.
So I have to have direct deposit to ge that 3.75%??
Yes, otherwise it's 1.20%
@@GreaterThanEnough is that for a checking account as well?
Im glad for this review. I work at a bank and take advantage of their savings account. I think you already answered this question but say that i do setup direct deposit, but i also decide to manually transfer money from another bank to a SoFi bank. So does that mean only direct deposits get the highest yield where as all other transfers i make will get the 1.20 rate? Thank you!
As long as some money is direct deposited, you'll get the higher rate on the entire balance of both checking and savings accounts.
@@GreaterThanEnough Okay, so then for example, lets say i set up direct deposit and get $1000 biweekly ($2000 for the month). At some point during the month, i transfer $500 from an external bank account to my SoFi accounts. Therefore, do i get the highest yield on the whole $2500 balance or just $2000 from the direct deposit?
@K83b2 yes if you have any direct deposits over $1000 a month you get the highest yield on your savings account
@@GreaterThanEnough Does the amount of how much you direct deposit matter? So if I deposit $10 a month from my paycheck, can I still get the higher interest rate and APY or do I need to deposit a minimum amount in order to get those higher interest rates?
Iam really think about getting this 3% for a savings account
Sounds like a good plan! You'll actually get 3.5% on your savings account and 2.5% on your checking account if you have direct deposit set up.
@@GreaterThanEnough I might just only do savings or do both
SoFi is much better than Chase. Chase was only giving me a pathetic 0.01% APR
Can you get a SoFi high-yield savings account by itself, without checking?
Hi Eric, It's been a while since I opened my account, when you open your account, it may give you the option to open one or the other. Also, there are no fees or anything so if you end up with both, you could still continue to use your current checking account and only use your SoFi savings account...
If you have any other questions, feel free to let me know.
i've been wondering the same thing, it looks like they make you do both. not complaining too much since they don't have minimum balance requirement, but having that extra debit card is somewhat annoying
Good question!
no beneficiary is a big con
Theyve added it now
Does sofi have free checks?
Yes
Capital One is my favorite bank.
When you say direct deposit, does that mean you’d need to have your paycheck direct deposited or could I set up a direct deposit schedule from my primary account to SoFi?
It needs to be from your employer to SoFi.
Yes!
Got a notification a few days ago saying savings will be bumped to 3.75% in a few days !!!
Thanks for sharing! It's great that SoFi always makes sure to keep their rates competitive! The website is still saying 3.50% so I didn't want to confuse people. If you ever want to see how they compare to other top savings accounts, here are the banks with the highest rates for savings accounts: czcams.com/video/sWB6UQxis8o/video.html
Is there a limit on the money in your savings that can earn 3.75%? I want to switch from current, they have 4% but it caps at 6000
No limit on how much you can save, you'll earn 3.75% as long as you have direct deposit set up. Current could be a solid bank if they got rid of the cap...
3 mil
great video! thanks
You’re very welcome! Are there other topics you’d like to see my cover on the channel in 2023?
Can I just put money in Sofi and not have direct deposit?
Absolutely! You’ll earn 1.2% interest on both your checking and savings account without direct deposit.
“If” you get paid by direct deposit, SoFi is the ultimate bank.
Sadly, I changed jobs, get paid by check now, and SoFi dropped my interest rate down dramatically, so dramatically I’ve had to move, which I moved to Ally, it has buckets, so I really am only missing the bells and whistles of SoFi, but bank vs bank, I will not have to worry about Ally dropping my rate on a technicality like direct deposit.
I understand your frustration with SoFi's direct deposit requirement...one thing though, you'll only earn 0.25% on your checking balance with Ally vs 1.20% (almost 5x more) with Sofi Checking without direct deposit. Have you thought about continuing to use SoFi for checking and then one of the top banks here for your savings account? czcams.com/video/sWB6UQxis8o/video.html
@@GreaterThanEnough I have Ally Bank and I'm happy with it but the 0.25% is too low compared to Sofi.
Ally Bank does not pay .25%, they are at 3.4% right now.
Ally's savings account pays 3.40%, their checking account pays 0.25% on balances over $15k and 0.10% on balances under $15k.
As a shareholder I love Sofi because they are willing to sue to keep me making money.
Screw those college students that “need a break”, I need another $200,000 a year in my bank account.
Keep those interest rates up boys, keep my money flowing in!
I don't like that roundups cannot be defaulted to your Savings or Invest account and you have to create a vault. Probably my biggest gripe.
Why not just have a vault called "Round ups" and that way you can measure how much is coming from round ups
@@TechCareerMentor Pretty much what I did but that should be optional.
@@TechCareerMentor What I did. My spare change vault.
Looks like you can do this now through autopilot.
@@eddiec5036 will check it out. Thanks
Are you guys sending random emails too people? My last name is Swain and I do not want you guys
That's odd. I'm sorry to hear that.
Did it say it was from Jeff? What was the email about? We send out very few emails and only to people who signed up to our email list.
I also checked and don't see your last name in our email platform...
how does it compare to capital one?
Great question! I'll be publishing my Capital One 360 review in a few days. Both are great banks and similar in a lot of aspects. SoFi pays higher interest on both check (with or without direct deposit) and savings (with direct deposit). Capital One lets you deposit cash for free and gives you access to sending and receiving payments with Zelle.
@@GreaterThanEnough I have CO currently and was thinking about switching or adding another account. But I have no experience with SoFi. But capital one has been great so far but I like all the other things SoFi has to offer too.
If I were to set a portion of the money as a direct deposit to the savings account and then transfer some other money to the savings account would the money that was transferred still earn the upper interest rate as well or would it drop?
I definitely have to pay more attention to SoFi!
Sofi 3.75% interest rate is very sad when you can get 4% from many other banks. For me, the best checking account is President bank with 4% interest rate with very easy requirements: $500 direct deposit and 7 debit transactions a month
Unless you’re depositing hundreds of thousands of dollars is .25% really worth the hassle of making sure you do 7 debit card transactions per month lol
I only use my debit to pay my credit card off and occasionally grab some stanky ol cash
That .25 is really a dealbreaker, isn’t it?
@@nicholasdouglas236 People are really that petty
I thought most banks did... 0% interest rates? If you think the .0025 is a deal breaker to pass up on the investing, relay, support etc, thats okay. But personally, I make most of my purchases via my credit card anyways so I probably wouldn't meet that 7 debit transactions a month.
Hahaha.. it's hedge to 4 bucks.
Ally bank is better!!
Ally Bank is also great!
First of all it is not a bank account
Why’s that?
Agreed. I thought SOFI is an investment account, where you have the option of linking a bank that’s used by them or linking an external bank instead. It is something like STASH, ROBINHOOD, etc. With an investment account, you can invest in different assets & have a portfolio.
Then, you can chose to link an affiliated bank or your own external bank. The reason why, is because most investment accounts aren’t FDIC insured, whereas a bank would be.
My advice to people is to do your own homework & research, before going all half-cocked. These videos are good, but follow your own mind & be careful! ❤️
Tried to open an account, but keeps denying me.
Does direct depositing a portion of your income affect you getting the 3.75% savings interest? I don't want my whole check going into a SoFi account so I am wondering if I still get the high interest if I deposit 75% my income to my chase account and the remaining 25% to a SoFi account?
That should be fine to get the higher rate, I don’t think there is a minimum direct deposit amount. If you’re just creating an account you can earn a bonus based on how much you direct deposit.
Also, why deposit so much into your Chase account? I imagine you’re earning less interest on both checking and savings balances.
Love sofi but my big issue with them is depositing cash is a hassle and comes with fees
Completely agree... I have a Capital One account I use to deposit cash without fees and then just transfer to SoFi.
So how do I deposit a check or checks.. And if I need 5,000 to make a cash purchase how do I go about it?
Get more views talking about how bad their banking is. Sofi is a joke. No free cash withdrawal as advertised. Can't pay bills with the card. The card is practically useless. Not to mention that customer service will hang up on you if you bring this up.
What bills haven't you been able to pay with your SoFi card?
@Greater Than Enough My rental agency tried everything and it would not go through. My credit union also did not recognize them as a bank so transferring was not possible. Which meant that I had to withdraw cash from the retailers and ATM's that they advertise no withdraw fees. I was definitely charged every time. My rent is 2k a month. It took me 2 days to get enough cash out.
are u talking about the debit card ? or credit ?
This stock is not recession proof. Beware.
Thanks, but this video isn't about investing in SoFi stock, it's about their bank account...
Your lack of muscle mass disturbs me.
P.s. great video
Im gonna try SoFi for their savings 3.75% account and vaults sounds cool. But, do I need to open a debit account or can I just do a savings? Sorry but the promotional credit is ridiculous..in the last year I received a $400 credit for opening an account with capital one 360 for just ACH depositing like $2000... SoFi requiring $5000+ for a measly credit of $250 lol its a free $50 so this might get some people to open an account but I'm not sure who they think they're competing with in this area.
How much is required to be direct deposited… I just opened this, I wanna make sure I will qualify for the 250
I got it with a direct deposit of $50
Here's all the info on how to qualify for the $50 or $250 welcome bonus:
"Bonus Terms:In order to qualify for eligibility for a bonus, SoFi must receive at least one Qualifying Direct Deposit (as defined below) from an Eligible Participant before the end of the Promotion Period. Qualifying Direct Deposits are defined as deposits from an enrolled member’s employer, payroll, or benefits provider via ACH deposit. Deposits that are not from an employer (such as check deposits; P2P transfers such as from PayPal or Venmo, etc.; merchant transactions such as from PayPal, Stripe, Square, etc.; and bank ACH transfers not from employers) do not qualify for this promotion. The amount of the bonus, if any, is described below. No bonuses shall be paid for Qualifying Direct Deposits of less than $1,000 during the Evaluation Period (defined below).
Evaluation Period: The Evaluation Period begins when SoFi receives a Qualifying Direct Deposit (within the Promotion Period) and ends 25 days later (the “Evaluation Period”). The bonus amount will vary based on the total amount of Qualifying Direct Deposits received during the Evaluation Period. Once the Evaluation Period has elapsed, we will determine if you have met the offer requirements and will deposit any earned bonus into your checking account within 7 business days. For example, if SoFi receives between $1,000.00 and $4,999.99 in Qualifying Direct Deposits during the Evaluation Period, you will receive a cash bonus of $50. A member may only qualify for one bonus tier and will not be eligible for future bonus payments if inflows subsequently increase after the Evaluation Period."
You can find this text on the bottom of the page to sign up for your SoFi Checking & Savings account. For example, here: www.sofi.com/banking/
Paypal Savings also has 3.75%
Thanks for sharing! I didn't realize PayPal had a savings account. I'll add it to the list of savings accounts I'm tracking and add them to the next high yield savings account video. Here's the latest one from a few weeks ago: czcams.com/video/sWB6UQxis8o/video.html
Also, SoFi bumped their rate up to 3.75% as well.
I just changed jobs where I’ll be having to deposit checks in the app instead of direct deposit unfortunately, will the 3.75 drop down now?
SoFI is a loss making company. Its stock price is basically a penny stock. How much can we trust ?
They will reach profitability in a few quarters
I get checks I don't get deposited not Fair
Find a new job
I'd still use SoFi as your checking account to earn 1.20% and then use one of the banks I mention in my top high yield savings account video for your savings: czcams.com/video/sWB6UQxis8o/video.html
SOFI bank sucks.
Why's that?
Questions: 1) does the saving account have a minimum monthly auto deposit? Could I direct deposit only a couple $ per month? 2) Does the savings account have a debit card? I"d be interested in putting an emergency fund here (possibly sinking funds, too--since you mentioned "vaults." I like that) but I'd need to have quick access to it, if I actually needed it.
1) I don't believe there's a minimum monthly direct deposit to earn the higher rates.
2) You could open checking and savings account and you'll get a debit card. You can either just instantly transfer money from savings to checking or just turn on their overdraft protection feature. SoFi would pull money from your savings account for debit card transactions when you don't have those funds in your checking account (there won't be any fee when doing this).
Here's what it says about it on their website "The Overdraft Protection feature allows general SoFi Savings funds to back up your SoFi Checking account spending and covers new transactions in the event your balance is insufficient. Overdraft Protection covers ACH withdrawals(bill pay, loan, or p2p payment), checks, or debit card transactions. You can choose to turn this functionality on and off as needed."
Great idea
Like with CHIME, does SOFI have a card or report the bills you pay on time to all credit companies as a way to build up your credit rate?
People online in the reviews say this bank is a scam! So hard to trust anybody on the internet these days!
Where are you seeing people saying it is a scam?
Sofi is the best BANK but has the WORST football teams at their stadium 🫵🏻
🤣