Hello everyone! If you're a parent, beginner in personal finance, who's working to get your finances in order and need help with your financial planning, so you can build your wealth, and achieve financial security, stability, and freedom, message me on IG @thealexisidro (I'm currently doing research and would love to know how I could help you/challenges you are dealing with, and in exchange for your input, I will answer any questions you have). instagram.com/thealexisidro/
To get the high APY of 4.6%, you just need direct deposit. There is no minimum amount. I checked the website. The 5,000 USD is relevant if you want to get the $300 bonus. Does it make sense? It's a little confusing, so hopefully this helps!
Do you only get the bonus if you set up a direct deposit or does it count if you make a one-time deposit from another account that meets the requirement for a deposit ($5,000 - $10,000)?
Good question. I has to be from your job or other sources like the ones they go over here: "SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate."
@@alexisidro Thanks for the response I applied and it appears that to earn the 4.60% you either have to have a direct deposit set up or deposit 5k every month to maintain the 4.60%
I like how their mobile app UI is very user friendly. One of my favorites features is that you can lock your debit card (not sure if other banks do that). I've had this bank since 2018 and I've been happy with it.
I would like to know if with Sofi it is possible to have daily compound interest, and if not, please which account can give me daily compound interest. Thank you so much.
Hi! Thank you for the detailed video. Does the automatic checking account mean that I need to change my checking account details in the company and close the already existing checking account I have ?
@@alexisidro Oh No. I AM NOT ALREADY A CUTOMER OF SoFi BUT I ALREADY HAVE MY CHEKING ACCOUNT IN ANOTHER BANK. So, question was do I need to close that other account since we can't have 2 checking accounts?
I think if you are looking to transfer an entire relationship, this would be a good choice. If you’re just looking for cash management, some other options might offer better options.
@@alexisidro I considered Sofi and I'm sure its a good option. I'm leaning more toward another brokerage account like Fidelity. Mostly now with Vanguard and it's fine. Just maybe lacking in some features.
Thanks for this video, man. I'm new to this, for some reason I always thought high yield savings accounts were a thing of the past. Does the interest rate ever change or is it locked in from when you open the account? I saw some sites from a while ago that made it look like sofi was like 5.25% now it's 4.6%?
Glad it helps! SoFi has been at 4.6% for a while now. Not sure when it was above 5%. At the end of the day, the interests will change depending on what the fed does. Here's more insight on high yield savings, based on what I researched and experienced: czcams.com/video/gNeAIo6z9_I/video.htmlsi=h6O5S0XaMFw5paHs
It doesn’t matter. I did it into my savings and I got it. I’ve also known people I referred who put it in their checking and it worked for them. So feel free to deposit anywhere or even split it into both accounts.
If i put the direct deposit can I move my money to my main checking account in another bank or would that be harder cause I only put a certain amount in my savings account from my checking account. I dont want to use there checking since i love the one I have
I was interested in opening a sofi account. But I was wondering if you know if a tax refund would be considered as a direct deposit? I’m a server and my direct deposit is like 200$ a check 😅 but that 300$ bonus sounds nice 😭 and could I use the checking account like a regular debit card? I’m so new to the finances of it all but I’m not use to banking somewhere w/out a physical branch. Would I be able to withdraw money from like a Wells Fargo atm? The all-point atms from where I’m from is questionable 👀 I would prefer not to use them. I’d appreciate your help thank you ✨
I understand! SoFi has some rules on what qualifies as a direct deposit, and essentially is any type of Government transaction or payroll. Not sure if a tax refund would qualify. With respect to the debit card, yes, the debit card can be used like any other one from physical branches. You could use it at Wells Fargo or any other bank, you'd just get changed a fee if it's not all point.
Here's what SoFi says on direct deposit: "SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate."
question, so in order for me to get the 4.60% APY i would need to have a direct deposit over 5k? If thats not the case lets just say im opening this account to transfer some funds from my current back to my sofi account. I want to open a acoount to just leave the money and watch it grow. I dont want direct deposit to sofi. I will do that all manually. Will that make a differane to the amount I ear from the account? Could you clarify how my situation would work with this bank?
There is no minimum direct deposit to get the 4.6% as long as it's direct deposit. You need direct deposit $5K+ to get the $300 bonus. Based on what they share on their website, yes, it has to be direct deposit from employer, not a transfer. Technically, you could have a direct deposit of one dollar, and you'd qualify for the 4.6%. It's in the footnotes of their offer.
Hello! No, SoFi says “there's no minimum direct deposit amount required to earn our highest savings APY; however, we do require $1,000 or more in direct deposits every 30 days* for other benefits like no-fee overdraft coverage^.”
Is there a minimum amount for direct deposit to get the 4.6% APY or will any direct deposit work? If there is a minimum, does it have to be in a single direct deposit? (say minimum is $1000, can it be split into two $500 deposits in a month)
quisiera saber si con sofi es posible tener interes compuesto diario, y si no, por favoe que cuenta me puede dar interes compuesto diario. Muchas gracias.
Most out there provide daily compound interest! Some that come to mind are SoFi and Marcus (I know these do because I asked myself this same question in the past lol :))
Hello everyone! If you're a parent, beginner in personal finance, who's working to get your finances in order and need help with your financial planning, so you can build your wealth, and achieve financial security, stability, and freedom, message me on IG @thealexisidro (I'm currently doing research and would love to know how I could help you/challenges you are dealing with, and in exchange for your input, I will answer any questions you have). instagram.com/thealexisidro/
So it's a one time 5k deposit to get 4.6% forever? Just to be sure. Thanks for explaining!
To get the high APY of 4.6%, you just need direct deposit. There is no minimum amount. I checked the website.
The 5,000 USD is relevant if you want to get the $300 bonus.
Does it make sense? It's a little confusing, so hopefully this helps!
Do you only get the bonus if you set up a direct deposit or does it count if you make a one-time deposit from another account that meets the requirement for a deposit ($5,000 - $10,000)?
Good question. I has to be from your job or other sources like the ones they go over here:
"SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate."
@@alexisidro Thanks for the response I applied and it appears that to earn the 4.60% you either have to have a direct deposit set up or deposit 5k every month to maintain the 4.60%
With the automatic checking account that they open for you, do they send you a physical debit card?
Yes, they sent me one in the mail. If they don't send you one automatically, just give them a call. You should get a debit card.
I like how their mobile app UI is very user friendly. One of my favorites features is that you can lock your debit card (not sure if other banks do that). I've had this bank since 2018 and I've been happy with it.
Do you get fees on withdrawals or transfers to checking to make purchases?
Shouldn't!
I would like to know if with Sofi it is possible to have daily compound interest, and if not, please which account can give me daily compound interest. Thank you so much.
Hello! Yes, SoFi says "Interest on your balance is accrued daily and compounded monthly."
Alex, in case I don't do a direct deposit, what is the APY I'll get for my money? Thanks. (Great videos btw)
Thanks Carlos! Right now it's 1.2%
What other questions can I help answer?
Hi! Thank you for the detailed video. Does the automatic checking account mean that I need to change my checking account details in the company and close the already existing checking account I have ?
Not sure how that works for their existing customers. I now this happens to new customers. I suggest you call their customer service!
@@alexisidro Oh No. I AM NOT ALREADY A CUTOMER OF SoFi BUT I ALREADY HAVE MY CHEKING ACCOUNT IN ANOTHER BANK. So, question was do I need to close that other account since we can't have 2 checking accounts?
Up to you!
I think if you are looking to transfer an entire relationship, this would be a good choice. If you’re just looking for cash management, some other options might offer better options.
Good way to put it. That’s another option for sure! Are you considering Sofi or others?
@@alexisidro I considered Sofi and I'm sure its a good option. I'm leaning more toward another brokerage account like Fidelity. Mostly now with Vanguard and it's fine. Just maybe lacking in some features.
@@jerryhsd92103I feel like Vanguard is changing for the worst..always hawking their robo products, disappointing advisor service
So my question is you get the 4.6% on any amount as long as its a direct deposit? The $5k only matters for the bonus ?
Nevermind, I found the answer from someone else how asked the same question. Thanks
Thanks for this video, man. I'm new to this, for some reason I always thought high yield savings accounts were a thing of the past. Does the interest rate ever change or is it locked in from when you open the account? I saw some sites from a while ago that made it look like sofi was like 5.25% now it's 4.6%?
Glad it helps! SoFi has been at 4.6% for a while now. Not sure when it was above 5%. At the end of the day, the interests will change depending on what the fed does. Here's more insight on high yield savings, based on what I researched and experienced: czcams.com/video/gNeAIo6z9_I/video.htmlsi=h6O5S0XaMFw5paHs
@alexisidro ya I was wrong on that over 5%. Thanks again
Does it matter which account (Checking or Saving) I deposit my $5000 to get my 300 bonus?
It shouldn't.
It doesn’t matter. I did it into my savings and I got it. I’ve also known people I referred who put it in their checking and it worked for them. So feel free to deposit anywhere or even split it into both accounts.
If i put the direct deposit can I move my money to my main checking account in another bank or would that be harder cause I only put a certain amount in my savings account from my checking account. I dont want to use there checking since i love the one I have
Yes, you can move money anyway you want. I don't use their checking at all.
I was interested in opening a sofi account. But I was wondering if you know if a tax refund would be considered as a direct deposit? I’m a server and my direct deposit is like 200$ a check 😅 but that 300$ bonus sounds nice 😭 and could I use the checking account like a regular debit card? I’m so new to the finances of it all but I’m not use to banking somewhere w/out a physical branch. Would I be able to withdraw money from like a Wells Fargo atm? The all-point atms from where I’m from is questionable 👀 I would prefer not to use them. I’d appreciate your help thank you ✨
I understand! SoFi has some rules on what qualifies as a direct deposit, and essentially is any type of Government transaction or payroll. Not sure if a tax refund would qualify.
With respect to the debit card, yes, the debit card can be used like any other one from physical branches. You could use it at Wells Fargo or any other bank, you'd just get changed a fee if it's not all point.
Alex - what is the APY if you don't hit the $5k/month in direct deposits?
Great question. 1.2% right now.
FYI: There is no minimum in direct deposit. Direct deposit amount only comes into place when you want the bonus.
It’s still 4.6% whether you have $5K in deposits or not.
@@andrew90301 Yup.
How would I go about getting the 4.6% APY? I day trade and don’t have any ways for a direct deposit because I pay myself with a ACH transfer
Here's what SoFi says on direct deposit: "SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances.
Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below).
Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity.
There is no minimum Direct Deposit amount required to qualify for the stated interest rate."
question, so in order for me to get the 4.60% APY i would need to have a direct deposit over 5k? If thats not the case lets just say im opening this account to transfer some funds from my current back to my sofi account. I want to open a acoount to just leave the money and watch it grow. I dont want direct deposit to sofi. I will do that all manually. Will that make a differane to the amount I ear from the account? Could you clarify how my situation would work with this bank?
There is no minimum direct deposit to get the 4.6% as long as it's direct deposit. You need direct deposit $5K+ to get the $300 bonus.
Based on what they share on their website, yes, it has to be direct deposit from employer, not a transfer. Technically, you could have a direct deposit of one dollar, and you'd qualify for the 4.6%. It's in the footnotes of their offer.
@@alexisidro thank you for the clarification!
@@alexisidro after the initial deposit, do the monthly direct deposits have to be over $5000 in order to maintain the 4.6% apy?
Hello! No, SoFi says “there's no minimum direct deposit amount required to earn our highest savings APY; however, we do require $1,000 or more in direct deposits every 30 days* for other benefits like no-fee overdraft coverage^.”
Does this answer your question? Lmk!
Is there a minimum amount for direct deposit to get the 4.6% APY or will any direct deposit work? If there is a minimum, does it have to be in a single direct deposit? (say minimum is $1000, can it be split into two $500 deposits in a month)
Nope! You just need direct deposit. No minimum amount.
quisiera saber si con sofi es posible tener interes compuesto diario, y si no, por favoe que cuenta me puede dar interes compuesto diario. Muchas gracias.
Most out there provide daily compound interest! Some that come to mind are SoFi and Marcus (I know these do because I asked myself this same question in the past lol :))
Is account requirement, Direct Deposit or $5k/month Deposit??
Direct deposit to get the APY. $5K+ direct deposit to get the bonus.
@@alexisidro Can I open account without Direct Deposit?
Absolutely. The only problem is you wouldn't get the high 4.6 % APY, if that's what you're looking for. You would get 1.2%.
Hola Alex, hablas espanol?
Claro que si!