Sofi banking reddit. We know, it's a long time to wait.

Sofi banking reddit Sofi is still young and doesnt have everything that schwab has. There's an awesome feature called Vaults, which allows you to create up to 20 "sub-accounts" inside your savings account, called vaults. Only have brick and mortar to withdraw cash or deposit cash. I’ve been banking with them since 2019. I like Sofi included personal finance advisor session. I've had a TD Ameritrade acct (owned by Schwab) and when I have issues, reps are there and actually useful. Really my one stop shop. I can use tons of ATMs to withdraw, and plenty allow me to deposit. From that account, I can easily transfer money to SoFi without issue. At first, I was bummed that I didn't have access to my funds, but I understood why they restrict the account, like I get it and I was grateful because the person only took 500 from my account, and immediately the system understood that was not me and they restrict the Legacy bank for physical locations, SoFi for features & benefits. 50% with direct deposits. 2. Plus there's essentially no point in closing your chase cards anyway, the freedom unlimited and amazon cc don't have an annual fee. But it's not a traditional bank; they are new at this. As such there are some basic bank features that are missing like scheduled transfers to or from external banks. Most stores get back to us in about 10 business days, but some stores may take up to 45 days. I bank pretty much 100% out of my SoFi savings account. I use Sofi to save my money but i keep the debit card at home locked in a cabinet and doesn't get used, not even online. There's no reason not to, in order to keep as much cash in there for the high APY. app. I haven't seen to much history on Sofi's apy history, I always look to that to make my decision on a bank. We are NOT in this for the short term gains (or losses) --- If you are a SOFI investor before the SPAC merger with IPOE and want an "OG SOFI Investor" flair, please message the Mods with proof of your holdings. For your security, please don’t share personal information in the sub. I moved all my bank money to SoFi. If you want the full benefits of SoFi, make sure to switch the direct deposit through your employer's payroll. Take a HSA account for example. 60% APY* with direct deposit. But I was drawn to SoFi's higher APY on savings with direct deposit and the fact that their checking also earns some interest. I just joined SoFi after being with USAA's banking for over 12 years (they were effectively an online bank as well, as there are very few physical locations. SoFi has 8,591 reviews with an average rating of 4. Growing pains of fintech, I understand, but not ready to be primary checking just yet. I like SoFi but in my opinion, Capital One is the better choice. Their vaults are awesome, the invest has some issues, but overall it's very easy to auto move money in to it, especially crypto. When my local bank got bought out, I was debating weather to go with SoFi, a fintech that piggybacks off another bank's FDIC insurance, or Discover Bank. So yeah, as a banking institution, it's fine, I trust they're not just going to take away my money. However, sofi does excel on the money transfer, vault system and integration. com at least once every six months. SoFi Money does not support cash deposits but you can make electronic transfers from other bank accounts to your SoFi Money account. com NMLS #1121636 I got the unlimited international ATM fee rebate. Anyway, I will probably be moving as I currently am working as a contractor and I don't have direct deposit. link/e/reddit. It’s been mostly smooth sailing the whole time. I get money just for using the app sign me up On the downside, as an online-only bank, you will not get the benefit of a traditional checking account where you can deposit cash. Sofi is ensured just like any other bank and I have no issues transferring money. I have been a SoFi customer for several years and I use the SoFi credit card as my main card. Usually when a bank follows the fed rate and than some, they are good. I've been with Discover forever, who I love. 💪 There are many benefits with SoFi banking: Earn 4. We offer FDIC insurance of up to $250,000 per individual and additional insurance up to $2,000,000 if you opt-in to our SoFi Insured Deposit Program! 💪 To learn more, please visit here. SoFi Bank, N. It has some of the best rates Mar 1, 2025 · Currently Sofi has 3. The buying of the my home has made me more money than anything else I have done in my life, including working for over 10 years. About a year in a pick up their credit card and have since been using it for 95% of my transactions. Sep 20, 2023 · I’ve been using Sofi for about 18 months as my primary bank and am very pleased. 50% APY on your checking balances¹ (requires direct deposit or $5,000 or more in deposits every 30 days*) Thanks for visiting our sub! We’re happy to answer any general SoFi questions or concerns. Everything else goes through SOFI. SoFi is a regular ol lame bank that’s fleecing retail investors by pretending to be a tech company but both the bank and the tech are mediocre. This is a group of investors who are LONG SoFi. 60% APY on your Savings & Vaults balances and 0. We know, it's a long time to wait. Then tap the gear icon > Documents > Important Disclosures and Agreements > Fees. I just know if I could use another bank that I have, that I have more business with it be nice. Last year I made the switch from my brick and mortar bank to using SoFi’s high APY savings account with overdraft protection. SoFi doesn't. Has taken over my brick and mortar bank. Does Sofi have paper checks? Ally does, it's just nice to have even though I hardly ever use it. sofi. Whenever I use the SoFi app to schedule credit card payments, or fund transfers to/from my SoFi banking accounts, I would like to receive confirmation emails, showing the details of the transactions (especially the scheduled dates and amounts). I liked Discover bank because of US-based phone support, that they are a real bank with their own FDIC insurance, and their debit card pays 1% cash back. Envelope is a banking option that is similar to what Simple Bank was and they’re currently on a Beta waitlist. SoFi reps are nice, but they've become harder to get a hold of and less useful over the past couple of years. Would I trust SoFi to be customer I bank with my credit union mostly but keep my emergency and vacation fund in Sofi for the higher yield. The data is also lackluster in sofi. I’ve been using SoFi as my main bank for a little over three months now and I am quite impressed and overall very happy with the decision. I don't pay fees for either. After that you can move money into SoFi via ACH initiated from your external banking app. That requires your external bank makes some micropayments into SoFi which you then enter the amounts of into your external bank to verify it was sent to the right place. For transferring funds, just link USAA to SoFi using Plaid, then you can transfer to and from. I absolutely love SoFi's Invest platform. 5%. So now what with Sofi being a bank and having just announced 1% APYs for both checking and savings in the coming weeks, what do you all say would be the better online banking platform: SOFI or Fidelity? Currently I'm all in with Fidelity since I have my stocks and roth IRA with them, plus they offer a 2% cashback visa which I can use at Costco. We would like to show you a description here but the site won’t allow us. -3% SoFi Credit card for having direct deposit in first year. Bank of America and my local credit union turned me down for buying a house, while SoFi approved me. 4 days ago · SoFi Checking and Savings is SoFi’s online banking solution. I travel, and this is like, more than half the reason I even signed up for SoFi. Things I love: -2 day early paycheck(the own the technology”Galileo”) -No overdraft or minimum balance fees -Vaults and autopilot (awesome feature) -Current APY 2. It’s never been a better time to set up direct deposit with a SoFi Checking and Savings account—because we just boosted our banking bonus up to $300. 8% APY for savings and 0. No account fees. I think the better question is why other banks get away with awful rates: consider that Chase and Bank of America still offer 0. The website is minimalist and well-designed, the server-side is responsive and snappy which allows the website and mobile apps to load very quickly, the clearing agent works well and does its job as advertised, and there are actual human-beings working in Capital One 360 allows you to name a beneficiary on your checking and savings accounts. We'll reach out to SoFi Banking directly to get this resolved for you. The difference between checking and savings has always been not much and it’s really blurry without transfer/withdrawal limits. (“SoFi Bank”) has set withdrawal and deposit transaction limits on your SoFi Checking and Savings accounts to protect your accounts against fraudulent activity. Limits on those xfers may also apply - it depends on your external bank. Plus, you don’t get face-to-face interactions. 90% and goes up to 1. SoFi Checking and Savings perks are so underrated. If they get their bank charter, I'll be onboard 100%. SoFi's great for banking but they definitely don't have a competitive credit card game (yet). I’ve got checking, savings, investments (stocks, crypto, robo), mortgage, and the credit card. I've been with SoFi for a very long time, before they even had bank accounts and when they were primarily about loans. SoFi is a good bank and their checking and saving product is decent. This is important to me in trying to use it as my "carry-anywhere" card. Sofi has vaults and CO allows you to open up to 20 different savings accounts which is pretty much the same thing. I opened a SoFi account in 2021, using it primarily for investing (long term index funds, not day trading). You also get a $300 bonus if you move enough direct deposit over there. 50%* -Easy and Accesible way to contact customer service. 20% APY[1][17]. They both serve a purpose. "We're waiting for SoFi Banking to report your purchase with us before we add Cash Back to your account. You can deposit checks, pay bills, send money to others and set up automatic savings features with no monthly service fees. . Transaction limits are set based on confidential fraud and risk criteria that are essential to your protection and may be modified at our sole discretion without Here is a detailed comparison of the pros and cons of Ally Bank versus SoFi Bank based on customer accounts and professional reviews: Interest Rates: SoFi offers a higher savings account APY of 4. I don't plan to put a lot of money in the checking since I only really plan to use it for international purchases or withdraw when I am out of the country. If you get the card prior to year end though, and you're listed as being SoFi Plus, you get 3% back on everything, up to a max of 12 months or $12,000 worth of purchases. Any bank where people suggest you have a backup bank account just in case isn’t my kind of bank. They want to remove that by trying to transition me to the new "SoFi Checking" (They already are removing interest on SoFi Money). Hey there, thanks for your interest in SoFi! The safety and security of your account is our top priority. I have seen some of the other posts of doomsdayers and their complaints, none of which have been an issue for me. To avoid this fee, all you need to do is log in to the SoFi app or SoFi. A mix of both your credit union and Sofi would be advised, not ditching the credit union completely. Thanks for visiting our sub! We’re happy to answer any general SoFi questions or concerns. Get your money right, all in one app. * And a reminder: You get plenty of other goodies with SoFi Checking and Savings, too: Access up to 4. Chase has some of the best credit cards on the market. Whenever there's a change, we'll send you an email. That way, I can deposit cash, or get a cashier's check - basically anything the online-bank doesn't handle at all, or handle very well. The prevailing banking strategy with SoFi tends to be: Bank out of your SAVINGS account, so your money stays in the savings account for a lot longer, and gets the better APY. Jan 16, 2025 · Financial services company SoFi gained its bank charter in 2022 and launched a combination checking and savings account, which is not a common offering. --- Nothing said here is financial advice. 7% APY for savings and 0. They are linked together with my SoFi account, so from the SoFi app I can manage both accounts and easily move money back and forth. Mar 28, 2025 · Why would you have the money deposited into SoFi and then transfer it to another bank to pay a bill. You can invest through Sofi but not CO. 1% APY for checking. NEW things this year to be fair: Integration with Samsung Money and construction of the SoFi Stadium, cash back offers, roundups, vaults, credit card, and some investing features. Second, there are other very safe places to hold your money for ~10% right now. 60% compared to Ally's 4. Sofi has a higher APY with 4. Visit us at: https://www. 5% APY for checking. you are representative of SoFi's customer base and even though you are having some issues, they are not causing you to leave SoFi completely and overall you like them and because you represent the majority, the majority feel the - SoFi told me I couldn't have margin, Schwab did - SoFi restricted the ATM fee-reimbursement Also a bit irritated with support. 6% and Capital One is at 4. ‡ 24/7 account monitoring. SoFi is a good bank for daily transactions, but I wouldn't keep my money for the APY. One of my other banks requires a fee for setting up transfers on their end, so rather than just send money from SoFi where it needs to go I may have to transfer money from SoFi to my credit union and then from the credit union to the bank, so that it can then be used to pay the mortgage (mortgage discount for autopay from local bank account). However, it doesn't offer the highest interest rates. Hi, we're so happy you're interested in SoFi! Our mission is to help people reach financial independence to realize their ambitions. General strategy for the SoFi account is to bank out of your savings account, to keep the money there as long as possible to get that 4. 01% APY on savings accounts. The APY is actually 0. SoFi has been my only bank since 2018 but I’ve had an account with SoFi since 2014. 5% APY with overdraft protection turned on, and still get all expenses that get paid out of checking auto-covered out of your savings account. I suppose this made me feel compelled to post. The official subreddit of SoFi. I personally like banking with SoFi the best except for the reported low Zelle limits but the very fast ACH transfers help make up for that. com NMLS #1121636 Thanks for visiting our sub! We’re happy to answer any general SoFi questions or concerns. As a second example, sofi doesnt have the same degree of research that schwab has nor the same degree of alert systems for investments. ) If you think you may need to deposit cash even somewhat regularly, I would suggest signing up with a local credit union, so you can transfer funds between the banks if necessary. SoFi has recently tried to do some BS court cases on the student loan pause, which along with some marketing attempts, is an effort to increase their revenue outside of a student loan holder's best interests. A. My phone got stolen, and the person who stole the phones hacked into all my accounts, causing SoFi to restrict my account. I personally keep most of my money at SoFi for years now. I used it for 3 weeks and every aspect of the platform is phenomenal in its current iteration. Capital One has no foreign transaction fee, Zelle, and cashier's checks. 6 and Ally has 624 reviews with an average rating of 1. I of course like that I can deposit into the savings account at SoFi and earn interest while having unlimited savings withdrawals. SOFI is still a high-risk, growth stock. Download the latest fee schedule: Log in, go to Invest, and select one of your investment accounts. you're not representative of SoFi's overall customer base because of what I said and I was right or 2. 35%. and this is precisely why i can't go all in with Sofi or any fintech "bank". If you have account questions, please use the link to connect directly to an agent on our secure platform sofi. It’s not that I don’t like the credit union, I do. The funds are available same day or next business day. I’ve debated switching over to them but have held off because overall SoFi has been a good bank and I’m using DAS Budget currently to give me some of features I need to help budget better. i do all my spending with Chase and i keep no more than $500 in that account so if i get robbed or fraud, it doesn't affect my bills or any of my So either: 1. Sofi allows you to track other bills and accounts with different banks CO doesn’t. I linked from SoFi's banking page, and told it to search for USAA, which it found without any issues. Bad attempt at money laundering? There has to be more to this story. As a result, all the monetary benefits of using SoFi are essentially going away for me. First, you shouldn't keep money you don't need in the short term at banks. I really like the free checks and that you can keep 100% of your cash in savings and get the 4. It seems like SoFi might not work for your joint account needs but depending on how your job’s direct deposit system works it might work to open a joint account at a different bank with HYSA and then just set up a portion of your paychecks to deposit into the joint account while the rest goes to each of your individual SoFi accounts Agree with SOFI. I would use SoFi over any "old school" bank at this point. Capital One 360 has 3. lasxtt iuvp dpaw kdv ekxi lvwtgt rfje dynk gycrf hkylon

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