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Review: https://fioney.com/sofi-money-review/
Referral link: https://fioney.com/sofi-money-bonus
I used to look at the then SoFi Money account, which ended up being one of my favorite options. A lot has happened since then, including the SoFi bank account offering moving to simply called SoFi Checking and Savings. How will these accounts hold up against the competition in 2024? Let's discuss a few things you need to know, along with my thoughts on the current product.
The first thing you need to know about SoFi Checking and Savings is that the FinTech is now a licensed bank.
In 2022, SoFi completed an acquisition of Golden Pacific Bancorp, forming SoFi Bank. As a side effect of this, the former SoFi Money account, which was a hybrid checking and savings account, was split into, well, SoFi checking and savings accounts. The other big difference is that SoFi now offers its own FDIC insurance. But in addition to their 250,000 per deposit, they still have an insured deposit program with partner banks, which allows for up to 2 million in insured funds.
Then, as the name implies, SoFi Checking and Savings is now two separate accounts, but there are no fees associated with either.
True to previous forms of SoFi's banking offerings, their savings and checking accounts come with no fees. This not only means no monthly fees, but also no overdraft fees, monthly minimums, dormant account fees, or even card replacement fees. Considering how many traditional bank accounts have certain fees if you don't meet certain requirements, this fee schedule or lack thereof is a big plus in the profit column for SoFi customers.
In terms of earning interest, SoFi's rates are quite competitive, but there's a catch.
At the time of this withdrawal in March 2024, SoFi savings customers can earn up to 4.60% APY. However, to earn that rate, the account holder must sign up for direct deposit or deposit at least 5,000 every 30 days. Those who do not meet at least one of these two requirements currently earn 1.20% APY. Moreover, these rates only apply to the money in your savings account. Funds in SoFi Checking currently earn 0.50% APY – which, while not very high, is better than most checking accounts.
As for how SoFi's 4.6% APY compares to other options right now, it's near the top – although you might find something higher somewhere. So if you plan on using direct deposit to your SoFi account, this could be a good option.
As for other banking features, the accounts offer free ATM access, bill payment, and even the ability to order paper checks.
With your SoFi checking account you have access to more than 55,000 free ATMs that are part of the Allpoint network. The Bill Pay options are also notable… although I have never actually used this function for myself. On the savings side, SoFi also offers a number of Autopilot tools for recurring deposits, rounding and more.
Another aspect of SoFi that I have used and appreciate is that you can order paper checks for free. In the app or on the site, under the Banking tab, tap the More button and scroll down to Order Checks. From there you can confirm your details (such as your postal address) and place your order. One order contains 25 checks, but you can reorder as long as it has been at least seven days.
While not everyone needs these specific banking offers, given how many accounts are cutting back on them these days, I like that SoFi includes them.
Finally, if you're considering opening a SoFi Checking and Savings Account, you may be able to take advantage of one of their bonus offers.
SoFi is known to have offered a number of attractive bonuses to new members over the past year. For example, as I am editing this video, those who join SoFi Checking and Savings can earn up to 300. By using a referral link like the one I leave in the description box and pinned comment, you can currently earn up to 325 in bonuses. This includes 25 when you open the account and then another 300 when you sign up for direct deposit. However, this last bonus depends on how much you deposit directly, starting with a 50 bonus for 1,0000 and then the 300 bonus starting at 5,000.
Of the bank bonuses out there, this one is quite easy to take advantage of, even if you can't quite afford the amount needed to get the full 300. But if you're considering opening an account, make sure you do so when one of these bonus offers is in effect.
For more bank account reviews, visit https://fioney.com/category/banking/checking-accounts/checking-reviews/
and for all my video reviews https://www.youtube.com/playlist?listPLFfM5Lf816an_Ux9qetCn_0sy4FoK4naw
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