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The reason I loved Sofi so much
No fees, not even fees for international ATM use (which they eventually stopped doing for new members)
They gave everyone high returns without any crazy loops to jump around like direct deposit and so on (they were competitive)
In addition, for the first time I was able to create multiple accounts in one bank account (so I could have different goals within one bank account
And that was enough for me
It's why:
I recommended them and I referred about 153 of you to come work at Sofi, and you did.
So it is my responsibility to tell you now why I am leaving
So what happened
New member no longer gets a free ATM (first bad sign, but not a deal breaker)
New high-yield savings policy changes during record low interest rates
I say I made 0% but didn't think much of it until my friend came over and told me how much he was making in interest on his savings (and then I got upset)
Here is the new policy (they call it Sofi Plus)
They currently give you 3.75% on your money (this will change which is normal)
Check-in up to 2 days earlier
But your direct deposit must be greater than $1,000 per month
The reason I don't like this is simple
They ask to jump through hoops
And I don't have direct deposit
A bigger question is:
If I signed up for this new program, I will lose my free withdrawals
So where I am, I also move
I'm not a savings junkie
So I won't move for a half percent difference
But I do move when things like this happen
So I switched gears to discover:
They don't have the best rates like asset front which offers 4%, but they have been consistent in the past
I don't like the limit on savings of 6 transfers per month, but I'm also not looking to move money around like crazy, so it's not a deal breaker for me
They also have incredible customer service
Other options:
Sofi if you have a down payment
Wealthfront if you don't mind the bullying
Capital one savings 360
But feel free to take a look around
I still use social security, but more like a debit card for everyday expenses
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*Some of the links and other products appearing in this video are from companies through which Tommy Bryson earns an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The contents of this video are correct as of the date of posting. Some of the offers mentioned may no longer be available. I'm an accountant, but I'm not your accountant. Always discuss the information with your accountant/CPA and your financial advisor.
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