Can you guys find anything that beats sofi money checking account?

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vu8
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Location: Summerlin NV

Can you guys find anything that beats sofi money checking account?

Post by vu8 »

Good morning friends!

Apparently sofi money is paying 2.25 apy on its checking account, absolutely nothing can beat that to my knowledge. Can you guys find any checking account that can beat this? Are you guys aware of any catches of sofi money? I need your feedbacks! If I can write checks with this account to pay my rent I'm switching!
dcop
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Re: Can you guys find anything that beats sofi money checking account?

Post by dcop »

Vanguard MM funds are paying 2.5. Thats where my cash is parked.
YoungBogle
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Re: Can you guys find anything that beats sofi money checking account?

Post by YoungBogle »

Redneck bank offers 3%, but I think there are some qualifying activities
PapaSmushFace
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Re: Can you guys find anything that beats sofi money checking account?

Post by PapaSmushFace »

My local credit union, Orion Federal Credit Union, offers 4% checking. You need $500/month deposits and 8 signature-based transactions/month.
withrye
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Re: Can you guys find anything that beats sofi money checking account?

Post by withrye »

For the simplicity, I haven't found anything that beats SoFi Money. I switched from CapOne360 a few months ago.

One account (as opposed to a lower-yield checking plus a higher-yield savings), no deposit requirement, no monthly transaction requirement. Free checks, ATM reimbursement anywhere, bill pay. Joint account. And FDIC insurance up to $1.25M.

Checks all the boxes. I haven't found any catches yet.
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vu8
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Location: Summerlin NV

Re: Can you guys find anything that beats sofi money checking account?

Post by vu8 »

withrye wrote: Fri Mar 22, 2019 11:39 am For the simplicity, I haven't found anything that beats SoFi Money. I switched from CapOne360 a few months ago.

One account (as opposed to a lower-yield checking plus a higher-yield savings), no deposit requirement, no monthly transaction requirement. Free checks, ATM reimbursement anywhere, bill pay. Joint account. And FDIC insurance up to $1.25M.

Checks all the boxes. I haven't found any catches yet.
The perks blows anything I've known away. Switched.
Pepper11
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Re: Can you guys find anything that beats sofi money checking account?

Post by Pepper11 »

This beats anything and everything out there today. They finally got joint accounts so I just switched. Surprising it does not seem to be all the popular on the board here. They do seem to be a bit political and cater to the liberal Millenial crowd based on their featured investment choices in the Investment portion of their site.
MotoTrojan
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Re: Can you guys find anything that beats sofi money checking account?

Post by MotoTrojan »

Fidelity CMA has money market options in that realm and also includes free (refunded) ATM withdrawals. Can write checks too.

I personally have mine tied to a brokerage account too and leave $0 in the CMA (auto transfers). This allows me to have my direct deposit and other payments automatically go into SPAXX for decent yield rather than the CMA's core account which requires transfer to higher yielding funds. From there I can transfer to SPRXX for more yield and still auto-withdraw from it, or move to auto-rolled treasury bills for even more yield and no state taxes.
Teddy Ruxpin
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Re: Can you guys find anything that beats sofi money checking account?

Post by Teddy Ruxpin »

Pepper11 wrote: Sat May 11, 2019 9:39 pm This beats anything and everything out there today. They finally got joint accounts so I just switched. Surprising it does not seem to be all the popular on the board here. They do seem to be a bit political and cater to the liberal Millenial crowd based on their featured investment choices in the Investment portion of their site.
How long did the joint checking approval take? I've been waiting a week
Pepper11
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Re: Can you guys find anything that beats sofi money checking account?

Post by Pepper11 »

Teddy Ruxpin wrote: Sat May 11, 2019 9:54 pm
Pepper11 wrote: Sat May 11, 2019 9:39 pm This beats anything and everything out there today. They finally got joint accounts so I just switched. Surprising it does not seem to be all the popular on the board here. They do seem to be a bit political and cater to the liberal Millenial crowd based on their featured investment choices in the Investment portion of their site.
How long did the joint checking approval take? I've been waiting a week
30 seconds. My wife and I have done several student loan refinances with them, so they had our info. But that seems too long.
Inframan4712
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Re: Can you guys find anything that beats sofi money checking account?

Post by Inframan4712 »

A lot of complaints in the comments section on NerdWallet.
Accounts frozen without explanation and no way to resolve. Described as “the Facebook of banks.”

I’ll pass.
Teddy Ruxpin
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Re: Can you guys find anything that beats sofi money checking account?

Post by Teddy Ruxpin »

Pepper11 wrote: Sat May 11, 2019 10:00 pm
Teddy Ruxpin wrote: Sat May 11, 2019 9:54 pm
Pepper11 wrote: Sat May 11, 2019 9:39 pm This beats anything and everything out there today. They finally got joint accounts so I just switched. Surprising it does not seem to be all the popular on the board here. They do seem to be a bit political and cater to the liberal Millenial crowd based on their featured investment choices in the Investment portion of their site.
How long did the joint checking approval take? I've been waiting a week
30 seconds. My wife and I have done several student loan refinances with them, so they had our info. But that seems too long.
Thanks. I'll reach out to them then.
Pomegranate
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Re: Can you guys find anything that beats sofi money checking account?

Post by Pomegranate »

Hmm is that review true?
Is There Any Concerning Fine Print?
The only concerning fine print with SoFi Money is its withdrawal limits. You can never take out more than $610 from an ATM in a day and you can only do $250 worth of peer-to-peer transfers in a day. If you’re the type that wants to withdraw a few thousand dollars to buy a used car, you’re going to have to plan ahead.
:confused
Pomegranate
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Re: Can you guys find anything that beats sofi money checking account?

Post by Pomegranate »

MotoTrojan wrote: Sat May 11, 2019 9:49 pm Fidelity CMA has money market options in that realm and also includes free (refunded) ATM withdrawals. Can write checks too.

I personally have mine tied to a brokerage account too and leave $0 in the CMA (auto transfers). This allows me to have my direct deposit and other payments automatically go into SPAXX for decent yield rather than the CMA's core account which requires transfer to higher yielding funds. From there I can transfer to SPRXX for more yield and still auto-withdraw from it, or move to auto-rolled treasury bills for even more yield and no state taxes.
SPAXX and SPRXX both have 0.42% exp ratio :|
MotoTrojan
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Re: Can you guys find anything that beats sofi money checking account?

Post by MotoTrojan »

Pomegranate wrote: Sat May 11, 2019 10:43 pm
MotoTrojan wrote: Sat May 11, 2019 9:49 pm Fidelity CMA has money market options in that realm and also includes free (refunded) ATM withdrawals. Can write checks too.

I personally have mine tied to a brokerage account too and leave $0 in the CMA (auto transfers). This allows me to have my direct deposit and other payments automatically go into SPAXX for decent yield rather than the CMA's core account which requires transfer to higher yielding funds. From there I can transfer to SPRXX for more yield and still auto-withdraw from it, or move to auto-rolled treasury bills for even more yield and no state taxes.
SPAXX and SPRXX both have 0.42% exp ratio :|
7 day SEC yield includes the ER. While I’d prefer to get Vanguard prime MM rates, the fact my checking can also get the admittedly lower rate makes up for it. I favor simplicity.
You Know What I Mean
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Re: Can you guys find anything that beats sofi money checking account?

Post by You Know What I Mean »

If you are willing to consider a rewards-checking account, Consumers Credit Union of Illinois has one that pays 3.09% (on balances up to $10,000) if you do the minimum in monthly debit-card transactions (and deposits), 4.09% if you also do $500 in credit-card charges, and 5.09% if you do $1,000 per month in credit-card charges.

https://www.myconsumers.org/personal/checking
sd323232
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Re: Can you guys find anything that beats sofi money checking account?

Post by sd323232 »

Guys, props to the post! i was looking for something like this for long time, just opened my SOFI Checking account and transferring money in. 2.25% is legit!!!
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archbish99
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Re: Can you guys find anything that beats sofi money checking account?

Post by archbish99 »

Pomegranate wrote: Sat May 11, 2019 10:36 pm Hmm is that review true?
Is There Any Concerning Fine Print?
The only concerning fine print with SoFi Money is its withdrawal limits. You can never take out more than $610 from an ATM in a day and you can only do $250 worth of peer-to-peer transfers in a day. If you’re the type that wants to withdraw a few thousand dollars to buy a used car, you’re going to have to plan ahead.
:confused
Yes, that's stated on their site. Do you frequently need to get more than $600 of cash in a day? Or is it the limit on P2P transactions that gets you? Could probably get around this pretty simply by using a different P2P payment app for some of those (Venmo, Google Pay, etc.).
I'm not a financial advisor, I just play one on the Internet.
mpsz
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Re: Can you guys find anything that beats sofi money checking account?

Post by mpsz »

Pomegranate wrote: Sat May 11, 2019 10:36 pm Hmm is that review true?
Is There Any Concerning Fine Print?
The only concerning fine print with SoFi Money is its withdrawal limits. You can never take out more than $610 from an ATM in a day and you can only do $250 worth of peer-to-peer transfers in a day. If you’re the type that wants to withdraw a few thousand dollars to buy a used car, you’re going to have to plan ahead.
:confused
Here is the full set of limits: https://www.sofi.com/money/limits

$610 daily from an ATM is not unusual... your current ATM/debit card probably has a $500-$520 limit.

$250 P2P limit is a bit low... nothing stopping you from using Venmo, Paypal, Apple Pay, etc.
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White Coat Investor
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Re: Can you guys find anything that beats sofi money checking account?

Post by White Coat Investor »

vu8 wrote: Fri Mar 22, 2019 8:36 am Good morning friends!

Apparently sofi money is paying 2.25 apy on its checking account, absolutely nothing can beat that to my knowledge. Can you guys find any checking account that can beat this? Are you guys aware of any catches of sofi money? I need your feedbacks! If I can write checks with this account to pay my rent I'm switching!
I'm switching to it. One problem I'm having is I can't pull more than $50K at a time (and $100K in a month) into it. I'm trying to get them to make an exception.
1) Invest you must 2) Time is your friend 3) Impulse is your enemy | 4) Basic arithmetic works 5) Stick to simplicity 6) Stay the course
Progapanda
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Re: Can you guys find anything that beats sofi money checking account?

Post by Progapanda »

I would recommend Bogleheads keep SoFi's recent history of customer-unfriendly actions in mind as they consider their new "checking" product.

In April, the company unilaterally moved its wealth management customers' taxable investments from a Vanguard ETF to its own proprietary-index ETF without notification, which is believed to have generated unnecessary capital gains for those customers.

Sources:
https://www.investmentnews.com/article/ ... ns-tax-hit
https://www.wsj.com/articles/sofis-no-f ... 1555690808
Topic Author
vu8
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Location: Summerlin NV

Re: Can you guys find anything that beats sofi money checking account?

Post by vu8 »

White Coat Investor wrote: Mon May 20, 2019 5:38 pm
vu8 wrote: Fri Mar 22, 2019 8:36 am Good morning friends!

Apparently sofi money is paying 2.25 apy on its checking account, absolutely nothing can beat that to my knowledge. Can you guys find any checking account that can beat this? Are you guys aware of any catches of sofi money? I need your feedbacks! If I can write checks with this account to pay my rent I'm switching!
I'm switching to it. One problem I'm having is I can't pull more than $50K at a time (and $100K in a month) into it. I'm trying to get them to make an exception.
I've been a SOFI guy ever since! One of the caveats! Sofi doesn't receive ANY wire transfers! I initiated an international incoming transfer to sofi and it bounced back because sofi rejects any wires. SO NEVER wire money to or from sofi, use ACH.
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southerndoc
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Re: Can you guys find anything that beats sofi money checking account?

Post by southerndoc »

How easy is it to move money in/out of the Vanguard MM? How quickly can it be sent to regular checking for an emergency fund?

Currently I'm using Fidelity's CMA for an emergency fund. I like the ease of checkbook and ATM/debit card, but if Vanguard can move the money quickly or have alternate ways of accessing it, I might consider it. (or may consider putting 33% in Fidelity CMA and 66% in Vanguard MM)
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