Thoughts on SofI - Money/Credit/Invest

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makeminemichael
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Joined: Mon Feb 08, 2021 6:38 pm

Thoughts on SofI - Money/Credit/Invest

Post by makeminemichael »

Hi all! I'm curious to what everyone thinks about SoFI and how they compare as an One-Stop-Shop establishment for Banking/Investing/Credit Cards. I'm really liking them over Fidelity but it may be because of their mobile app.
alex6499
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Re: Thoughts on SofI - Money/Credit/Invest

Post by alex6499 »

I use sofi for my checking account and for buying vti in my taxable. I think that sofi is great for my checking since I get all atm fees reimbursed and a higher than average interest rate. It's fdic insured too. As far as sofi goes for investing, it's about as good as anything else if you're doing simple investing.

Sofi also just came out with a solid credit card that has 2% cashback on all purchases if you put the cashback toward Sofi Invest. SoFi is definitely a major player in the fintech world.
Gadget
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Re: Thoughts on SofI - Money/Credit/Invest

Post by Gadget »

I don't see how Sofi is any different than Robinhood really. I also don't see how it has any advantages over Fidelity other than prettier app (which is subjective). Fidelity has a lot of advantages over Sofi.

If you were going to be in Robinhood anyway, go for Sofi. If you're comparing Sofi to Fidelity, IMO you'd have to REALLY like the look of the app better. I'd stick with Fidelity/Vanguard/Schwab over Sofi.

What advantages specifically do you think Sofi has over Fidelity?
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curiouskitty
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Re: Thoughts on SofI - Money/Credit/Invest

Post by curiouskitty »

Don’t overlook investing in SoFi itself if you like the company, the ticker is IPOE
Gertrude
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Re: Thoughts on SofI - Money/Credit/Invest

Post by Gertrude »

Bump. Anyone using SOFI currently? I see that they are paying 1.0% on checking/savings on balances up to $50,000 (direct deposit required).
demdeah26
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Joined: Mon Mar 29, 2021 8:26 am

Re: Thoughts on SofI - Money/Credit/Invest

Post by demdeah26 »

Gertrude wrote: Sun Mar 27, 2022 7:30 am Bump. Anyone using SOFI currently? I see that they are paying 1.0% on checking/savings on balances up to $50,000 (direct deposit required).
I’ve been using SoFi for about a year now. I’m hoping to do all my banking/investing/finances with it eventually but they aren’t there yet.

Pros:
Credit card has 2% cash back
User interface/ease of use
Mobile App

Cons:
Credit card has a 1k limit as of now
Check deposits take 3-5 days to clear
Incoming money transfers can be on hold 3-5 days
No tax advantages/deferred/retirement investing options available that I know of

Overall:
I still use Truist for primary banking and Chase Sapphire for primary credit card. Do have all my taxable investing in SoFi at this point but IRAs, 401k, 529 housed at RayJ.

Will use SoFi more as they expand offerings and scale operations/what they can do, which you’re already starting to see
02nz
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Re: Thoughts on SofI - Money/Credit/Invest

Post by 02nz »

Gertrude wrote: Sun Mar 27, 2022 7:30 am Bump. Anyone using SOFI currently? I see that they are paying 1.0% on checking/savings on balances up to $50,000 (direct deposit required).
Looks like they're now at 1.25% with direct deposit, and I'm not seeing any limit on what balance earns that APY. According to DoC there are two bonuses that should stack for a total of $475, so I just opened an account. Note that for the highest bonus, you need a total of $5K direct deposit within 30 days.
volstagg
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Re: Thoughts on SofI - Money/Credit/Invest

Post by volstagg »

I opened the new checking/savings account about 2 weeks ago, for the 1.25% they are currently offering. After opening the account I attempted to get DW added as a joint account holder but they wouldn't add her because "They couldn't confirm information required to meet the Patriot Act reporting requirements"...blah, blah, blah.

Tried several things suggested by Sofi support, but it just ended up locking her SSN, which required me to wait 7 days before they could try anything again (yes, a 7 day hold with no way to unlock/override), 7 days later, same thing. Spent about 2 hours talking to Sofi Support, between calling and chatting, no one could tell me why, no way to send DW's paperwork (photo ID, passport, SS Card, etc) to get the decision overridden, just can't add DW to account, period.

They also don't have a method of adding beneficiaries to the new checking/savings account, so their setup is a non-starter for me, in case something happened to me I wouldn't want to leave DW with our financial life in limbo. I wasn't going to use it for day to day banking, but I thought it would be a good place to park emergency fund cash, etc since other online banks (Marcus, Ally, Alliant, etc) are lagging on raising rates.

They're offering a $300 bonus for $5000+ deposit in 30 days, so I'll make the required direct deposit to get my $300 bonus, ACH everything out and close the account.

I will say, I've found both their site and app is marketing HEAVY, basically built on selling you more of their products, lots of links to "try this product....would you like a personal loan....can we refinance your student loans....etc".

Also, ALL alerts I care about (Deposit, Withdrawl, Debit Card usage, etc) are push only to the mobile app, no way to get text or email alerts on your account.
Gertrude
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Re: Thoughts on SofI - Money/Credit/Invest

Post by Gertrude »

02nz wrote: Sun Apr 17, 2022 12:52 pm
Gertrude wrote: Sun Mar 27, 2022 7:30 am Bump. Anyone using SOFI currently? I see that they are paying 1.0% on checking/savings on balances up to $50,000 (direct deposit required).
Looks like they're now at 1.25% with direct deposit, and I'm not seeing any limit on what balance earns that APY. According to DoC there are two bonuses that should stack for a total of $475, so I just opened an account. Note that for the highest bonus, you need a total of $5K direct deposit within 30 days.
The 50k limit went away when they raised the rate. I opened an account and doing the $300 bonus for $5k direct deposit. I actually completed the $5k this past week, so just pending the pay out.
MBB_Boy
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Re: Thoughts on SofI - Money/Credit/Invest

Post by MBB_Boy »

I've been a big fan of SoFi for a long time now (and have pushed the multiple times here in the forum). Since they got their bank charter a few months ago, the primary reason that some people here were uncomfortable with them is no longer a valid concern.

I do not use them as a one-stop shop, but only because all of my systems are already established and running smoothly. Once my USAA 2.5% ends, I may go SoFi and their 2% card as my primary non-category spend (if I don't use the PayPal one or bother with the BOA system, still undecided)

There's also a major benefit that people keep glossing over - they give unlimited access to CFP advice. You can easily set up an appointment and get unbiased advice around a number of topics. And I mean set up an appointment tomorrow, not in like 6 weeks or some absurd wait time for a free service.

I've used it multiple times to just talk out things like estate planning, making sure I was calculating my mega-backdoor roth space correctly, and other small things. I've found it very useful, and that's without having a bunch of accounts linked to SoFi.

I'm not sure what the sessions would be like if I had a bunch of things linked to the account and investments there - potentially more useful? I'm not worried about it getting "sales-ey" because there aren't any commissions involved. I've never been pitched a product on a call, it's been like talking to any fee-only financial planner.....except there isn't a fee.

I work in the retail banking / financial services world, and whenever my friends have asked for banking recommendations, I've sent them toward SoFi for years.
02nz
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Re: Thoughts on SofI - Money/Credit/Invest

Post by 02nz »

MBB_Boy wrote: Sun Apr 24, 2022 8:52 am I've been a big fan of SoFi for a long time now (and have pushed the multiple times here in the forum). Since they got their bank charter a few months ago, the primary reason that some people here were uncomfortable with them is no longer a valid concern.

I do not use them as a one-stop shop, but only because all of my systems are already established and running smoothly. Once my USAA 2.5% ends, I may go SoFi and their 2% card as my primary non-category spend (if I don't use the PayPal one or bother with the BOA system, still undecided)

There's also a major benefit that people keep glossing over - they give unlimited access to CFP advice. You can easily set up an appointment and get unbiased advice around a number of topics. And I mean set up an appointment tomorrow, not in like 6 weeks or some absurd wait time for a free service.

I've used it multiple times to just talk out things like estate planning, making sure I was calculating my mega-backdoor roth space correctly, and other small things. I've found it very useful, and that's without having a bunch of accounts linked to SoFi.

I'm not sure what the sessions would be like if I had a bunch of things linked to the account and investments there - potentially more useful? I'm not worried about it getting "sales-ey" because there aren't any commissions involved. I've never been pitched a product on a call, it's been like talking to any fee-only financial planner.....except there isn't a fee.

I work in the retail banking / financial services world, and whenever my friends have asked for banking recommendations, I've sent them toward SoFi for years.
Thanks for sharing, I wasn't aware of the CFP bit.
Zagnificent
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Re: Thoughts on SofI - Money/Credit/Invest

Post by Zagnificent »

I’ve been a long term SoFi member and I have to say, I’m quite happy with it as a “mostly” one stop shop. I initially caught onto the company when I refinanced my student loans. They were one of the first doing that. When they added the Money and Invest platforms, I jumped on those as well. I have the credit card too, which is not terribly exciting but a decent 2% back card.

Everything they purport to do, they do pretty well. I’ve never had an issue, but they don’t offer some larger bank services like wire transfer. So, I also have an Ally account for those purposes.

The only thing I would stay away from is SoFi’s in-house ETFs. They did some sketchy stuff there using their robo advisor to steer money into those funds. They paid a tiny fine relative to the tax costs that their customers incurred, and they never admitted guilt.
secondopinion
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Re: Thoughts on SofI - Money/Credit/Invest

Post by secondopinion »

demdeah26 wrote: Sun Mar 27, 2022 8:05 am
Gertrude wrote: Sun Mar 27, 2022 7:30 am Bump. Anyone using SOFI currently? I see that they are paying 1.0% on checking/savings on balances up to $50,000 (direct deposit required).
I’ve been using SoFi for about a year now. I’m hoping to do all my banking/investing/finances with it eventually but they aren’t there yet.

Pros:
Credit card has 2% cash back
User interface/ease of use
Mobile App

Cons:
Credit card has a 1k limit as of now
Check deposits take 3-5 days to clear
Incoming money transfers can be on hold 3-5 days
No tax advantages/deferred/retirement investing options available that I know of

Overall:
I still use Truist for primary banking and Chase Sapphire for primary credit card. Do have all my taxable investing in SoFi at this point but IRAs, 401k, 529 housed at RayJ.

Will use SoFi more as they expand offerings and scale operations/what they can do, which you’re already starting to see
1k? That is not helpful in my situation; I have had 5k+ expenses before.
Passive investing: not about making big bucks but making profits. Active investing: not about beating the market but meeting goals. Speculation: not about timing the market but taking profitable risks.
garomee
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Re: Thoughts on SofI - Money/Credit/Invest

Post by garomee »

secondopinion wrote: Sun Apr 24, 2022 9:45 am
demdeah26 wrote: Sun Mar 27, 2022 8:05 am
Gertrude wrote: Sun Mar 27, 2022 7:30 am Bump. Anyone using SOFI currently? I see that they are paying 1.0% on checking/savings on balances up to $50,000 (direct deposit required).
I’ve been using SoFi for about a year now. I’m hoping to do all my banking/investing/finances with it eventually but they aren’t there yet.

Pros:
Credit card has 2% cash back
User interface/ease of use
Mobile App

Cons:
Credit card has a 1k limit as of now
Check deposits take 3-5 days to clear
Incoming money transfers can be on hold 3-5 days
No tax advantages/deferred/retirement investing options available that I know of

Overall:
I still use Truist for primary banking and Chase Sapphire for primary credit card. Do have all my taxable investing in SoFi at this point but IRAs, 401k, 529 housed at RayJ.

Will use SoFi more as they expand offerings and scale operations/what they can do, which you’re already starting to see
1k? That is not helpful in my situation; I have had 5k+ expenses before.
The debit card is 2% cash back as well, and the limit for that would be your account balance. The account balance is currently earning 1.25%, good enough for me.

I'm in the process of consolidating investment accounts to Fidelity, and SoFi for banking.
H-Town
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Re: Thoughts on SofI - Money/Credit/Invest

Post by H-Town »

Gadget wrote: Tue Mar 02, 2021 9:25 am I don't see how Sofi is any different than Robinhood really. I also don't see how it has any advantages over Fidelity other than prettier app (which is subjective). Fidelity has a lot of advantages over Sofi.

If you were going to be in Robinhood anyway, go for Sofi. If you're comparing Sofi to Fidelity, IMO you'd have to REALLY like the look of the app better. I'd stick with Fidelity/Vanguard/Schwab over Sofi.

What advantages specifically do you think Sofi has over Fidelity?
- $475 bonus to open an account
- 1.25% APY
- 2% cashback
- No fee

I just signed up. Just another account for bonus and currently highest APY. The bonus amount can pay for my gas tank for 2 months. Why not?
Time is the ultimate currency.
MrJedi
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Re: Thoughts on SofI - Money/Credit/Invest

Post by MrJedi »

I signed up for the new account bonus ($300 through SoFi directly and $175 with Swagbucks).

Seems like a decent product actually. The bank account interest rate is competitive if you're looking for something relatively hassle free (I jump through the hoops of rewards checking so I do not need the bank account, but I would consider it if I did not use rewards checking). 2% cashback credit card with no FTF is competitive too (though 2% is a dime a dozen now).

I have not used their brokerage account, so I can't speak to that.

The app and website are Fintech-y and "pretty". Some people care about that but I do not care. Some of my small credit union web interfaces look straight out of the 90s but I do not mind if they can pay decent rates.
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longlife
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Re: Thoughts on SofI - Money/Credit/Invest

Post by longlife »

I opened a new SoFi checking account last week. Everything looks good and the website and app are fancy, as expected from a fintech.
A few things that make me hesitate to put large money into my SoFi account:

1. You can't add beneficiaries to your account. This has been an issue for at least 2 years and I don't see they are making this happen.
a post from 2 years ago: https://support.sofi.com/hc/en-us/artic ... y-account-
a recent post 2 months ago: https://www.reddit.com/r/sofi/comments/ ... d_savings/

2. The transfer limits, in and out, are 5k/day and 10k/month, with a hold for 5 days, for new accounts. They say the limits will raise as the account "tenured". Not sure what that means exactly because "tenure" is a very unclear word. I believe once "tenured", the limits are bumped up to 100k/day which is very nice.

3. Customer service. From the limit experience I talked to them as a new client, asking questions about the above two points, I am a little disappointed. The rep was less helpful than a quick google, and provided incorrect information to my questions. I got the correct information from Google.

For example, the rep didn't understand the diff between ach transfer limit vs debit card withdraw limit. He kept giving me the debit card limit even if I emphasized I was asking about the transfer limit between banks. He also didn't understand the difference between a pull/push initiated from an external account vs. initiated from SoFi.

I have also seen some online posts complaining about their CS too.
Sure they are new and young, and still growing. And none of the above points is a deal killer. I will keep using SoFi for their top APY, but probably not as a primary account until they improve.
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