SoFi Bank, N.A is the 132nd largest bank in the nation. It was established in 1986 and as of March of 2023, it had grown to 831 employees. SoFi Bank, N.A's savings rates are 9X the national average, and it boasts an A+ health rating.
Related Posts
6/10 - Sofi Savings Rate Ticks Up To 4.30%
4/25 - Savings Rate Nudges To 4.20%
3/17 - Sofi At 1.20% Checking, 4% Savings With Direct Deposit
1/4 - Sofi Savings 3.75% APY
11/30 - Sofi Savings 3.25%
10/31 - Savings Increases To 3.0% APY On 11/3/22
9/30 - Sofi Checking And Savings 2.50% With Direct Deposit
9/9 - Up To $1,000 Bonus For Adding To Balance For 2 Months
8/12 - Updated Review of SoFi Checking and Savings Account and Bonus Offer
8/12 - Sofi Increased To 2.0% With Direct Deposit
7/26 - Sofi Now At 1.8% With Qualifying Direct Deposits
6/28 - Sofi at 1.5% APY
5/5 - Sofi Money To Stop Paying Interest
4/30 - Review of SoFi Checking and Savings Account and Its Market-Leading Rate
4/5 - Sofi Ups Checking/Savings To 1.25%
3/11 - Now Available: Sofi 1% On Balances Up To $150K, DD Required
2/19 - Coming Soon: 1% APY On Up To $150K In Deposits In Sofi Money
10/31/19 - Sofi Money APY Drops To 1.60%
9/19/19 - Sofi Quietly Slips APY On Money Account Down To 1.80%
8/19/19 - Review of SoFi Money
8/1/19 - Sofi Money Mirrors The FED, Rate Drops From 2.25% To 2.00% Effective 8/1/19
2/13/19 - Sofi 2.25% Checking Account Dropped All Direct Deposit & Spending Restrictions
Great Experience Overall
I've been banking with SoFi for one year now. I haven't had to directly interact with their customer service, but I've had zero problems and have been generally happy with their interest rates (not best on the market, but much higher than average). Their "SoFi Plus" rewards program is also quite generous if you do direct deposit, invest with them, use their credit card, etc. Their app works well and allows for instant transfers between checking, savings, and special "vaults" you can create for specific pools of savings (vacation, auto purchase, etc.). I am planning to continue using them as my primary bank for the foreseeable future.
Great Features, Rates Could Be A Little Better
SoFi has been a great online bank with great rates for me and my family as we are saving for a major purchase. Overall, very, very good.
Opportunities:
1. Rates are not top of class. SoFi is now almost 1% under the top rates in online banking. C'mon man!
2. Immediate transfer wires when you need to buy a car or boat or another large purchase. They have options for a home purchase, but not for other purchases to get my money out asap.
3. Cafe in major cities so I can deposit cash - no options for physical banking right now
Good stuff:
1. Fast large transfers in one day to connected accounts - overnight
2. Customer service team is available and helpful
3. Get paid early with direct deposits
Sofi Checking And Savings Does Not Allow Beneficiaries
At the time of this review, I can confirm that there is no way to add a beneficiary to SoFi Checking and Savings. Sometimes there is confusion because apparently you can add a beneficiary to a SoFi IRA brokerage account, but not to a Checking and Savings. I'm in for the $300 DD bonus, but I can't stick around after that. No POD beneficiary is a long term dealbreaker for me.
Account Frozen
I did a mobile deposit on September 7th for $6k and was notified when funds would be available, then on September 8th my account was frozen and placed under review. What they dont seem to understand is that this is a loan check and it has to be repaid starting October 7th and I borrowed this money for car repairs. I called several times which was a waste of time because they dont seem to care and keep saying the same thing, which is pretty much nothing. I will not be making payments on a loan that I never had access to and when they take me to court for nonpayment, I will send them to the bank that took my money and wont let me touch it. All they had to do is decline the check, if there was a big issue with it, but no, they accepted the check and then locked everything up. Im at wits end with SoFi. The first time I called, I was told that I violated Lord only knows what. The second time, they were making sure the check was valid and it must have been because they deposited it. Now, all I get is that were monitoring your account for your protection, sorry and to wait to receive an email. This is just crazy, I wouldnt be so upset if it wasnt a loan and didnt have to be paid back but here I am, car still need repairs and Im racing against the clock until my first payment is due. Does anybody know how long something like this could take? I deposited a check like this in the past from the same loan company and it wasnt a problem at all, so I dont know what they are doing but this isnt good. I was going to set up direct deposit but Im scared to death that I wont have access to any of my money and they dont seem to care whether you are able to pay bills, buy groceries or anything. They dont really care and this is really sad because Ive always spoken so highly of SoFi but now Im lost for words. Don’t use them, if you need access to your money. They will render you broke and homeless with a smile.
Data as of Q1 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 26881 |
| Year Established | 1986 |
| Employees | 831 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 2.61% |
| Return on Equity - YTD | 22.19% |
| Annual Interest Income | $265.5MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2023vs Q1 2022 | $13.24B$2.04B |
| Loans | Q1 2023vs Q1 2022 | $10.49B$844.3MM |
| Deposits | Q1 2023vs Q1 2022 | $10.38B$1.23B |
| Equity Capital | Q1 2023vs Q1 2022 | $1.45B$773.6MM |
| Loan Loss Allowance | Q1 2023vs Q1 2022 | $38.9MM$1.4MM |
| Unbacked Noncurrent Loans | Q1 2023vs Q1 2022 | $14.9MM$435.00K |
| Real Estate Owned | Q1 2023vs Q1 2022 | $0$0 |