SoFi Bank, N.A


Overview / Commentary
855-456-7634
2750 E Cottonwood Pkwy STE 300,
Cottonwood Heights, UT 84121

SoFi is an online bank that positions itself as a one-stop shop for your finances. The San Francisco-based bank provides a wide variety of services and products. You’ll find personal loans, mortgages, bank accounts and more.

SoFi’s combination checking and savings account offers a competitive rate, charges no monthly account fees and comes with a bonus when you set up direct deposit. It also includes no-fee overdraft coverage when you make the required direct deposit every 30 days.

Although SoFi has no physical branches, you can access more than 55,000 fee-free ATMs worldwide within the Allpoint Network. You’ll have to be comfortable managing your money online or with the SoFi mobile banking app. Customer service is handled by phone or chat seven days a week and on social media.

SoFi Bank pros and cons

Pros:
• Earn competitive annual percentage yields (APYs) on savings and checking balances.
• Access more than 55,000 fee-free ATMs in the Allpoint network.
• Opt for no-fee overdraft coverage.
• Pay no monthly account fees.
• Manage your money with a robust mobile app.

Cons:
• Deposit $5,000 every 30 days to earn these APYs unless you direct deposit your paycheck.
• Receive no reimbursement for out-of-network ATM fees.
• Make a direct deposit of at least $1,000 every 30 days, and coverage is limited to $50 on debit card purchases only.
• Pay a fee to make a cash deposit.
• Have no access to physical branches for in-person service.

Related Posts

Sofi Effectively No Longer Has No Fee Atms - 7/3/2024

Allpoint ATMs which are in SoFi's "Free" ATM network now state that you will be charged a fee for withdrawals. One ATM stated a $3 fee. Another ATM that I tried stated a $3.50 fee. When I contacted SoFi about the fee, I got the following response: "We apologize for any inconvenience caused. Allpoint ATMs are fee-free. However, other networks may apply fees depending on their charges. If you were charged for using an Allpoint ATM, please contact our member experience team to create a ticket for reimbursement of the charge. " Having to beg for and wait for a refund every time I use an ATM while they search for an excuse not to refund the fee is not "no-fee ATMs". This is part of the "new normal" of companies cutting back wherever they can.

Sofi Bank Savings Rate Ticks Up To 4.60% - 10/24/2023

Previously the rate was 4.50%. Direct deposit required. Without Direct deposit, it is only 1.20%. Checking stays at 0.50%.

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THE BEST CREDIT FIX

I contacted H A C K M A V E N S C R E D I T S P E C I A L I S T a few days ago through text and surprisingly they are carrying out an actual credit fix, my score was raised from 514 to 765 excellent score within 5days and all repossession, derogatory, and inquiries were deleted from my report! I took advantage of this and you too can by reaching out to them via EMAIL: H A C K M A V E N S 5 @ G M A I L (DOT) C O M or Call/Text/Whats-App: and I’m sure you will be happy you did.,

Why I Left Sofi

Great products and fee structure. Good Digital Bank. There are other businesses that have a higher APY and a similar or better no-fee structure. My time with Sofi was okay. The relationship was like a lover that didn't just work out and you both know it. I left because of a low-interest rate, and it took 2 months instead of the time given to settle my dispute with Grubhub for not refunding me in full when I received a messed up order. Grubhub treated me like I was lying about it. I went to DoorDash and I don't have as many of the same issues as Grubhub. https://yieldfinder.app/

Sofi Checking And Savings Does Not Allow Beneficiaries

Posted by: |

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.

Applying For A Loan

I strongly advise everyone to stay away from this company. They promised that applying for their loan would not result in a hard inquiry on my credit, but that turned out to be a blatant lie. My credit score took a significant hit of 50 points due to their inquiry.

I own multiple properties and conduct real estate business in two states. With an excellent credit score and ample financial resources, I have never had issues getting loans from other lenders. However, this company denied my loan application almost immediately, claiming there were numerous hits on my credit. This was completely false. In fact, I even own a credit repair company, so I am very aware of the status of my credit.

It's clear that they are just collecting information from unsuspecting applicants. Given their deceptive practices, I wouldn't be surprised if this were a foreign-based scam operation. Protect yourself and your credit—avoid this company at all costs. They are scammers and cannot be trusted.

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Health
A+

Health Grade Components

Overall
FDIC Certificate #26881
Year Established1986
Employees1155
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD1.61%
Return on Equity - YTD11.56%
Annual Interest Income$611.3MM
Assets and Liabilities
AssetsQ1 2024vs Q1 2023$25.66B$13.24B
LoansQ1 2024vs Q1 2023$20.37B$10.49B
DepositsQ1 2024vs Q1 2023$21.76B$10.38B
Equity CapitalQ1 2024vs Q1 2023$3.5B$1.45B
Loan Loss AllowanceQ1 2024vs Q1 2023$51.3MM$38.9MM
Unbacked Noncurrent LoansQ1 2024vs Q1 2023$32.4MM$14.9MM
Real Estate OwnedQ1 2024vs Q1 2023$0$0
Rates
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SoFi Bank, N.A Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.60%$0-SoFi Savings and Checking

SoFi Bank, N.A Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.50%$0-SoFi Checking and Savings
Locations

SoFi Bank, N.A is an Internet only bank and does not have branch locations. Its headquarters is located at 2750 E Cottonwood Pkwy STE 300, - Cottonwood Heights, UT 84121

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.