SoFi Bank, N.A


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

SoFi Bank, N.A is the 90th largest bank in the nation. It was established in 1986 and as of September of 2023, it had grown to 1,042 employees. SoFi Bank, N.A's savings rates are 9X the national average, and it boasts an A+ health rating.

Related Posts

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%.

Checking Decreases To 0.50%, Savings Increases To 4.40% - 7/11/2023

Checking was at 1.20% now at 0.50%. Savings was at 4.30% now at 4.40%.

Sofi Savings Rate Ticks Up To 4.30% - 6/10/2023

Previously the rate was 4.20%. Direct deposit required. No maximum on transfers, so I will transfer my entire paycheck to savings and let the overdraft cover all my checking expenses to maximize my interest.

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Great Experience Overall

Posted by: |

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.

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.

So Hard To Work With....

Posted by: |

I had tried opening a SoFi money account a few years back, wasn't approved, tried talking to support, never could tell me why. They dropped their rate so I didn't really care and moved on

So, last week I saw the blurb about the 1.25% with direct deposit and $300 bonus and figured I'd give it another shot, went back, tried again, after uploading my photo ID I was approved, no problem.

Then, tried to add DW to my account as a joint holder (since they don't support beneficiaries). I sent the invitation, she filled out the form, immediately rejected for "Our inability to verify certain information that is required under the Patriot Act.". Really, what? No offer to upload photo ID or other supporting documents, just NO.

Did a chat with customer support, they said, her account is locked nothing we can do, have to wait 7 days for it to unlock before they can look at it and try again. Really, 7 days. Fine, it's still a good rate in today's market so I wait.

7 days later, go through the process again, same problem. Request denied, same reason.

Chat with customer support, can't tell me why she can't be added, tell me to wait 7 days and try again. Call customer support, can't be told why she can't be added. Ask to speak to a supervisor, wait 10 minutes, get a supervisor, confirms my information, then hangs up.

Oy, no thanks. I'll do my direct deposit, get my $300 bonus and close the account. These guys are not ready for prime time and I don't trust them with my money.

Not A Real Bank For Checking

Posted by: |

SoFi let's you set up an account quickly and easily, but it's NOT a real checking account. They take weeks to ship debit cards and will freeze your account if you spend use the account regularly without recourse.

I opened my account in a few minutes and had my biweekly deposit of about 3k hit without problem. I used salary through google pay since theyre so slow to send debit...inittially without issue.

They froze my account 2 days later pending an ID verification. This is obviously an app based picture process. When their app couldn't get a clear picture of my ID the link expired. Their representatives told me their policy is to not send another link for 24 hours...and of course no supervisor or workaround. I had to pay a restaurant tab and the rep literally hung up on me saying they can't help and try again in 24 hrs. Obviously a regular bank would never leave a checking account holder hanging. My entire paycheck is in SoFi and I can't access it.

This is a take it or leave it bank with off shore customer service who have trouble with English. Easy to open but they'll hang up on you if there are any issues and God help you if you have no other account. Still unclear why I need to verify ID when my info was sufficient to open account. It's likely a ploy to ensure you can't claim checking bonus.

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Health
A+

Health Grade Components

Overall
FDIC Certificate #26881
Year Established1986
Employees1042
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD1.91%
Return on Equity - YTD14.77%
Annual Interest Income$1.12B
Assets and Liabilities
AssetsQ3 2023vs Q3 2022$21.51B$6.54B
LoansQ3 2023vs Q3 2022$17.85B$5.53B
DepositsQ3 2023vs Q3 2022$16.03B$5.07B
Equity CapitalQ3 2023vs Q3 2022$2.97B$987.2MM
Loan Loss AllowanceQ3 2023vs Q3 2022$51.9MM$34.4MM
Unbacked Noncurrent LoansQ3 2023vs Q3 2022$23.8MM$10.5MM
Real Estate OwnedQ3 2023vs Q3 2022$0$0
Rates
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SoFi Bank, N.A Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.60%--SoFi Savings and Checking

SoFi Bank, N.A Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.50%--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

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