SoFi Bank, N.A

Overview / Commentary
2750 E Cottonwood Pkwy STE 300,
Salt Lake City, UT 84121

SoFi Bank, N.A is the 289th largest bank in the nation. It was established in 1986 and as of June of 2022, it had grown to 882 employees. SoFi Bank, N.A's savings rates are 5X the national average, and it boasts an A+ health rating.

Related Posts

Sofi Checking And Savings 2.50% With Direct Deposit - 9/30/2022

As of 9/30 the rate is 2.50% APY for those with direct deposit. 1.20% without. No minimum DD required but it must occur during the statement cycle.

Up To $1,000 Bonus For Adding To Balance For 2 Months - 9/9/2022

Add from $5,000 to $100,000 to your balance and get a bonus of $50 up to $1,000. Based on balance growth between 8/31 to 9/30. Hold balance until 11/30. Get paid bonus on 12/14. For $100K, that would be 1% for 2 months or 6% yield, plus the account 2%APY. Details:

Updated Review of SoFi Checking and Savings Account and Bonus Offer - 8/12/2022

SoFi Bank has been a little slow on keeping up with the rate competition, but it finally responded this week by increasing the rates of its Checking and Savings account.

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So Far So Good

Open checking, savings, and investing. Set up direct deposit through getting 1.25% up to $150k. But still, .7% is 2nd best to that Bask bank. Also, I was able to link all of my accounts except Ally Bank. Ally Bank is horrible, and that is why I'm switching. I'm also getting a quote on a home loan that I'm in the market for. I bought $100 of crypto too to test, and it worked well. Been looking for a checking and savings combo account for months, and it looks like I found one that hits all the buttons.

Sofi Checking And Savings Does Not Allow Beneficiaries

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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.

Caveat Emptor

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Setting up a joint account is a nightmare, requiring two separate registrations. Getting them to join is met with further problems.
Telephone help is very poor, some handled offshore, with variable competency. Could not get adequate answers to important questions.
Transferring funds from other banks to Sofi is through a third party, PLAID, which requires you to give them your secure Password to your other bank account! Security??????
Sofi Bank has only existed since 2022 and appears to be pushing hard for their other Sofi products.
They offer only Checking and Saving account combined but not one or the other, separately.
The main attraction is relatively high interest rate, but other online banks are likely to increase theirs with the Feds changing plans.
Before jumping in, check all reviews, not just the glowing ones that are at the top.
Be aware that there is a limit to transfer money out to another Bank (via Plaid) to $5000 at one time and total of $50,000 per month, per customer service rep. info. (could not find in writing anywhere on their web site). Easy to get money in but hard to get it out if you have a large deposit.
There is no obvious way of communicating directly by email with the Bank.

So Hard To Work With....

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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.



Health Grade Components

FDIC Certificate #26881
Year Established1986
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD2.12%
Return on Equity - YTD8.04%
Annual Interest Income$62.1MM
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$4.42B$166.0MM
LoansQ2 2022vs Q2 2021$3.70B$102.8MM
DepositsQ2 2022vs Q2 2021$2.76B$147.6MM
Equity CapitalQ2 2022vs Q2 2021$957.1MM$17.8MM
Loan Loss AllowanceQ2 2022vs Q2 2021$23.2MM$1.4MM
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$8.8MM$1.7MM
Real Estate OwnedQ2 2022vs Q2 2021$0$0
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SoFi Bank, N.A Savings Account Rates

2.50%--SoFi Checking and Savings

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, - Salt Lake City, UT 84121

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