SoFi Bank, N.A is the 537th largest bank in the nation. It was established in 1986 and as of March of 2022, it had grown to 833 employees. SoFi Bank, N.A's savings rates are 2X the national average, and it boasts an A+ health rating.
Related Posts
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 - Sofi Money APY Drops To 1.60%
9/19 - Sofi Quietly Slips APY On Money Account Down To 1.80%
8/19 - Review of SoFi Money
8/1 - Sofi Money Mirrors The FED, Rate Drops From 2.25% To 2.00% Effective 8/1/19
2/13 - Sofi 2.25% Checking Account Dropped All Direct Deposit & Spending Restrictions
So Far So Good
Open checking, savings, and investing. Set up direct deposit through ADP..now 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
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
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....
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.
Data as of Q1 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 26881 |
| Year Established | 1986 |
| Employees | 833 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | -0.6% |
| Return on Equity - YTD | -1.68% |
| Annual Interest Income | $3.8MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2022vs Q1 2021 | $2.04B$161.8MM |
| Loans | Q1 2022vs Q1 2021 | $844.3MM$106.2MM |
| Deposits | Q1 2022vs Q1 2021 | $1.23B$143.5MM |
| Equity Capital | Q1 2022vs Q1 2021 | $773.6MM$17.6MM |
| Loan Loss Allowance | Q1 2022vs Q1 2021 | $1.4MM$1.4MM |
| Unbacked Noncurrent Loans | Q1 2022vs Q1 2021 | $435.00K$1.8MM |
| Real Estate Owned | Q1 2022vs Q1 2021 | $0$0 |