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 7X the national average, and it boasts an A+ health rating.
Related Posts
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
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.
Already With The Regrets
I'm starting to regret switching to this bank. Everything is SO FREAKING SLOW with them. Not joking, 4 business day to transfer funds ($500 it's not like I'm trying to transfer $10,000 that needs hella verification or anything), I ordered checks and a debit card 2 weeks ago and they JUST sent them out 2 days ago. They charge $4.95 to deposit cash!?! Unfortunately, the couple of reviews I read before signing up didn't mention that, and it was buried on their site, so I didn't know this. Their app is lame af. It is so busy; there is just so much sh*t on there, you have to wade through all the bs to get to what you are looking for. The interest rate can be amazing if my employer can ever get their crap together and get my direct deposit to go through. But idk if it is worth all the hassle of dealing with SoFi.
I also have a Chime account and although I don't earn interest with them, they don't charge for cash, deposits, they are fast with transfers, got my debit card like 3 days after ordering it and they have a clean, streamlined, easy to use app/website.
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.
Sofi Is Great!
I’ve been using SoFi for a few years now. At first there were some minor hiccups but they have really matured as a financial institution. Since they merged with Golden Pacific Bank their interest rates on checking and savings have become outstanding. Qualifying for their best rate is fairly easy, just add direct deposit. Their website and mobile app work well. They have a suite of extra products along with that. They do try hard to cross sell you but every product they offer is low fee and very competitive. I can definitely recommend SoFi Bank without hesitation.
Data as of Q2 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 26881 |
| Year Established | 1986 |
| Employees | 882 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 2.12% |
| Return on Equity - YTD | 8.04% |
| Annual Interest Income | $62.1MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2022vs Q2 2021 | $4.42B$166.0MM |
| Loans | Q2 2022vs Q2 2021 | $3.70B$102.8MM |
| Deposits | Q2 2022vs Q2 2021 | $2.76B$147.6MM |
| Equity Capital | Q2 2022vs Q2 2021 | $957.1MM$17.8MM |
| Loan Loss Allowance | Q2 2022vs Q2 2021 | $23.2MM$1.4MM |
| Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $8.8MM$1.7MM |
| Real Estate Owned | Q2 2022vs Q2 2021 | $0$0 |