SoFi Bank, N.A


Overview / Commentary
855-456-7634
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 7X the national average, and it boasts an A+ health rating.

Related Posts

Sofi Savings 3.75% APY - 1/4/2023

Provided you play their direct deposit game. Checking still at 2.50%. SoFi members with direct deposit can earn up to 3.75% annual percentage yield (APY) on savings balances (including Vaults) and 2.50% APY on checking balances. There is no minimum direct deposit amount required to qualify for the 3.75% APY for savings and 2.50% APY for checking balances. Members without direct deposit will earn 1.20% APY on all account balances in checking and savings (including Vaults). Interest rates are variable and subject to change at any time. These rates are current as of 1/4/2023. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

Sofi Savings 3.5% APY - 12/16/2022

Same rules apply (need direct deposit) and checking still at 2.50%. It seems like SoFi does not feel the need to be a rate leader.

Sofi Savings 3.25% - 11/30/2022

Checking remains the same at 2.50%. Direct deposit required. Terms: SoFi members with direct deposit can earn up to 3.25% annual percentage yield (APY) on savings balances (including Vaults) and 2.50% APY on checking balances. There is no minimum direct deposit amount required to qualify for the 3.25% APY for savings and 2.50% APY for checking balances. Members without direct deposit will earn 1.20% APY on all account balances in checking and savings (including Vaults). Interest rates are variable and subject to change at any time. These rates are current as of 11/30/2022. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

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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.

Already With The Regrets

Posted by: |

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....

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.

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.

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Health
A+

Health Grade Components

Overall
FDIC Certificate #26881
Year Established1986
Employees882
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
Rates
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SoFi Bank, N.A Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.75%--SoFi Savings and Checking

SoFi Bank, N.A Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.50%--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, - Salt Lake City, 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.