SoFi Bank
Analysis
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Edited by General
SoFi was founded as a student lending organization that now has emerged into a full service online bank with a stadium in Los Angeles named after it, and a CEO who is a Wall Street darling.
Advantages
- SoFi offers early direct deposit, no overdraft fees and customers can get a 25% discount on concessions at SoFi stadium in Los Angeles.
Disadvantages
- Savings customers must open both a savings and checking account in order to get the bank's highest savings rate. They must also use direct deposit.
- SoFi's rates have never been as competitive as other less well established online banks.
- SoFi lowered its savings rate from 4.60% to 4.50% APY in August 2024 with the Fed fund rate was at a 5.25%/5.50% target on the expectation of lower interest rates and prior to other banks' lowering of their rates.
Savings Fees
| Fee Type | |
|---|---|
| Non Sufficient Funds | $0.00 |
| Maintenance | $0.00 |
| Out-of-network ATM | $0.00 |
| Excessive Transaction | $0.00 |
| Incoming Wires | $0.00 |
SoFi Bank Reviews
Bait and Swich
May 17, 2022 |
Not what it seems. Avoid!
Is this review helpful? Yes:1 / No: 17
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