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SoFi Bank Savings Account Review

 



SoFi Bank Savings Account Review


SoFi Bank Savings Account Review


SoFi bank account so great and how you could take advantage of the financial tools that they offer there is even a limited time promotional offer where you could earn up to 325 dollars when you open a sofi account but let's start with what's the big deal about sofi 

Why do they increase in popularity within the last few months well that's because sofie wasn't officially a bank until this year in 2011 sofi started as a fintech company that specialized in student loan refinancing although 


It wasn't until this year that they acquired golden pacific bancorp and got approved to become a national bank and this was huge news because now unlike their competition 


Sofi doesn't need to rely on partner banks as a result they could keep their costs down and pass on their savings to their customers which is us this helped sofi launch a few financial tools and features that you don't normally see on your traditional bank account one of those features


Is a tool to help track your spending and net worth so that way you can monitor your overall wealth and help achieve your financial goals I'll be going over that feature along with everything else that sofi has to offer but first let's talk about their interest rate when they first launched 


Sofi had an interest rate or api on both their checking and saving accounts of just one percent and one percent may not seem like a lot but that's more than 30 times the national average but then sofa increased their apy to 1.25 percent and more recently 


They increased it again to 1.5 so as of right now sophie's checking and savings account has an interest rate that is 50 times the national average 1.5 percent is a pretty amazing interest rate 


But in order to receive that you have to set up a direct deposit to your sofa account without any direct deposit set up your sofi checking and savings accounts will earn an interest rate of 0.9 percent which isn't bad but it's not the greatest and the good part is there is no minimum direct deposit amount required to receive that 1.5 percent all 


You need to do is create your sofa account set up a direct deposit and you'll start earning more interest but you could also earn up to an additional 325 dollar cash bonus when you create your sofi account and set up a direct deposit this bonus is based off of a tiered system by 


How much money is direct deposited into your account within a 30 day period if you deposit 1 000 to 1 999 you will get 50 2000 to 49999 you will get 100 and lastly if you deposit 5 000 or more you will receive the full 300 cash bonus 


But if 300 of free money isn't enough for you you could earn 25 more dollars when you create a sofi account using my referral link down below and depositing ten dollars into your account within the first five days you could withdraw that ten dollars that you originally deposited into your account 


So it really is free twenty five dollars but I'm not recommending sofi as the best bank just because of their high interest rates and cash bonuses that they offer solfa is one of the best banks because they have 


So many different financial features and tools to give you all with no account fees this means no minimum balance fees no monthly fees and you have access to over 55 000 all point atms that you could use for free and sofa makes it really easy for you to find one of these fee free atms because within the app you could search for the nearest one to you I really like this feature because with 


My old bank I had to use one of their atms in order to deposit and withdraw money if not I would have to pay a small fee in order to use some other banks atms and I'm so cheap so I would go out of my way just to find those free atms but now with so far


I no longer have to go out of my way just to save a few bucks the sofa debit card also allows you to earn cash back through local offers just make sure your sofi debit card is enrolled for cash back and visit the shop local page on your sofi app to find local restaurants and stores where 


You can start earning rewards an important thing to note about this is you have to swipe your credit card and run it as credit in order to receive cash back making a debit payment or using your pin number will not allow you to collect cash back and if you set up a direct deposit of at least 1 000 or more per month 


You're eligible to get free overdraft protection for up to 50 dollars in case you don't have money that you need to spend another feature that sofi offers is receiving your paycheck two days early this option though is not as impressive as it once was like five years ago because now most banks do offer it but if you are someone who does use this feature with another bank 


You'll be happy to know that sophie offers the same thing so you could still receive your paychecks two days early and to receive your paycheck two days early with sofi all you need to do is to set up a direct deposit with your sofi account although it's not groundbreaking by any means


I would normally receive my paycheck every thursday but now with this feature I get it every tuesday I could then pay off my bills earlier or start investing my money earlier at this point it's pretty much a no-brainer that once you set up a sofa account you want to set up direct deposit to start earning higher interest and all these extra features 


I do want to mention that your money is fdic insured of up to 250 thousand dollars so you can rest easily knowing that your money is safe just like how it is at traditional banks another useful feature of your sofi account is something called vaults and roundups though 5 vaults are like individual bucket accounts 


Where you could set aside money for specific goals you could set up up to 20 different vaults for things like emergency funds rent payments and so on although they are extensions of your main sofi account you are still receiving the same great interest rates in those vault accounts 


Sofi roundups is another way to help manage your money and increase your wealth slowly but surely you may already be familiar with apps such as acorns and sofa roundups behaves in the same way roundups are a way to help automatically save money every time you use your sofi debit card any purchase with your sofi debit card will be rounded up and that amount will automatically be transferred from your main account to one of your


Sofi vault accounts of your choice as an example a 1.40 charge on your sofi debit card will be rounded up and 60 cents will be transferred into let's say your emergency fund vault of course this should not replace your monthly savings contributions that you normally would make 


But it is something that will make a small difference over the long run now that we talked about the main features of your sofi checking and savings accounts let's talk about some of the free financial tools that they also have to offer just like most traditional banks sofi also has loan options 


Such as mortgages personal loans and student loans you can also acquire auto insurance life insurance and home insurance through sofi it doesn't stop there because sofa even has their own credit card the sofi credit card will earn you two reward points for every dollar that you spend 


You could then redeem those points for a statement credit on your sofi credit card at a 0.5 cents per point valuation or you could redeem your sofa reward points for crypto stocks cash in your sofi account or paying back a sofi loan at a point valuation of one cent per point sticking to the no fee 


Theme of sofi the sofi credit card has no annual fee no foreign transaction fees and actually also has cell phone protection of course just like everything else in this video you can manage your sofi credit card account all within the same sofi app sofi even has something called sofi invest where 


You can invest in stocks and etfs with no commissions or invest in cryptocurrency for a small fee and if you need guidance on where to invest your money or how to reach certain financial goals solfy offers financial advice through their advisors for no extra costs this even includes setting up retirement accounts such as roth or traditional ira accounts through sofi invest 


If you are someone especially in your 20s and you don't have a retirement account I highly suggest opening up something like the roth ira account it's a great way to invest now while taking advantage of tax benefits but the best extra feature that sofi has to offer is called sofi relay 


I like sofi relay because it tracks all of my money all in one place you can add your different bank accounts investment accounts retirement accounts credit cards mortgages and other liabilities all into sofi relay doing so allows you to really take control of your money see where you're spending it budget


It check your investments and most importantly check your net worth and you don't have to worry about the security of your information that you're putting into sofi because they are using the same secured and encrypted service called plaid that most other banks use and as you may have already figured sofi relay is available through the same sofi app


So as you're checking your bank accounts daily or weekly you can also check up on your financial health at the same time so far relay also allows you to track your credit score from month to month so you could keep track of how you're doing on your credit card journey that includes showing a breakdown of the credit score factors and how they affect your credit score you can also watch this video that I made up


There to get your credit score back on track as I mentioned earlier tracking your net worth should be a big part in anyone's financial life your net worth is the amount of assets that you have minus the amount of liabilities that you have ideally the further you progress in life 


You should be increasing the amount of assets that you have while keeping the amount of liabilities to a minimum with sofi relay it's super easy to track your net worth and to keep track of your spending habits so that way you can see where your money is coming and going 


In order to keep your cash flow positive if you want a comprehensive bank that offers a lot of different services for free sofi is your best option personally I have used sofi for the past few months now and so far I've been really enjoying my experience with them and if by 


Now you too want to give sofi a try go ahead and click the referral link in the description below so that way you could receive your 25 cash bonus after you deposit 10 into your account within the first five days if you do use my link thank you so much for supporting me and this channel creating a sofa account is completely free 


You'll still have no account fees whatsoever it's just nice to receive these small cash bonuses as a signup reward these promotional offers along with the interest rates that I talked about in this video are subject to change.


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 THANK YOU SO MUCH 

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