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Social Finance Inc., known as SoFi, is an online bank founded in 2011 by a group of Stanford Business School students. In 2012, SoFi launched a student loan refinance program for . Currently, SoFi serves more than 6.9 million customers and has expanded its product offerings to include lending, investing, personal banking, insurance, and more.
Products offered by SoFi Bank
SoFi currently offers the following banking products and account options:
Checking account and savings account
SoFi offers a combination of interest-bearing checking and savings accounts with no account fees, minimum balance requirements, or minimum deposits to get started. Users who sign up for direct deposit can also take advantage of SoFi’s early paycheck feature to receive payments up to two days early. SoFi is currently offering up to $300 in cash bonuses to customers who sign up for this account.
credit card
SoFi currently only offers one credit card. The SoFi Unlimited 2% Credit Card allows users to earn unlimited His 2% Cash Back Rewards for every dollar spent on purchases. With the SoFi credit card, you can also earn 3% cash back on trips booked through SoFi travel. This card has no annual fee and zero liability for fraud so you’re never at risk of fraudulent charges.
Read our full review of the SoFi Unlimited 2% Credit Card
SoFi investment
SoFi customers can use their SoFi Invest account to trade stocks and ETFs directly within the SoFi mobile app. Customers must make a deposit of at least $10 within 30 days of account opening. Once active, you will be able to trade stocks commission-free. Currently, SoFi offers up to $1,000 in equity when you fund a new account.
Private student loans and student loan refinancing
SoFi offers student loan refinance options with no origination fees, no prepayment penalties, and no late fees. We also offer private student loans with no fees and multiple repayment terms.
personal loan
SoFi’s personal loans range from $5,000 up to $100,000 and can help you cover personal expenses like weddings, travel, and home renovations. Once approved, your funds will be available as soon as the same day.
Housing loan
SoFi mortgages offer fixed terms of 10 to 30 years and interest rates as low as 3%.
insurance
For added protection, SoFi offers home insurance, life insurance, renters insurance, and cyber insurance.
car loan refinance
SoFi offers auto loan refinance offers through Lantern, a product comparison platform. Customers can use this platform to find the best product offers available and secure the lowest possible interest rates for their financing needs.
account fee
Here are details on the account fees SoFi customers can expect to pay:
Monthly fee for combined account: $0
Payment stop fee: $0
Overdraft fee: $0
Dormant account fee: $0
ATM fees: $0
Pros and cons of SoFi Bank
Customers should be aware of some key benefits and drawbacks before banking with SoFi.
SoFi Bank Pro
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There are no monthly account fees. SoFi is proud of its free model, and as part of that we don’t charge a monthly maintenance fee for your account.
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There are no overdraft fees. SoFi doesn’t charge overdraft fees. Instead, we offer fee-free overdraft protection to help customers avoid excessive fees.
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Conflicting APY. SoFi savings balances can earn customers well over 4% Annual Percentage Yield (APY) with direct deposit into qualifying accounts. This is significantly higher than the national average.
SoFi Bank Cons
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There are no physical branches. SoFi is an online bank with no physical branches that customers can visit for their in-person banking needs.
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Fees for cash deposits. SoFi used the Green Dot network for cash deposits. The network requires customers to visit a participating retail store to deposit cash. Retail partners may charge a fee of up to $4.95 per cash deposit.
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You cannot select checking and savings accounts separately. SoFi currently does not offer separate checking and savings options, only combined accounts.
SoFi Bank Customer Support and Mobile Banking Experience
SoFi customer support specialists are available Monday through Thursday from 5am to 7pm PT and weekends from 5am to 5pm PT to help with checking and savings products, personal loans, and student loans. corresponds to
For mortgage assistance, our experts are available Monday through Friday from 6 a.m. to 3 p.m. PT and closed on weekends.
SoFi Invest customers can speak to experts Monday through Friday from 5 a.m. PT to 5 p.m. PT. Support specialists are not available on weekends. A credit card specialist is on call with her 24/7. SoFi also has a 24/7 virtual chat assistant.
Customers who want to access banking from their mobile devices can download SoFi’s mobile app from the App Store or Google Play. Rated 4.8 and 4.0 on their respective platforms, the app allows customers to track account balances, set savings goals, organize cash into individual savings vaults and round up. You can sign up to increase your savings.
SoFi Bank’s social and environmental impact
SoFi Gives, SoFi’s charitable giving arm, is a volunteer program that makes it easier for SoFi employees to give back to their communities. In 2022, employees volunteered more than 2,700 hours and he donated more than $80,000 to worthy causes, according to SoFi’s latest ESG report.
In partnership with SoFi Circles (SoFi’s network of resource groups), SoFi has created giving opportunities and volunteer events for 16 causes that specifically support underrepresented communities. SoFi has committed to donating $250,000 annually to organizations supporting a variety of mental health initiatives.
SoFi is also committed to reducing its carbon footprint, and in 2022 SoFi headquarters achieved ENERGY STAR® certification from the U.S. Environmental Protection Agency (EPA) for superior energy efficiency.
FAQ
How do I withdraw money from my SoFi account?
To withdraw money from your SoFi account, you need access to an ATM in the Allpoint ATM network of over 55,000 machines.
Can I use Zelle with SoFi?
Although Zelle is not currently a feature of the SoFi app, you can download the Zelle app separately and connect your SoFi debit card to send and receive money through Zelle.
Can I send money from SoFi to my bank?
yes. You can use the SoFi app to transfer funds from your SoFi bank account to an external bank account.
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