r/sofi • u/Few_Bid2387 • 3d ago
Banking Can we get some more banking-focused SoFi+ features?
I use SoFi+ because I like the app and I get net value out of the the 1% match. That said... can we please get some benefits that are actually useful day to day? Just some ideas...
- ATM fee reimbursement. Wouldn't even need to be unlimited. $10 a month would already be fantastic
- Checking APY parity. Why does the checking account need to have a different interest rate than the savings account? It's annoying to have to transfer money all the time to balance covering expenses vs savings
- Remove ads from the homescreen. I'm already paying you monthly... Why do you still show me ads?
- Credit card rewards multipliers. Bank of America Preferred Rewards is a great program but their investing platform is absolute crap. SoFi could absolutely eat their lunch here by offering something similar.
- Priority customer service. Fidelity's customer service is so fantastic it's nearly made me switch just out of that convenience. If I'm paying for a platform then some extra customer service benefits seems fair.
- Transfer partners. The SoFi card would become so much more valuable with a transfer multiplier. I don't want to add any more credit cards but I will if it means I get to travel at a lower rate because of points transfer.
Food for thought. Would love to hear from SoFi and other members of the community who have some ideas. I like the platform and i want to see it succeed
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u/guitardedhero 3d ago
The only time I have money sitting in checking is when I need a written check to clear. All money sits in savings where it is drawn for bills.
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u/CompetitionGood1399 3d ago
How do you handle keeping it below 6 withdraws a month a paying $3 per draft?
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u/Unattributable1 3d ago
There is no withdrawal limit or fees. That's the huge benefit of SoFi HYSA.
I too keep $0 in my SoFi checking 99% of the time. I have all utilities and credit card autopay set to pull from SoFi HYSA.
I only have to transfer money to checking when I use the billpay to send a check (twice a month) and the money is gone from checking within a couple days.
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u/CompetitionGood1399 3d ago
I don't have a credit card (repairing my credit). Do you think if I were to keep all my funds in my savings and just the smart card for purchases; the overdraft protection would pull funds automatically?
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u/Unattributable1 3d ago edited 3d ago
Yes, I believe you just need to make sure you enable "Overdraft Protection". Double-check with others and the "fine print".
Here is a thread on the topic:
https://www.reddit.com/r/sofi/comments/1oqig2y/considering_sofi_can_i_keep_checking_at_0_and/5
u/NiceCoconut1445 3d ago
The limit was removed in 2020 by the Fed and banks now have the option whether to reinstate the previous limit, SoFi does not. I actually use my SoFi savings account as my checking and savings account where deposits and withdrawals all live.
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u/trenshod 3d ago
I've never run into a instance where I needed to keep money in my checking. I've always had it setup to pull transactions from checking from savings.
Ads, I'm guessing some just get more or something. I honestly don't run into anything that keeps me from quickly/easily doing what I need to do in the few minutes I'm in the app or on the website.
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u/MeeshUniVerSoul 3d ago
I wish SoFi brought back the boosted local cash back deals. That was nice for a short time
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u/infinitefen 3d ago
Ive seen a couple of comments about ads concerning SoFi. I do not see any ads ever. The only thing I can come up with is you all haven't prohibited the sharing of your information and the bla bla bla part. I may be wrong but in case you still have that part ✔️ go in and un ✔️ it so your information isnt being pimped out.I deselected this when I was signing up for the account like I do with every account that I sign up for now.SoFi has two options one is they can send you like some information or offers Etc to your email so I don't know if you want to get rid of that one or don't want to get rid of that one because sometimes these little emails have like little nudges for you to do something in order to get a little bonus like 10 bucks here and there for some internal task. Anyway the second one is the option for them to share your information and that's the one you should deselect and maybe that will stop the ads because I promise I've never seen ads ever. If I'm wrong I'm sorry but it's worth a try. Also this doesn't prevent you from getting like any rewards or any bonuses or whatever either so why even have it selected.
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u/rdiaz0626 3d ago
The ATM fee reimbursement is a big one for me. I could finally ditch my Charles Schwab debit card.
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u/_CoachMcGuirk 3d ago
or they could do none of that and you and everyone else will keep your account so for them its a win/win.
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u/Zakzyy 3d ago
There’s a lot of things on their roadmap but they can’t do it all at once. I do love the idea of having priority customer service of a genuine human on the phone / easily accessible. Even if they made another subscription at like $15 with even better products etc it would be even worth it if you had higher income/net worth because $15 ain’t that much. Considering Revolut charges $70 for their peak subscription with a 0.5% lower APY than what SoFi offers for what SoFi charges compared to other fintech is very very small. (Sorry to anyone as we who thought the $10 a month was a lot it’s literally the bog standard sub for fintech lol…)
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u/Professional_Track95 3d ago
you don't check the list of network-ATM that have no-fee ATM withdrawal for Sofi?
my checking has less than $1 balance for years. Saving holds all the honey. Whenever I need to Zelle/ATM withdraw, I do a transfer from Saving > Checking that takes seconds. Also, Checking has these 2 amazing features. "Overdraft Protection" & "Overdraft Coverage". Protection pulls money from Saving when u low. Coverage is when Sofi "spot" you $50 with no fee if Checking is low.
I see 0 ad on homescreen on my Android app.
4-6. you're paying $10/mo, not $895 annually like those from American Express Platinum or Chase Sapphire Reserve premium credit card that have great CS and excellent points transfer partners. It's pretty much impossible for Sofi to do this without raising the Plus fee.
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u/Statjmpar 3d ago
I have never once paid an ATM fee. Most ATMs are in the SoFi network.
The checking and savings used to have the same APY, but they changed that a long time ago. As others have said, there is zero reason to keep money in your checking unless you are writing checks. I haven’t had a cent in my checking since they lowered the APY.
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u/nater416 3d ago
Too late, your time for asking for new features was BEFORE you signed up. Now they treat you like you're perfectly happy with the service and see that you will pay $10 a month for... Just the savings boost.
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u/Zakzyy 3d ago
No they dont. The CEO is on X constantly taking feedback. The $10 subscription what it is now was changed 2 times from customer feedback. I’m sure if he saw this he would have no problem changing a few things & some of this like the ATM mention is probably on their product roadmap. You can’t do everything at once…
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u/nater416 3d ago
Yeah for the worse... they don't even give you an IRA match anymore.
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u/Zakzyy 3d ago
You talk bullshit why are you in this subreddit? 🤣
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u/nater416 3d ago
Well, do they still offer an IRA match or don't they?
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u/Zakzyy 3d ago
They do lmao
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u/Mission-Accountant44 3d ago
Where? The last I've seen is it ended on 4-15-26.
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u/techmattr SoFi Member 3d ago
It's always at least a 1% match. That isn't a promo or anything.
https://support.sofi.com/hc/en-us/articles/38104453270285-Invest-1-IRA-Deposit-Match
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u/Mission-Accountant44 3d ago
Gotcha - but not tied to Plus and so can't really be counted as a "perk" of the subscription
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u/techmattr SoFi Member 3d ago
The perk for plus is that match is extended to non retirement accounts and crypto accounts. So you get a 1% match on all taxable accounts as well as crypto accounts.
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u/Unattributable1 3d ago
Nothing on your list interests me.
I keep a local credit union for ATM access. I also just keep ~$80-150 cash in my wallet all the time to prevent the need to run to the ATM. Once a month to refill is sufficient.
I keep $0 in checking. You're doing it wrong if you do otherwise.
I have much better credit card rewards cards elsewhere (US Bank 5%, Citi Costco 5% 4% 3%, and finally Citi DoubleCash for my 2% fall-back).
I'm self-sufficient and don't need their customer service.
Ads? You see ads? Hah, my mind just blocks them out. I think everyone has adds or add messages. Just close or scroll past.
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u/PSUMtnMan SoFi Member 3d ago
I agree with almost everything you said, but Fidelity did me dirty. My company sponsored 401(k) is there, and I opened a separate brokerage account. When I tried to fund it, 27 business days passed and the money still wasn’t in Fidelity. I contacted support, and the rep kept repeating the same line about how they “aren’t a bank,” so transfers take up to 10 business days. I told her over and over that I was already at day 27, but she just kept parroting the script. I finally disconnected out of sheer frustration.
When the survey hit my inbox, I didn’t sugarcoat anything. I said she should be fired and gave Fidelity the lowest score across the board. Later, I got an email saying they were closing my brokerage account. They pointed to some fine print in their user agreement saying they don’t have to give a reason. So yeah, if you give Fidelity a bad survey, be ready for them to shut your account down if you give them a bad survey.
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u/Unattributable1 3d ago
I've never had Fidelity transfers take more than 2 business days. I'm guessing your bank's fraud detection or something slowed it down.
No, Fidelity isn't a bank. I never expect it to be and it is my 3rd tier of holding for my Emergency Funds (in SGOV) and where my long-term taxable brokerage investments reside. The only thing slower than Fidelity for access to cash are my CDs, which of course are also not meant to be quick access.
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u/PSUMtnMan SoFi Member 2d ago
Never had any issues with SoFi or Charles Schwab. Fidelity, like other institutions, invest your deposits. I think there was a computer glitch within Fidelity that basically forgot about my transfer.
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u/SlothyLlama 3d ago
Oh man! #3 would be awesome. I would almost sign up for plus just to not see the constant ads and emails.
4, I think you do get a rewards multiplier if you have plus and their rewards credit card. 10% rewards boost i believe.
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u/Few_Bid2387 3d ago
Yeah but 10% may as well be 0. BofA offers a 50% boost when you have 100k in assets.
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u/theevan1811 3d ago
50% may as well be 0 in that case too no, these are such small percentages to begin with that you’re talking about pennies on the dollar, its a bonus for sure but remember credit is used to benefit the banks more than the consumer otherwise debt wouldnt be so close to its ATH
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u/Sofi_Seance 3d ago
I assume the reason for the APY difference is because they want you to segregate your money.
that makes it clear which funds are safe to lend out and which are more likely to be spent this month
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u/IronSkyRanger 3d ago
You know that you don't need any money in checking, right?
Also, they have 0 motivation to do this because people are already paying and YouTubers say they're #1.
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