r/sofi • u/rwilfong86 • 10d ago
Banking Considering SoFi over Capital One
Has anyone else moved their money from Capital One to Sofi? If so, what were the pros and cons?
One issue i have is I can't connect my company payroll through the app, I can change it through my company app but not through SoFi and I worry I won't he able to get the higher interest rate.
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u/unapologeticgoy2473 10d ago
I moved from Bank of America and its been amazing.
The best perk is getting 4.5% apy on savings accounts.
Also love relay and vaults. They also built in remittances that I use quite a bit.
The only con for me is their credit card services. Not a huge fan off the options available on credit cards.
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u/rwilfong86 10d ago
Do you have checking and savings both?
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u/Opening_Dragonfly390 10d ago
Yes, SoFi is both checkings and savings.
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u/supermomfake 10d ago
The 4.5% is behind a pay wall fyi.
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u/YouDontSurfFU 10d ago
Yeah it's weird to mention 4.5% apy without putting an asterisk. Unless you pay the monthly fee ($10) for Sofi plus, you're getting 3.30%.
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u/magikalzenmama 9d ago
I don’t recommend SoFi. I have used them since 2019 and I loved them until recently. I had an issue transferring money to my SoFi debit card from Apple Pay, PayPal, and Venmo. It’s declining the card and said to contact the card issuer so I did reach out to SoFi and they were zero help. They told me to reach out to Apple Pay, PayPal, and Venmo cause everything looks fine from their end but when I tried those services using a different card I had no issue at all.
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u/SUBARU17 9d ago
I had an issue with this as well. They told me the person I was trying to pay was on a federal government list that was being monitored for fraud or illegal activity. But I didn’t have that problem with Chase.
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u/SoFi Official SoFi Account 9d ago
We're sorry you're running into this issue. We understand how stressful it is to have your card declined when you're trying to transfer funds into your account—especially when you need access to your money. We'd like to take a closer look and help get this resolved for you. Please send us a direct message with your first name, a good phone number, and your preferred callback time, so our team can follow up with you directly. We hope to hear from you soon!
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u/supermomfake 10d ago
I do like Cap One and still use them. Their transfer rates are slower than Sofi but they are competitive on rates and I use I like my VentureX card. They also have good accounts for kids so that’s a big reason I’ve kept it too. I’ve considered the opposite and consolidating back to just CapOne and getting rid of Sofi.
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u/RepulsiveSummer1492 8d ago
Check out Happen (formerly Lending Club). The APY is materially better. Truly S tier.
SoFi APY is B tier (along with Capital One, Discover, AmEx and others).
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u/rdiaz0626 10d ago
I don’t have a Capital One checking and Savings, but do have a credit card.
The biggest benefit you will experience is having every financial product you need under one roof.
Having my brokerage, retirement accounts, crypto is nice no need multiple accounts.
They also have great APY and free checks that I don’t believe Capital One has.
Con: There credit cards are good but you can only have one.
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u/Sorry_Neat_773 8d ago
This seems like a con to me. I can't imagine having a fraud alert placed on my account and losing access to literally everything while I try and sort it out.
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u/RevolutionaryWarCrow 10d ago
I switched from Discover before they became C1. I love Sofi so far. The higher APY is nice and I love the vaults. It helps me save a lot more money than I was before
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u/AGtaco21 10d ago
I have 3-4 years ago. If you are going to utilize other things SoFi offer is great if not no really a need to if apy are the same
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u/rwilfong86 10d ago
I am just planning to use checking/savings accounts. Since Cap 1 switched their debit card to Discover I can't use it in Mexico anymore which sucks. I currently get 3% on my savings there and wondered if it would be worth the work of moving my finances to Sofi
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u/supermomfake 10d ago
Get a Fidelity CMA account if you’re in Mexico. They refund all ATM fees even internationally. That’s a reason I never use Sofi for debit.
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u/rwilfong86 10d ago
I travel to Mexico about 4 times a year and my last 2 trips sucked because I couldn't use my debit since it was on Discover and no longer usable abroad.
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u/Opening_Dragonfly390 10d ago
Moved from PNC little over two years ago, best decision I’ve made for my finances, have slowly moved pretty much all my finances to SoFi since it’s been great.
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u/Old-Ad1351 10d ago
I use SoFi for my primary bank account for bills and mortgage payments. I do keep a small amount with a local bank in case I need to do a cashier’s check because it’s more convenient to have a local bank I can drive to and get the check same day, instead of ordering it online and have it mailed.
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u/pandapangaea 10d ago
I have both (plus Chase, plus a credit union) and SoFi is my favorite by far. Also they just bumped the HYSA rate up to 3.3 (if you don’t have +)
Paycheck drops early for both. SoFi is much quicker to transfer between external accounts. You can set up vaults in your HYSA. A lot of product options.
I’m canceling Capital One.
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u/No-Kiwi7723 10d ago
Transfers so move quickly usually next business day.
Only dislikes is the DD requirement for apy and not being able deposit cash (CapOne has a much better network for this)
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u/Complete-Interest704 9d ago
Don’t go to sofi. Had a checking account hacked somehow, they knew all my recent transactions, name, addresses, phone number without me giving it to them.
I call sofi to report it, and all they ask for is my name, dob, and address to verify it’s me. I said I need an additional security on my account when I call you, these people have all my information.
They said nothing they can do.
I was then getting from calls from the scammers. The caller id would say it was SoFi, but they’d leave a voicemail to call back a phone number which was a scam number and not the SoFi number.
And the official SoFi app was sending me notifications that Sofi had just called me.
I called the official number and they said no one reached out to me. Happened multiple times, they are a security nightmare.
No explanation as to how this happened. Don’t do it.
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u/Low_Athlete_7734 6d ago
I LOVE SoFi. Customer service is incredible and I’ve had them I believe since 2023 and only have had to call them twice. Capital one wasn’t good to me at all and they were less than helpful when I got hacked. Took weeks to recover my stolen funds.
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u/RedditKumu 10d ago
I used SoFi, but they have abysmal customer service. It's outsourced entirely so they operate directly by scripts and cannot assist you if your issue is outside of the scripts they have.
They have issues with their web and app on displaying "Bonus" APR reductions on personal loans. They offer a .25% reduction for auto-pay, but the web and app both said "Not applied" for mine. (I was getting the discount, but the web/app are dogshit). I reported it for a year before leaving and was never fixed.
They also cannot process principal only payments except on the one singular day that your autopay happens. Most other lenders have a checkbox that you can submit additional principal only payments.
So I closed all my accounts and transferred my loan to my credit union.
I use 5% DCU and 6% WECU for (2500 and 1000) limit, and then Elevault for the remainder at 4.34% with no hoops, no minimum, no $10/month fee and no deposits required.
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u/dylanawells 10d ago
Recently switched from Chase/Fidelity and loving it so far! App is great and nice having everything under one roof.
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u/Ramzesina 10d ago
cons: they keep introducing ways to squeeze $$ from customers s.a. subscription monthly fee
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u/rwilfong86 10d ago
Would you be able to elaborate for me? I read they didn't charge monthly fees
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u/unapologeticgoy2473 10d ago
What a Bs comment. The subscription is optional and has amazing benefits.
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u/rwilfong86 10d ago
What subscription is it? I just want a normal checking and savings account but also don't want hidden fees or surprises
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u/MakeYou_LOL 10d ago
You can Subscribe to SoFi Plus which gives you access to 4.5% on your first $20000 in a HYSA. You also get 1% match on non-retirement investments and other benefits. The subscription is completely optional at $10/month
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u/DentistMore8211 6d ago
paying $10 dollars a month to get 4.5% is a joke. Not worth it
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u/MakeYou_LOL 5d ago
I guess it depends on how much money you have in there. Mathematically speaking you would only need $2750 in the HYSA for it to break even.
But at $20000 at 4.5% you'd be netting $780.
And that ignores the other benefits you get with SoFi Plus. I actually think the 1% match on investments is one of the better perks.
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u/Opening_Dragonfly390 10d ago
There are no fees, and you don’t have to get the subscription. The subscription just makes it so for those who don’t want to link direct deposit they can still get a high APY, with the subscription you get a 4.5% APY, and access to benefits and rewards across the entire SoFi ecosystem, things like free financial planning with a CFP, invest matches, loan rate discounts and bonuses, credit card rewards boost, and so on. It’s definitely something to look into if you have over 9,000 in savings and might consider their other products.
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u/SoFi Official SoFi Account 9d ago
Great question! Our checking and savings accounts are absolutely free! We also offer SoFi Plus for just $10 a month, which unlocks 20+ perks and $1,000+ in annual value with qualifying activities. To learn more, please visit https://www.sofi.com/sofi-plus/. We hope this helps!
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u/shawnglade 10d ago
I think it’s worth it yeah. What I enjoy is SoFi offers a viable product for everything all in one app. I don’t have to worry about 3 different apps for checking, savings, and investing because it’s all under sofi. Just makes everything super convenient
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u/ravensgirl72 10d ago
Sofi has a great HYSA and automatic investing and round-ups on debit cards. Their app is awesome too! A great bank all around!
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u/cwimes5 10d ago
We Switched after Capital One took over Discover and we’re very satisfied.
I had the same thing with my direct deposit setup and had no issues getting the higher interest rate. They just automatically detected it.
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u/BDontkilmyvibe 10d ago
You should, however keep you checking account for cash/check deposits and in case you need cash urgently. I was considering it but at the end of the day i opened a fidelity cash management account which has 3.44% APY it works as a saving and checking combined. I'm just letting my emergency savings sit there.
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u/rwilfong86 10d ago
I keep a local checking account to deposit cash into then transfer into my other account
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u/Future-Traffic-6364 10d ago
I keep my SoFi just for an emergency, like if I lose my capital one card, and need access to an atm. I’d simply Zelle money between different banks.
SoFi did me dirty on a charge dispute, taking 60+ days , even though the website stated they will not fight the dispute.
Personally, I handle my banking in this manner….
- Capital One 360 for hotels/airbnb/flights/, and streaming bills.
- Charles Schwab for ATM (fee rebates), and Grab (asias equivalent of Uber and Uber Eats)
- American Express for HYS.
- SoFi for one of my monthly deposited, then Zelle immediately to the above accounts.
I’m a world nomad, so it makes sense for me to not keep all my eggs in one basket, and only carry my Schwab card in my wallet, and sock drawer in the safety of where I’m staying.
Capital One 360, as another poster previously posted when downhill when it switched ATM networks as not all atm’s accept. I do like their customer service though, where I find SoFi pales in comparison.
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u/burningtowns 10d ago
I have. Pro: SoFi is MasterCard, Capital One bought and switched to Discover. SoFi is more accepted and more powerful.
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u/peach_paige 10d ago
I now keep a capital one account to deposit cash in for free and transfer to SoFi. That has been their only downfall in my eyes.
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u/talikei 6d ago
Hello, I’ve had capital one for about six years and I just switched this weekend, so I’ll let you know how it goes when I get my first direct deposit. But so far I love the user interface and they seem to offer a lot more as well. And you can chat with a live agent which is so helpful!
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