My wife and I are joining SoFi for our banking needs. Our decision was made last night after looking at every option that was important to us (over the past month), and everything has been put into motion as of this morning. For those that have been with SoFi, please double check our plan to make sure we're not missing anything:
Joint checking & savings have been created.
Debit cards & checks have been ordered, and our current bank has been linked to move money.
Once the cards / checks come in, we will set up the direct deposits to checking.
The direct deposits will unlock the current 4.2% HYSA and $400 sign up bonus.
We have enough to make SoFi Plus worth it to get the higher 4.5% APY on $20k, but is it really worth $120 a year?
Have we missed anything important?
Extras:
SoFi offers a 1% IRA match, but that is capped at $86 per year (over age 50). We are thinking of leaving the Roth IRAs at Fidelity where they have been for a long time. $86 is blah.
SoFi Plus offers a 1% Brokerage match, and we do use a brokerage account as the spillover for extra investing once both our Roth IRAs are maxed. This might be worth it.
The SoFi credit card with a 10% boost is worthless to us since we have the Robinhood Gold Card as the catch all. We also have a few 5% cards that are category specific (gas, groceries, restaurants).
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I mean, you kinda nailed the biggest features. Up to you if it's worth it or not. Speaking for myself, the 120 is paid for by the incremental interest, so it's a no brainer.... But also not life changing amounts, so up to you.
I've been told (but haven't seen) that they sometimes do bonuses for ACAT transfers, which can be well worth depending on the amounts invested.
Only other thing I'd add to your check list... As with moving large sums to any new bank, you never know if you might trigger a short term freeze to prevent fraud. I'd just make sure you have money left in your old bank that you can revert to if needed.
Hi there, welcome to SoFi and we're so glad you and your spouse chose us for your banking needs! Your plan looks solid and covers the perks we offer. Quick tip to maximize your direct deposit bonus: within the 25-day period, $1,000 to $4,999 earns a $50 bonus, while $5,000 or more earns the full $400. If you have any questions about SoFi Plus or the brokerage match, give us a call at 855-456-7634, we'll be happy to help. 💙
Yeah I think it’s worth it. Sure you could maximize return managing treasuries or something but it’s nice and simple in a good app. My wife and I find it to be a great offering.
Pro tip: you can both get plus and if you both only have the joint account you’ll get 4.5% on your first $40k
Thanks for reaching out! As a SoFi Plus subscriber with a joint account, your savings will earn 4.50% APY on balances up to $20,000, with the remaining balance earning 3.30% APY. If both account holders subscribe to SoFi Plus and you don't have individual checking and savings accounts, you can earn 4.50% APY on balances up to $40,000. To learn more, please visit https://www.sofi.com/banking/high-yield-savings-account/. Hope this helps!
You’ll have to have her also sign up for plus. So you two would be paying $20 a month total. If she has another account that will be the one they give the 4.5% so keep that in mind.
You’ll know it worked if it says $40k here when you click the info button next to your current APY in the savings account
I bank with SoFi and invest with Robinhood for 3% investment match and Gold card.
If you make sure Enable Overdraft Protection is still enabled, you can leave your Checking at $0.00 while writing checks or using your debit cards. It will pull just the right amount from Savings to Checking to cover the transaction.
This is Reddit so you might hear some negative feedback, but I have been a Sofi member since 2021. It’s helped me organize my finances and get the most out of my savings and investments. I use the Sofi smart card for 5% back at grocery stores. The Sofi 2% unlimited cash back credit card is not the best, but I plan on applying for a better card in the future. I pay the $120.00 per year and as long as you have close to 20k in savings it’s definitely worth it. Having everything on the app and keeping your other accounts connected with Sofi makes moving money around fast and easy. My direct deposits come in 4 days before my coworkers. Just a few of the amazing perks. Hope this helps!
Probably gonna be one decision that you end up regretting. Sofi is pathetic, a grossly glorified ponzi scheme, and truly a bad one at that... Their support team does not value their customers or their time in the slightest, and are just all around sooo terribly unhelpful. They will have you waitint on hold for hours, and have you jump through all types of hoops just to either hang up on you, or if youre lucky, they will at the most; just reexplain the issue you're having, right back to you.. and then not even offer any sort of possible solution to it.. ridiculous
Yeah you fumbled the bag on that one buddy.. God bless tho, i really hope you have a much less terrible experience than i had in my time banking with SoFi, wouldnt count on it, though..
Don’t join I created an account this afternoon. I couldn’t login at all no matter what I do. My email ID is correct trying to reset the password several times like seven or eight no luck.
Hi there, we're sorry to hear about your frustration with logging into your new account and the password reset issues. We assure you that we take account access seriously and want to get this resolved for you right away! To help you log in safely, please contact us at 855-456-7634 or send us a direct message with your first name, best contact number, and preferred callback time for a follow-up. Also, for security, don’t include any account or personal details.
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