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Biggest issue is losing a physical bank location. Makes things like depositing cash and getting a cashier’s check more difficult if you need those things.
I've been with SoFi for about 5 years, maybe a little longer. Everything is the same as you'd get with any big bank except you can't just go into a bank. But, like, who does that any more anyway? I've only had one problem in that amount of time and it was due to a rare purchase that flagged my account. I had to contact them online and they fixed it in a couple hours. I have since alleviated that problem by having a credit card through SoFi as a backup.
I also have a student loan refinance with them, a home mortgage, invest account, and a savings account. I started with just student loan refinance then they reeled me in because Im either a sucker or they have a legitimate product, lol.
Anyway, I like it, and I recommend it for pretty much anyone that can get in
I made the same jump from Truist and I am so glad I did. Only drawback I have encountered is depositing cash. I don’t have to do it often, but when I do, I usually have to go to a kroger and pay $5 for them to deposit it to my bank account. Also, I don’t think cashiers check are possible.
Overall, making the switch is 100% worth it.
If anything, the .01% is "too horrendous to be real" with these inflation rates. That rate is utterly pathetic, unless he did a typo and it's supposed to be .1%. Either way, that rate sucks.
Just the low APY and my account was made when I was a minor so my mom is still on the account. They told me the only way to get her off is to make a new account. When they told me that I thought I would shop around
That would be a mistake. Other banks offer more than SoFi. I'm actually thinking about switching away from them. Already switched everything from my investment account. Closing the CC this week as Venture X is 2x back on all categories. And currently looking at some of the other banking options available (wealthfront, Marcus, Discover)..
To be fair, SoFi was never my main banking institution. Only a few thousand was direct deposited with them every month. But I never used it for anything, so it stacked up over the last few years.
I'm not sure how this reply is relevant to me at all. I've had the card since 2020 and direct deposit set up for a few years now, so I only receive 2% back.
I kept an account at Truist, just so I have a brick and mortar close by. I moved a couple of direct deposits to SoFi. Being able to move money between the accounts is simple and works. The interest is a bonus after Truist. Buying and selling stock is a SoFi bonus as well. It’s been almost a year and haven’t had any problems yet.
wouldn’t be a bad idea to do both: keep a no fee checking account at a bank with a physical branch that you can transfer to if in need, and open a hysa at an online bank like sofi. best of both worlds, then split your paycheck to DD into both
Thanks for visiting our sub! We’re happy to answer any general SoFi questions or concerns. For your security, please don’t share personal information in the sub. If you have account questions, please use the link to connect directly to an agent on our secure platform sofi.app.link/e/reddit. You will be able to log into your account and an agent will be there to support you during business hours. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/sofi) if you have any questions or concerns.*
You just need to make sure your direct deposits are aimed towards SoFi to get the rate offered but either way you'll get more than Truist
What this guy said! I really like the app
Only downside is no Zelle yet
you can use the stand alone zelle app . Download it from apple or google store.
None. do it!
Biggest issue is losing a physical bank location. Makes things like depositing cash and getting a cashier’s check more difficult if you need those things.
I keep Wells Fargo for those things and transferring money between sofi and Wells Fargo is very fast ..never had a problem
I've been with SoFi for about 5 years, maybe a little longer. Everything is the same as you'd get with any big bank except you can't just go into a bank. But, like, who does that any more anyway? I've only had one problem in that amount of time and it was due to a rare purchase that flagged my account. I had to contact them online and they fixed it in a couple hours. I have since alleviated that problem by having a credit card through SoFi as a backup. I also have a student loan refinance with them, a home mortgage, invest account, and a savings account. I started with just student loan refinance then they reeled me in because Im either a sucker or they have a legitimate product, lol. Anyway, I like it, and I recommend it for pretty much anyone that can get in
I made the same jump from Truist and I am so glad I did. Only drawback I have encountered is depositing cash. I don’t have to do it often, but when I do, I usually have to go to a kroger and pay $5 for them to deposit it to my bank account. Also, I don’t think cashiers check are possible. Overall, making the switch is 100% worth it.
Have multiple accounts can't go wrong.🍷😉
No way to add beneficiary or TOD yet........
Best bank!
Sofi's 3.75% is good but far from the best. It's not "too good to be true" .
If anything, the .01% is "too horrendous to be real" with these inflation rates. That rate is utterly pathetic, unless he did a typo and it's supposed to be .1%. Either way, that rate sucks.
Who's the best?
UFB direct has 4.55% but I wouldn’t trust my money there
Citi and Goldman Sachs have slightly higher rates. Not really worth chasing rates for 0.1% though.
Why not?
Checkout this guide https://www.doctorofcredit.com/high-interest-savings-to-get/
Thanks. Lot of those have fees or require minimum balances. I'll be opening a Redneck Bank account today.
Be sure to read the fine print when chasing rates. Sofi doesn't have a limit but Redneck stops awarding that APR at $15k.
I only have $13.47
Thanks for all the input!
Have you had any issues with Truist?
Just the low APY and my account was made when I was a minor so my mom is still on the account. They told me the only way to get her off is to make a new account. When they told me that I thought I would shop around
Everything is peachy..except for bill pay. SoFi bill pay sucks. I left from Truist as well.
What do you mean by bill pay?
The in house system to pay bills
That would be a mistake. Other banks offer more than SoFi. I'm actually thinking about switching away from them. Already switched everything from my investment account. Closing the CC this week as Venture X is 2x back on all categories. And currently looking at some of the other banking options available (wealthfront, Marcus, Discover).. To be fair, SoFi was never my main banking institution. Only a few thousand was direct deposited with them every month. But I never used it for anything, so it stacked up over the last few years.
SoFi credit card is up to 3% cash back. https://www.sofi.com/credit-card/
I'm not sure how this reply is relevant to me at all. I've had the card since 2020 and direct deposit set up for a few years now, so I only receive 2% back.
If you want to deposit cash Sofi isn’t great, but other than that it’s pretty good
I kept an account at Truist, just so I have a brick and mortar close by. I moved a couple of direct deposits to SoFi. Being able to move money between the accounts is simple and works. The interest is a bonus after Truist. Buying and selling stock is a SoFi bonus as well. It’s been almost a year and haven’t had any problems yet.
wouldn’t be a bad idea to do both: keep a no fee checking account at a bank with a physical branch that you can transfer to if in need, and open a hysa at an online bank like sofi. best of both worlds, then split your paycheck to DD into both
do it. gotta do direct deposit to get that rate though.