SoFi, short for Social Finance Inc., is an online bank that provides a range of financial products and services designed to help you achieve financial dependence. Its offerings include banking, credit card, lending, investing and insurance solutions for the everyday consumer. If you own a small business, SoFi also offers financial products to support your employees and help your company reach its full potential. <\/p>
Established in 2011 by Stanford Graduate School of Business students, SoFi exists to help you achieve financial independence and meet your money goals. It boasts a roster of over 6.9 million members. To date, those members have paid off over $34 billion collectively in debt. And SoFi has originated more than $73 billion in loans. <\/p>
SoFi offers a variety of financial products to meet the needs of the modern consumer. <\/p>
SoFi Checking is designed to help you handle everyday transactions with ease. It skips the monthly maintenance fees, pays an APY of 0.50% on all balances and lets you earn up to 15% cashback on debit card purchases. Plus, you get the benefit of receiving your paychecks up to two days sooner with early direct deposit and access to a large ATM network. When you enroll in direct deposit, you will also get a bonus of up to $300.<\/p>
SoFi High Yield Savings pays a competitive APY of 4.60%, so you can grow your money and meet financial goals sooner. Unlike many comparable accounts at traditional banks and credit unions, a minimum daily balance isn\u2019t required to earn the maximum APY. And you won\u2019t have to do any legwork to get started since the account automatically opens to complement the checking account when you sign up to become a SoFi member. <\/p>
There\u2019s a lot to love about the SoFi Unlimited 2% Credit Card. You\u2019ll earn 2% cashback on everyday purchases or 3% on trips booked through SoFi Travel that can be applied to SoFi Invest or SoFi Loans. The card also comes with up to $1,000 in cell phone insurance, and there is no annual fee. <\/p>
You can borrow between $5,000 and $100,000 to meet your short-term or long-term funding needs with a SoFi personal loan. Rates are fixed, giving you a predictable monthly payment over a set period, and there are no loan origination fees. Some loans are funded as soon as the same business day. <\/p>
Home loans from SoFi are also available to help you purchase the home of your dreams. Or you can refinance to lower your monthly payment, get a better interest rate, change your loan term or pull equity from your home. Both conventional and government-backed solutions are featured in SoFi\u2019s arsenal of mortgage products. <\/p>
If your auto loan payments are stretching your budget thin, you can also refinance with Lantern by SoFi to potentially make them more affordable. Or you can refinance to get a lower interest rate and pay your loan off sooner. <\/p>
SoFi Private Student Loans are an option for college students with unmet financial need. They\u2019re accessible to students on all levels, including undergraduate, graduate, law school and MBA students. Health professions loans and Parent student loans are also available. <\/p>
SoFi\u2019s Student Loan Refinancing options allow you to consolidate your existing student loans into a single loan product, preferably with a lower interest rate. The idea is to make your student loan debt more manageable and possibly save a bundle in interest over the loan term. <\/p>
SoF Invest is worth considering if you\u2019re interested in investing in stocks, ETFs or IPOs. You can also use this tool to establish an IRA. Both automatic investing and active investing options are available, and you could be eligible for a welcome bonus to give yourself a jumpstart. <\/p>
SoFi Protect partners with Experian to provide you with an insurance comparison tool at your fingertips. You can use it to find affordable auto, homeowners and renters insurance coverage that fits your needs. Or you can secure affordable term life insurance coverage through Ladder. <\/p>
Small business owners also have options with SoFi, including: <\/p>
When you join SoFi, you unlock the door to various perks. Members can access financial and estate planning, exclusive member experiences and a referral program. There are also SoFi member rewards, SoFi Travel, and a host of other benefits. <\/p>
A quick comparison of SoFi to traditional financial institutions and online banks demonstrates why it stands out amongst the competition. <\/p>
SoFi Bank offers competitive rates on its checking and savings accounts, often higher than those found at traditional banks. <\/p>
Members enjoy a streamlined user experience through the website and mobile app. So, you can manage your money 24\/7 at home or while on the go. <\/p>
Although support isn\u2019t available at physical branches, SoFi doesn\u2019t skimp on customer service. Personalized support is available by phone or through the online chat tool. <\/p>
Opening an account is relatively straightforward and can be completed online. Here\u2019s an overview of what to expect. <\/p>
You\u2019ll need the following handy when you apply for an account: <\/p>
Once you\u2019ve gathered the information you\u2019ll need to open an account, below are the next steps: <\/p>
It depends on your unique needs, personal preferences and what you\u2019re looking for in a bank account. SoFi does offer competitive interest rates and skips the fees on its banking products. Plus, other financial solutions are readily available to help you meet your money goals. And the sign-up bonuses are also quite generous compared to what you\u2019ll find with most traditional banks. <\/p>
Still, you must consider the accessibility of support when you need it. You can reach out 24\/7 for assistance, but the absence of physical branches could be a deal-breaker if you prefer a personal touch. There\u2019s also the inconvenience posed by how cash deposits are accepted. The upside is deposits are insured by up to an additional $2 million, compared to the standard $250,000 in backing with most deposit accounts at traditional banks and credit unions. <\/p>
These factors should all be considered to determine if SoFi is a good fit for your banking needs. <\/p>