SoFi savings account review

Are you interested in learning about all the features of the SoFi savings account? Responsible Economy has conducted a comprehensive analysis, covering all the fees, requirements, advantages, and disadvantages of the SoFi savings account. Additionally, you’ll find a comparison with the best savings accounts and an explanatory video. Welcome

Explicative video

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SoFi savings account review

Features

Here’s the detailed explanation of all the characteristics of the SoFi Savings account:

Fees

The SoFi savings account has no fees whatsoever. Opening the account and maintaining it annually are completely free. Even if you decide to open the account and not use it, you won’t be charged any commissions.

Rates

You can earn a maximum interest rate of 4.50% APY (Annual Percentage Yield). To qualify for this high-interest rate, you must have a monthly direct deposit. Eligible direct deposits include payroll, government payments, or Social Security payments.

In case you do not have a direct deposit, the interest rate will be 0.50% APY.

Minimum deposit

It is not necessary to make a minimum deposit to open the account. You also do not need an average monthly balance.

Bonus

By making a monthly direct deposit of more than $1,000 but less than $5,000, you’ll be eligible for a $50 bonus. If your direct deposits exceed $5,000, you’ll receive an even higher bonus of $250.

How to deposit cash in sofi

SoFi allows you to deposit cash conveniently at numerous participating locations across the country, including:

  • 7-Eleven
  • Safeway
  • Walmart
  • Walgreens
  • Rite Aid
  • Dollar General
  • CVS/Pharmacy
  • Ace Cash Express

However, it’s important to note that each cash deposit comes with a commission of up to $4.95.

Best savings account in 2023

Below is a comparison of the SoFi savings account with the best savings accounts available in the United States in 2023:

CIT Bank Logo
  • 4.05% APY
  • Minimum deposit: $100
  • No welcome bonus
  • Member FDIC
Marcus by Goldman Sachs
  • 4.30% APY
  • Minimum deposit: $0
  • Welcome bonus: $100
  • Member FDIC
synchrony-bank-logo
  • 4.35% APY
  • Minimum deposit: $0
  • No welcome bonus
  • Member FDIC
Logo Sofi
  • 4.50% APY
  • Minimum deposit: $0
  • Welcome bonus: $250
  • Member FDIC
Barclays Logo
  • 4.35% APY
  • Minimum deposit: $0
  • No welcome bonus
  • Member FDIC
Logo capital One CDs
  • 4.30% APY
  • Minimum deposit: $0
  • Member FDIC
  • No welcome bonus
Discover logo
  • 4.30 APY
  • Minimum deposit: $0
  • No welcome bonus
  • Member FDIC

Video with the best savings accounts

Here you a video with the best 7 savings accounts that you can open in 2023:

Best savings accounts

Pros and cons

Below is a table outlining the advantages and disadvantages of the SoFi Savings account compared to the best savings accounts available in the United States:

ProsCons
No feesCash deposits have fees
Interest rates up to 4.50% APY
No direct deposit
Pros and cons Sofi savings account

Requirements

To open the SoFi savings account, you need to meet the following requirements:

  • Must be over 18 years old.
  • Reside in the United States.
  • Have an American phone number.
  • Open the savings account online.

Conclusion and opinions

After conducting a thorough review and considering the comparison with other savings accounts, our opinion is that SoFi indeed offers a competitive savings account for several reasons:

  • No Commissions without Direct Deposit: SoFi stands out for not charging any commissions, even without having to make a direct deposit. This makes it an attractive option for those who may not have regular direct deposits but still want to enjoy a fee-free savings account.
  • High Interest Rate: The account’s high interest rate of up to 3.75% APY with a direct deposit is a significant advantage, allowing savers to earn more on their funds compared to many other accounts.
  • Free ATM Withdrawals: SoFi’s extensive network of more than 55,000 ATMs enables customers to withdraw money without incurring any additional fees, providing convenient access to their funds.

However, it’s important to consider the following aspects:

  • Lack of Branches: As SoFi is primarily an online financial institution, it does not have physical branches. This may be a disadvantage for individuals who prefer in-person banking or need specific branch services.
  • High Cash Deposit Commissions: Depositing cash into the SoFi account can be costly due to the commissions charged at participating locations. This may be a concern for individuals who frequently deal with cash transactions.

In conclusion, SoFi’s savings account is a compelling option for those seeking a fee-free account with competitive interest rates and convenient ATM access. However, potential users should be aware of the absence of physical branches and the high fees associated with cash deposits.

Frequent questions

Here we answer all the questions you may have about the SoFi savings account:

More information about SoFi

Here you have a table with interest information about SoFi:

InformationDescription
Websitehttps://www.sofi.com/
Facebookhttps://www.facebook.com/SoFi
Twitterhttps://twitter.com/SoFi
Phone 855 456-7634
Interest information about Sofi

Related posts

Finally you have a related content about savings accounts:

Updated the day 1 September, 2023 by Alfredo Barandiarán

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