SoFi is one of the largest online-only banks and has been helping their consumers handle money since 2011. To date, they have funded about $55 billion in loans and have 1.8 million members signed up. While most online banks shoot for simplicity in their product offerings, SoFi has gone the opposite route and offers a number of different products.
Let’s take a look at the top 3 reasons to bank with SoFi.
A checking account that earns interest
Unless your checking account needs are outside the ordinary, their account is sure to get the job done. Their account features no fees, access to your paycheck early, access to your paycheck early, and a 0.25% interest rate. They have also redesigned the checking account in a way that makes a lot of sense.
Instead of offering different accounts for spending and saving, they just put all your money into one account that earns 0.25% interest. From here, you can create different “Vaults” which are like mini savings accounts for each goal. This way you can separate your Vaults based on what you are saving for. They allow you to have up to 20 Vaults at once.
Multiple products for financial needs
While most online banks shoot for simplicity over depth, SoFi has gone the opposite direction. They offer financial products for spending, borrowing, saving, and investing. Here are just a few of the other services that they have available to their customers:
1. Student loans
2. Home loans
3. Personal loans
5. Loan refinancing
6. Sofi Investing
7. Cryptocurrency investing
8. IPO Investing
In this sense, SoFi is very comparable to a major bank like Bank of America or Chase in that they offer a wide array of products. However, the entire experience is done online.
Exclusive member benefits
Outside of their large number of products, SoFi goes above and beyond to offer exciting benefits for people who bank with them. As a few examples, their members get access to:
➢ Career coaching
➢ Perks when visiting SoFi stadium
➢ Free estate planning
➢ Exclusive community experiences
➢ Access to the Edmit Plus tool for comparing the cost of college tuitions
➢ SoFi member rewards point program
By offering extra benefits like these, SoFi goes above and beyond to create a sense of community among their members.
In conclusion, due to their high number of products, SoFi is sure to be able to meet whatever financial needs you might have. They have also created a system that’s a little bit simpler by combining your checking and savings account into one general account. From here, you can create different Vaults for different goals. Last, they have a number of exclusive benefits for members.
Looking to learn more about checking accounts? Then you’ll want to learn more from Find a Better Bank. We help connect people with the bank that is right for them. On the site, you can search for your next bank by region, bank size or by your residential zip code. Stop by and find the checking account that’s best for you!