SoFi is a mobile bank that facilitates people in many aspects. It was started in 2011 with an aim to help people with money and the purpose was to remain successful. It has helped millions of people in terms of providing loans worth $50 million (approx) and also other services in the same manner.  Find a full SoFi Bank Analysis here!

SoFi is best known for taking care of its staff and management and so does its users. It is more like a friendly online bank that helps you whenever you find yourself in turbulence.  

It is also a housing lender for those who seek funds to make their homes.  

Also, it is registered with SEC with the name SoFi Wealth, LLC and the funds in it are FDIC approved.

A SoFi Bank Analysis quick gist:  

Pros and cons 

A short overview of what things are better and what you might feel dissatisfactory about SoFi: 

Pros 

Cons 

Fees 

Who can apply for a SoFi account? 

In order to open a SoFi account, users need to be eligible for that. Here are a few things that is important to keep in while during account opening.  

Also, you should have internet access to start doing the application process online as there is no physical branch available for that.  

How to open a SoFi account 

In order to open a SoFi account: Go to the official website of SoFi and then choose from the products. There are numerous products that SoFi offer. Below is the list to choose from.  

After the selection, you need to enter your full name and then your email ID and state. Then, you will be asked to create the password. Also, your SSN is must having while making the account.  

Continue to follow the steps that are specified for different products.  

SoFi Accounts 

Invest (free) 

Credit Card 

Insurance/Protect 

Personal Loans 

With the help of SoFi, you can do many things due to its vast variety of products: Loan, investing, saving, etc. It helps in buying a home, paying for school/college fees and others with utmost ease. Along with it, it can also help in earning a few interests on the principle amount you have in your SoFi account. 

Also, with the help of SoFi credit card you can buy things at comparatively less fee charges. It is significant in taking loan as well. The loan process here is quite easy and requires comparatively less amount to be paid as charges.  

How to add funds to a SoFi account 

With its online functionality, it has allowed users to get the funds added using a check, or cash, and direct deposit. Here’s the description of each one in detail.  

Connecting your bank account  

With the help of bank account, you can easily get your direct deposited done. For that, you need to first link your bank account and then follow the process: go to the app, move down to the bottom. Click on the ‘Add money’ and then enter the amount you wish to send.  

Further, you can reschedule the frequency of direct deposits as per your ease.  

In addition to it, your linked bank account is automatically chosen for the purpose. If in case you do not have bank account; it’s better to first add the bank account and then accordingly continue with the process of direct depositing.  

Depositing checks 

Cash app lets you deposit money via two ways: Checks and Cash. First in this section, we would be talking about check deposits. 

In order to deposit checks, the first criterion is to have $500 in the SoFi’s account. Once you have fulfilled it, the second you need to open the app and tap on the ‘Direct Deposit’ option from there.  

Additionally, when the check is about to submit on SoFi, you need to write “For electronic deposit at SoFi Money Only.” Then, write your signature on back side of the check and take a picture of your check.  

Take clear photo of your check and also do not throw your physical check once it is submitted; it might be useful for further actions in case your check is being denied.  

Depositing cash 

SoFi works best for the purpose of depositing cash like check deposits. Obviously, the process would be different as from check deposits. The primary requirement to deposit cash in your SoFi account is that you should have MasterCard associated with SoFi account.  

After that, you need a retailer who can deposit the cash on behalf of you. For that, simply open your SoFi application; choose ‘More’ on the homepage. Then, go to “Manage Account” and click on the ‘Deposit Cash’: this will help to find the retails nearby to you.   

Saving with SoFi 

SoFi is a saving as well as current account that is helpful when it comes to saving money in terms of interests you get from it.  

Also, because of it being saving account, it does not charge any fee for the services and provide the interests on the funds you’re having.  

Despite it, SoFi keeps organizing programs for the new users in which if you deposit a certain amount into your SoFi bank account, you might earn about $100 as a bonus. 

It also helps categorizing the funds from savings and daily expenditure. This is something best for the money management purpose. 

Traveling with SoFi 

The only app that does not let your travelling stop because of funds, it is SoFi. This online-only bank is so best that it could be used anywhere in the world with its debit card like others. The card is permitted in all ATMs of the world; however, with fee charges, obviously.  

Also, before moving outsider or travelling for long, you need to inform SoFi, at first. By doing so, it will help reduce the chance of raising the flags of suspicion by the SoFi.  

Even, if you are planning to go outside and don’t have money for that, don’t worry at all as SoFi can be useful in such situation because of its travel loan feature. This kind of facility is rare to find; however, you can get it on the SoFi only.  

Member Rewards 

To maintain the users’ engagement, it is quite important to keep offering things that lure them. This is what SoFi does for its own benefit. Although, it seems like SoFi is getting benefitted from it, there is no doubt a lot of people are also creating money out of it.  

For an instance, SoFi provides points on different usage of your SoFi account. Like on: Spend, Check your credit, Get a paycheck on SoFi and saving money, etc. This is how the SoFi provides points on using one or all of the services. These points can further be converted into money or can be used in other services wherever it is used.  

Also, these points can be used for loan and investment purposes, although the impact is little.  

Referral Program 

Along with other benefits, SoFi can be used to earn a few pennies when used someone’s referral to set up your SoFi account. The referral system is useful in gaining a little bit and the best part is through this system both the parties are going to be benefitted: Either sender or receiver.  

Generally, these rewards are obtained in point’s basis which can further be used to change it in cash or for other related benefits: Loan, investment, etc. 

The points that an individual gets is worth $10. Also, the maximum reward amount that an individual can get is $10,000. Also, you will receive a form 1099-MISC for bonus/referral income. After receiving the form, you should reach out to the taxes.  

Financial Planning 

Above all, SoFi takes care of its users and provide them assistance regarding saving, investing money with utmost easy way. It is an additional feature that is rarely found in any financial app.  

Through this, a meeting is arranged with a financial expert who will guide you to do fair with your money. It includes: Budget planning, investing, saving money, etc.  

Financial planning is something crucial in today’s time at least where everybody is working hard for money either way possible. With the understanding of financial tips, you would achieve rather big than you would have not without this knowledge. 

Is my money safe with SoFi?  

It’s general and crucial to ask whether your money would be safe with SoFi or not. Before that, it is important to know that SoFi is not insured with FDIC, however, it has SEC protection for the investments which works as a good protector of your fund being theft.  

Therefore, we can say that your money is safe and secure with SoFi even after a bad happening.  

Who owns SoFi? 

Anthony Noto, who is CEO of SoFi, controls the big decisions of SoFi. He’s joined SoFi in 2016 and is one of the Board of Directors who takes crucial decisions for the company.  

Along with it, because of higher turnover, SoFi has raised around $4 billion which is owned by the investors: Ron Suber, Silver Lake partners, etc.  

Customer Reviews 

On a reviewing site called Trustpilot, there is a 3.2 rating out of 5 of SoFi. The rating is further divided into 79% of all reviews. Bad reviews cover 9% and the remaining 12% lies in both means the common rating.  

Apart from this, the current rating is difficult to find as per the equal standards.  

Major Competitors 

Ally 

Being an online savings account provider, is also essential for investing purposes. Ally is considered the major competitor of SoFi for a longer time. Due to its like features, it stands equal in the competition field with SoFi.  

Along with it, Ally provides the portfolios beneficial for managing the business as well as personals on the SoFi.  

Betterment 

Betterment is an online option particularly for investing money. It can be used either by phone application or through the official site of Betterment. It has FDIC insurance through its partnered bank. Also, Betterment helps earn up to 0.3 APY on the savings.  

Chime 

With almost 6 times more members than SoFi, Chime is the biggest competitor that is comparatively big as well. Although Chime is not a digital bank, it is FDIC-approved and provides almost double APY which is 0.5% on it.  

Chime is best in the number as well as returns on the purposes of the investment. 

At Last! 

SoFi can be proved beneficial for you if you are someone who wants to save and invest your money. Also, it has several other features that make it users’ first choice. The App can provide you financial assistance with its team, helps in saving your money, is ideal for both static as well as traveling purposes, etc.  

Additionally, you get bonuses relating to saving, investing, and others, which can be converted into real money as well.  

SoFi is best regarding loan approval for many purposes: housing loans, education loans, travel loans, etc.  

SoFi Bank Analysis: It is the one-stop solution for all your financial-related concerns. Go and get it now either from its site or via downloading its application.