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SoFi Money is an online bank that gives you the best of checking and savings in one account. The company’s hybrid accounts allow you to earn interest without paying account fees. SoFi offers a variety of products for borrowing, saving, spending and investing, including a student loan refinancing product.
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I would consider them average although I haven't dealt with lots of pure online banks to be fair. As with any company nowadays being on hold is becoming standard. The agent was friendly and did know the answer to my question.
I've been banking with SoFi for about 2 months and so far I'm really glad I opened up the SoFi Money account. I was getting 2.25% apr until the feds just dropped the interest rate, however it's still a respectable 2.00%which is 99% more than my Wells Fargo savings account pays out...ever. Setting up the account took about 30 seconds and was incredibly easy. I've had no issues transferring money into my account. My favorite part is being able to use an ATM card with $0 ATM fees and it's one of the biggest reasons I decided to go with SoFi. In fact they have $0 fees for virtually everything concerning their money management account.
My only issue is that when you transfer your money from one bank account into your SoFi bank account it's not actually insured while in transit and that can take a couple of days. So if something were to happen, say SoFi went bankrupt and your money didn't actually land in the bank yet, you will lose everything in the transfer. That's one reason I won't set up direct deposit and also because it takes 3 to 4 days until you can gain access to your money and who has that much time to wait to get money from their paycheck? So right now I'm in the process of slowly transferring my money from my savings account with WF into my SoFi account. With that being said, I'm happy so far with my decision to go with SoFi.
SoFi Money Company Information
- Company Name:
- SoFi Money
- 2750 East Cottonwood Parkway #300
- Cottonwood Heights
- Postal Code:
- United States
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