Sofi Bank is an up-and-coming popular digital bank that has gained a lot of attention in recent years with the new generation. The bank offers a variety of financial products and services, including personal loans, mortgages, investment accounts, and checking and savings accounts. Sofi Bank aims to provide its customers with a seamless and hassle-free banking experience, and it has received positive reviews from many of its customers.
Today we will do a SoFi bank review and its various financial products and services. We will also take a look at some of the benefits and drawbacks of banking with Sofi Bank, as well as what sets it apart from other online banks as this is a very competitive market. Before we go any further, be sure to read our article on Turbo Debt Reviews, as we’ve got you covered.
Overview of Sofi Bank | SoFi Bank Review
Sofi Bank is a digital bank that was founded in 2011. The bank started as a student loan refinancing company, but it has since expanded to offer a variety of financial products and services. Sofi Bank is a member of the Federal Deposit Insurance Corporation (FDIC), which means that its customers’ deposits are insured up to $2 million as they are able to break up automatically to each of their branches providing a much better net for higher net worth individuals.
Sofi Bank is an online-only bank, which means that it does not have any physical branches with the exception of one. Customers can access their accounts and manage their finances through the bank’s website or mobile app. This makes banking with Sofi Bank convenient for people who prefer to do their banking online as you can move money pay off loans etc.
Products and Services Offered by Sofi Bank
Sofi Bank offers a variety of financial products and services, including:
1. Personal Loans
Sofi Bank offers personal loans with fixed interest rates and no fees. Customers can borrow up to $100,000, and the loans are available for terms of two to seven years. Sofi Bank offers a variety of repayment options, including autopay, which can help customers save money on their loans.
2. Mortgages
Sofi Bank offers both home purchase and refinancing mortgages. Customers can choose from fixed-rate or adjustable-rate mortgages, and the bank offers a variety of loan terms. Sofi Bank also offers a program called “Homeowners Insurance by Lemonade,” which allows customers to purchase homeowners insurance directly through the Sofi Bank website which could be at a better rate as it is bundled.
3. Investment Accounts
Sofi Bank offers investment accounts for both beginners and experienced investors. The bank’s investment platform allows customers to invest in stocks, ETFs, and cryptocurrencies. Sofi Bank also offers a robo-advisor service called Sofi Automated Investing, which can help customers build a personalized investment portfolio. Their UI is still a work in progress and is not the best, however, with a new team hired they are looking to make improvements.
4. Checking and Savings Accounts
Sofi Bank offers both checking and savings accounts with no monthly fees or minimum balance requirements. Customers can access their accounts through the bank’s mobile app, which allows them to deposit checks, transfer money, and pay bills. They have a great offer, in fact, one of the highest interest rates on checking if you choose to sign up for direct deposit.
Benefits of Banking with Sofi Bank
1. No fees
One of the biggest benefits of banking with Sofi Bank is that it does not charge any monthly fees or overdraft fees. This can save customers a significant amount of money over time, especially if they frequently use their accounts.
2. Competitive interest rates
Sofi Bank offers competitive interest rates on its personal loans, mortgages, and savings accounts. This can help customers save money on interest charges and earn more on their savings.
3. Convenience
Because Sofi Bank is an online-only bank, customers can manage their accounts from anywhere at any time. This can be especially convenient for people who do not have access to a physical bank branch or who prefer to do their banking online.
4. Customer support
Sofi Bank has a reputation for providing excellent customer support. Customers can contact the bank’s support team through its website or mobile app, and the bank’s representatives are known for being responsive and helpful.
Drawbacks of Banking with Sofi Bank
1. Limited physical services
Because Sofi Bank does not have any physical branches, customers cannot visit a branch to make deposits or withdrawals. Instead, customers must use the bank’s mobile app or website to manage their accounts. This can be a drawback for people who prefer to do their banking in person aka brick and motar location.
2. Limited ATM network
Sofi Bank has a limited network of ATMs, which means that customers may have to pay ATM fees if they need to withdraw cash from an out-of-network ATM. However, the bank does reimburse customers for up to six out-of-network ATM fees per month. Although it’s not much, it is still a nice touch to offer to the customers.
3. Limited financial products
Although Sofi Bank offers a variety of financial products, it may not have as many options as traditional banks. For example, the bank does not offer credit cards or business loans, which may be a drawback for some customers. However, they are expanding and are adding new products each quarter such as insurance.
What Sets Sofi Bank Apart from Other Online Banks?
One of the things that set Sofi Bank apart from other online banks is its focus on providing a personalized banking experience. The bank offers a variety of financial products and services that are designed to meet the unique needs of its customers. For example, the bank’s investment accounts and robo-advisor service are designed to help customers build a personalized investment portfolio.
Sofi Bank also offers a variety of educational resources and tools to help its customers improve their financial literacy. The bank’s website includes articles and videos on topics such as investing, budgeting, and saving, and its mobile app includes features such as spending trackers and budgeting tools.
Another thing that sets Sofi Bank apart from other online banks is its commitment to social responsibility. The bank has a program called “SoFi Social Impact,” which supports nonprofit organizations that are focused on education, financial literacy, and community development.
Conclusion
Sofi Bank is a digital bank that offers a variety of financial products and services, including personal loans, mortgages, investment accounts, and checking and savings accounts. The bank is known for its competitive interest rates, no-fee accounts, and excellent customer support.
Banking with Sofi Bank may be a good choice for people who prefer to do their banking online, as well as those who are looking for a personalized banking experience. However, the bank’s limited physical services and ATM network, as well as its limited product offerings, may be a drawback for some customers.
Overall, Sofi Bank is a solid option for people who are looking for an online bank that offers a variety of financial products and services and a commitment to social responsibility.
Disclaimer: We, at the Humbled Budget, are not a member or affiliate of SoFi Bank. Our aim is to provide valuable information to people about Finance, Budgeting, and Investing. We post these review articles to raise public awareness. This review has been published after careful research of the information available on the internet. The opinions and conclusions shared here are our personal, you may disagree with them.
