5 Must-Know Perks of SoFi Checking and Savings
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SoFi Checking and Savings
At this point, you have likely seen SoFi’s Checking and Savings account advertised somewhere – whether on TV during an NFL game or before a YouTube video. Regardless of the advertisement medium, if you are looking to learn more about these accounts then you are in the right place. In this article, we will cover 5 perks of this SoFi account that are critical to consider before signing up.
Keep reading to see more details or check out our video review.
1. Competitive APY
There is a high likelihood that this perk initially drew you to research SoFi Checking and Savings – for a good reason! SoFi’s Savings account Annual Percentage Yield (APY) remains one of the most competitive rates across competition. APY is essentially the interest percentage your savings earn in one year, considering compound interest. Since SoFi is online only, it has lower expenses than traditional brick-and-mortar banks and can offer consumers like you a better rate.
Keep in mind the APY on the checking account is not as high as the savings account portion, although still higher than traditional banks. Additionally, these APYs are variable – meaning they adjust based on the overall economy. A general rule of thumb is that HYSA APYs follow the Federal Funds Rate set by the Federal Reserve as a benchmark.
2. SoFi Debit Card
A common issue faced with most HYSAs is that these accounts are purely for saving money. Said another way, you cannot use these accounts to spend or withdraw money. Fortunately, with the SoFi Checking and Savings account, you receive a complementary Mastercard debit card which unlocks a new world of online banking. In this way, you can spend money through your SoFi checking account and withdraw money across 55,000+ Allpoint ATMS for free.
In short, your entire banking experience can be transformed.
3. FDIC Insurance
The standard FDIC insurance amount for US banks is $250,000. As you may be coming to realize, SoFi is not like your typical bank. Instead, SoFi offers $2M in FDIC insurance – meaning your funds are safe up to this amount. This high FDIC insurance amount is made possible as SoFi partners with a network of banks. Although you may not have millions of dollars to save right now, this perk could be helpful in the future after a home sale for example.
4. Mobile Check Deposits
Depositing checks through SoFi’s app is simple. You take a photo of the front and back of your check, then hit ‘submit’. As described on SoFi’s website, this process is convenient, simple, and secure. As these accounts could change the way you bank forever, this feature is essential.
5. Welcome Bonus
Currently, you can earn a sign-up bonus of up to $250 once you connect your account with direct deposit and qualifying deposits. For many consumers, this perk is another added bonus for an already enticing banking offering.
Looking for another HYSA option? Check out our review of Marcus by Goldman Sachs
