It’s no secret that SoFi is the best one stop financial solution at least in my opinion
so today I wanna go through every single financial account and product that SoFi currently offers
to show you why I feel that opinion is true.
Alright let’s jump right into it.
What is going on everyone I hope you are all having a fantastic day.
Obviously we have a lot to cover in this video so if you want an in-depth look at any of
the products that we talk about I will link to some of the many reviews I’ve done down
below the light button and I’ll also leave links where you can sign up for the different
products that SoFi offers and in many cases get some free cash which we always love.
So right out of the gate we have the core feature of SoFi which is their new checking
and savings account.
Previously this was referred to as SoFi money but just a few months ago SoFi received their
national banking charter which came with a ton of additional benefits for their users
including a true and separate checking and savings account.
This product has no account fees, let’s you get paid up to two days early using direct
deposit, up to 15% cashback at select locations, automated round up savings tools and their
vaults savings features, no fee overdraft coverage, and one of the best interest rates
on a bank account that I’m currently aware of at 1.8%.
Plus the Federal reserve just raised interest rates and additional 0.75% which means these
rates could continue to rise going forward.
The banking tab is second from the right within the SoFi app and allows you to use your balances,
transfer money, pay your bills, set up savings vaults, in general is one of the best designed
mobile banking apps in my opinion.
Obviously the checking and savings account comes with a SoFi debit card but I actually
never use that because of the next product that SoFi offers and that is their new SoFi
credit card.
This is new compared to some of their other products but in reality it’s been around
for well over a year and offers a flat 2% cashback on all of your purchases across-the-board
making it one of the best flat cashback options on the market.
Plus right now you’ll earn 3% cash back for your first year of having this card when
you redeem it towards paying down eligible debts, deposit it into your savings accounts
or investing it plus you’ll get a $300 cash bonus as a thank you and considering this
card has no annual fee that makes it one of the best sign up offers currently on the market.
Again the credit card tab can be accessed within the exact same app as your checking
and savings account where you can view your available credit, current balance, pay off
your card, manager points and rewards and redeem them in a number of different ways
which is what makes this product truly unique.
Like I said you’re able to use your cash back towards eligible SoFi loans, have a direct
deposited directly into your checking and savings account, invest it with SoFi invest
which we’ll talk about next including investing in cryptocurrency‘s and a number of additional
redemption options that make this product truly unique.
Speaking of SoFi invest this is obviously their all in one investing platform that SoFi
continues to add new features to and while I was definitely a little skeptical when I
first started using it a few years ago, with the newest additions, this is a much more
robust investing tool and can absolutely compete with the likes of Robinhood and M1 finance
in my opinion.
To be clear it is definitely not going to give you nearly as much analytical information
as those other platforms but if you were already a SoFi user and you’re looking to get started
with your investing journey then SoFi invest is going to offer you 90% of what you need
to get started.
Obviously they’re going to have your standard active investing account where you can open
a standard individual account, IRA, Roth IRA, SEP IRA, and several other account options
and within that account you can purchase individual stocks, ETFs, cryptocurrency‘s, and even
invest in initial public offerings or IPOs.
But beyond that standard active investing account they also have their own Robo advising
automated investing tool that I love where you again can open a number of different account
options but in this case you’ll answer a few different questions on your investing
goals and SoFi is going to automatically create a diversified portfolio for you and will automatically
re-balance your investments to make sure you are staying on track with your investing goals.
You all know that I am a huge fan of automated investing and while SoFi’s Robo-advisor
is not the platform that I personally use, again if you absolutely want to have everything
under one platform then I do love the fact that they give you that automated investing
option.
Plus with all of these account options they offer fractional shares allowing you to get
started with just a few dollars and of course all of this is completely free there’s no
commissions or trading fees or minimum investment requirements so you can literally get started
with a robust investing portfolio today for free.
As I mentioned earlier, SoFi also has their own crypto investing as part of SoFi invest
and while it is fairly limited in terms of the crypto‘s you can invest in, they are
constantly adding new assets in right now you can trade things like Bitcoin, Ethereum,
Cardano, and 26 of the most popular cryptocurrency‘s currently on the market.
Plus back on the standard investing side of things they even have their very own ETFs
for specific asset classes to help you build that diversified portfolio.
We are just scratching the surface on that one but moving on from there we have one of
my favorite features of SoFi and that would be SoFi relay which is the free budgeting
platform that automatically integrates with not only all of your other SoFi accounts but
any and all other third-party financial accounts as well.
Again, this is all accessed from the exact same app and within SoFi relay you can monitor
your credit score, track your spending by time period or by spending category, set financial
goals for yourself, and in general track your financial progress across-the-board.
Now this isn’t going to be the best platform if you were looking for an in-depth dedicated
budgeting tool however if you’re just looking to get an understanding of how much you were
earning, how much you were spending and where that money is going then SoFi relay gives
you more than enough information and again seeing that it is completely free and automatically
integrates with your other accounts, you really have nothing to lose here.
And again you are able to link any other bank accounts, investing accounts, and even other
credit cards or debts that you may have to get an accurate representation of your assets,
liabilities, and therefore your net worth.
So those are the four core features of SoFi that I personally have used for a number of
years but of course we also have to talk about the product that SoFi was initially built
upon and that of course is their lending services.
More specifically SoFi started as a student loan refinancing service and while the other
products we just talked about have since surpassed those services in terms of the share of SoFi’s
business, SoFi continues to expand their lending services and now offers student loan refinancing,
a number of different personal loans, mortgage options, private student loans for undergraduate,
graduate, and specific educational programs, and really the only kind of loan that they
don’t currently offer is auto loans but otherwise they probably have a lending option
for you.
Again I’ve never personally used their lending service however I did apply for a mortgage
through SoFi and while I ultimately decided to go with a different option, the process
was super easy, I applied right from my phone and since they already had a lot of my other
financial information including my income and other metrics, they were quickly able
to approve me for that mortgage which ultimately helped me show proof of funds to get the house
I recently bought.
In my opinion you want to try to avoid a majority of these lending services not only because
interest rates are going through the roof right now but I believe you want to avoid
debt as much as you can.
But if you’re looking for a competitive rate on your mortgage then definitely something
I would check out.
So that’s the majority of what SoFi themself has the offer however they have made a number
of strategic partnerships over the years that allow them to expand their financial services
even further.
For example they offer so far protect which is their network of strategic insurance partnerships
allowing them to offer auto insurance, life insurance, homeowners insurance, and renters
insurance.
Again SoFi themselves are not holding that insurance policy they’ve partnered with
reputable companies like lemonade, Experian, and ladder in order to offer competitive rates
for the different types of insurance that you may need and have integrated the application
process within the already convenient and well-designed SoFi app.
And beyond those tangible account options and products that SoFi offers, the full list
of member benefits is extensive and they offer things like free financial planning, estate
planning discounts, personalized career advice, an unemployment protection program, and the
list goes on.
So needless to say SoFi has pretty much everything you can need in terms of your financial wellness
and while there are certainly a few gaps in their product offerings, in the several years
that I’ve been a member with SoFi, they’ve greatly improved SoFi invest, added the checking
and savings account, added the SoFi credit card, partnered with a number of third-party
companies that allow them to expand their services, and general have improved their
product offerings across-the-board so who knows what more they will offer just a few
short years from now.
I understandably get pinned as a SoFi fan boy totally fair but again the reason I talk
about this company so much is because of the hundreds of different financial tools and
products I have used over the years, SoFi is the one that is still my main banking platform,
one of the few credit cards I carry with me every single day, one of the few investing
platforms that I actively use, and a general a financial app that I am accessing on my
phone day in and day out.
But as always that is just my opinion so I’d love to know what you think of the SoFi product
offerings down in the comment section and what you’d like to see them add going forward.
Again be should check out those various reviews for these products if you want a more in-depth
look as well as the links were you can learn more and sign up and also get some free cash
from many of these products which we always love.
As always thank you so much for your time I really do appreciate it so much take it
easy and I’ll see you in the next one!