In early August, I opened a checking and savings account at SoFI. I also closed a checking and savings account to keep things account neutral. I fell for a $300 welcome bonus for moving my paycheck direct deposit and $25 referral bonus. SoFI checked most of the boxes I need from a bank:
- No fees
- 2.50% interest rate (with direct deposit)
- 2 day early paycheck deposit
- Free checks
SoFI was a large player in student loans before expanding to investing (including crypto), credit cards and banking. About the only downside so far is the constant cross product marketing noise. ACH transfers to other banks happen same day which is neat. I’ve never seen a bank move money externally so quickly. The savings autopilot, vaults, and roundups are useful for my house escrow and child education buckets.
The new bicycle fund needs some love 😜 As I don’t use debit cards for much of anything, the roundups feature may never get field tested.
