SoFi Checking and Savings FULL REVIEW 2022 - YouTube

sofi is easily one of the best  all-around financial tools on the  

market right now and while we have looked at  this platform from a ton of different angles  

today we're going to do a fast-paced review of  the newest checking and savings features and  

show you how you can get up to 300 for free  from sofi all right let's jump right into it  

what is going on everyone i hope you were  all having a fantastic day so as many of you  

probably already know sofi currently offers their  checking and savings features which we're going  

to focus on in today's video but they do also  have their own investing platform a credit card  

countless different loan options credit monitoring  and budgeting tools and a ton of other financial  

tools as well so if you want to learn more about  any of those platforms then i will link to my full  

extensive sofi playlist down in the description  below but like i said today i want to specifically  

focus on the brand new banking features from  sofi including some new features that were  

just launched a few weeks ago so previously  the banking side of sofi was referred to as  

sofi money and that's because sofi wasn't actually  a bank up until recently and that account was kind  

of a hybrid between your traditional checking  and savings but after receiving their national  

banking charter just a few months ago sofi now  offers a separate checking and savings accounts  

which i actually wasn't a huge fan of at first  but after using this for the past few months  

i have definitely come around to this new setup  now when this feature was first launched they  

were advertising a one percent apy which was  and still is pretty great compared to many of  

the competitors but since then they've actually  increased that apy to 1.25 and it's very likely  

that these rates will only continue to rise now  i know that it's hard to get excited about 1.25  

interest but remember that sofi does have a leg  up on much of its competition because they are an  

actual bank now and therefore have cut out the  middleman of their partner banks which much of  

their competition still has to deal with so a lot  of the competitors are not able to offer interest  

rates that are nearly as good as sofis now i do  want to clarify that the 1.25 does only apply when  

you set up direct deposit which i know is a bummer  to a lot of you but if you're going to be using  

sofi as your main banking platform then you'll  probably set up direct deposit anyways and there's  

actually a ton of additional benefits when you do  so for example right now they're offering up to  

300 when you set up direct deposits which is  literally just free money from sofa now your  

bonus is evaluated based on a tiered system of  how much money is direct deposited into your  

accounts within a 30-day period but currently  if in your first 30 days you have between one  

to two thousand dollars direct deposited you'll  get fifty bucks two thousand to five thousand  

dollars is one hundred dollars and if you have  five thousand dollars or more direct deposited  

into your sofa account in your first 30 days you  will earn a 300 cash bonus plus with sofa you're  

also going to get paid up to two days early which  i never really saw the point of but after using it  

for the past year or so getting your money early  certainly doesn't hurt i should mention that this  

video is not sponsored by sofi and i know that i  do talk about them a lot but it's because i truly  

believe in this platform so if you do want to sign  up for their new checking and savings accounts  

or check out any of their other products that i  mentioned earlier then there is a link down in  

the description below that will also help support  my channel which i really appreciate all right so  

outside of that pretty sweet sign up bonus and  the awesome interest rates this account also has  

no fees across the board which a lot of fintech  companies claim nowadays but when i say no fees i  

literally mean no fees at all there are no  overdraft fees no minimum balance requirements  

no monthly fees or anything like that you have  access to 55 000 all point atms you can use for  

completely free up to 15 cash back at specific  locations when you pay with your sofi debit card  

plus again if you use direct deposit with sofi  then you also have overdraft coverage up to 50  

which is really nice now that you actually have  a separate checking and savings accounts since  

i know that personally i keep most of my money in  my sofi savings vaults which we'll talk more about  

in a second so if you do accidentally draw your  checking account too low then not only are they  

not going to charge you a fee but sofi will even  spot you up to 50 bucks to cover that transaction  

and then of course you just pay them back going  back to the vaults feature this basically gives  

you the ability to create mini accounts within  your main accounts in order to actively set money  

aside for specific financial goals so if you're  saving towards a down payment on a house or saving  

up for a car or just need to set money aside for  taxes then this is the place to do that and i know  

that it doesn't sound like that big of a deal but  personally i love this feature and use it for all  

kinds of financial goals if we go into the sofi  app and click on the banking tab at the bottom  

of the screen and then select savings you can  see that i currently have a vault set up for my  

honeymoon another one for my eventual down payment  on a house and a third vault for my upcoming  

wedding so you could click the transfer button  and move money in and out of these vaults or  

from different accounts but if you wanted to make  a new vault you just click the add vault button  

it gives you a few recommended options or you can  click the other button at the bottom of the screen  

and give it a custom name and then you just set  up what your goal amount is and you can set up  

automatic transfers from your sofa accounts or  even external accounts and essentially put all  

of your saving on autopilot plus all of the money  in these vaults is going to continue to earn that  

1.25 interest which is always an added bonus as i  briefly mentioned earlier sofi also offers their  

own credit monitoring and budgeting service  called sofi relay which does come with your  

free sofi checking and savings accounts and both  of these features are again completely free which  

i love now i've done entire separate videos and  step-by-step guides breaking down the sofi relay  

platform so again check out that full extensive  sofi playlist down in the description below  

if you want a deeper dive into this platform but  really appears under the exact same app as all of  

your other sofi tools which is a large part of  the reason why i love this platform as a whole  

but it lets you see a big picture of your  overall finances by connecting all of your  

third-party accounts gives you real-time credit  monitoring and the ability to track your spending  

and set different financial goals and really  do everything that you could possibly need  

in terms of a basic budgeting platform so from  what we've talked about so far this is a pretty  

comparable platform that offers many features  that are standard across the industry right  

now and a few features that definitely set sofi  apart from the crowd but as part of your sofi  

money account you also get what feels like  an endless list of member benefits including  

things like financial planning support from real  cfps discounts on estate planning personalized  

career advice and unemployment protection and  the list goes on again sofi's goal is really  

to put all of the personal financial tools  that you could possibly need under one app  

and they continue to add more and more features  as the platform continues to grow in popularity  

which by the way currently sits at over three  and a half million members i will also mention  

here that the sofi app itself is another one  of the reasons why i love this platform so much  

and it is super sleek and simple in my opinion and  i have had a lot of people leave comments saying  

that it is too cluttered and there's too many  news articles and ads for different sofi products  

and i would definitely agree with that however  as i've talked about before in previous videos  

it's really easy to just click these three  dots in the top right hand corner of the menu  

and select the show less like this option and  with that you can basically customize the entire  

sofa home page and other than this home screen  once you're actually going into the different  

menus for various sofa products it is much less  cluttered and is pretty intuitive and easy to use  

i know today we are specifically looking  at the newest checking and savings features  

but as i've mentioned many times before they have  a ton of different financial products and the true  

benefit of using sofi in my opinion at least is  that all of those tools are under one app on your  

smartphone so again be sure to check out that full  sofi playlist to learn about all of the different  

financial tools that they currently offer and  the insane advantages of having all of them under  

one platform remember to sign up for sofi using  the link down in the description below and check  

out some of my other favorite financial tools  while you're down there and of course be sure to  

hit the like button and subscribe to the channel  for more content like this in the future 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

you