SoFi checking
Considering finally switching from BoA. Few things I have there I’m unsure about if I do: 1. Payees — eg my gardener is set up to take an automatic monthly payment. It mails him a check. Does SoFi have anything like this? Can’t count on everyone having Zelle or Venmo, etc. 2. Large cash deposits — the only time I have stepped foot in a BoA was for a large cash deposit. Being limited to ATMs for cash seems pretty inconvenient, esp if there’s a daily limit of some <$1k. Eg sold a car and got $10k last year. 3. BoA APY obv a joke but what does “up to 3.75” typically result in at SoFi? Any other gripes from anyone who’s made the switch? #personalfinance #sofi #fuckBoA
Probably don’t want to use SoFi for cash deposits. But checking is flat 2.5% and savings is flat 3.75%. (maybe with direct deposit required) There’s not much reason to use checking since you can do instant transfers between savings for free and turn on overdraft protection (checking withdrawal will withdraw from savings).
DD required but no min.
Wealthfront
Not really traditional checking is it?
1. I don't think they do. 2. Unknown 3. Sofi up to 3.75% savings if you have DD (no min required). If you don't, then it's an X% flat. Dont know why people still use traditional banks in 2023. 😅
Well signed up anyway and can confirm #1 exists and works much like BoA. Only recurring choice is monthly but that’s fine for me.
And for large cash deposits, yes it’ll be slow but still possible. I think monthly cap is 10k per month.
I use SoFi as a secondary bank account and redirect any cash liquid savings I want to keep. Don't think I would make it THE main account for some of the benefits traditional banks offer like #1 and #2. Can't comment to your specific questions since I'm a newer user but I definitely recommend SoFi in general for it's ease of use. I like that I can decide to buy index funds/stock/crypto with some of my savings instantly from SoFi rather than waiting for money to transfer over.
That’s a good call. I can always keep BoA sitting around with a tiny balance I suppose. Reap the Sofi APY benefits nonetheless.
Yup, exactly. I've split my paycheck to go 60% to Wells Fargo and remaining to SoFi so it forces me to save 💰.