Sofi vs Robinhood

Jul 17, 2019 7 Comments

I came across Sofi while looking for alternatives to Robinhood which sucks in terms of security and customer service. I like the idea of having high yield savings and investment in one place, it seems the high yield savings in Sofi is very convenient - transfering between accounts, no fee atm, pay bill, etc. How do you like it? Any other good alternatives?


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TOP 7 Comments
  • Amazon loolooloo
    Sofi isn’t fdic insured. They just proxy your money into an insured bank. Robinhood is way better
    Jul 17, 2019 4
    • Okta doll$h
      Robinhood is way better in terms of what? Their checking account launch was an epic fail. Glad FDIC didn’t sue them for using their name
      Jul 17, 2019
    • Stripe ious
      Your money is as good as fdic insured. There’s something in the fine print about how it’s not insured while in transit to the partnered banks but chances of them going down while your money hasn’t reached the bank is pretty low.
      Jul 18, 2019
    • Amazon loolooloo
      Robinhood better in terms of a not paying any fees when buying stocks. The money you save on not paying fees is probably what you make of the interest on your saving account anyway. If you want a high yield saving account go with an actual established institution that has your money insured the second you make a transfer(discover, ally, etc). Plus they all have higher interest then sofi
      Jul 18, 2019
    • Stripe ious
      Uh pretty sure SoFi invest isno fees as well

      Ally is lower at 2.10. There are higher rate savings accounts but SoFi probably has one of the nicer apps/web interface imo.
      Jul 18, 2019
  • New / Other

    New Other

    Did stuff. Hustled hard. Retired
    What can go wrong with being able to pay bills from your trading account, especially in an inevitable bear market?

    Jul 18, 2019 0
  • Okta doll$h
    Try Wealthfront. They are still not a bank. I suspect they are gonna bring down that high interest rate offering though
    Jul 17, 2019 0


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