For the $300 bonus... it has to be from your payroll, not from direct deposit from your bank. So unless your two pay periods add up to $5K, you will not get it
Patently false. You can transfer money in from another savings, checking, etc. Directly from SoFi's Terms & Conditions: Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits.
So stupid they make 5k in two direct deposit periods rather than doing what every other bank does and have a 60-90 day period where you have to hit a direct deposit goal.
I put 2k in a chase account when I opened it and I told them I was opening it so I could buy bitcoin. I gave them 2k in cash got my temp card went home and tried to buy bitcoin and ofc failed suspected fraud so I go back there and they say sorry it’s cleared up so he same thing repeats. I go back the next day this compete utter bitch says we’ve closed your Acount you’ll get a check in the mail I said I’m right here can I just have my money now I have y’all cash two days ago. Nope she threatened to call the cops I’ve never used an actual bank like that ever again such bs. This was 2019
I havnt watched this one yet. I just came here to *Thank you!* I got a message telling me how my score went up 129 points in the last 30 days. I operate so differently thanks to your videos 🙏🏼
I realize this looks like a bot comment😂 but fr bro i started my credit rebuilding journey straight outta bootcamp. Not much knowledge on it other than pay back my debts. I learned everything from your channel I really appreciate it
I literally made the decision yesterday to open a SoFi HYSA and checking account! I also may open a brokerage account with them, since I’m an investor beginner. Or, perhaps a Schwab brokerage account that includes worldwide ATM withdrawals with no fees. Thanks for this video that confirms my decision! Blessings ❤
If your investing for the first time go with Acorns the savings is higher apy then this at 5% and checking is way higher then sofi .50% acorns gives you 3%. It helps you round up and save and it also helps invest for you based off of what you portfolio you choose.
@@arkimwilliamson4429she is referring to a Charles Schwab investor checking account. It comes with $0 atm fees worldwide. You pay the fees and they refund it back to you at the end of the billing cycle.
its good however the major downside is that you need direct deposit for the hysa. which can be a problem for some like me I get paid with checks so not having direct deposit is a problem when compared to other banks which dont have this requirement and just have flat hysa rates
No it has to be a payroll direct deposit or social security/retirement direct deposit (income/retirement/benefits) if you’re asking about the bonus part
I put cash in my bank all the time it has a bunch of branches it is like 5 bucks to put money in but most my money from work and UA-cam go right to my bank so it's good for me
random, but can you DD your entire pay, then transfer the majority back to your Chase checking account? And just leaving what you want to save? Would that 4.6 be applied to that entire initial deposit or only what's left after you Zellee?
So if I wanted to move 25-30k into a savings account would it be smarter to do all at once or 5k/month for 5-6 months? Would i lose that top interest if i did it all together?
I use Wealthfront and love it but Sofi gives you interest in your checking account and wealth front dosnt I mostly use it as my only high yield savings 👍🏼
Betterment could simplify your combo you mentioned at the end. It has free worldwide ATM and they reimburse you faster than Schwab and it has a high yield saving plus robo investment for when savings accounts interest drop again.
How about for retirement income? I have a HY Savings with Morgan Stanley, but the rate just dropped so looking to change. I'm a retired person on a fixed income, and I feel safer with lower risk tolerance of a Saving account. I do have dividend stocks as well These online banks are fully insured? I enjoyed the video and clear way you talk.
Hi John, very nice video, I am putting together a referral platform for insurance and other financial services and I want to send traffic to this bank and get paid for,l that, how do I start ? Any advice ? Thanks in advance
I am watching all of your videos for a long time. I have some quick question: 1. Is there a hassle to get the latest rate over a year when it went up in SOFI or any other banks in the video? 2. Is there CD options for any banks for future? Different products like loan or mortgage benefits etc? 3. Do Sofi Bank consider wire transfers as check deposits and I heard they hold the money how true is it? Can someone explain is Sofi provide interest monthly or it is annual APY?
1. If Sofi changes their APY it changes automatically for you. 2. SoFi has an investment section but I don't think they offer CDs 3. No, direct deposits have to be set up from your workplace or social security. They don't hold money, if you want to move it you can do it whenever you want, of course there is always a few business days of waiting. 4. Interest gets applied monthly.
Use Fidelity cash management account to build t-bill ladder is wayyyyyyy better than any HYSA. Higher yield, less tax, ATM withdrawal reimbursement etc, literally can replace any checking/saving. But I hold sofi stocks so I agree whatever you said. 🤭🤭
I just opened up a Fidelity CMA (Cash Management Account) is it also paid monthly? I currently have 10K in the Sofi HYSA and it gets paid at the end of every month it looks like, I'm thinking of transferring that 10K into the Fidelity, what are you thoughts? any tips?
@@AdrianRomeroJr pick the right mature date and you’ll be fine. I divide my CMA saving into 4 chunks, put into 4 weeks t-bill and ladder them (so every week you’ll have one chunk maturing and ready to cash out), and also I have auto enrollment on so I don’t have to buy every week. (Not a financial advice!)
Hi John, I wanted to check if a direct deposit of $2,000 in 25 days would qualify me for the $300 bonus. I’m planning to make the deposit soon and want to ensure it meets the requirements.
Whoa - are you aware that you also pay income tax on the sign on bonus? If you recommend people go for that bonus I think people should know that will pay a portion of that “extra money” back.
Of note, that doesn’t apply to Rakuten. They have a bonus with Sofi currently and it’s been litigated that since it’s “rebate” it’s not taxable income. But for general bank sign on bonuses yes it is
@@antoniowilson1696California is like one of the few states that actually gives a damn about employees though. The rest of the states just cosplay as developing countries lmao. The fact that lunch breaks aren’t federally required in 2024 is pathetic. Cali nurses are some of the only ones I know who actually get to take breaks every time
He must have a huge partnership with Sofi. Acorns is a lot better. He says high yield checking account what does that even mean? .50% apy? That’s a high yield? Acorns gives you 3% apy on checking and 5% apy on savings. That must be called a high ultra yield checking lol. Not sure why he hasn’t done a review on acorns it blows this out of the park.
nope, I have an online bank and a local bank. The only reason I have a local bank is because I need to deposit cash for my tenants security deposits. If I didn't have properties I would just use an online bank 100% of the time
More of the downsides 1. You cannot deposit checks that are more than $500. 2. It's nearly impossible to get a live agent on the phone. You can try a live agent online but they take a while to reply and they just repeat what's on the app instead of helping you solve your problem. 3. If you make any online purchase above $50, they will decline it. You have to confirm that you are one who did the purchase (that's my estimate bc they lowest payment, $74). I found this all out today which is why im here. Pls do a video about other banks as alternative
I love the grounded reality of this channel!!! Retirement took a toll on my finances, but with my involvement in the digital market, $47,000 weekly returns has been life changing. AWESOME GOD❤️
Wow...I know her too she is a licensed broker and a FINRA agent he's is popular in US and Canada sheis really amazing woman with good skills and experience.
So it seems like this guy is working for the bank. So much time and effort to push for it, it is always vey suspicious. Influenncers like him are now everywhere. He's trying to portray himself as an expert: "I know soooo much about money", blb, bla, bla! Well, many "experts" are wrong. He's just anoether psycho.
I had SoFi for a year I loved having everything in one place. But then suddenly I got charged for two restaurants in a state I have never visited. Long story short their security gave me pause and decided to go back to BofA. Also that depositing cash is a headache with these types of banks so I'd say don't bother.
![How to Easily Redeem Chase Points for MAX Value [Full Guide 2024]](/img/n.gif)
SoFi has been a game changer to me.
It has got me into investing, budgeting, etc.
can tell me is Sofi provide interest monthly or it is annual APY?
@@SvenKontosmonthly interest
The roundup on every purchase that you can then put into your savings account is legitimately gamechanger. Saving an unnoticed 20-30 per month.
The vaults are definitely my fave feature about my Sofi account!
I love my SoFi account. Also SoFi just incorporated Zelle
Man I've been waiting a long time for this lol
this info might actually make me switch!
What Rate they offer for savings account?
For the $300 bonus... it has to be from your payroll, not from direct deposit from your bank. So unless your two pay periods add up to $5K, you will not get it
Patently false. You can transfer money in from another savings, checking, etc.
Directly from SoFi's Terms & Conditions:
Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits.
So stupid they make 5k in two direct deposit periods rather than doing what every other bank does and have a 60-90 day period where you have to hit a direct deposit goal.
And most banks don't cover your money up to 2 million only 250k
Chase gave me $600 bonus in 3 months , open checking saving , $15K in saving for 3 minths and direct deposit as well .
The highest I have seen is $300
Just did this too, but it was $900 for me. Opened a checkings and savings.
I put 2k in a chase account when I opened it and I told them I was opening it so I could buy bitcoin. I gave them 2k in cash got my temp card went home and tried to buy bitcoin and ofc failed suspected fraud so I go back there and they say sorry it’s cleared up so he same thing repeats. I go back the next day this compete utter bitch says we’ve closed your Acount you’ll get a check in the mail I said I’m right here can I just have my money now I have y’all cash two days ago. Nope she threatened to call the cops I’ve never used an actual bank like that ever again such bs. This was 2019
I havnt watched this one yet. I just came here to *Thank you!* I got a message telling me how my score went up 129 points in the last 30 days. I operate so differently thanks to your videos 🙏🏼
I realize this looks like a bot comment😂 but fr bro i started my credit rebuilding journey straight outta bootcamp. Not much knowledge on it other than pay back my debts. I learned everything from your channel I really appreciate it
@@JoseRamirez-et5di I was positive this was a bot comment lmao
I literally made the decision yesterday to open a SoFi HYSA and checking account! I also may open a brokerage account with them, since I’m an investor beginner. Or, perhaps a Schwab brokerage account that includes worldwide ATM withdrawals with no fees. Thanks for this video that confirms my decision! Blessings ❤
If your investing for the first time go with Acorns the savings is higher apy then this at 5% and checking is way higher then sofi .50% acorns gives you 3%. It helps you round up and save and it also helps invest for you based off of what you portfolio you choose.
What's a scwab account?
@@arkimwilliamson4429she is referring to a Charles Schwab investor checking account. It comes with $0 atm fees worldwide. You pay the fees and they refund it back to you at the end of the billing cycle.
The schwab checking does that not brokerage
Same🎉
its good however the major downside is that you need direct deposit for the hysa. which can be a problem for some like me I get paid with checks so not having direct deposit is a problem when compared to other banks which dont have this requirement and just have flat hysa rates
Also for the interest rate you have to have a 5000k monthly direct deposit to get the 4.6 interest rate in the savings
No you don’t, any amount of a direct deposit will get you the high interest rate
Does ACH deposits from a separate bank count as a direct deposit
No it has to be a payroll direct deposit or social security/retirement direct deposit (income/retirement/benefits) if you’re asking about the bonus part
@@bernie236
want to add that tax returns also count. that’s how i got my bonus
Honestly Sofi is the GOAT
Some people only get paid monthly.
“5k is easy to get deposited” ahhaha
Thought the same
when i opened my sofi account, i had my tax return direct deposited to it + paychecks. i got the bonus, it was pretty easy
It was easy for me. Had $12k deposited the whole month. Which is sad. It only proves you that only “the rich get richer”
There is some AMEX HYSA Bonuses out there if you are aready a card member. I;ve seen 150 for 10K and 350 for 25K
I put cash in my bank all the time it has a bunch of branches it is like 5 bucks to put money in but most my money from work and UA-cam go right to my bank so it's good for me
Sofi is amazing! Recently, just opened one and Love getting the notification on that 4.5% return every month! And $300 was a nice welcome also :)
Only if my pay check was $5k
fr imagine 2 paychecks equalling 5k
I wish
you can still get $50
@@praspurgh that’s a dog water bonus lmao
Well if you make $1500-$1800 a week after taxes then you should be good. $6,000-$7,200 a month after taxes. That’s not bad
Thanks for the deep dive!
I love the Vaults!
random, but can you DD your entire pay, then transfer the majority back to your Chase checking account? And just leaving what you want to save? Would that 4.6 be applied to that entire initial deposit or only what's left after you Zellee?
5.5% on wealthfront is better
but is also a riskier bank I believe
5% currently
@@ethanvancuso2438 I got ufb…what risk?
How? They are FDIC insured
Certainly the same if not less riskier than SoFi
So if I wanted to move 25-30k into a savings account would it be smarter to do all at once or 5k/month for 5-6 months? Would i lose that top interest if i did it all together?
Sofi doesn’t have a branch
Can u do a review on the wealthfront checking and savings
SoFi has lowered their Savings APY twice since I joined with them in September. What's better?
I'm curious about pibank
I use Wealthfront and love it but Sofi gives you interest in your checking account and wealth front dosnt I mostly use it as my only high yield savings 👍🏼
I'm confused about direct deposit. Do I have to have money direct deposit monthly, one time or multiple times a month?
I like the vault under saving acc.
That helps a lot. Will open a Sofi in the future🙂
Betterment could simplify your combo you mentioned at the end. It has free worldwide ATM and they reimburse you faster than Schwab and it has a high yield saving plus robo investment for when savings accounts interest drop again.
= Question John what's thought on SoFi credit card❓
Great video! If you don’t get payed a lot what do you think of bask bank’s new checking account and saving account?
Does chase have a secured credit card?
Do they give good interest rates on loans?
So can the direct deposit come from a different personal account or does it have to be from a business?
if I get paid weekly and the first two deposits are less than 5k am I not qualified for the bonus?
Hey John, are there any requirements for the 4.6 interest on the Sofi Savings Account?
Only direct deposit of any amount.
Second this. Reoccurring direct deposits.
@@GApeech08 Thanks
@@JustinRaymer Thanks
It is the best for you to get referral bonus, but horrible for who use the referral link. They can get 5.35% else where
Where?
Where
do you need to hit the 5k in 1 month to get the $300 bonus? or was that justr an example of how fast it can be
How about for retirement income? I have a HY Savings with Morgan Stanley, but the rate just dropped so looking to change. I'm a retired person on a fixed income, and I feel safer with lower risk tolerance of a Saving account. I do have dividend stocks as well These online banks are fully insured? I enjoyed the video and clear way you talk.
No Portugal option?
lol that list at the end I had thought about in my head haha pretty smart of ya
Are there any stipulations with withdrawing from the savings?
Nope. I do it often.
Still waiting on a wealthfront video
Still waiting on Acorns video he’s riding Sofi’s partnership and endorsement money
i have a silly question, regarding direct deposit. Can it be my own account sending money to this new Sofi account? Does that count as direct deposit?
No, it needs to be from a job or social security
@@bruhg7181 ahh okay thanks
Which brokerage do you recommend?
How to open up a local bank account?
Hi John, very nice video, I am putting together a referral platform for insurance and other financial services and I want to send traffic to this bank and get paid for,l that, how do I start ? Any advice ? Thanks in advance
With the whole "you cant deposit money" thing, you actually can, at many stores. The use the same process as green dot cards.
Can i write a check from the sofi checking account?
Do i need to direct deposit into savings and checkings?
What do you think about the Capital One 360 Performance Savings with 4.25% APY?
You forgot about rakutan double dip
Swaggbucks has a better promo. You get $250
I love it opening mines today
Can you do one on the capital one 360 account please 🙏
They closed my account🤦🏽
I dont have direct deposit dont work yet I still use it a s i like the checking and saving account
I pref the Credit karma checking/savings for long term
More info?
Credit karma isn’t the best anymore
I am watching all of your videos for a long time. I have some quick question:
1. Is there a hassle to get the latest rate over a year when it went up in SOFI or any other banks in the video?
2. Is there CD options for any banks for future? Different products like loan or mortgage benefits etc?
3. Do Sofi Bank consider wire transfers as check deposits and I heard they hold the money how true is it?
Can someone explain is Sofi provide interest monthly or it is annual APY?
1. If Sofi changes their APY it changes automatically for you.
2. SoFi has an investment section but I don't think they offer CDs
3. No, direct deposits have to be set up from your workplace or social security. They don't hold money, if you want to move it you can do it whenever you want, of course there is always a few business days of waiting.
4. Interest gets applied monthly.
@@bruhg7181 Thank you so much really appreciate it
havent even seen the video but I have sofi and i transfered my savings to wealthfront bc its more than sofi. 5% atm
I think I will get this account once I start making 5k a month lol maybe next year
😂💀
The best savings account easy
4.5% now sadly 😢
Hii I applied for. Chase freedom unlimited I didn't get approved I have a secured card can you help me
Wealthfront has been much better for me over the last few years.
Ill pass
Use Fidelity cash management account to build t-bill ladder is wayyyyyyy better than any HYSA. Higher yield, less tax, ATM withdrawal reimbursement etc, literally can replace any checking/saving. But I hold sofi stocks so I agree whatever you said. 🤭🤭
I just opened up a Fidelity CMA (Cash Management Account) is it also paid monthly? I currently have 10K in the Sofi HYSA and it gets paid at the end of every month it looks like, I'm thinking of transferring that 10K into the Fidelity, what are you thoughts? any tips?
@@AdrianRomeroJr pick the right mature date and you’ll be fine.
I divide my CMA saving into 4 chunks, put into 4 weeks t-bill and ladder them (so every week you’ll have one chunk maturing and ready to cash out), and also I have auto enrollment on so I don’t have to buy every week. (Not a financial advice!)
@@Hentyify oh that sounds efficient! Thanks man appreciate the advice
@@AdrianRomeroJryou can also buy a fund like FDLXX in your CMA if you don't want to directly deal with T bills
you have to pay federal and state tax on the interest earned. With TBills you need not pay federal tax on earned interest
Hi John, I wanted to check if a direct deposit of $2,000 in 25 days would qualify me for the $300 bonus. I’m planning to make the deposit soon and want to ensure it meets the requirements.
In the video it says 5k for 300. With 2k you’ll get 50.
@@Truffleshuffle18 OK. I'll give money to another bank.
@@dbest4755 best of luck
SoFi accrues monthly interest at 4.5% Amex does daily at 4.25% can you help which is better
Daily?? No way what's the catch
Hey uhh did you go by John A. in middle school bc ive been watching your videos for some time and just now realized you look so familiar
I don't get paid via direct deposit, so i guess i can't get the bonus...
My paychecks are only 800 dollars so not quite as easy to get to the 5k instantly
You only need to make $120,000/year to achieve the sign up bonus. 😂
Telling me you are broke without telling me you are broken😢😢😢😂😂.
@fishhairgelsomeone making 60k a year is not seeing 2500 after taxes bi weekly lol.
60k a yr plus 2nd PT Job is do able.
You still get $50 instead of $300
@@Pedaissance or you can open an account with Huntington or Wells Fargo and get $300-500 with a 1k minimum (total) direct deposit in 90 days.
The app is horribly optimized and the layout is not great either.
What type of phone do you have? The Apple app is great
@@slickbill9488 not it’s not😂I’m on newest iphone
Whoa - are you aware that you also pay income tax on the sign on bonus? If you recommend people go for that bonus I think people should know that will pay a portion of that “extra money” back.
Of note, that doesn’t apply to Rakuten. They have a bonus with Sofi currently and it’s been litigated that since it’s “rebate” it’s not taxable income. But for general bank sign on bonuses yes it is
@ interesting- and makes sense 😊
See i really set my account stack up well by also having a local bank that doesnt make depositing cash easy lol
Still good but it’s down to 4.2% lol
$5,000 of MONTHLY, AFTER TAX of Direct Deposits to get $300? No, thank you, haha. And Credit Unions have higher APR
Haha ok go with the credit union then with no bonus haha haha haha
So honestly do you think SoFi is better than Schwabs Debit Card?
I don’t even make 4k a month with overtime everyday in California
Are you homeless
MOVE.
You need a real job
@@antoniowilson1696California is like one of the few states that actually gives a damn about employees though. The rest of the states just cosplay as developing countries lmao. The fact that lunch breaks aren’t federally required in 2024 is pathetic. Cali nurses are some of the only ones I know who actually get to take breaks every time
TLDR??
You didn’t mention that to deposit cash, you’ll have to go to Walmart or a list of stores they partner with and it charges a fee
He must have a huge partnership with Sofi. Acorns is a lot better. He says high yield checking account what does that even mean? .50% apy? That’s a high yield? Acorns gives you 3% apy on checking and 5% apy on savings. That must be called a high ultra yield checking lol. Not sure why he hasn’t done a review on acorns it blows this out of the park.
SoFi is an actual bank that offers a lot more services than acorns. Yeah, acorns has good interest rates but it's still just an investment platform.
@zacharyrivera7228 Probably because Acorns has fees if you don't meet certain requirements
Not if you bank with them or deposit $250 a month into your account there is no fees. If he made a video about it more people would be informed
@@Exbackzackis acorns a bank account?
Sofi is wildly undercapitalized for me to put any significant money with them. They can go bust
They are FDIC insured tho, unless you have a $$$$$$$$ with them.
Federal Deposit Insurance Corporation, thanks
@@ProjectVincere that’s what they all say then you’re waiting for your money
@@vandydandy2697 Then you shouldn't use any bank.
@@vandydandy2697keep them 💰 under your mattress then 😂
Robinhood still the best
Should I set up my direct deposit to the savings account or checking account? and what difference would it make?
It doesn't make a difference, it just where your paycheck goes. You can move however much you want from your checking or savings whenever you want
is it bad to use a bank that doesn’t have a branch near where you live?
nope, I have an online bank and a local bank. The only reason I have a local bank is because I need to deposit cash for my tenants security deposits. If I didn't have properties I would just use an online bank 100% of the time
What isyour take on federal credit unions
More of the downsides
1. You cannot deposit checks that are more than $500.
2. It's nearly impossible to get a live agent on the phone. You can try a live agent online but they take a while to reply and they just repeat what's on the app instead of helping you solve your problem.
3. If you make any online purchase above $50, they will decline it. You have to confirm that you are one who did the purchase (that's my estimate bc they lowest payment, $74).
I found this all out today which is why im here. Pls do a video about other banks as alternative
So Same as chime. Theres cvs and walgreen at every main street with atm you can withdraw money and deposit money.
You forgot to mention their horrible customer service, fraud department and constant adds
There's no ads and customer service has never been bad for me, over a year of use
@@bruhg7181Have you still had zero bad issues? I was thinking of making this my main bank because my old SA was only .5%
I love the grounded reality of this channel!!!
Retirement took a toll on my finances, but with my involvement in the digital market, $47,000 weekly returns has been life changing. AWESOME GOD❤️
Hither Mann I really appreciate he's efforts and transparency.
I remember giving her my first savings $20000 and she opened a brokerage account for me it turned out to be the best thing that ever happened to me.
This is a definition of God's unending provisions for his people. God remains faithful to his words. I receive this for my household.🙏
Wow...I know her too she is a licensed broker and a FINRA agent he's is popular in
US and Canada sheis really amazing woman with good skills and experience.
YES!!! That's exactly her name (Hither Mann) so many people have recommended highly about her and am just starting with her from Brisbane Australia.
So it seems like this guy is working for the bank. So much time and effort to push for it, it is always vey suspicious. Influenncers like him are now everywhere. He's trying to portray himself as an expert: "I know soooo much about money", blb, bla, bla! Well, many "experts" are wrong. He's just anoether psycho.
Anderson Christopher Anderson Laura Wilson Donald
Mmm
I had SoFi for a year I loved having everything in one place. But then suddenly I got charged for two restaurants in a state I have never visited. Long story short their security gave me pause and decided to go back to BofA. Also that depositing cash is a headache with these types of banks so I'd say don't bother.
1st view!!
let's go!!
Online banks don’t have the ability to fund a Living Trust. No go for me