Is This Actually the BEST Bank Account of 2024?!
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- Опубліковано 11 вер 2024
- #checking #savings
This is a review of the SoFi Checking and Savings Account.
SoFi Bank: bit.ly/citijft
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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
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.
The vaults are definitely my fave feature about my Sofi account!
“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
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.
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
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😢😢😢😂😂.
no only 60,000, its 5,000 in total direct deposited a month, so that could be 2x 2,500.
@@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
Honestly Sofi is the GOAT
5.5% on wealthfront is better
but is also a riskier bank I believe
5% currently
@@ethanvancuso2438 I got ufb…what risk?
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
I love the Vaults!
I love my SoFi account. Also SoFi just incorporated Zelle
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
The only time my neighbors think I have a wild night is when my cat knocks over a plant💚
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?
Only if my pay check was $5k
fr imagine 2 paychecks equalling 5k
I wish
you can still get $50
Some people only get paid monthly.
I don’t even make 4k a month with overtime everyday in California
Are you homeless
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
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 :)
SoFi accrues monthly interest at 4.5% Amex does daily at 4.25% can you help which is better
With the whole "you cant deposit money" thing, you actually can, at many stores. The use the same process as green dot cards.
4.5% now sadly 😢
Great video! If you don’t get payed a lot what do you think of bask bank’s new checking account and saving account?
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.
Still waiting on a wealthfront video
Still waiting on Acorns video he’s riding Sofi’s partnership and endorsement money
Wealthfront has been much better for me over the last few years.
Thanks for the deep dive!
I think I will get this account once I start making 5k a month lol maybe next year
😂💀
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
So can the direct deposit come from a different personal account or does it have to be from a business?
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
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
Can you do one on the capital one 360 account please 🙏
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 😂
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
You forgot about rakutan double dip
Swaggbucks has a better promo. You get $250
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
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
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
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
Do they give good interest rates on loans?
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
havent even seen the video but I have sofi and i transfered my savings to wealthfront bc its more than sofi. 5% atm
Which brokerage do you recommend?
Hii I applied for. Chase freedom unlimited I didn't get approved I have a secured card can you help me
See i really set my account stack up well by also having a local bank that doesnt make depositing cash easy lol
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
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
I pref the Credit karma checking/savings for long term
More info?
Credit karma isn’t the best anymore
Are there any stipulations with withdrawing from the savings?
Nope. I do it often.
The best savings account easy
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
Robinhood still the best
TLDR??
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❤️
Hello, how do you achieve such weekly returns? As a single parent i haven’t been able to get my own house due to financial struggles, but my faith in God remains strong
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.
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
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.
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
Mmm
1st view!!
let's go!!
Online banks don’t have the ability to fund a Living Trust. No go for me
All these people are always talking about the same high yield online banks every video it's like they're getting a commission for as much as they talk about the same banks every video. I have a Vio money market account 5.30 APY Marcus by Goldman Sachs 4.40 APY and Cit bank 4.65 APY.