If you are a football fan, you have probably heard of the name SoFi before because of SoFi Stadium (home to the Rams and Chargers). If you don’t know what SoFi is though, it is an online bank.
SoFi is FDIC insured up to $250,000, which is one of the main reasons I felt comfortable choosing SoFi. If you have never used SoFi or any of these new online banks before, they are different from your traditional banks. Most of them only have online websites and apps, which means there is no traditional branch services that larger banks have. If you don’t need this personal interaction, it helps them to save money and cut costs on rent, personnel, and other expenses; the lack of physical branches is one reason online banks typically have higher saving rates than larger banks.
Right now, SoFi is offering up to 3.75% on select high interest saving accounts, which is way better than traditional banks are offering in most cases (often significantly less than 1%). I also personally really like SoFi’s user interface and find it easy to use and understand. It runs really smoothly and allows for easy transfers, deposits, and other features.
If you are looking for a new place to save some money, I would recommend checking out SoFi or some of these newer online banks. As long as you do some research on them and feel comfortable with your choice, they have a lot of advantages over larger, more traditional banks.
SoFi Recommendation Rating: 5
1: Something worth checking out if you have time
2: Something that is a hit for some people, but not a must for everyone
3: Something worth prioritizing if interested
4: Something worth making time to check out
5: An absolute home run, worth going out of your way for
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