Sofi Mobile App Review And Guide

What Is SoFi?

Launched in 2011 and headquartered in San Francisco, SoFi is an online personal finance company and the one-stop solution for all your financing needs.

Today we are going to talk about the Sofi mobile app (iOS or Android)

From a high-yielding savings bank account with 4.40% APY to dozens of financing and refinancing options, including student & home improvement loans, mortgage refinancing, and more. SoFi is very unique in that it offers same-day approval – and even funding – on most of its loans.  SoFi has more than 5.7 million active users and has funded more than $73 billion in loans.

Through SoFi Invest, you can put your money to work and buy fractional shares of your favorite stocks, invest in a diversified portfolio of ETFs, or invest in cryptocurrencies using tried-and-tested investing strategies like dollar-cost-averaging.

If you’re a beginner investor, use SoFi’s Automated Investing and set up recurring deposits for a hands-off investing experience. SoFi takes care of rebalancing your investments on a quarterly basis to make sure it remains properly diversified. 

You can keep track of your credit score, manage your budget, get financing for your small business, and more, all from the SoFi mobile app.

In this quick SoFi summary, I will go over all the best features of this online platform and why you should seriously consider it.

Pros & Cons of SoFi

Pros

• Earn up to 4.40% APY on your SoFi savings account

• Same-day approval on most SoFi loans

• Invest in stocks & ETFs, options, and crypto

• No minimum deposits or fees of any kind

• Get advice from certified financial planners

• Free withdrawals at 55,000+ ATMs worldwide

• Start investing with fractional shares (just $5)

• Pay bills, make transfers, and more – all from the mobile app

• Earn reward points and redeem them for cash, credits, or fractional shares

• Consolidate all your finances in one place

• Insured by the FDIC for up to $2 million

Cons

• Only US citizens can sign up

• You’ll incur a small fee if you don’t use the Allpoint ATM network

• Doesn’t support mutual funds

Keep Track Of All Your Finances From One Place

SoFi is an excellent option if you’re looking to consolidate all your finances in one place. From loan financing to insurance, banking, and investing – you can do everything from the SoFi mobile app.

With SoFi Loans, you can refinance your student loans, lower your monthly payments and access competitive fixed interest rates, starting at just 4.99% APR. One of our favorite features of SoFi Loans is that you won’t pay any more extra fees – forget about pre-payment, origination, or late fees. You don’t even need to sign up with SoFi – you can fill in a quick form and get an estimate.

SoFi offers dozens of financing options, and some of the most popular include:

• Undergraduate & Graduate Student Loans

• Home Improvement Loans & Mortgage Refinancing

• Medical Resident Refinancing

• Law & MBA Refinancing

The SoFi Home Improvement Loan ranges from $5,000-$100,000, and the best part is that your house is never used as collateral. As for the SoFi Student Loan refinancing option, SoFi offers very competitive rates and no fees at all.

How it works is that SoFi ‘purchases’ your debt and refinances it, offering more favorable terms. For Student Loans, the national Grad PLUS average over the last couple of years is 6.75%. With SoFi, you can refinance and reduce your interest rates from 6.75% APR to 4.29% – that’s a 35% decrease. SoFi can save you more than $30,000 over the lifetime of your student loan.

SoFi Home Improvement Loans are approved and funded immediately, and you can get an estimate APR on all their loan options from the SoFi mobile app – for free.

Keep in mind that checking your rate with SoFi will not affect your credit score in any way.

Gain Financial Insights And Automate Your Investing

SoFi Insights offers invaluable insights into all your finances. You can monitor and track your credit score in real time, manage your budget, invest, and even get financing for your business.

If you have no investing experience, SoFi Invest is for you. SoFi Invest offers one-click access to diversified portfolios of stocks expertly picked by advanced computer algorithms. Best of all is that, for beginners, the Automatic Investing feature will take care of rebalancing your portfolio and keeping it diversified for a 100% hands-off investing experience. 

If you already have some experience investing, you can try your hand with SoFi’s Active Investing and take advantage of a zero-commission, active trading experience. Plus, you’ll get the chance to earn up $1,000 worth of stocks – chosen randomly– when you first fund your automated investing account.

Dollar-cost averaging and other strategies are available for both Automatic and Active Investing.

Through SoFi Invest, you can access all the largest asset classes, including:

• Stocks & ETFs (8+ premade ETF portfolios)

• 23+ cryptocurrencies (BTC, ETH, LTC, and more)

• Options (with no contract fees)

You can also invest in IPOs (Initial Public Offerings) – before they trade on exchanges.

One of our favorite features of SoFi Invest is that everyone can participate. You can purchase fractional shares of your favorite stocks and start your investing career with just $5.

SoFi Checking And Savings – Up To 4.40% APY

With the fully online SoFi Checking And Savings account, you can manage all your banking needs from your smartphone. You can send and receive money, deposit checks, pay bills, and earn up to 4.40% on your savings account – almost 10x higher than what physical banks can offer.

Additionally, every time you use the SoFi mobile app, make a purchase, receive payments, check your credit score using the monitoring tool, or use any of the dozens of features SoFi offers, you’ll earn reward points. 

You can redeem reward points for cash, use them towards eligible SoFi loans, get statement credits on your SoFi credit card, or convert them into fractional shares of your favorite stocks and ETFs.

All SoFi Checking And Savings accounts are Insured by the Federal Deposit Insurance Corporation (FDIC) for up to $2 million, and you can earn up to $250 as a welcome bonus for setting up direct deposit.

Is SoFi Money Legit?

Yes – SoFi is completely legit. SoFi has more than 5.7 million active users in the US, with 430,000+ new members in the first quarter of 2023 – representing a 46% increase compared to 2022’s Q1.

SoFi – and its custodian Apec Clearing – are both members of the Securities Investor Protection Corporation (SIPC) and offer insurance on your SoFi brokerage account for up to $500,000, including $250,000 for cash claims.

Is SoFi Better Than A Traditional Bank?

For most customers, online banks are better than traditional banks. Some of the benefits of online banks include:

• Higher interest rates on savings accounts

• Lower fees – or no account fees at all

• 24/7 access to your account 

• Pay bills, make transfers, and more – all from the mobile app

However, if you are a large company or corporation and you need white-glove customer service or constantly need help with complex transactions, a traditional bank might be the best option.

SoFi Mobile App Fees

The SoFi mobile app is completely free to use, and there are no account minimums. Compared to its competitors, SoFi is the only fintech service offering a truly no-fee banking experience.

• Overdraft Fee: None

• ATM Withdrawal Fee: Free

• Account Management Fee: Free 

• Replacement Card: Free (includes delivery)

• Inactivity Fee: None

You won’t incur any fee if you use any of the 55,000 Allpoint Network ATMs worldwide. Keep in mind ATMs on a different network may charge a small fee.

Sign-Up Process

SoFi is only open for US citizens over 18 with valid SSNs or permanent residents with a physical US address. The signup process is very quick; you can get started with your name and a valid email address. Here are the steps:

• Visit SoFi’s website

• On the top right, click Get Started

• Fill in some of your basic information

• Enter your email address

If you use our link to sign up, you can get up to $510 on your SoFi products – that’s $250 on SoFi Checking And Savings, $100 worth of Bitcoin on your SoFi crypto account, and more. 

Additionally, you’ll automatically join the SoFi referral program and earn $15 per friend that you refer.

SoFi Mobile App Trustpilot Reviews 

The SoFi mobile app has excellent reviews from its users, with an average rating of 4.6/5 on Trustpilot. Here’s what some of those users have to say about their SoFi account:

• “It was fast and easy to apply for a personal loan that helped me pay off my high-interest credit card debt. I appreciate the trust they put in me and look forward to my relationship with SoFi.” – Gary P.

• “Very easy to navigate the website and reach out for help if I needed any. Nice experience, and I’m looking forward to working with SoFi to eliminate my debt. Thank you!” – CA Morrisey.

• “We applied for a personal loan to pay off high-interest credit cards. The process was so smooth, and we were approved and received the funds within a couple of days.” – S. H.

• “It was simple, fast, and pretty painless. It got a bit confusing while trying to figure out what was approved – application or loan. But it went so fast that I didn’t really have time to worry too much about that.” – Roger O.

Final Thoughts

SoFi – formerly Social Finance – is an excellent option if you’re looking for a loan or to refinance your debts and is one of the largest and most comprehensive fintech companies out there. SoFi doesn’t charge any kind of fee, and with your SoFi Invest account, you can enter the SoFi automated investing world and put your money to work: stocks, ETFs, options, or crypto, SoFi’s got it all. SoFi also covers you if you’re looking for insurance or a high-yielding bank account that outperforms inflation – with up to 4.40% APY – and is fully covered by the FDIC for up to $2 million.

For those reasons, we can’t recommend enough using the SoFi dashboard as your primary cash management account and investing in SoFi digital assets.

FAQs

Does SoFi Charge A Monthly Fee?

No – SoFi doesn’t charge monthly fees or any other kind of fee. With SoFi, there are no account minimum, inactivity, or overdraft fees. SoFi also doesn’t charge fees when buying options contracts or for requesting a replacement card. You can also request a free meeting with certified financial advisors and robo-advisors.

Can I Withdraw Money With SoFi?

Yes – you can withdraw your money from any of the 55,000+ ATMs worldwide linked with the Allpoint network. 

Is SoFi Safe And Legit?

Yes – SoFi is completely legit and safe to use. SoFi has almost 6 million active users in the US, and it’s registered with the SIPC and FDIC. SoFi has excellent reviews on Trustpilot, averaging 4.6/5. In early 2023 SoFi won seven prestigious awards from Nerdwallet, one of the most established platforms offering consumers financial guidance.

Some of those awards included: Best Checking Account for High Interest, Best Checking Account Overall, and Best Personal Loan for Good and Excellent Credit.