SoFi Bank Review 2024 (BEST Checking and Savings Accounts)

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Күн бұрын

In this video I will be reviewing the SoFi Checking and Savings accounts. I'll explain why SoFi has one of the best bank accounts that you can have.
💰 Get up to $325 with SoFi: link.chaseyokoyama.com/SoFi
(This is an affiliate link. If you do decide to use this link thank you for your support!)
This is comprehensive review of the benefits and tools that SoFi Bank has to offer. Most notably SoFi offers competitive checking and savings accounts with respective interest rates of 0.50% & 4.60% (at the time of filming).
This is NOT a sponsored video. I've been enjoying my experience with SoFi and wanted to share it with you.
**These interest rates are subject to change. The rates/APY used in this video are accurate at time of filming**
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TIMESTAMPS:
0:00 Introduction
1:00 Interest Rates & Cash Bonus
4:18 Benefits & Features of SoFi Bank
9:19 Cons of a SoFi Bank Account
12:14 SoFi vs Competitor Bank Accounts
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Chase Yokoyama is not a financial advisor and this is not financial advice. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.
#sofi #savingsaccount #checkingaccount

Пікірлер: 96

@ChaseYokoyama Ай бұрын

They started rolling out Zelle!

@RandyMichigan 7 ай бұрын

A few notes. It only takes a minimum of a $1 direct deposit to activate their top savings rate. As for depositing cash, everyone should have access to a local brick and mortar bank, so that would take care of depositing cash.

@cupidok2768 4 ай бұрын

How do u get 275

@joykennel5348 5 ай бұрын

Great overview! I did sign up recently and am promoting as we all can. $10k isn't a million but it's a little something extra. Glad I found your channel today! Thanks again!

@ChaseYokoyama 5 ай бұрын

Thanks for sharing!

@ItsMeCJ 7 ай бұрын

The vaults feature sounds extremely useful. I wish every bank did that. I don’t like the requirement for direct deposits or a min deposit amount every 30 days in order to get the higher interest rate though. SoFi should change this. How can SoFi not work with Zelle?! Granted…Idk if my online bank supports Zelle either 😂. What?! $5 fee to deposit cash at their partners 💀….plus the other hoops. I’m good, no SoFi for me 😂. I’ll stick with Wealthfront at 5% APY. Great video Chase!

@thenthistime 6 ай бұрын

You can add beneficiaries for your Sofi checking and savings. Found this info in their support pages. Maybe this is recent?

@ChaseYokoyama 6 ай бұрын

Oh snap Thanks for the update! This was definitely not always the case

@sunitsingh551 4 ай бұрын

If I park 10 thousand direct deposit for the first month and at 3 months close the sofi account . Would I get approx 40 $ x3 for the 3 month and also the 275 $ bonus ? No closing charges etc

@lens5050 5 ай бұрын

Great video, Chase, but I need help with their current interest rates. Some times last year, they offered 1.20% for checking accounts and 4.00% for savings with direct deposit, but now it's only 0.50% for checking and only 4.6% for savings. They're keeping 0.1% to themselves, which means we (the customers) are making less money on interest. That's no good. I was interested in opening an account with them with direct deposits, but now, I'm reconsidering that option because of that change. What do you think about that?

@ChaseYokoyama 5 ай бұрын

Thanks for sharing your concern. Their interest rates will continue to change throughout the year as Federal interest rates also change. In this case I do not think they are keeping 0.1% to themselves. I believe the overall market conditions for the banking industry were more favorable at the referenced time last year. And even if they are keeping 0.1% to themselves I would be okay with that because I am still getting a very competitive interest rate along with features I use every day.

@jonny777bike 5 ай бұрын

I like SoFi because it also offers the Investment. I will look into the vaults though.

@ChaseYokoyama 5 ай бұрын

I am a big fan of the vaults

@MoiseNicolas 6 ай бұрын

Are the vaults automatic? Like can I set certain percentages and as I get paid they automatically go to the particular vaults?

@ChaseYokoyama 6 ай бұрын

Yes you can setup automatic transfers into your vaults. you can set it to transfer either by percentage or dollar amount 👌🏼

@mauriciocedillos 3 ай бұрын

Great video. Thanks for the information. Just to be sure, you can't Zelle someone but you can receive Zelle from someone, right?

@ChaseYokoyama 3 ай бұрын

unfortunately Zelle is not available directly in the SoFi app, but you can link your SoFi debit card to your Zelle account. From there you can send money but not receive money. Also your weekly send limit is $500 via the Zelle® app

@m.g.hopkins1330 4 ай бұрын

Would a direct deposit from my current bank to SoFi count for the sign up bonus and higher rate, or does it have to be from an employer? I’m self employed and looking for a high yield account, but I do intend to keep my accounts open at my current bank (which doesn’t offer a high yield account) and transfer to the SoFi savings account couple of times per month. Thanks for the helpful video! :)

@ChaseYokoyama 4 ай бұрын

unfortunately that would not qualify as a direct deposit to SoFi

@mr_i3ig461 4 ай бұрын

That's a transfer.

@darthvader6864 5 ай бұрын

Does the direct deposit have to be a certain amount? Or say I make 1000 a month at my job would I be able to deposit 500 to Sofi and 500 at my local bank? Or does it need to be the full amount

@ChaseYokoyama 5 ай бұрын

it does not need to be a certain amount to receive the interest rate and other banking benefits. The dollar amount only matters when you initially sign up to hit certain cash bonus offers. If you can have the direct deposit set up to send to your SoFi account directly then $500/month will work

@Carlos-uv6tu 6 ай бұрын

military paychecks count as a direct deposit to activate that 4.7 apy ?

@ChaseYokoyama 6 ай бұрын

unfortunately I do not have experience with military paychecks. you can ask the current bank you use now to see if they code the paychecks as direct deposit or not. if they see it as a direct deposit then SoFi should recognize it as a direct deposit as well

@mr_i3ig461 4 ай бұрын

It is a direct deposit..

@KevinGian94 7 ай бұрын

if you have multiple jobs like me don’t make the mistake of linking all your direct deposits right away (had a per diem job that started the 25 day countdown and my main job DD the next week, but since i didn’t get a second paycheck for my per diem job and my main job 2nd deposit was outside of the 25 day window i didn’t qualify for the higher tiered bonus 😅

@ChaseYokoyama 7 ай бұрын

aghhh thats tough luck.

@christophervargas4950 5 ай бұрын

Is there a fee for the online transfer? I don’t find it much of a hassle depositing at a big branch atm and then transferring just want to make sure there’s no fee.

@ChaseYokoyama 5 ай бұрын

no fee! and it usually comes in 1 - 2 business days. although larger transfers like over $1,000 can take a bit longer to see the whole transfer come over

@MyNameJim 26 күн бұрын

So you said that we need to set up direct deposit with SoFi for the highest savings rate. But you also said you let your money hit your Chase account first. Do you have two direct deposits going at the same time to make this work? I’m seriously looking at SoFi and want to use your link

@ChaseYokoyama 18 күн бұрын

I have my direct deposit hitting my SoFi account. However for cash deposits I have my cash going into my Chase account first. Then I electronically transfer that cash to my SoFi account.

@romeybaby28 5 ай бұрын

Is Sofi hysa worth opening for low income earners thats not depositing 1k+ a check ?

@ChaseYokoyama 5 ай бұрын

yes low income earners can also take advantage of SoFi. there is no minimum direct deposit amount to qualify for the high interest rates.

@normalouis8593 18 күн бұрын

Just signed up!

@ChaseYokoyama 18 күн бұрын

🥳 I hope you enjoy them

@simplyjeff5001 6 ай бұрын

How much do you need in a direct deposit for the 4.6 percent? Can I use my second job direct deposit which s about 1k a month?

@ChaseYokoyama 6 ай бұрын

there's no minimum direct deposit amount required so that $1k/month is perfect

@simplyjeff5001 6 ай бұрын

@@ChaseYokoyama what’s been the lowest APY you’ve seen with Sofi? I’d like to know what to expect when rates start to be cut. I subscribed by the way

@ChaseYokoyama 6 ай бұрын

@@simplyjeff5001 Thank you Jeff! 🤙🏼 so far since I've been with SoFi, the lowest savings interest rate was 3% on 11/3/22 and the checking account interest rate at that time was 2.5%

@xtremechaos5771 Ай бұрын

They started to roll out Zelle as part of SoFi just a couple of days ago. I think it would be worth mentioning somewhere

@ChaseYokoyama Ай бұрын

good call. I just created a pinned comment. Thank you 🙏🏽

@Ms.Kalberer 5 ай бұрын

Do I need $5,000+ for direct deposit a month? Or any amount of direct deposit would qualify me for the high APY?

@ChaseYokoyama 5 ай бұрын

that $5,000+ direct deposit would just be for the initial cash bonus. After that, you can have any direct deposit amount for the high APY

@Ms.Kalberer 5 ай бұрын

@@ChaseYokoyama thank you for your response!!!

@davisj20824 7 ай бұрын

The required direct deposit to get the higher interest is a No for me. Plenty of other banks offer higher interest in their accounts without that requirement.

@ChaseYokoyama 7 ай бұрын

solid point. if youd rather have your direct deposit elsewhere then this account would not make sense.

@seraphine2466 7 ай бұрын

You can still do direct deposit of $1000 for 1.20% rate

@mayankk2800 6 ай бұрын

like which banks

@cullen4925 6 ай бұрын

so if I didnt want a direct depost account but wanted a savings account. is sofi not an option?

@ChaseYokoyama 6 ай бұрын

if you didnt want to set up some sort of direct deposit with them then personally I would choose another HYSA.

@cullen4925 6 ай бұрын

@@ChaseYokoyama can you recommend one that doesnt require direct deposit? I dont want to change my bank, i just want a better savings account than my bank offers and thats it.

@yulduz4364 4 ай бұрын

Can I transfer money from my old bank account to SOFI account to avoid that $5 deposit fee?

@ChaseYokoyama 4 ай бұрын

Yes! I pretty much only transfer money from my other bank account to SoFi. I never deposit cash directly into my SoFi account.

@stewiegriffin8555 4 ай бұрын

SoFi support told me the direct deposit has to be set up to the savings account to qualify for the apy which I think is stupid. I should be able to direct deposit into the checking account and still qualify for the apy.

@ChaseYokoyama 4 ай бұрын

try asking another customer support representative. Personally I have it set up to my checking account to qualify. and from this website (www.sofi.com/learn/content/how-to-set-up-direct-deposit/#:~:text=There%20is%20no%20minimum%20Direct,0.50%25%20APY%20on%20checking%20balances.) it says "Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account"

@UmichVince 7 ай бұрын

Capital one savings has 4.3%

@ChaseYokoyama 7 ай бұрын

and they have some physical locations too 👍🏼

@atlwoo 3 ай бұрын

Correct me if I’m wrong, but Capital One has MasterCard and Sofi has Visa. I think that might be the only benefit I have Capital One and they’re OK look @ Sofi now only because of that reason

@Jiggy609 3 ай бұрын

@@atlwoosofi is MC

@aramand 3 ай бұрын

@@atlwoonope sofi only issues Mastercard

@Val_tini. 3 ай бұрын

If I die, how to avoid probate without beneficiary?

@ChaseYokoyama 3 ай бұрын

You can add beneficiaries now!

@jahirlopez8937 7 ай бұрын

Currently looking for a new bank, sucks it doesn’t have zelle

@ChaseYokoyama 6 ай бұрын

trueee. its a downfall that I hope they change in the future.

@lamar6007 5 ай бұрын

I have American Express savings and I have a Discover savings

@ChaseYokoyama 5 ай бұрын

Disover aint too bad

@AndysCreditCorner 7 ай бұрын

I do like having SoFi, but yeah they don’t make it easy to deposit money. I recently opened a Capital One acct, in part due to the bonus of course, but I was able to deposit some cash I had laying around. No fees, no hassle.

@KevinGian94 7 ай бұрын

i always deposit to another bank like wells fargo, chase, capital one then zelle myself on sofi 🤣

@ChaseYokoyama 7 ай бұрын

cap 1 got a solid savings account option too. Their cafe /branches are a cool idea.

@bradleynguyen1429 Ай бұрын

What if I can’t deposit $5000 every 30 days when is the limit

@ChaseYokoyama Ай бұрын

are you referring to the initial direct deposit bonus? If so, you just need to hit that threshold once to receive the bonus.

@mikenish7025 5 ай бұрын

Sounds like we should keep our old School chase or Wells Fargo to have the best of both worlds

@ChaseYokoyama 5 ай бұрын

10000% agree

@mr_i3ig461 4 ай бұрын

I switched from a big old bank, wish I had this bank from the start.

@ChaseYokoyama 4 ай бұрын

@@mr_i3ig461 me too

@mikenish7025 5 ай бұрын

What happens if you die then where does your money go?

@ChaseYokoyama 5 ай бұрын

now you can add beneficiaries

@ItsMeCJ 7 ай бұрын

I’m first!

@ChaseYokoyama 7 ай бұрын

🥇

@jakejudy5455 5 ай бұрын

I tried reffering some friends but everyone ive asked wont do it

@ChaseYokoyama 5 ай бұрын

gotta go make more friends now

@jakejudy5455 5 ай бұрын

@@ChaseYokoyama the impression i get is that they think getting a $75 referral bonus is too good to be true and that it must be a scam. There is no point in rationalizing with them. They have made up their minds.

@BlackSaiyan24 3 ай бұрын

I’ve gotten 3 to sign up lol

@ChaseYokoyama 3 ай бұрын

@@BlackSaiyan24 keep spreading the love

@nii108kii 5 ай бұрын

Does child support count as a diect deposit?

@ChaseYokoyama 5 ай бұрын

It depends on how your child support payment is set up. You can contact the bank you receive the child support payments with now and ask if they categorize it as a direct deposit. If they do, then its likely that SoFi will also categorize it as a direct deposit.

@nii108kii 5 ай бұрын

@@ChaseYokoyama awesome thank you for being so helpful and responsive I really liked your content a lot and it came at the perfect time so just know what you share does matter!

@ChaseYokoyama 5 ай бұрын

@@nii108kii thank you for your kind words!

@DatNygma 4 ай бұрын

This is foul. Greedy ass. 😂