SoFi vs Ally UPDATED // Which Online Account is Best?

SoFi (up to $325 bonus): bit.ly/4aMfSOE
Ally ($100 bonus): www.ally.com/referral?code=7X...
SoFi Tutorial: • SoFi Step by Step Tuto...
SoFi Vaults: • SoFi Vaults // How to ...
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Empower {formerly Personal Capital}: personalcapital.sjv.io/bflammer
Marcus {extra %}: bit.ly/marcusonlinesavings
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Trust&Will {10% discount}: trustandwill.com/invite/lg85k038
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[@onlineteacherallyson]

I’ve been meaning to look into these. Thanks for such a detailed explanation!

[@BrittanyFlammer]

Thanks for watching. I like both- they just have different perks!

[@The_Brit_Girls]

I've never tried either of these, but it sounds like there are a lot of perks! Thank you for sharing this great information 😊

[@BrittanyFlammer]

Thanks for watching!

[@TeacherKellyTag]

Thanks for these tips. I’ve never tried either of these. I’m going to look into this further

[@BrittanyFlammer]

They're both great - just different perks.

[@BrittanyFlammer]

Sign up for SoFi here: bit.ly/4aMfSOE Sign up for Ally here: www.ally.com/referral?code=7X5F4M9S3R Video on SoFi vaults: kzbin.info/www/bejne/rJ63n596o9GaZ80si=plZQUVBtvrgWIGg4 Video on Ally Buckets: kzbin.info/www/bejne/e3iViHtng7Jjh8Usi=aFOByr0waQ7eYBC2

[@stirleer1466]

Says it ended on first of this month, do you have another link?

[@BrittanyFlammer]

@@stirleer1466 I've been looking into it. Apparently that offer is over. I don't have another link and I'm not aware of another offer right now. I'm sorry!

[@johnhenderson7081]

Hello Brittany! I am going back to SOFI banking and opened an investment account. Have my vaults all set up. Looking forward to being with SOFI again starting today. Always enjoy your videos on SOFI and other videos. Keep up the great work. Blessing to you and the family.

[@BrittanyFlammer]

Thanks so much! I hope you have a good experience with it again!

[@johnhenderson7081]

@@BrittanyFlammer Do you deal with a local bank or credit union?

[@MandyCrane]

I have heard of these accounts but haven’t tried them yet. Thank you for sharing this info.

[@BrittanyFlammer]

They are both great! Thanks for watching.

[@entrepreneurlifewithkasie5381]

Wow these sound great. Have heard of Sofi but I do not know much about it. I have never heard of Ally. These both sound very beneficial.

[@BrittanyFlammer]

They have different pros and cons, but I like the both.

[@RebekahFOnlineTeaching]

I like the idea of buckets so I don't accidentally spend money that was saved for something else. I don't have either of these, but I might look into them.

[@BrittanyFlammer]

I like both, but they have different perks for sure. If you just want to visually separate money, then I like ally the most.

[@WorryDontAbout]

Great video, the direct deposit is such a difference that a lot of people don’t recognize. Great video in breaking this down. Ally in my opinion is just simpler for someone who wants a high interest savings account. Ty🎉

[@BrittanyFlammer]

I hope it’s helpful!

[@jacondan6335]

Investing in stocks and crypto is a great way to start build wealth but with time you need to move into material assets like real estate and gold because they don't easily get devalued

[@anitapauline651]

You are right ! having Alex martin tarlor as my financial advisor has caused a huge growth on my finance: bought my first house last year, he guides me through especially when it comes to selecting assets

[@MaximumRideMaster]

I have both! Checking Sofi. Savings Ally 😊.

[@BrittanyFlammer]

Sounds like a good system!!

[@Juicylicioushh]

How do you made cash deposit?

[@paulettemeek]

thank you! ❤

[@paulettemeek]

Such an informative and helpful video! I do have a few questions though. is there any cash withdrawal fees for both banks? I currently use chime and they have specific spots to withdraw cash from. I am assuming it works the same way with ally and sofi? Also, can i choose how often i want to receive my interest rates? (monthly or annually) I believe you didn't mention that.

[@BrittanyFlammer]

@paulettmeek - I'm glad it was helpful! There are no withdrawal fees if you use the ATM's associated with the bank. Here's a link to find Ally ATM's: www.ally.com/bank/find-atms/. Ally also offers up to $10 reimbursed for ATM fees each month if you use one outside of their network. SoFi let's you use all allpoint ATM's for free. Here's a locator: www.allpointnetwork.com/locator.html You can't choose how often you receive your interest. Both pay monthly. SoFi is the very last day of the month. If you have vaults they will deposit the amount owed to you in each vault and your checking account. Ally is towards the end of the month (not necessarily the last day). You will get 1 deposit for checking and 1 deposit for savings (if you have buckets you can choose which you want it to go into). I hope that helps!

[@paulettemeek]

@@BrittanyFlammer Thank you!! i actually watched your other video (the one about Ally) and i got all the details! Your content is great. Super informative and straightforward. Keep it up!

[@rileyp3707]

Keep in mind, for ally’s referral bonus, the bonus is 0.05% of the money you deposit and their max bonus is $125 right now which means you would need to deposit $25k to get the full $125

[@BrittanyFlammer]

Yes- that’s a good point. When I filmed this video the referral was a flat rate of $100. Now it is only .05%. I’m glad you mentioned it- I should add that into the description box.

[@Solstyse79]

I have Ally for the buckets, snd Capital One for my checking and credit

[@BrittanyFlammer]

Perfect! That's very similar to what we do. Thanks for sharing!

[@theblackspotguild]

Thank you for the great video! I think I am going to go with Ally. I could meet the direct deposit threshold, but I am not sure yet if I want to switch my direct deposit to this, or just manually transfer money here and there. And the wife would not have quite enough for the direct deposit threshold. For that reason, so we are both using the same bank, we will try Ally. Really great. Thank you!

[@BrittanyFlammer]

Sure. I hope you like it!!

[@theblackspotguild]

@@BrittanyFlammer I got it all set up and threw a bunch in. Easy! I sure wish I knew about these years ago, but at least I did it now.

[@BrittanyFlammer]

@@theblackspotguild The best time to plant the apple tree was 10 years ago...the next best time is today. Better late than never. I'm glad it was easy! Which account did you end up going with?

[@chellybaby]

Thanks for this great video! Is there an updated referral link for Ally? The deadline listed is October 2023

[@BrittanyFlammer]

Thanks for watching. The ally bonus was initially only good until October, but they have extended it. There's no closing date as far as I can tell. Here's the link: www.ally.com/referral?code=7X5F4M9S3R. I've hit the max so I won't get any referral bonus, but there's no limit to how many can use the link to get the bonus for themself - if that makes sense.

[@chellybaby]

@@BrittanyFlammer got it, thank you!!

[@rob4783]

I’m in the fence of what one to go to. I currently have chase is my brick and mortal and I been with them for 15 years. But being a military person. I want to be able to have my check and saving in one spot. Like when I open my chase app I can access either account. Is this possible with either of these banks? Also I want to be able to setup vaults/buckets to separate my bills/mortgage save x amount a pay check to ease Christmas for my 3 little ones and other things like annual school shopping etc… Am I able todo that with either of those? And still achieve a high yield on my overall saving?

[@BrittanyFlammer]

Good questions. The easiest option would be to use a Chase savings account, but they don't have an account with high interest rates.. Ally/SoFi are the only ones I've found that offer the bucket/vault feature. You wouldn't be able to see them when you open up your Chase app....you'd have to have the Ally/SoFi app to see what's in your account and in each vault. But, you can link the accounts to easily transfer money between the two banks. Does that make sense? For example, we have a brick and mortar bank. My Ally/SoFi accounts are linked to it, so I have automatic transfers each month from brick and mortar bank to the online savings. I can also manually transfer money relatively easily.

[@SaifulIslam-qz1qp]

So the main challenge is cash deposits and withdrawals. Also, if / when one needs to close an account, do they send you a check? Or are they only capable of digital / ACH transfer? Lastly, for us old people, is writing check even an option with either one of these banks?

[@AverageXboxGamer]

I have SoFi so I know that you can use pretty much any atm in CVS or Walgreens If you need to make a deposit or withdrawal. The do send you a checkbook if you want one. And you can cancel your account within your online account if needed. The only issues I have had so far is that it took almost 2 weeks to get my debit card and some companies like mine took a few weeks to approve direct deposit. Hope that answers some questions

[@BrittanyFlammer]

Great questions. @AverageXboxGamer already answered some of those questions. SoFi is the only one that will let you do cash deposits. They both let you do cash withdrawals. You can get checks with either (they both offer them for free). CapitalOne360 checking also lets you deposit cash (if you're interested in a different online bank).

[@BrittanyFlammer]

Thanks for your helpful answers!!

[@marktil.]

No doubt, one of the best ways to grow and save your money is through investing. You don't need a fortune to get started. Even a small amount can turn into millions if you invest wisely. I wasn't financially free until my 50s, and I'm still in my 50s, but I've already purchased my fifth house, enjoy a monthly passive income, and achieved 4 out of 5 of my financial goals. I hope this inspires someone to realize that it's never too late to start, regardless of your age. You can begin investing today and change your future! Investing has been a life-changing decision for me

[@BrittanyFlammer]

I LOVE hearing this. Thank you for sharing. I 100% agree. My husband is a teacher, our average gross income for the past17 years is around $36k per year, but we will hit the million dollar net worth in the next year or two. It's never too late to start!!

[@coachvega54]

For SoFi’s HYSA, do I gain intrest on the total amount in the savings/vaults or does each vault gain individual intest?

[@BrittanyFlammer]

For SoFi, each individual vault earns interest. For ally, you choose one bucket for all your interest to be deposited into.

[@dinidixon9035]

Hello Brittany. Thank you for the information. I have a doubt to clarify though. Sofi requires the direct deposit to get the 4.5 % api right. I have a job now. But I am wondering what if I go jobless for a month or two after starting the sofi account. Will they still give me the same api for those 2 months period. Or will they change it back it 1.2% until or as long as I wouldn’t be able to earn the direct deposit.

[@BrittanyFlammer]

That is an excellent question. I have no idea what the answer is. If I had to guess, I'd say they would probably drop your interest rate until you get direct deposit set up. Although, it might take them a month to do that. But, I'm not sure. I've asked their chat bot and searched the help center, but didn't find any answers. Calling them would be the next step. The customer service number is (855) 456-SOFI (7634). If you do call and find out, I'd love to know the answer.

[@JoeLujano]

The problem i run into is finding an online bank that lets me have multiple checking accounts. I know most people dont need this but i do...

[@BrittanyFlammer]

Hmmmm...I haven't ever looked into that. I do have more than one checking account with capitalone360. I've never tried it with Ally or SoFi. I don't see why they wouldn't let you, but I'm not sure on that.

[@troybyers4734]

Sofi does not allow you to wire money except for buying a home or paying the mortgage transfer fees.

[@BrittanyFlammer]

Yes- thanks for sharing. You can receive wire transfers into your account, but can only send them for the home purchase

[@rtjuan9383]

Sofi will only give APY of 1.20% if you do not have direct deposit set up or not depositing 5k monthly. So 4.6% is not accurate unless you meet all requirements. So even if you deposit over 10k and do monthly transfer they will not give you rate over 2%.

[@BrittanyFlammer]

Yep- that’s why I only recommend SoFi if you’re setting up direct deposit and ally if you’re not.

[@MrSmith-rk3wn]

Can you explain Allys savings account balance tiers please?

[@BrittanyFlammer]

The tiers are determined by the balance in your account. $0-$5k, $5k-25k and 25k + All tiers earn the 4.35% interest.

[@MrSmith-rk3wn]

Thank you.@@BrittanyFlammer

[@markjou9799]

I prefer Ally just because they have 24/7 customer service. Does SoFi offer 24/7 customer service?

[@BrittanyFlammer]

No. You can chat with them 24/7, but it's just a bot. If you want to call and talk to a human, their credit card division is available 24/7, but for the rest of their products it's not 24/7. The customer service at Ally is definitely better.

[@jomymatthews]

@@BrittanyFlammer Sorry, Ally bank customer service is not best. They just declined my card to be used on Google, linked and Paypal . When I called, they had no solution and kept telling me to "update" my account. What updates? They were all set on auto payment. smh. I am thinking of switching and going to SoFi.

[@jorguepech7527]

I really like sofi

[@BrittanyFlammer]

Thanks for sharing! I love hearing peoples experiences.

[@jamesstaplesv]

so far for mt, Sofi is completely impossible to get a human, i cannotuse my acct due to a 1 number descrepancy ... I wanted to swith to them for my primary banking, but now have to go to Ally for Primary and Sofi for secondary .

[@BrittanyFlammer]

I'm sorry - that's frustrating. I've never needed to speak with a human at SoFi. Was their customer service number all automated? I do like Ally, but it's frustrating if you were wanting SoFi.

[@houli09]

Sofi is great!

[@BrittanyFlammer]

I'm glad you like it. Thanks for sharing!!

[@mrmikeflo11]

I have capital one bank

[@BrittanyFlammer]

It is another good online bank. I've been very happy with them - but I do prefer Ally or Sofi's savings because of the buckets/vaults features.

[@travielharrison4394]

Sofi for me

[@BrittanyFlammer]

Glad you like it!!

[@travielharrison4394]

@@BrittanyFlammer thank you for sharing

[@wallys7016]

Do they send a tax statement for interest on HYSA?

[@BrittanyFlammer]

Yes- you’ll get a 1099-int

[@nellyhernandez8717]

Your sofi link doesn’t work

[@BrittanyFlammer]

Thanks for letting me know - I'm not sure why they changed it, but here's one that's working: bit.ly/3FL6qgT

[@BrittanyFlammer]

I don't know why they keep changing it, but here is the current link: bit.ly/3thoNqY

[@pengqing8857]

SoFi

[@BrittanyFlammer]

I’m glad you like sofi!!

[@BrittanyFlammer]

:D

[@NotALizardPerson81]

Ally will literally steal your money. I haven't been able to get my remaining money from them for a couple years now.

[@BrittanyFlammer]

We’ll that’s crummy. What happened? We’ve had an account there for about 10 years and have loved it. But I’ve only used their checking and savings

[@NotALizardPerson81]

@@BrittanyFlammer I have a checking account with them. They say nothing is wrong, but I can't withdraw or transfer my money or buy anything.

[@soycaro]

Can you explain more? I am interested

[@josephmgomez3921]

Lie

[@NotALizardPerson81]

@@josephmgomez3921 what?