SoFi vs. Wealthfront | Best ONE-STOP Finance App

[@christ.4977]

Update: Wealthfront has higher interest rate on savings and allows for individual stock investing.

[@andykline396]

SoFi with the bank charter will be great! Anthony Noto said that the checking account will start at about 1% interest.

[@theepichamster1443]

SoFi offers free access to financial advisors. I haven’t taken advantage of it yet, but it’s available. Also, PLEASE put some of your money in VOO. You are young and where 17% is good, VOO would have doubled that for you.

[@manleteater1970]

So I was originally drawn in by SoFi's saving vaults feature, BUT upon further research and testing I've found that Wealthfront has practically the same thing with their cash account "categories". And now in June 2022, Wealthfront has a higher APY than SoFi. Plus their Excess cash monitoring feature makes it a bit easier to auto categorize + auto invest your money. I believe SoFi has something similar to this, but since I've already chosen Wealthfront for my taxable investing account since they've got tax loss harvesting anyways, SoFi's system doesn't really work as well for me. Plus I'm forced to have direct deposit to access some features and the higher rates for SoFi, whereas I don't need to for Wealthfront. Also, the SoFi relay feature is generally inferior to something like Mint so I'd rather use that since it's a little less clunky (still clunky in certain aspects though unfortunately). So for me I'm just gonna have a no fee branch bank for cash deposits when potentially needed, then my Wealthfront cash account for my primary "checking" and "savings" accounts, and lastly Mint for my budgeting and whatnot. I'm still eyeing SoFi's credit card though since it's got 2% cashback + no foreign transaction fees among other things.

[@DP-bx5fg]

Before getting a debit card, it's crucial to ensure that it can be used internationally without any hassles and doesn't create any credit limit issues. If the customer service or online setup for that availability is not up to the mark, it's better to hold off on getting one. In my opinion, SoFi is not yet there, so I won't be jumping on board just yet.

[@jwdswrld]

I can’t stand the clutter in the UI. I don’t use their credit card nor their loans tabs. Why do I have to deal with the excess stuff? It’s an eyesore. I can’t wait for their UI overhaul. I have the all downloaded with a profile but no accounts opened when they eventually do their update.

[@chris2818]

Wealthfront saying 96% percent getting their money back I call as BS or should not even be relevant to most investors. I think many would agree that Most investors should max out a Roth yearly before using a taxable account. I don't think a majority of beginner investors that that use a robo investor are able to max out that Roth. Then if they are and they're still about to invest enough to save money using harvesting techniques they should not be using a Robo charging.0.25 plus fund fees. I think not using a robot at that point makes more sense or using schwab or another that just charges fund fees is better. That 0.25 times 20 years is thousands. I do really enjoy your videos but that's my thought on that wealthfront bit. I don't think many know that harvesting doesn't help a Roth. If I'm wrong please correct my ignorance..

[@zoobiewa]

Isn't 0.25% only $2.50 per year for every thousand?

[@nsisx9x]

I also got caught off-guard by that number!

[@supreme5580]

Do a video comparing SoFi relay & NerdWallet. It sounds like the same concept. Great video, Wealthfront seems a better choice for me

[@Combatant_Gentleman]

Well needed info now that M1 is closing down their Checking services.

[@akin242002]

SoFi! Although visually I like how Wealthfront net worth calculator.

[@Torch2mua1]

Do an updated one for this video for 2023

[@travielharrison4394]

I couldn't choose so i use both.

[@edgarlopez3005]

Like to see a update for this video for 2023

[@dirtybootsanddarkcoffee5670]

My biggest hesitation with SoFi is all the comments and reviews I’ve seen saying that direct deposit takes forever to hit your account. I haven’t been able to find a good time when I’d be ok with my direct deposit not hitting for a couple weeks to make the switch from my existing bank. Is this still an ongoing issue with SoFi?

[@dec1slh]

I've never had an issue with SoFI direct deposit

[@Mcballerboy23]

Bro I actually get mine on Wednesday instead of Friday

[@kaynoow95]

Same@@Mcballerboy23

[@josephmgomez3921]

Due one on Fidelity and Wealthfront.

[@MagnifiedMoney]

Thanks for the suggestion! We will add it to our video idea list.

[@harryallenpearce89]

9:20 Tax loss harvesting on Roth IRA? What taxes? Has to be a mishap.

[@ItsWoadie]

Explain please.

[@harryallenpearce89]

@@ItsWoadie Once inside a Roth IRA, there are no taxes to be paid. There’s no money to be saved using a tax loss harvesting strategy inside a Roth IRA. Listen at 8:30 on, and you’ll see he says that he saves a bunch of money tax loss harvesting while saying he’s using it in his Roth IRA. A taxable account would save with that strategy, but not with a Roth.

[@InFaMoUsGeMiNi]

It only applies to taxable accounts, like an Individual Brokerage Account. In other words, they’ll charge you a 0.25% fee just to manage your Roth on top of expense ratios on ETFs. Hard pass for me.

[@BobertDTV]

5:54: you would pay about $2.5, not $25 on a $1000 investment

[@ladyrainbowsart]

What bank accounts can you link to wealthfront to? I'm hoping to link ether chime or SoFi to it.

[@tonynguyen725]

yes you can link them

[@savagegamer1602]

I hate sofi closed my account for no reason I didn't do anything wrong but the other bank I might try

[@MattieK09]

17%

[@nuno2753]

bank of america checking account review plzz

[@Chaseosa]

Don't got BoA

[@notevolvedoff]

10th