The TRUTH! SoFi High Yield Savings Review: Pros Cons 😨 Best High Yield Savings Accounts 2024

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🏦 SoFi Checking & Savings (up to $325 Bonus): alexisidro.com/SoFi
We review the SoFi bank high yield savings account (HYSA). Worth it?
A few notes: Today, we dive deep into the features, benefits, and considerations of the SoFi High Yield Savings Account in this comprehensive review. Learn why this high-yield savings account may be the perfect place for your money, from its impressive interest rates to its user-friendly platform. With insights on my experience and features, this video provides valuable information for anyone looking to boost their savings. Don't miss out on our SoFi review for the inside scoop on high-yield savings accounts, which can help you improve your personal finance.
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Thank you for watching, and I hope you have a wonderful rest of your day!
- Alex
Times:
0:00 SoFi HYSA
0:22 Context
0:52 Steal this!
1:05 Best features
10:17 Pros and Cons
13:22 Would I recommend it to my mom?! Well...
*********************
New to the channel? Hello! My name is Alex. Welcome.
I’m a father, husband, engineering professional and online entrepreneur/content creator based in the Washington, DC area.
I have 11+ years of professional experience, four years+ of social media (15,000+ subscribers in the channels I own), and I’ve been a career consultant and mentor for the last four years. I’ve helped clients get jobs in different industries and get them into high profile organizations like Amazon, Northrop Grumman, and Government.
I have a passion for helping people achieve their goals and dreams, and as someone who never had a mentor, it is my goal to be that person for you. I share content to help people improve their mindset, and make better career, financial, online business, and life decisions.
Every piece of content I share is based on experience, insight, research, and/or observations.
My mission is simple: leave this world better than when I arrived. LFGO!
DISCLAIMER:
I am not a financial advisor. The ideas presented in this video are for entertainment purposes only. You (and only you) are responsible for the financial decisions that you make.
AFFILIATE DISCLAIMER:
Some of the card or bank links and other products that appear on this website may be from companies for which Alex Isidro will earn an affiliate commission or referral bonus. This means that if you click on one of the product links, I may receive a commission. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.
My opinions and reviews are my own personal views and are not influenced by whether or not I earn a commission. I only recommend products I've used or which I would recommend to my mom! :)

Пікірлер: 52

@alexisidro 3 ай бұрын

Hello everyone! If you're a parent, beginner in personal finance, who's working to get your finances in order and need help with your financial planning, so you can build your wealth, and achieve financial security, stability, and freedom, message me on IG @thealexisidro (I'm currently doing research and would love to know how I could help you/challenges you are dealing with, and in exchange for your input, I will answer any questions you have). instagram.com/thealexisidro/

@khirycarter357 2 ай бұрын

Do you only get the bonus if you set up a direct deposit or does it count if you make a one-time deposit from another account that meets the requirement for a deposit ($5,000 - $10,000)?

@alexisidro 2 ай бұрын

Good question. I has to be from your job or other sources like the ones they go over here: "SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate."

@khirycarter357 2 ай бұрын

@@alexisidro Thanks for the response I applied and it appears that to earn the 4.60% you either have to have a direct deposit set up or deposit 5k every month to maintain the 4.60%

@Channel-io1di 2 ай бұрын

Thanks for this video, man. I'm new to this, for some reason I always thought high yield savings accounts were a thing of the past. Does the interest rate ever change or is it locked in from when you open the account? I saw some sites from a while ago that made it look like sofi was like 5.25% now it's 4.6%?

@alexisidro 2 ай бұрын

Glad it helps! SoFi has been at 4.6% for a while now. Not sure when it was above 5%. At the end of the day, the interests will change depending on what the fed does. Here's more insight on high yield savings, based on what I researched and experienced: kzbin.info/www/bejne/nX_Icnyla99slassi=h6O5S0XaMFw5paHs

@Channel-io1di 2 ай бұрын

@alexisidro ya I was wrong on that over 5%. Thanks again

@joana_124 2 ай бұрын

I was interested in opening a sofi account. But I was wondering if you know if a tax refund would be considered as a direct deposit? I’m a server and my direct deposit is like 200$ a check 😅 but that 300$ bonus sounds nice 😭 and could I use the checking account like a regular debit card? I’m so new to the finances of it all but I’m not use to banking somewhere w/out a physical branch. Would I be able to withdraw money from like a Wells Fargo atm? The all-point atms from where I’m from is questionable 👀 I would prefer not to use them. I’d appreciate your help thank you ✨

@alexisidro 2 ай бұрын

I understand! SoFi has some rules on what qualifies as a direct deposit, and essentially is any type of Government transaction or payroll. Not sure if a tax refund would qualify. With respect to the debit card, yes, the debit card can be used like any other one from physical branches. You could use it at Wells Fargo or any other bank, you'd just get changed a fee if it's not all point.

@johnyankanich Ай бұрын

With the automatic checking account that they open for you, do they send you a physical debit card?

@alexisidro Ай бұрын

Yes, they sent me one in the mail. If they don't send you one automatically, just give them a call. You should get a debit card.

@efraincorpus8777 Ай бұрын

I like how their mobile app UI is very user friendly. One of my favorites features is that you can lock your debit card (not sure if other banks do that). I've had this bank since 2018 and I've been happy with it.

@CarlosAlvarez-gm6lb 2 ай бұрын

Alex, in case I don't do a direct deposit, what is the APY I'll get for my money? Thanks. (Great videos btw)

@alexisidro 2 ай бұрын

Thanks Carlos! Right now it's 1.2%

@alexisidro 2 ай бұрын

What other questions can I help answer?

@thehealthproductions9038 2 ай бұрын

How would I go about getting the 4.6% APY? I day trade and don’t have any ways for a direct deposit because I pay myself with a ACH transfer

@alexisidro 2 ай бұрын

Here's what SoFi says on direct deposit: "SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate."

@reflexionandocontigomoises930 Ай бұрын

I would like to know if with Sofi it is possible to have daily compound interest, and if not, please which account can give me daily compound interest. Thank you so much.

@alexisidro Ай бұрын

Hello! Yes, SoFi says "Interest on your balance is accrued daily and compounded monthly."

@dustindowell22 Ай бұрын

So it's a one time 5k deposit to get 4.6% forever? Just to be sure. Thanks for explaining!

@alexisidro Ай бұрын

To get the high APY of 4.6%, you just need direct deposit. There is no minimum amount. I checked the website. The 5,000 USD is relevant if you want to get the $300 bonus. Does it make sense? It's a little confusing, so hopefully this helps!

@jerryhsd92103 3 ай бұрын

I think if you are looking to transfer an entire relationship, this would be a good choice. If you’re just looking for cash management, some other options might offer better options.

@alexisidro 3 ай бұрын

Good way to put it. That’s another option for sure! Are you considering Sofi or others?

@jerryhsd92103 Ай бұрын

@@alexisidro I considered Sofi and I'm sure its a good option. I'm leaning more toward another brokerage account like Fidelity. Mostly now with Vanguard and it's fine. Just maybe lacking in some features.

@reflexionandocontigomoises930 Ай бұрын

quisiera saber si con sofi es posible tener interes compuesto diario, y si no, por favoe que cuenta me puede dar interes compuesto diario. Muchas gracias.

@alexisidro Ай бұрын

Most out there provide daily compound interest! Some that come to mind are SoFi and Marcus (I know these do because I asked myself this same question in the past lol :))

@nicoletorrente5199 2 ай бұрын

question, so in order for me to get the 4.60% APY i would need to have a direct deposit over 5k? If thats not the case lets just say im opening this account to transfer some funds from my current back to my sofi account. I want to open a acoount to just leave the money and watch it grow. I dont want direct deposit to sofi. I will do that all manually. Will that make a differane to the amount I ear from the account? Could you clarify how my situation would work with this bank?

@alexisidro 2 ай бұрын

There is no minimum direct deposit to get the 4.6% as long as it's direct deposit. You need direct deposit $5K+ to get the $300 bonus. Based on what they share on their website, yes, it has to be direct deposit from employer, not a transfer. Technically, you could have a direct deposit of one dollar, and you'd qualify for the 4.6%. It's in the footnotes of their offer.

@nicoletorrente5199 2 ай бұрын

@@alexisidro thank you for the clarification!

@brianacarvalho7318 2 ай бұрын

@@alexisidro after the initial deposit, do the monthly direct deposits have to be over $5000 in order to maintain the 4.6% apy?

@alexisidro 2 ай бұрын

Hello! No, SoFi says “there's no minimum direct deposit amount required to earn our highest savings APY; however, we do require $1,000 or more in direct deposits every 30 days* for other benefits like no-fee overdraft coverage^.”

@alexisidro 2 ай бұрын

Does this answer your question? Lmk!

@darrylwalker9451 Ай бұрын

So my question is you get the 4.6% on any amount as long as its a direct deposit? The $5k only matters for the bonus ?

@darrylwalker9451 Ай бұрын

Nevermind, I found the answer from someone else how asked the same question. Thanks

@michaellum2248 Ай бұрын

Is there a minimum amount for direct deposit to get the 4.6% APY or will any direct deposit work? If there is a minimum, does it have to be in a single direct deposit? (say minimum is $1000, can it be split into two $500 deposits in a month)

@alexisidro Ай бұрын

Nope! You just need direct deposit. No minimum amount.

@wd7056 3 ай бұрын

Alex - what is the APY if you don't hit the $5k/month in direct deposits?

@alexisidro 3 ай бұрын

Great question. 1.2% right now.

@alexisidro 3 ай бұрын

FYI: There is no minimum in direct deposit. Direct deposit amount only comes into place when you want the bonus.

@andrew90301 2 ай бұрын

It’s still 4.6% whether you have $5K in deposits or not.

@rrboss3721 2 ай бұрын

@@andrew90301 Yup.

@haolangli1480 2 ай бұрын

Does it matter which account (Checking or Saving) I deposit my $5000 to get my 300 bonus?

@alexisidro 2 ай бұрын

It shouldn't.

@JdogPH01 Ай бұрын

It doesn’t matter. I did it into my savings and I got it. I’ve also known people I referred who put it in their checking and it worked for them. So feel free to deposit anywhere or even split it into both accounts.