If you are looking for an innovative way to do banking, you would be wise to check out the services at SoFi. This digital personal finance company offers a variety of offerings to help you to manage and track your finances. Starting in March of 2022, SoFi is launching a new checking and savings option to provide even more coverage for your personal finance needs. Here are just a few of the perks of signing up for a SoFi bank account.
No-fee Overdraft Coverage
Even the most conscientious consumers may slip up and overdraft their checking account. SoFi takes the worry out of this by providing no-fee overdraft coverage. Users will enjoy overdraft coverage of up to $50 with no fees with all qualifying direct deposits. SoFi understands that even responsible bankers make mistakes in providing this service to their loyal customers.
No Account Fees
SoFi is proud to offer a no-fee structure for your banking needs. Users will pay no minimum balance fees, giving you peace of mind that you do not need to maintain a set amount of money in your account. You will also not be on the hook for any monthly fees. It is easy to transfer money between accounts with no fee to do so. Lastly, account holders will appreciate the access to over 55,000 fee-free ATMs encompassed within the Allpoint Network. Now you will not need to worry about being slapped with fees to take out cash from the ATM.
If you routinely have trouble putting money away for that rainy day or special splurge, the SoFi automated savings program can help you to make this a habit. According to SoFi Invest, this feature can help you to “organize your money, set savings goals, and save your change with Vaults and Roundups.”
Two-Day Early Paycheck
It is a no-brainer to set up your paycheck for direct deposit into your SoFi checking or savings account. In addition to the convenience of not having to manually deposit your paycheck each time you get paid, you will also be able to access these funds up to two days earlier than when the money officially hits your account. This feature gives you greater access to the money that you know is on the way, helping you to better manage your funds.
Earn 1% Annual Percentage Yield
Another advantage to setting up a direct deposit for your bank account with SoFi is that you will be eligible to earn a 1.00% annual percentage yield (APY) on the first $50,000 of your account balances. This is an easy way to earn extra money with no effort on your part. Let SoFi help you to make your money work for you with this generous interest payment.
SoFi is a one-stop shop for all of your banking and loan needs. You will never miss the hassle of traditional banking once you discover all of the ways that SoFi can help you to take control of your finances.