SoFi Review

SoFi Review 2024

8 min read

If you’ve ever had the burning desire to join the NBA but were short in height, you still might have a chance to get in on the action. Have you thought about joining SoFi, the NBA’s official bank? Then you’ll like our SoFi review.

SoFi, or Social Finance Technologies, is a US-based online financial company that functions as an online bank. They offer a range of financial products and services, including student loan refinancing, mortgages, personal loans, credit cards, investing, and banking. SoFi provides these services through both mobile app and desktop interfaces.

SoFi is an online platform that helps people achieve financial independence. They offer various financial products, including SoFi Checking and Savings, which combine checking and savings accounts. SoFi Bank, a nationally chartered bank, operates these accounts and offers competitive interest rates, FDIC insurance, and additional insurance through the SoFi Insured Deposit Program.

  • SoFi, or Social Finance Technologies, is a US-based online financial company that functions as an online bank.
  • They do not have physical brick-and-mortar locations
  • SoFi Bank is regulated by the Office of the Comptroller of the Currency (OCC)
  • A SoFi review of the bank has received an award for being the top online bank of 2024
  • SoFi Bank has high loan limits, which can be helpful if you need a personal loan.

Location and Owners

SoFi is in San Francisco, California, with around 2,500 employees as of December 2021. The company is known for its creative approach to personal finance, which aims to simplify and improve customers’ financial experiences.

Who owns SoFi? SoFi Bank, N.A. is a bank in the United States owned by SoFi Technologies, Inc., a publicly traded financial technology company. The company became public in June 2021 through a merger with a Special Purpose Acquisition Company (SPAC) valued at $8.65 billion.

Is SoFi Safe?

SoFi Bank is regulated by the Office of the Comptroller of the Currency (OCC), an independent bureau within the United States Department of the Treasury. The OCC supervises and regulates national banks and federal savings associations. SoFi Bank is subject to the same regulatory requirements and depositor protections as traditional banks in the U.S. since it’s a national bank

Additionally, the bank must comply with federal and state laws that govern banks, including the Bank Secrecy Act, the Community Reinvestment Act, and various consumer protection and fair lending laws. Therefore, according to our SoFi review, they’re safe. 

The SoFi App

SoFi’s app makes one-stop-shop services available. Through their partners or from SoFi, you can get:

  •  a will made
  •  new loan
  •  a car buying service (I think via TrueCar partnership), 
  • call to talk to a certified financial planner for free,
  •  Buy fractional stock shares with as little as $5. 

Our SoFi review found their offerings are more comprehensive than those on Schwab or Chase apps/websites.

SoFi Bank

Sofi Positive App Reviews

SoFi banking app has received positive feedback from its users. The Apple App Store has an average rating of 4.8 out of 5 stars, while on Google Play, the rating is 4 out of 5 stars. Users appreciated the app’s design, ease of use, and range of features. 

Apart from user reviews, other sources such as Forbes Advisor and NerdWallet have praised SoFi Bank for its services. Forbes Advisor notes that SoFi Bank provides a combined checking and savings account with competitive yields.

Moreover, NerdWallet has given SoFi Bank a perfect 5.0 overall institution rating. Per our SoFi review, its users like the SoFi banking app well.

Sofi Review of the Banking Pros

A SoFi Bank review offers several upsides that may be appealing to customers, such as:

  1. High Loan Limits: SoFi Bank has high loan limits, which can be helpful if you need a personal loan.
  2. Joint Checking and Savings Account: SoFi Bank has a combined checking and savings account that is useful for people who want to manage their finances together or for couples.
  3. Competitive APYs and No Fees: SoFi Bank has received an award for being the top online bank of 2024. The bank offers accounts with high Annual Percentage Yields (APYs), which can provide significant returns. Moreover, SoFi Bank does not charge any account, overdraft, or monthly fees, which can help you save money on banking services.
  4. Online and Mobile Banking: SoFi Bank is an online bank where you can manage your money from anywhere using their website or mobile app. It’s a popular choice among recent graduates who have good credit and need financial help.

Sofi Review of the Banking Cons

A SoFi Bank review offers several downsides for customers, such as:

  1. Limited Branch Locations: SoFi Bank, a part of SoFi, doesn’t have physical branch locations. This may be inconvenient for customers who want in-person banking services or need a physical location for certain transactions or interactions.
  2. Limited Banking Products: SoFi Bank’s primary banking product is a combined checking and savings account. If you’re looking for traditional banking services such as specialized savings accounts or specific loan types, you may find that online banks offer fewer options than physical banks.
  3. Customer Preferences: Some people might prefer going to a physical bank branch for their banking needs or require certain banking products or services that SoFi doesn’t offer.

Sofi Competitors

A SoFi review found their competitors are:

  • Funding Circle
  • Avant
  • Lending Club
  • Upstart
  • LendingTree.

They all work in the same industry and offer similar financial services. Other competitors include:

  • Sageworks Lending
  • TurnKey Lender
  • CloudBankin
  • Finflux

These companies provide alternative loan servicing software solutions catering to the same SoFi market. It’s important to mention that in 2020, SoFi increased its scope by purchasing an investment app based in Hong Kong called 8 Securities. 

Loan Servicing Software Solutions

Alternative loan servicing software solutions are computer programs that assist banks and lenders in overseeing their loan portfolios, handling payments, storing documents, streamlining processes, and generating reports. These software solutions are critical for improving the efficiency of loan servicing operations.

Some examples of alternative loan servicing software solutions that are competitors to SoFi include:


Megasys specializes in providing a loan servicing system customized for the consumer finance sector. They offer software platforms tailored to meet the needs of finance companies of all sizes.

Calyx Software

Calyx Software provides a cloud-based platform that helps users with loan servicing and marketing processes. Their tools, including Point, Portfolio Producer, and the Calyx Network, are designed to simplify loan servicing and marketing operations.


CloudBankIN is a comprehensive software package designed for the banking sector. It offers a range of features for financial services, including loan origination, management, and collection. These features are integrated with payment gateways, making managing all aspects of your financial services in one place easy. Users have found CloudBankIN to be very user-friendly, flexible, and easy to integrate with other third-party applications.

The Mortgage Office

A loan servicing solution known as The Mortgage Office is available for businesses of any size. This solution provides a range of capabilities, including payment processing, loan tracking, workflow automation, document storage, and reporting in one comprehensive suite.

Final Thoughts: SoFi Review

We hope you enjoyed this SoFi review. SoFi Bank has many happy customers, and unlike other banks, it doesn’t have physical locations, which keeps its costs lower. SoFi Bank provides high-yield savings accounts with competitive Annual Percentage Yields (APY) that allow users to earn attractive returns on their savings.

The bank’s combination of checking and savings accounts is highly regarded, offering the convenience of both banking products in one place, making it easy for account holders to use. 

The SoFi Bank mobile app is user-friendly, with a simple and intuitive design that users find easy to navigate. The SoFi Bank account is also user-friendly, well-designed, and equipped with desired features, contributing to a positive overall user experience.

Frequently Asked Questions

Yes, SoFi Bank is regulated in the United States. The Office of the Comptroller of the Currency (OCC), an autonomous bureau within the United States Department of the Treasury, supervises and regulates the bank.

If you're from the old school and like to go into a physical bank, SoFi likely won't suit you. SoFi Bank, the banking subsidiary of SoFi, doesn't have a physical bank you can go to. As a result, this may inconvenience customers who like in-person banking or face-to-face interactions with bakers.

Unfortunately, SoFi is not available in Canada. At this time, SoFi operates in the United States and Hong Kong.

Yes, SoFi Bank is regulated in the United States. The Office of the Comptroller of the Currency (OCC) is an independent bureau within the United States Department of the Treasury that supervises and regulates the bank.

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