What is Sofi?
Sofi is an online bank that is very oriented towards the social and financial well-being of its customers. They started off as a lending institution that was mainly focused on student loans to help students get the best rates they could if they were going to get loans for their higher education.
They have since branched out to offer just about all services a financial institution could offer. They offer checking, savings, investment, crypto, student loans, home loans, personal loans, auto loans, small business financing, and several different types of insurance.
They also offer a host of other benefits like educational resources, loan calculators, career coaching, financial and estate planning, and as well as neat events that are entirely free experiences for Sofi’s members.
What does it mean that Sofi became an official bank?
Up until this point in time, like most online banks, Sofi was not an official bank. They were a fintech bank. Like most fintech banks, Sofi was the more front-facing part of their company. However, in order to offer many of their financial services, Sofi partnered with “real” physical brick and mortar banks to do so. The banks that Sofi partnered with include MetaBank, Hills Bank and Trust Company, EagleBank, East West Bank, Tristate Bank Capital Bank, and Wells Fargo.
SoFi applied for and was granted approval by federal regulators to become a national bank in 2022. The fintech company began as a student loan refinance company but has expanded to other lending and banking products in recent years. SoFi believes the charter will help the company expand its products and services.
Sofi currently offers an APY of 1.00% in both their savings and checking accounts.
Sofi currently offers an APY of 1.00% in both their savings and checking accounts. You can currently get a $100 signup offer when you sign for a new account with them and set up direct deposit for at least $1000 per month!
Click on the button here to your own Sofi Account!