Is SoFi bank safe from collapse?
Yes, funds deposited into SoFi checking and savings accounts are FDIC insured for up to $250,000 per depositor, for each ownership category, in the event of a bank failure.
SoFi Technologies (SOFI) had an amazing run in 2023 but it might be difficult to repeat. High interest rates and the restart of student loan payments caused revenue and profits to soar. But consumers are swimming in debt and SoFi's loan portfolio is deteriorating.
Sofi Checking and Savings accounts are FDIC insured. Your funds are protected by FDIC insurance of up to $250,000 per member or $500,000 for joint accounts. If you'd like additional FDIC insurance, you can enroll in the SoFi Insured Deposit Program for up to $2 million in FDIC coverage.
SoFi Checking and Savings is an excellent choice if you don't want to deal with common bank fees. It's a fee-free checking and savings account option. The account offers a couple of unique perks. There's a savings tool called Money Vaults, which helps you save for individual goals.
While facing macroeconomic challenges, SoFi managed to deliver its first positive quarterly net income in the final quarter of 2023. Despite this milestone, the company still ended the year with a net loss of $301 million, though narrowing the gap from net loss $320 million in 2022.
SoFi Technologies (NASDAQ: SOFI) has benefited from a favorable market environment. Since the start of 2023, the shares are up 60% (as of March 6), boosted by strong financial results. Looking at the bigger picture, there is no shortage of reasons to appreciate this business.
SoFi offers a high-yield checking/savings account with no fees that is backed by the FDIC. Their cash management (checking) accounts and investment platform include brokerage and robo-advisor services.
SoFi Bank cons
SoFi is an online bank with no physical branches for customers to visit for in-person banking needs. Fee for cash deposits.
Any new deposit made into a SoFi Invest account is placed on a five-business-day hold. The sixth business day is when your funds are available to be withdrawn.
Jpmorgan Chase & Co reports 2.09% decrease in ownership of SOFI / SoFi Technologies, Inc. On February 12, 2024 - Jpmorgan Chase & Co filed a 13F-HR form disclosing ownership of 3,603,517 shares of SoFi Technologies, Inc.
Is SoFi Bank a real bank?
SoFi is an FDIC insured, nationally chartered bank that offers SoFi Checking and Savings. SoFi became a bank in order to bring you the best features, including a simple, market-leading interest rate of 4.60% APY across both SoFi Checking and Savings accounts (requires an active direct deposit).
In this sense alone, SoFi is a better option than Apple Savings. SoFi's account also automatically comes with a checking account, which will make it easy to manage your money in one place. On top of that, there are no fees or minimum balances, and you can receive up to a $300 welcome bonus if you set up direct deposit.
If you are already at your limit, you can avoid penalties by visiting the bank in person or using the ATM to initiate withdrawals or transfers from your savings account. (You may want to make sure, however, that you're not triggering any out-of-network ATM charges.)
Who owns the most shares of SoFi Technologies (SOFI)? Vanguard owns the most shares of SoFi Technologies (SOFI).
SoFi now has 7.5 million customers, adding 585,000 in the fourth quarter. Management is incredibly optimistic as we look toward the future. Executives said they expect revenue to rise at a compound annual rate of 20% to 25% between 2023 and 2026.
SoFi is ranked second for NPS among its competitors.
In Q4, SoFi reported a $48 million GAAP profit, and the company is expecting around $100 million in profitability for 2024. If those numbers are achieved, and the company continues to grow its bottom line as expected to 2026, this growth stock will look more like a value stock right now.
During the fourth-quarter earnings call with analysts, CEO Anthony Noto said the the company is "positioned to continue to drive positive GAAP net income in 2024." Noto provided longer-term guidance as to what the company is forecasting over the next few years.
Priced at $8.31, it's positioned for potential 2024 doubling, making it an attractive sub-$10 buy for those seeking significant gains.
- SoFi Bank, National Association.
- EagleBank - Bethesda, MD.
- East West Bank - Pasadena, CA.
- Hills Bank and Trust Company - Hills, IA.
- MetaBank - Sioux Falls, SD.
- TriState Capital Bank - Pittsburgh, PA.
- Wells Fargo Bank, N.A. - San Francisco, CA.
How many customers does SoFi Bank have?
SoFi achieved strong year-over-year growth in both members and products in the fourth quarter and full-year 2023. New member additions of nearly 585,000 in the quarter brought total members to over 7.5 million by year end, up over 2.3 million, or 44%, from the prior year end.
If you've exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes.
SoFi Checking and Savings is a mobile-first online bank account that keeps your hard-earned dollars safe; all accounts receive FDIC insurance of up to $250,000 per member.
Money coach and certified financial planner Ohan Kayikchyan says it can make sense for a household to maintain four accounts: one checking account for monthly recurring bills and another for variable expenses, plus one savings account for emergency funds and a second for other savings goals.
The downsides are that SoFi is only an online bank — so there are no physical locations to visit should you need in-person assistance, and you will also need to set up direct deposit to qualify for the highest interest rates.
