How many people bank with SoFi?
SoFi had $24.1 billion in assets as of Dec. 31, 2023, and the company has more than 6.9 million customers. Although SoFi doesn't have any physical branches, customers can access its accounts at more than 55,000 fee-free ATMs across the U.S. via the Allpoint network.
About SoFi
The company's full suite of financial products and services helps its more than 7 million SoFi members borrow, save, spend, invest, and protect their money better by giving them fast access to the tools they need to get their money right, all in one app.
Along with revenue, the number of SoFi members grows significantly from 1 million in the first quarter of 2020 to 7.50 million users in the fourth quarter of 2023, a CAGR of 13.79% over the last 15 quarters.
Member and Product Growth
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.
SoFi's stock has declined by approximately 80 percent since its peak. This latest series of SoFi abuses comes on the heels of a clumsy lawsuit filed by the FinTech giant earlier this month aimed at forcing millions of student loan borrowers back into repayment.
While many of the nation's biggest banks are national banks — e.g. J.P. Morgan Chase, Bank of America, Wells Fargo, Citibank — SoFi is smaller in size but holds a national charter.
Though the SoFi Checking and Savings account offers numerous advantages, there are some disadvantages to consider, such as foreign transaction fees, limited overdraft protection and a lack of bank branches.
Is SoFi Bank safe? Yes. SoFi is FDIC-insured, meaning you have standard coverage up to $250,000 per customer, per account. Increased FDIC coverage of up to $2 million is also available with SoFi.
Vanguard owns the most shares of SoFi Technologies (SOFI). The ownership structure can impact the company's decision making, as large institutional investors may exert influence on the company's management and can also affect the company's stock price with their buying and selling patterns.
The SoFi Story
Social Finance, Inc is founded by Stanford business school students—originally using an alumni-funded lending model to connect recent grads with alumni in their community.
Where does SoFi rank among banks?
SoFi Bank, N.A is the 83rd largest bank in the nation. It was established in 1986 and as of December of 2023, it had grown to 1,013 employees. SoFi Bank, N.A's savings rates are 9X the national average, and it boasts an A+ health rating.
One of the main benefits of SoFi Checking and Savings is that it has minimal bank fees. You won't worry about monthly bank maintenance fees or overdraft fees. If you've set up direct deposits of at least $1,000, you'll be eligible for SoFi overdraft protection, covering negative balances up to $50.
As more and more banking is going online, SoFi is well-positioned to benefit. It's setting itself up now for success in the near term, but even more so in the long term. According to Statista, digital banking users will keep increasing over the next two years, and that trend is likely to continue for many years.
SoFi became a bank in order to bring you the best features, including a market-leading 4.60% APY¹ on your savings & Vaults balances and 0.50% APY on your checking balances¹ (requires direct deposit or $5,000 or more in deposits every 30 days*).
It depends on what you're looking for in an online bank account. If you want to maximize your earning potential, SoFi or Varo are likely the better options as they have the highest APYs for savings accounts. But if you'd prefer to also earn interest on your checking account, SoFi is the better choice.
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 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.
A truly robust bank, SoFi Bank offers a number of products. And while SoFi doesn't have any physical locations, customers can access their accounts at more than 55,000 fee-free ATMs across the U.S. via the Allpoint network. SoFi also offers competitive interest rates and doesn't charge any fees.
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.
Even after taking into account its customer complaints relative to asset size (see more info below), SoFi earns strong ratings. Best for: Those who want to earn high interest and don't mind using customer service online or by phone instead of at bank branches.
Why can't I withdraw money from SoFi?
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.
Hard pull: When you get approved for a SoFi personal loan, SoFi will do a hard inquiry into your credit history, which will temporarily drop your credit score by about 5-10 points in most cases. Increased debt level: Taking out a SoFi personal loan will naturally increase the amount of debt that you have.
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.
With SoFi, ATMs are fee-free at any ATM within the Allpoint® Network. Our goal is to eliminate as many fees as possible.
Respondent SoFi Lending Corp., also doing business as SoFi, is a California corporation with its principal office or place of business at 375 Healdsburg Avenue, Suite 280, Healdsburg, CA 95448. SoFi Lending Corp. is a wholly owned subsidiary of Respondent Social Finance, Inc.
