SoFi Review
All-in-one money platform — investing, banking, lending, crypto
SoFi wants to be your entire financial life in one app. Investing (stocks, ETFs, crypto), banking (checking + savings), student loan refinancing, personal loans, credit cards, and insurance — all under one roof.
The SoFi Checking account (4.50% APY with direct deposit) is competitive with the best high-yield accounts, and the investing platform charges $0 commissions. The student loan refinancing — SoFi original product — remains best-in-class with rates starting at 4.49%.
The breadth is impressive, but no individual product is the absolute best in its category. SoFi wins on convenience and the ecosystem play — the more products you use, the better the perks (rate discounts, fee waivers).
What we like
- All-in-one financial ecosystem
- 4.50% APY checking with direct deposit
- $0 commission investing
- Best-in-class student loan refi
- Member perks across products
What could be better
- No single product is category-best
- Limited investment research tools
- Joint accounts not available for investing
The Bottom Line
SoFi earns a 4.4/5 rating. A solid option worth considering based on your specific needs. The commission structure pays well for each qualified referral.
Alternatives to Consider
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