I checked them out but fine print says no bank transfer must be direct deposit, and they stop paying at 5K. I need to transfer and earn on more than 5K do you have suggestions?
Was thinking about wellfront but since i already have Capital One, might as well do it with them. Mire centralized, less apps, more convenient still a great APY.
Hey Alex, question about the SoFi Evaluation Period to get the 4.60% APY. If I were to use them, I plan on doing a one time qualified deposit (NOT direct deposit) over $5k and smaller qualified deposits after that. Reading the disclaimer, are they saying there is an evaluation period every 30 days in which you have to deposit at least $5k to maintain the 4.60% APY? Or is it a one time deposit and you just need to keep your balance $5k or higher? I cant make sense of it.
Hello! SoFi says on their site “there's no minimum direct deposit amount required to earn our highest savings APY.” It has just to be direct deposit. It could be $10. The $5K direct deposit is to get the 325 USD bonus. It's 300 for the bonus, and an extra 25 USD if you use this link affiliate link alexisidro.com/SoFi (supports the channel, and keeps the content helpful!) Let me know what other questions you have!
Hi @alexisidro Thanks for the reply. Reading the footnote 1 and the FAQ - "SoFi offers up to 4.60% APY on savings accounts. Make sure you sign up for direct deposit (or deposit at least $5,000 every 30 days) to earn the highest rate!" It sounds like to me you have to deposit $5k to get the full 4.60% APY, else you end up with 1.20% AND SoFi expects $5k deposited every month to keep the 4.60%. I think I will go with Wealthfront as it has a better APY and seems easier to understand and use.
Loving the videos! Lots of great information that’s easy to understand! Just wondering why you didn’t include Western Alliance in the video? Highest APY, FDIC insured, no monthly fees that I can find, no cap for withdrawal funds, and funds accessible within 5 days. I’m only asking because to me it seems one of the best accounts but not many people talk about it. Is there a red flag I’m missing? TIA
Thank you. I understand. I included it in one of my other videos. Honestly, I haven't looked into it that much, so I didn't recommend it here in this one. I've heard many questions on it and based on what you shared, it's intriguing! I'll add it to the list. Do you bank with Western Alliance? How do you like it?
@@alexisidro ohh okay! I’m new to this so I wasn’t sure if more “seasoned” investors were seeing something I was missing. I don’t bank with them currently. I’ve been trying to do research before taking the plunge and deciding what bank. The only thing stopping me is that the idea of savings “buckets” sounds intriguing
I would just like an Organization that gives me a good percentage & where I can access my funds immediately if I were to need them ASAP! I’ve had SoFi but I stopped using it because I didn’t know how to use it lol
I use SoFi also , it’s very simple to use and a great apy but not the best . I have been really happy with my decision so far . SoFi pays out the interest monthly . Only catch as pointed out in the video is to get the best rate you need to deposit $5000 a month or have a direct deposit connected to your checking . In the end it’s your decision . I believe credit karma is offering a higher apy also on there high yield savings
@@alexisidro I was just wondering how it compares to wealthfront. I like the worldwide atm reimbursement but I know the apy is 4.75% compared to 5% at wealthfront. Thats about all I know about betterment though
