Table Of Content
When SoFi Money Wins?
SoFi’s banking product line has developed a great deal over recent years. In addition to its hybrid checking and savings account, you can access mortgages, loans, and investment products, there is even a selection of SoFi insurance products.
The only thing lacking from SoFi’s line is a conventional savings account and CDs.
SoFi Money can be a better choice than Bank of America if:
You want to earn interest on your checking account balance
You are happy with a hybrid savings and checking account
You want an online only bank
When Bank of America Wins?
Bank of America has an impressive banking product line . There are multiple credit card options, and different savings and checking accounts.
Bank of America also offers home loans, auto loans, and investments. This makes it far easier to switch from a conventional bank, as you won’t need to compromise on your choice of banking products.
Bank of America can be a better choice than SoFi Money if:
You are happy to meet the requirements to waive maintenance fees
- You want multiple credit card options
- You need a personal service
SoFi Money | Bank of America | |
|---|---|---|
Savings Accounts | ||
Checking Accounts | ||
CDs | ||
Money Market Account | ||
Debit Card | ||
Credit Cards | ||
Personal Loans | ||
Mortgage | ||
Government Mortgage | ||
Business Loans | ||
Investing Capabilities |
Savings Account
Bank of America has a more conventional savings account, but it pays far less interest (0.01% – 0.04%) depending on your Preferred Rewards status compared to the up to 4.20% offered with SoFi.
Additionally, the account has an $8 a month maintenance fee that can be waived by maintaining a balance of $500 or more, or linking your checking account. Linking your account also allows you to avoid accidentally going overdrawn with Balance Connect.
SoFi has a hybrid savings and checking account, called Spend and Save. For the purpose of this comparison, we’ll look at the savings features and there are some nice ones. The most obvious is the savings vaults.
These allow you to create separate funds to work towards different savings goals without needing multiple accounts. This helps you to keep your money organized and you can even specify a vault for your round up funds.
There is no comparison in terms of CDs, as SoFi does not currently offer CDs. So, if you are looking for CD products, then Bank of America would be the better option.
SoFi Money | Bank of America | |
|---|---|---|
APY | up to 4.20% | 0.01% – 0.04% |
Fees | $0 | $8 per month
Can be waived by maintaining a balance of $500+, becoming a Preferred Rewards member or linking to your B of A Advantage Banking account. Fees are also waived for enrolled students aged under 24
|
Minimum Deposit | $0 | $100 |
Checking Needed? | Yes | No |
Main Benefits |
|
|
Checking Account
The hybrid SoFi account also has some nice checking account features including round ups and overdraft protection with no account fee.
You’ll also earn 0.50% on your checking account balance, making it one of the top interest-bearing accounts, while the Bank of America account is not interest-bearing.
Additionally, the Bank of America checking account requires a minimum deposit to open the account and you need to maintain an account balance, have qualifying deposits or become a Preferred Rewards member to have the $12 maintenance fee waived.
Unlike SoFi, Bank Of America offers a variety of checking accounts. For basic use, customers can apply for the BofA SafeBalance account, while those who need more advanced features can choose the Advantage Banking or the Advantage Relationship account.
SoFi Money | Bank of America | |
|---|---|---|
APY | 0.50% | 0.01% – 0.02% |
Fees | $0 | $12
can be waived by maintaining an account balance of $1,500, qualifying deposit of $250+ per month or enrol in Preferred Rewards
|
Minimum Deposit | $0 | $25 – $100 |
Main Benefits |
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