SoFi Money vs. Capital One 360 Banking | Which Account is BEST?
▽MY FINANCIAL TOOLS▽
➤ SoFi Complete Money Management
1) 💸 SoFi Money FREE $25 – https://magnifiedmoney.reviews/SoFi
SoFi Credit Card – https://magnifiedmoney.reviews/SoFiCreditCard
SoFi Invest – https://magnifiedmoney.reviews/SoFiInvest
SoFi Student Loan – https://magnifiedmoney.reviews/SoFiStudentLoans
———-
➤ POINT Cash Back DEBIT CARD
2)💳 POINT – Get $100 for FREE when you make your first purchase!
SIGN UP HERE: https://magnifiedmoney.reviews/POINT
USE CODE ‘MAGNIFIED MONEY’
———-
➤ Chime Fully Online Banking
3) 💰 Sign-Up for Chime HERE: https://magnifiedmoney.reviews/Chime2
Apply For the Chime Credit Builder HERE: https://magnifiedmoney.reviews/ChimeCreditBuilder2
———-
➤ Wealthfront Automated Investing
4) 📊 Get Your First $5,000 of Investments Managed for FREE
https://magnifiedmoney.reviews/Wealthfront
———-
➤ Yotta Savings
5) 💵 Yotta – Use code MAGNIFIED to Get 100 FREE Tickets
https://magnifiedmoney.reviews/Yotta
———-
➤ ROBINHOOD
6) 📈 Robinhood – Investing App – Earn 1 Free Stock when you open an account.
https://magnifiedmoney.reviews/Robinhood
———-
➤ MY CAMERA GEAR
7) 📸🎤💡Camera, Microphone, and Lighting Kit
My Camera: https://magnifiedmoney.reviews/Camera
My Microphone: https://amzn.to/2HHT5eN
My Lights: https://amzn.to/31PJp8V
For starters, SoFi currently offers what is essentially a hybrid banking account that combines the advantages of a savings account with the features of a checking account. Currently, you’re going to earn 0.25% interest on all of the money in this account and you have access to their network of 55,000 Allpoint ATMs that are free to use. On top of that, there’s also no monthly maintenance fees or minimum balance fees or anything like that which is always a plus, and you are fully FDIC insured up to $1.5 million because SoFi is partnered with several different banks that each offer you the standard $250,000 in FDIC insurance.
The SoFi platform as a whole is really great in my opinion and not only allows you to deposit checks remotely, pay bills, and transfer money to friends, but it also gives you some more traditional banking options including paper checks and a SoFi debit card that comes with a ton of benefits and cash back. Just recently they have also added the green dot reload system meaning you’re now able to deposit cash at certain retail locations and you also have the other built-in financial tools that come with the Sofi platform including SoFi Relay which is their budgeting tool, as well as SoFi invest, borrow, and their new credit card.
Moving on from SoFi we’ve got what I feel is the best National Bank account currently on the market and that would be Capital One. Now many of you know that I am not a big fan of large National Bank accounts but I have to say that Capital One has done an amazing job of adapting to the rapidly changing banking environment and has modernized their entire platform across the board to keep up with some of these newer fintech companies. So obviously Capital One is a massive company that has a ton of financial tools but as far as banking is concerned, we’re going to focus on their 360 banking services.
Currently, you’re going to earn 0.4% on all of the money in your savings account which is awesome and literally beats out SoFi. As far as the checking account is concerned, you’re going to have all of your standard banking features but you’re also going to earn 0.1% on the money in your checking account which may not sound that good but most checking accounts pay nothing in interest so the fact that they are giving you anything is pretty awesome. There’s also no minimum balance requirement for checking and they recently updated their network of ATMs and now give you access to 70,000 free-to-use ATMs plus their network of over 700 brick and mortar locations and their newly added Capital One cafes.
So putting my personal use of the Sofi platform aside, I absolutely do believe that either of these options is a fantastic choice regardless of what your financial needs or goals may be. That said, there are a few key differences you’ll want to keep in mind. First of all, Capital One obviously pays a better interest rate at 0.4% which is much higher than SoFi’s 0.25%. On top of that, Capital One is going to have those physical brick and mortar locations which SoFi does not have. They both have banking, credit cards, and loans, but I will say that SoFi does have investing, and a much more robust budgeting platform.
Music from Storyblocks Audio and YouTube Audio Library
I am not a Certified Financial Planner®. The topics presented in this video are for entertainment purposes only. You, and you alone, are responsible for the financial decisions that you make.
