Social Finance is really putting themselves out there now! The Financial Services start-up, known as SoFi for short, just paid big bucks to put their name on the most expensive NFL stadium ever built! That stadium is the home of the Los Angeles Rams and Los Angeles Chargers. It is the only private company with its name on ANY stadium of a sports team. They are really stepping their marketing game up to promote the many financial products they have released this year.
Who is SoFi?
SoFi is a Financial Services company who provides many services. The CEO Anthony Noto is the former CFO of the NFL, former COO of Twitter, and head of Twitter Ventures. Given his background its not surprising for him to spark a deal like this with the NFL! SoFi started out providing Student Loans and Student Loan Refinancing, and have recently expanded their available financial products to other loan types including Mortgage Loans, as well as Insurance. The products which interest me particularly is the Cash Management Account and Investment Account made available in the past year.
SoFi Money Cash Management Account in particular is a hybrid Checking and Savings Account which currently provides a 1.80% Interest Rate. Prior to the Federal Reserve lowering rates yesterday, as well as a month ago in August, it started out with a 2.25% interest rate. This is over 10x higher than the national average for Savings Accounts. The average is much lower for traditional Checking Accounts. The great thing about this account is you get the flexibility of a Checking Account which does not have the monthly withdrawal limits of a traditional Savings Account (6), yet has an interest rate which is in line with some of the Best Online Savings Accounts around! Despite the lowering of interest rates from all banks on Savings accounts, the 1.80% rate is still among the best!
Not only is SoFi going big marketing wise by signing a 20 year deal with the NFL, but they're also going big with rewarding new customers who join their platform! If you open a new SoFi Money account using a referral link like mine, and deposit at least $100, you will receive a $50 bonus in your account! There aren't many banks who are rewarding their customers for opening new accounts, and a few that are require larger deposits and other limitations. In addition, many do not provide the high interest rate of 1.80% like the SoFi Money Cash Management Account. Below are a few more great features of the SoFi Money account
The other major account in my opinion is the SoFi Invest account. With this account you can buy and sell shares of your favorite stocks without paying a trading fee! This is great for people who want to know how to get started investing, or who just don't want to pay fees to invest their money. No fees are always better than paying fees to provide the same service. Not only can you buy shares of stock without paying a trading fee, but you can also buy PARTIAL or FRACTIONAL shares of stock! Interested in a stock that's $100, $200, $500, or even over $1000 per share? Well how about putting just $10 towards it? How about $5? How about JUST ONE DOLLAR?!?!? Yes this is possible with SoFi Invest! All stocks are not available for partial share purchase, as they have to be included in their list labeled as "Stock Bits", however the list is of the most popular stocks and companies you are likely very familiar with. Companies like Apple, Google, or even the almost $2000 a share behemoth Amazon! Yes even you can buy a piece of Amazon with as little as $1.
Just like SoFi Money, SoFi Invest also has a sign-up bonus via referral. With this sign up bonus you only need to deposit $25, and for a limited time (until September 30th) you will receive $50 worth of your favorite stock when using a referral link! After September 30th it will likely go back to its previous sign up bonus of $25 cash reward, after a $25 deposit. Who knows! Either way this is a great no fee investment app, which allows you to put every dollar you have available to invest, fully into the stocks or ETFs you select. Traditional Brokerage Accounts are available, as well as Individual Retirement Accounts (IRA) you can use to save for retirement and save taxes! Best of all, SoFi Money and SoFi Invest are all available within the same application!
But wait...there's more! SoFi just made cryptocurrencies available for purchase and sell via their SoFi Invest app. Currently you can purchase Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). You can add other cryptocurrencies like Bitcoin Cash, Ripple, and others to your watchlist at this time, and they may be available for purchase in the future.
2019 has been a very active year for the start-up who began passing out loans in 2011. What's next? More financial products? Maybe an IPO in the near future? Purchasing a NBA team? Who really knows besides the company itself, but as long as they continue to offer great products like SoFi Money and SoFi Invest, and a new feature of SoFi Money called Vaults. I'll discuss Vaults in a later Blog Post or YouTube video, so stay tuned! I'll be here to see how all of their available accounts work for me and the Mobile Money Nation!
AJ Mobile Money
Husband | Father | YouTuber | Former ATLien
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