SoFi is a digital financial-services company whose app brings together banking, investing and borrowing tools. Its offerings include checking and savings, student-loan refinancing, private student loans, personal loans, home loans and investing. The app is a way to access those services; it is not just a bank account or an investing app.
What is SoFi?
SoFi describes itself as a financial-services company focused on helping people manage their money. The company says it was founded in August 2011 by Stanford business-school students, initially using an alumni-funded lending model. SoFi dates the launch of its student-loan refinancing service to May 2012 and its approval to operate as a national bank to June 2022. In December 2024, it reported reaching 10 million members; that company-reported milestone does not measure customer satisfaction or independently establish product quality.
SoFi’s product lineup has expanded beyond loans. Its official overview lists banking, investing, student and personal loans, and home loans. Availability and terms can vary by product and applicant.
What can you do in the SoFi app?
SoFi’s app listing describes tools for mobile banking, savings organization, money management, investing, borrowing and credit. For banking, SoFi says customers can deposit money, earn interest, pay bills, transfer money to other people and use checks. Banking is available through the app and website, and the service includes a debit card.
Outdated Drivers Are Slowing You Down
One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchPC Slower Than It Used to Be?
A free scan shows the junk files, broken settings and background clutter dragging Windows down - then fixes them in one click.Free scan · Windows 10 & 11#1 Best Overall
These are descriptions of SoFi’s services, not an independent assessment of how well they work or whether they suit a particular person. Check current product terms directly: rates, fees, eligibility, availability and promotional offers can change.
Is SoFi a bank or an investing app?
It is both broader and more specific than either label suggests: SoFi is a financial-services company with banking and investment products, as well as lending. Its banking service is distinct from its investment products, and the protections and risks differ.
Rank #2
- Ideal for Gifting
- Ideal for a bookworm
- Compact for travelling
SoFi’s disclosures say investment products are not FDIC-insured or bank-guaranteed and may lose value. A bank account and an investment account should not be treated as interchangeable just because they are accessible through the same app. Review the terms and protections for the particular product before moving money.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What to consider before using a SoFi product
Banking
Compare the current account terms, fees, rates, eligibility and features with those of other banking providers. Do not assume an advertised rate or promotion is permanent; verify its conditions and duration in the current terms.
The Tool Desk
Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →Investing
Consider whether an investment fits your goals and tolerance for loss. SoFi’s own disclosures make clear that investments can lose value and do not carry FDIC insurance or a bank guarantee.
Student-loan refinancing
Refinancing federal student loans into a private loan can mean giving up federal repayment options and forgiveness protections. Weigh that trade-off against the proposed private-loan terms before refinancing; the change can affect protections that are not captured by comparing rates alone.
Rank #4
Other borrowing
For personal, private student or home loans, review eligibility requirements, repayment terms, fees and total borrowing costs in the current offer. The fact that these products appear alongside banking tools in an app does not make them suitable for every borrower.
Quick Recap
Best Value
- It can be a gift option
- Comes with secure packaging
- Helpful in various ways
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
