The banking industry is changing, and the new (millennial/HENRY) players came out with a bang (2.2% interest!) but are backing off as interest rates go down (1.6-1.7%). Nonetheless, I’ve been SUPER happy with SoFi and very happy with Marcus, so I wanted to summarize what’s up with the new fintech.
SoFi
In my opinion, this is the online bank best setting itself up to completely challenge a traditional bank on all fronts. I use it almost exclusively as my main bank, for checking, paying bills and investing and I unabashedly love it. First, you get 1.6% on the account—more than traditional savings accounts. Second, you can use any ATM (refunded fees), and they’ll mail you checks upon request.
Third but perhaps most impactful to use, SoFi’s user interface on mobile and desktop is mind-blowingly simple. Like, this is what UI/UX designers should study in school. It’s so intuitive you sometimes wonder if you’re going to screw it up.
One of my favorite things is how frequently SoFi is adding features, thoughtfully. They’ve really beefed up their investment offerings, which are awesome because they are FREE free free, and you can buy fractional stocks and funds—$825 share price too much? You can have half a Netflix. They also just added crypto, and act as your wallet so you don’t have to deal with a separate exchange and wallet—just take all my money and make my life too convenient, SoFi!
When I first joined a couple years ago, you could only have one account. But now there are “Vaults”, sub-accounts for saving, and I find them to be invaluable (Tahoe vacation house here I come? More like saving for Texas property taxes). I have not used their loan products, but friends do and love them for consolidating student loans and other debt.
Convinced? Join SoFi and also here have some free money on top of the other free stuff.
Marcus
Before there were vaults and also to hide money from my own self, I use Marcus for savings. It’s another online-only bank, but savings only (so limited transfers). It basically boils down to this: 1.7% interest, the highest on the market. Also a ridiculously simple user interface. They also do loans but I have not used their loans either.
Question
Where the eff is my millennial refinance company?? The SoFi of lowering my interest rate? The Marcus of saving on my monthly mortgage payment? HELLO?!