Thinking of using SoFi for high yield savings but keeping Bank of America, does this setup make sense?
I’m currently banking with Bank of America, but the APY is basically nothing, so I’ve been looking into switching to SoFi for the higher interest.
Right now, my setup is a little different than most people:
- My direct deposit goes straight into savings
- I don’t spend a lot, so I treat my savings like a checking account
- I use my checking mostly just for card purchases
- I occasionally use Zelle, not super often, but I’d still want access to it.
What I’m thinking of doing is:
- Use SoFi as my main account (for the high APY + direct deposit)
- Keep Bank of America open for brick and mortar access plus Zelle.
Before I do this, I had a few questions for anyone who uses SoFi:
How easy is it to move money in and out of SoFi? (like transfers to another bank)
If you use SoFi as your main account, does it actually feel smooth day to day?
Does it have a minimum amount you have to have in the account?
Do you have to set up direct deposit in order to receive the APY (at least the max)?
What’s your opinion on the app, is it smooth, is customer service good?
I don’t know much about banking, but I know sticking solely to Bank of America is doing something wrong. Trying to learn some new stuff, 26 btw.