SoFi seems to have everything in one - free high-interest banking, automated and self-managed investing, and even loans. Only issue with their banking I found is that they are not compatible with Zelle. Also cannot deposit cash as it is online only.
Robinhood is great for buying and selling stocks and crypto (although for crypto it is only good for investing as you cannot transfer it in or out of your account because they don’t give you a wallet). They do not have banking at this time after their fiasco a while back trying to make a cash management account.
I used Ally Bank for years and was very happy with them. Free checking and savings with high interest.
Capital One 360 is on par with Ally and they offer similar services as well as in-app credit score.
When it comes to banking, pretty much stay away from any of the big brands. They will give you ~0% interest on your money and likely charge you fees to keep your money there unless you jump through their hoops.
Hey @yoni what about Schwab banking they supposedly have a great online checking account.
I’m not familiar with their accounts. I’ll check them out. Thanks!
Is it 100% free?
Sofi is good with customer support in my experience and there aren’t any fees. Their interface isnt the smoothest and most enjoyable to use. Also if you’re buying and selling stock they only give you a market order option while the market is open. I don’t like that you can’t choose your trade type or make trades when the market is closed.
Robinhood let’s you choose your trade type, you can set limits and trade after hours as well. You can also place trades whenever you want and set them for that market day or good for 90 days.
Sofi has a $25 bonus for depositing $25. When using a referral.
Robinhood gives a free stock when using a referral.
I also use Webull. They have tons of information plus charts and you have lots of options while placing a trade. Their interface is more complex vs Robinhood where they make it look like fun. They give a stock for signing up and another for depositing $100.
I have heard good things about Charles Schwab. People use that account for taking out cash anywhere in the world as they don’t charge any fees. They have a $100 signup bonus with referral. I haven’t signed up for them since they do a hard pull on your credit.
Here are my referrals if you would like to use. Thanks.
On this subject - looking to open a free business checking account. What benefits should I look for and anyone have any recommendations?
I use Azlo.com for my business banking. I don’t have complicated banking needs so Azlo has been working well for me thus far.
Azlo is one of a bunch of new online-only banks that can offer free banking because they don’t have the overhead of physical locations and staff.
I think this will eventually become very popular and even force the big banks to reconsider their ridiculous fees. Why should anyone have to pay to lend their money to anyone?! The bank wants your money because they leverage your money to make more money. So why are we paying banks to take our money to make money?!
Here are some differences between typical banks vs Azlo or most online-only banks:
I used to use ING / Orange, they were so good that they got swallowed by a big bank.
There’s an interesting new banking app that just got out of its beta testing phase and is now available to the public. It’s called Beam and they offer a FDIC-insured savings account that gives 1.7-7% APY on your money.
The way it works is they give you a base rate of 1.7% and every day from 6pm-12am they give you a random bonus APY boost they call a “Billie”. Every day at 6pm you will get a notification to open the app and accept the Billie, which will boost your APY up to 7% for the next 24 hours. Referring friends will earn you and your friend 5 extra Billies, which can be used if you miss the midnight deadline to activate the regular Billie. Also, you can boost your base rate up to 3% if you refer more friends.
They currently only offer a savings account, but you can transfer your money to another checking account if you need to spend it. Also, as they are still in their early stages, the account has a limit of $15,000. This limit will be lifted in the near future.
Robinhood’s Cash Management is coming back! After their failed attempt last year at creating a bank account product, they will soon be launching their Cash Management accounts which will earn 2.05% APY. You can join their waitlist at: https://robinhood.com/about/cash-management