by TruFinancials | Nov 1, 2019 | Platform Review, Referral Codes, Review
Some of the links included in this post are affiliate links. Read my disclosure policy.
Hey Money Nerds!
Today I wanted to do a first look at SoFi Money. Now, over the last few years, I’ve been pretty much doing all my banking online with Capital One 360 and love it. So when I hear of new online banks (especially ones offering sweets sign-up bonuses) I’m all ears and ready to go. This first look isn’t my full review, I will be doing that after I’ve had a few weeks/months under my belt with this account. That will be a full pros/cons post.
So while doing research for a video about churning bank accounts to make extra money, SoFi Money was one of the banks that popped up. I’ve known of SoFi because of my article on The Best Student Loan Companies. They are a big player in the refinance game. So when I found out about them getting into online banking I was excited.
The first thing to note with SoFi Money is that it’s pretty much a savings and checking account rolled into one. And as of this writing, you can only have one account overall (I really hope this changes for the future). The interest rate when I first opened the account was 2.25% which is on the higher end of most online banks*. I love earning money on my money that’s just sitting there. This interest is earned daily and paid out once a month.
*Update: As of 1/16/20 the interest rate dropped to 1.60%
For me, getting only one account would make it tough to use this as my overall bank. I prefer to have multiple checking and saving accounts as it keeps my money well organized. Now on the other hand, if you’re wanting a place to store your emergency fund or other types of sinking funds in a bank with a high-interest rate, this might just work.
When I transfer funds into the account, just like most online banks it does take some time to process. So far it’s about 2-3 business days before the money is available to use. That can hold some people off because to be real, that’s a long time to wait. With all the Free Money Transfer Apps out there that typically take 1 business day to transfer, and even Zelle that’s almost instant, 3 days is an eternity.
Check out my video on YouTube for the SoFi Set-Up Tutorial right here👇
Fees are killer when it comes to traditional banks and thankfully SoFi money has no fees when it comes to managing your account. I haven’t tested what would happen if I charged more than what I had available but based on what I’ve read in the terms, I wouldn’t be crazy fees.
You do also get a debit card to go with your online bank. It took about 5 business days for my card to arrive at my home (you put in the address during the sign-up process). Which is nice and makes using your money in the account much easier, no need to transfer to your regular bank at that point.
SoFi Money does provide an account number and routing number for you which may seem like a no-brainer but other cash management systems such as Venmo and Cash App don’t. So why is this important? For paying bills! You can pay bills, deposit checks and send money all with the app.
Speaking of the app, it’s straight forward in what it can do. Nothing special about the app right off the bat and all the important information is easy to find. They have a nice weekly spending chart to help you keep track of how much is going out of the account. If you have any other loans or invest with SoFi this will actually be the same app. Everything is in one location which depending on the person can be a good or bad thing.
Overall as a first look, I’m pretty excited for more online banks to become the norm for people. With little to no fees, high yield interest rates, and almost all the features of a regular bank. What’s not to love? I think the lack of multiple accounts will be the biggest drawback in the long run for me but I’m still excited to test out the app and see how it works for a few weeks/months. I’ll post my full review here on-site and YouTube in the coming months.
SoFi Money First Look: 3.8/5
Sign-up with SoFi money right here today with this referral link to earn a sign-up bonus. Deposit $100 within the first 14 days of opening the account. *The sign-up bonus can change at any time.
Happy Savings, Denis Trufin
by TruFinancials | Oct 18, 2019 | Comparisons, Review
Some of the links included in this post are affiliate links. Read my disclosure policy.
Today we’re taking a look at some of the best high-interest savings accounts out there right now. I personally have been using an online bank with Capital One 360 since 2011 and can’t really go back to traditional banks. Most online banks tend to offer some great interest rates and little to no fees. You can find my YouTube video about this topic below.
Let’s get into this list. This list won’t be in any particular order and keep in mind that these rates can change at any moment. Last updated: 1/16/2020
1. Capital One 2. CIT Bank
3. Discover Bank
4. SoFi
5. American Express
6. Marcus: By Goldman Sachs
7. Ally
8. T-Mobile
9. Wealthfront
10. Varo
11. E-Trade
12. Barclay
13. Synchrony
14. PNC
Check out these different companies and see which one offers the best overall benefits that fit your personal finance. Start earning more money on your money today and enjoy those higher interest rates!
Happy Savings, Denis
by TruFinancials | Oct 4, 2019 | Comparisons, Review
Some of the links included in this post are affiliate links. Read my disclosure policy. Rates updated as of 11/19/19
Can refinancing help when it comes to paying off student loans?
I believe it can, if done correctly. Just like anything else it will depend on your own situation.
Before getting to the top 5 student loan refinance companies I want to mention a few things that I think are important to note. And FYI I have my YouTube video linked below if you prefer to watch. Let’s get to the notes.
The first thing you want to be aware of is if you truly are getting a lower rate. It might sound silly but many people don’t know what their interest rate is for their current loan. Next up is to understand that going through the full process of refinancing, your credit score will be looked at. You want to be prepared by making sure there are no issues with your overall reports that can be causing a lower score.
Checking out what different companies offer is a good idea so you can be sure you’re getting the best rate and deal. You lastly want to pay close attention to the benefits you might be losing when refinancing such as disability and death benefits. Not all companies will offer the same thing, so read what each company offers. Some of these companies also offer a bonus for using the link provided.
Now onto the Top 5 Student Loan refinance companies:
5. Commonbond
-Rates starting at Fixed rates from 3.21% APR to 8.16% APR Variable rates from 2.02% APR to 6.30% APR
-No early pre-payment penalty
-No fees for refinancing
-Offers forbearance if needed
-Can remove co-signer after 36 on-time payments
Sign-up with Commonbond today
4. LendKey
-Rates starting at Fixed rates from 3.49% APRVariable rates from 1.90% APR
-No early pre-payment penalty
-No fees for refinancing
-Flexible payment options
-Can remove cosigner after 12 on-time payments
Sign-up with LendKey today and get a $200 bonus
3. Splash Financial
-Rates starting at Fixed rates from 3.48% APRVariable rates from 1.99% APR
-They do soft pulls when checking your rates (and a hard inquiry when going through the full process)
-No early pre-payment penalty (this is important if you’re trying to pay them off early)
-No fees for refinancing (also important)
-You want a decent credit score to get their low rates
Sign-up with Splash Financial today and get a $300 bonus if you refinance $30k or more.
2. SoFi
-Rates starting at Fixed rates from 3.49% APR to 6.67% APR (with AutoPay). Variable rates from 3.50% APR to 6.67% APR (with AutoPay)
-They will honor the first six months of any grace period (if you’re still in one)
-No early pre-payment penalty
-No fees for refinancing
-$5k minimum
-Can’t remove co-signer
-They offer unemployment protection
Check out SoFi today
1. Earnest
-Rates starting at Fixed rates from 3.45% APRVariable rates from 1.81% APR
-Analyzes information beyond your credit score
-No early pre-payment penalty
-No fees for refinancing
-Option to skip one payment a year (and make it up later)
-Disability or Death Discharge benefit
Sign-up with Earnest today
Check out these different companies and see which one would fit your financial situation best.
Keep in mind the rates shown are as of 11.19.19 and can change without notice. Same goes for the sign-up bonus, they can change without notice. Some of the links in this post are affiliate links and I earn a small commission at no additional expense to you.
by TruFinancials | Sep 20, 2019 | Comparisons, Review
Some of the links included in this post are affiliate links. Read my disclosure policy.
Let’s talk about 7 FREE money transfer apps that allow you to send and receive money instantly! Now I put the word ‘free’ in all caps because I am a fan of free and don’t like paying to send money (Sorry Western Union).
Before we continue on I wanted to mention that I also have a video if you’d rather watch right here.
Many people have asked me which app is the best one to go with? Well, in my opinion, I say all of them. Download each one and create your account, first off it’s free and second why not have every option available to send and receive money right away and not have to sit there creating the account when someone is trying to send you money.
This list isn’t in any order of best to worst. With that being said let’s jump into the list:
1. Cash App – This one is actually has a $5 bonus for downloading the app (as of this writing) with my referral code here
– You get a tagname (user name)- Sends money instantly from one person to another- Offers instant transfer to your bank for a small fee- You can order a free debit card to use the money at physical locations (not just transferring back to your bank)- They have a boost feature with their debit card for awesome discounts at restaurants – Backed by Square inc.
2. Venmo – Offers a debit card to use at physical locations- Has a social aspect (if you want to use it) – Offers instant transfer to your bank for a small fee- Backed by PayPal
3. PayPal
– One of the original money transfer apps- Well known to most- They offer discounts at select retail stores- Offers instant transfer to your bank for a small fee
4. Google Pay (Email)– Easy to set up- Widely available to most- No extra accounts if you have a gmail/google account- Backed by Google (duh)
5. Facebook Messenger Pay– Send directly from messenger- Quick set up- Many users are on Facebook
6. Apple Pay– Only available to send to other Apple users- Send directly through text message- Users can receive money before setting up the account- Can use money at shops with Apple Pay
7. Zelle (Check out my tutorial video right here)- Backed by the biggest banks- Sends money quickly- Goes directly into your bank account- Can send based on email or phone number
These are just a few of the details about these 7 free money transfer apps. Check out each app individually to see all the details.
Some of the links are affiliate links. This means if you click on some of the links I will make a small commission at no additional cost to you. This helps keep me making videos and providing value. Thank you for your support!
by TruFinancials | Sep 6, 2019 | Platform Review, Review
Some of the links included in this post are affiliate links. Read my disclosure policy.
Hello Fellow Wealth Builder,
Today I review Capital One 360’s banking service. I go over the biggest pros and cons when it comes to an online bank. I personally use Capital One 360 for my banking needs. In this review, I give my honest feedback on what I think works and fails with Capital One banking. Watch the video below for the review.
If you think you may want to open up a savings account to hold an emergency fund (yes, you can open up just a savings if you want). I have a referral link right here that will give you a $25 bonus for signing up. This video review of the Capital One 360 banking service was not sponsored. If you have any questions about the service, please leave them in the comment section of the video.
