You can see here they try to be nice by offering you a few different ways to waive the fee but this is really the equivalent of your friend saying…
“Hey man, I’ll let you come to this party with me if…
1. You buy me lunch today
2. You bring the alcohol and call the Ubers for the night
3. You’re the DD
4. You pay my entrance
It’s really just a weak attempt to be a friend and anyone can see through this
So after you make sure there are no fees take a look at the rest of the features of the account. One worth paying attention to next is APY I’ll share why I think SoFi currently offers the best checking account on the market.
Aside from having no fees at all, they actually reimburse fees incurred by ATM’s for example here is a screenshot of Wells Fargo charging my for using an out of network ATM (which is common for many legacy banks) so on top of having the $5 fee from the ATM I’m using, Wells Fargo charged another $5 on top of that.
So I had to pay $10 to withdraw money in Medellin
But SoFi takes the exact opposite approach and actually reimburses these charges here’s a screenshot of how both treated my ATM fees. Wells Fargo with a nice punch in the face, SoFi with a friendly reimbursement.
Now to talk about the APY, currently SoFi is offering 1.60% APY which is higher than the legacy banks by far but has the huge upside of no fees at all period. No overdraft fees, minimum fees, monthly maintenance fees, any fees, and they even reimburse the fees that ATMS try to charge you!
If that’s not looking out for you I don’t know what is.
Plus at the moment they’re currently offering $50 for anyone who signs up for a new checking account
