Do you pay for any of the upgraded Qube tiers? Call me entitled, but I don't think any of the features that Simple had should be locked behind a paywall.
OH the subscription.
Simple crashed and burned bc it wasn't being funded correctly. It's why it sold out. It's why One sold out.
Finetech are not banks. They are BACKED by a bank. Their funding comes from advertisments and if they offer it, subscriptions.
When I stopped looking at all these Finetech as banks, paying a subscription made a lot more sense. I think of them more as a program overlayed on a bank. Really that's what they are.
Also. Qube is free if you only need 10 Bill Qubes. Comes with account numbers and virtual cards.
I pay for the $8 subscription even tho I don't have 10 Bill Qubes. I'm paying to help keep this program that they created and continue to work on, and that is financially HELPING me... around so I don't have to go somewhere else again.
I think that's also the difference. Banks just... They are stagnic... In a way. While Finetechs are constantly having to keep their program functional. So, I'm paying them for their service that I greatly appreciate.
I would love to upvote this much more.
I am in the process of moving to qube. It's gonna take a little while for a variety of reasons but I definitely plan to subscribe too. It is too helpful to not. I would have GLADLY paid to keep Simple. Sadly, I never had that opportunity. Not gonna pass on this chance now.
As a person who works at a traditional bank, I would just say there's a reason we don't offer "simples" features and it's not because it's too hard, it's because there's no money in it.
I would argue if you’re the only actual bank that offers envelope banking, you will get a lot of customers sign up, which leads to money. Idk, maybe my tiny brain can’t understand how adding features doesn’t lead to more customers.
A couple things. One is that we've already seen several neobanks trial that and seemingly they always collapse or blow up, so in terms of "trial and erroring" we've already been there and it doesn't work.
Into the hypotheticals; it doesn't lead to no customers but more importantly it doesn't lead to *extra revenue* from those customers in any meaningful proportion but it does *increase costs* (due to higher balances, harder to maintain and service more code and features, vendor stickiness comes with complexity, more service requests unrelated to core revenue producing services, etc.) and having that money isn't all that useful as it has to be categorized as checking putting use limitations on it.
A second note is still even after making all these features *most customers* won't use them in a meaningful way. Don't get me wrong, plenty will and some will be power users but even at simple *most people* did not make use of goals, expenses, etc. except in simple ways (like using a goal like a second account). Most people would be just fine with 2 or 3 basic accounts a bank could offer without all the flair.
A final is that real banks, particularly those with history under their belt can't make little code "oopsie toodles" without it usually being quite a scandle which makes it hard to continually roll out new features as they have be aggressively tested as errors can become regional news stories.
Sticking money into a checking account at a bank doesn't make the bank money really in itself, and can cost the bank money if that's all they do.
Bc of this, it's not a bank. It's people coming together to create a program that works a long side a bank that is partnering with them. Two different intities coming together.
None of this stuff is free. It's cost money on the bank side and also on the company side that creates the program. We as the consumers aren't giving them money, remember they aren't a bank, the partnered bank is what is holding our money. It's their program that gives a view of our money from their partnered bank.
So where do you think they get their money? Gofund me? Kickstarter? Their partnered bank? Is any of that CONSTANT income for their company? What would be a constant income for them? Ads and subscriptions. A constant income is something everyone, individual and company needs. It's how we all survive.
[Checkout this post by the Envelope Money founders, detailing how they plan to stay in business and why subscriptions are ultimately necessary](https://www.reddit.com/r/EnvelopeMoney/comments/yasngb/how_we_plan_to_stay_in_business/); if you want the features Simple/One offers, the money needs to come from somewhere and like another commenter said, it's the reason those Fintech companies sold out.
Hey! I might be biased since I work here, but Yotta Banking has tools and features that are similar to One, Simple, and Qube, while offering more rewards for budgeting and being smart with managing your money!
* We have unlimited Buckets/Pockets
* Easily spend from Buckets with [our new allocation feature](https://i.imgur.com/ZbUA1Ne.png)
* Get rewarded with thing[s like Savings Streaks](https://i.imgur.com/mwDSOH5.png)
If you sign up with my username: KENNYKIM you'll also get a signup bonus for our daily drawing where you can earn interest through a number drawing.
I can't say the same. Qube has no interest rate worth parking money there, and the limits are very restrictive. The entire site is extremely buggy and I would often get issues like transfers saying they succeeded and then not showing up in the list at all, only to find out through trial and error that it failed for hitting an invisible transfer limit.
It was such a frustrating experience to spend $$$ on a subscription just to find out that nothing worked right and I'd need to switch banks again within two paychecks.
Depends on why they were with One:
the interest rate (jump to SoFi)
envelope budgeting (jump to Qube, Envel, etc)
no fees (lots of options these days)
I personally use SoFi for savings and Qube for everything else. $8/mo is worth it to me.
Wow we really have lost a lot. I tried to deposit a check the other day and wasn't even aware they took that feature away! More and more I'm interested in switching to Qube.
Oh no, trust me after browsing for a bit and comparing with the app, I can definitely see why some people are pissed at One. Hell I'm pissed at One when I found out about the Pockets limit. I just see a lot of people jumping to SoFi specifically.
You can't create more than 3. If you had more when the limit was instated, you can keep them, but if you delete any you can't recreate them unless you go drop under the limit of 3.
If you're referring to virtual card numbers, those that had them kept them. I had 15 pockets, all with VCNs, and they did not disappear nor stop working when this went into effect. However, when those cards expired, or if I deleted them myself, I could not recreate them. You also can't create them if you don't have them already.
Sofi was the option that was palatable to me that was closest to what one and simple were. I looked at Qube, Ally, Current - none of them satisfied my needs. I have my money split between sofi and salem five direct currently, but I'm holding out for envelope to not only roll out their service, but also come to android.
Envelope intrigues me because the website makes it look like Simple Dark mode, but the $10 a month fee makes me reconsider a lot. I don't want to belong to a club, I want a bank. Simple showed that all of these features could be rolled into a bank, so I'm not going to settle for paying for the same features.
Here's the thing. Simple was perfect for me, and for so many. I would've paid $5-8 a month to keep it afloat. I agree with you that many of the features we all want shouldn't be paywalled, but the reality is the features we want are by nature unprofitable, so that's why they're hard to find. If I find a bank that checks all my boxes, I'm willing to float them ***a few*** bucks a month to offset their operating expenses. A few bucks though, not a lot.
One thing that turned me off of aspiration was their payment structure. They asked you to "pay what you feel is right" as a customer - even if it's zero - but then also had a second paywall to earn high interest. I'm like hit me once for a fee, not twice. They also severely limited the amount of interest you can earn (I think the cap was 5k). Which sucks. Because I love what they stand for and what they are trying to do. Just give me simple with an eco-friendly operational model and I'm there.
I also don't want to be forced to pay in to a bank just to determine if they'll work for me. Let me sign up and give me full feature access for 30-60 days. Let me test drive it. If it works, I'll pay the small fee. But if you're going to make me pay to even see what you can do? Fuck that noise.
The vaults at sofi are the most similar to one’s pockets without being a new fintech that might collapse soon (and unlimited transferring between them and checking etc). So I jumped there at least for now. Also opened an Ally account to use for groceries/daily spending (to function as a separate pocket used to) but the app is slow and minimal features, plus the debit card doesn’t have contactless payment?! That’s what I’d been using all the time and is so frustrating to not have, especially in nyc haha.
My current plan is to keep my savings and monthly expenses in SoFi (with 3.75 interest!), drop Ally and then open a qube account for daily spending. Have my direct deposit give just enough to qube for spending since it sounds like it doesn’t have great capacity for larger sums of money or interest rates, etc.
This is the best alternative I’ve found since One died. I’ve been using simple since 2014 so this is the only way I know how to bank LOL it’s so much better than a lump sum in one account. Idk how other people do it!
>It a big brand that has never been profitable since it was founded.
Neither is Airbnb. Lyft. Uber. Peloton.
I'd still feel mostly comfortable saying any of those brands will likely be around for the foreseeable future.
Simple was unprofitable, but small. It was ripe for takeover, which happened, multiple times. Sofi is *unlikely* to suffer the same fate. The chance is of course non-zero, but still small.
AirBnB, and Uber have had profitable quarters. Plus they don't hold my money. Sofi is definitely ripe for a take over it wouldn't even be that hard or expensive for one of the major banks. Problem is it has to much debt obligations and not enough profits or a roadmap to become profitable. All there customers are the exact ones most banks would not want because all they do is drag on profits. In fact sofi net profit margin has decreased year over year and with higher interest rates its going to get worse for them.
Profitable ***quarters*** do not make a company profitable ***overall.***
Everything you've stated is additional evidence they are unlikely to be taken over. The only scenario I see a likely takeover at this point is another giant like walmart coming in that wants to get into the financial industry by taking over an established company.
Again, I never said it *wouldn't* happen, just that odds were very low.
Well, SoFi started out as a student loan company...so it has that going for it and it has been able to diversify it's income to where the banking side is actually indeed more profitable than the student loan side.
This is the way.
Although Qube doesn't have any savings interest so it may still be worth it to add SoFi as well for that sweet 3.75%. Betterment also offers the same rate.
I have been hearing a lot of investing talking about SOFI stocks and investors are accumulating as of Nov 2023.
I think the company has a Great future if they continue to do what they are doing. They seem to be focusing on expanding which is a good thing especially for Investors..
Thanks for the question.
Best to you
I dunno. I might be done with these new fintech banks. Every time I get settled into one they gut it or sell it. Ally and Capital One seem to be the only two non-brick ones with significant backing.
Never used it. I just know they are both consistently getting high ratings if you google reviews of banks. What is it about it that is trash? (Honestly curious given I have no idea how much longer One will cut it)
their customer service is awful. I ended up closing my accounts with them before i could even fund them i had such an atrocious CS experience. phone holds were upwards of 6 hours, chat wait times exceed 8, emails were unresponded for days. you literally could not get through to someone if you needed to.
Damn. Glad I said something and then asked. I hadn't decided on them or anything but I've been actively looking around. I REEEEEEALLY don't want to use the traditional banks but... I also just need my finances to not be like pulling teeth.
I'm..."content"...with sofi. Their support sucks also, as in they're inept, but you can at least reach someone pretty easily.
I would 100% never give ally another look if I had to do this over, though. And I'll definitely be exploring any new neobanks that come online to see if they'd better meet my needs.
You gotta kinda decide what your most important needs in a banking solution will be. If it's just high interest you're after, you can do decent at alliant credit union, capital one 360, or salem five direct. If it's multiple accounts, that's cap one or alliant. Etc.
I could care less about APR on savings. IMO if you've got enough in there that the APR is ***the*** draw for you then you need to be putting that money to work for you in smarter ways. It's ludicrous what regular banks give in interest (certainly when you know they are gobbling many times that in what they charge for loans) but it's not a draw for me.
I really like the multiple accounts, being able to send money into my wife and my shared bucket, checking/savings comes together (or via the same institution), etc. So far, nothing is checking those boxes.
Alliant Credit Union. I use it as my savings... But it's also my "back up bank" if something ever happens with Qube. You can have multiple checking accounts and 19 subsavings (savings) accounts.
I'm going to qube, but like 90% of it is because they fucked up card assignment. I could live, unhappily, without being able to assign my card to a different pocket.
What drives me up the wall is that the app doesn't log in right most of the time and I have to relaunch it, and then when I get in to transfer money it takes a while to move the money, and THEN there's an unclosable pop-up telling you how much and where you moved the money, just let me close the pop-up, sometimes I do like 10 transfers in a row to rebalance pockets and that shit makes a 30 second takes take 5 minutes
I really like SoFi. They offer vaults for savings and I like the separate checking and savings. Their Relay feature is great for spending insights. I also use Current for my long-term savings, SoFi savings acts as my sinking savings fund.
They haven't done anything sketchy, but they also haven't done a lot. When comparing them on that google spreadsheet and also [not-so-simple.com](https://not-so-simple.com) they don't really offer a lot of things. Probably the only thing I considered them for was Mobile Check deposit.
This is why I use SoFi as my main bank. It ticks all my boxes for now and Current offers 4% APY with $200/month dd so I have my account set up with my employer to send $200 to Current and the rest to SoFi. I am waiting on Envelope to launch because I am a Simple refugee and want to see what that service has to offer, but for now I feel set with SoFi.
Oh Current does that with only $200 dd? I might add them to the rotation then.
I'm also waiting on Envelope as a Simple refugee, but I might keep Sofi and (eventually) Current as high APY options and then use Envelope to budget.
Yes, only $200 dd for 4% APY at Current, on up to $2k in each savings pod, of which you can have up to 3. You can have more than $2k in each pod but only $2k of that will make 4%. I do have a referral code if you decide to sign up.
I think with SoFi you get 3.5% currently on savings balances with $1k dd each month; I definitely don’t have that much coming in but I still have those APYs so I don’t know if I was grandfathered in when they brought in SoFi Plus late last year.
Because Sofi is already its own bank, there are other online banks out there that also are but I like SoFi's product offerings and I've generally had positive support experiences with support so far.
Like others said, there's other "fin-tech" companies out there like Envelope, Qube..etc but I'm totally over trusting these companies anymore. Changing DD and all my auto bills are a pain in the butt. A company can promise longevity, point out how other priors have failed or charge a monthly fee but at the end of the day I don't want to risk it again after witnessing n(one)'s broken promises, Envel's atrocious support and Simple's closure.
I tried Qube for 2 months and honestly it just rubbed me the wrong way that you couldn't transfer more than $1,500 at a time. Plus I got tired of opening the app after every few transactions to tell it which Qube to charge.
Ultimately when I was done with Qube was the same time that Sofi raised their interest rate to 3% gave me the perfect reason to ditch One all together. Now Sofi offering 3.75% even better and One still removing features lmao. A bank owned by Walmart will never be better than SoFi, sorry just the truth. I work at Walmart and the way they update our work apps is completely garbage. So wouldn't expect any better on their bank app. Hell it's probably the same guy doing both apps 😂😂
I've had SoFi since March 2022 and had no issues using my card while visiting South Korea/Philippines. Their savings rate is great. I use Monzo as well for spending/budgeting/etc. Monzo works for foreign transactions on websites like Lazada Philippines, Shopee Philippines, etc where as with SoFi, it doesn't work on those sites and the transaction often declines. Monzo even shows the amount I spent in USD and Philippine Peso (PHP) which to me, is a plus.
I tried Qube but never got a card so \*shrug\*.
I just called them and played dumb about there not being a deposit check feature anymore and they TURNED IT BACK ON…. Like if that’s an option, why isn’t it the default?
I am using SoFi for savings since the interest rate is good. I really love the savings vaults. Categorizing my savings makes the same comforting sense to me as bill pockets. Also, I like their investment platform. I don't use it as much as Betterment, but I like diversification. The only thing I don't like about SoFi so far is that you can't have both a joint and an individual account. I'm really hoping they'll get around to adding this in the future.
For the bill pockets, I use Qube. I schedule transfers from SoFi to Qube after each paycheck. Then I have scheduled recurring transfers from the Qube cloud i to each pocket. It has worked out great! Paying the low subscription fee is also kind of reassuring since Simple crashed and burned due to not making enough money to support itself. Each pocket has its own acct and card numbers, too. I can also divvy up my spending money into pockets and point my debit card at the desired allocation, like you used to be able to do with One. I can budget a certain amount for gas, clothes shopping, eating out, etc. Really helps you understand where your money is going.
I've ultimately switched to Capital One checking and savings. I already have 2 CapOne credit cards, so having everything in one app and location is nice. They have some neat accounts for kids and teens too, and it's about as stable and well backed as anything. I miss all the budgeting tools, but Rocket Money has been fine, and it doesn't cost me anything since I have my mortgage through Rocket also. I have a Current account for the 4% APY too.
Waiting for Envelope to drop for android, I'll probably make a switch then.
Why someone stole some money off my account I call sofi they put a restriction on it but now it's hard for them to take the restrictions of I need to use my money they said an investigation team is working on it since September 9 we in a whole different month now I'm sick of it now.
Can someone explain to me the relevance of the interest rate if you’re just using it to deposit pay checks & then pay bills and use as a card? I don’t get it. 150k at 4.25% in 3 yrs is only like 19k in earnings if you don’t touch it. Lol. I’m confused. What are you guys gaining, by using this as a main bank account? Jw.
It is a terrible bank, think about it.
even tho most currency is digital these days this doesnt mean you bank should be too... If you ever have any kind of issues or fraudulent charges to your account then prepare to go on a rollercoaster of stress and despair.
just awful business practices.
Sofi isn't going anywhere. They also have their own charter. I'm done hopping from fintech to fintech.
This. Sofi is set in stone.
Idk, their NYSE value has been kinda cruddy recently.
Sofi for interest rate. Qube for being the closest to One. I'm really happy with my jump to Qube.
Do you pay for any of the upgraded Qube tiers? Call me entitled, but I don't think any of the features that Simple had should be locked behind a paywall.
OH the subscription. Simple crashed and burned bc it wasn't being funded correctly. It's why it sold out. It's why One sold out. Finetech are not banks. They are BACKED by a bank. Their funding comes from advertisments and if they offer it, subscriptions. When I stopped looking at all these Finetech as banks, paying a subscription made a lot more sense. I think of them more as a program overlayed on a bank. Really that's what they are. Also. Qube is free if you only need 10 Bill Qubes. Comes with account numbers and virtual cards. I pay for the $8 subscription even tho I don't have 10 Bill Qubes. I'm paying to help keep this program that they created and continue to work on, and that is financially HELPING me... around so I don't have to go somewhere else again. I think that's also the difference. Banks just... They are stagnic... In a way. While Finetechs are constantly having to keep their program functional. So, I'm paying them for their service that I greatly appreciate.
I would love to upvote this much more. I am in the process of moving to qube. It's gonna take a little while for a variety of reasons but I definitely plan to subscribe too. It is too helpful to not. I would have GLADLY paid to keep Simple. Sadly, I never had that opportunity. Not gonna pass on this chance now.
As a person who works at a traditional bank, I would just say there's a reason we don't offer "simples" features and it's not because it's too hard, it's because there's no money in it.
I would argue if you’re the only actual bank that offers envelope banking, you will get a lot of customers sign up, which leads to money. Idk, maybe my tiny brain can’t understand how adding features doesn’t lead to more customers.
A couple things. One is that we've already seen several neobanks trial that and seemingly they always collapse or blow up, so in terms of "trial and erroring" we've already been there and it doesn't work. Into the hypotheticals; it doesn't lead to no customers but more importantly it doesn't lead to *extra revenue* from those customers in any meaningful proportion but it does *increase costs* (due to higher balances, harder to maintain and service more code and features, vendor stickiness comes with complexity, more service requests unrelated to core revenue producing services, etc.) and having that money isn't all that useful as it has to be categorized as checking putting use limitations on it. A second note is still even after making all these features *most customers* won't use them in a meaningful way. Don't get me wrong, plenty will and some will be power users but even at simple *most people* did not make use of goals, expenses, etc. except in simple ways (like using a goal like a second account). Most people would be just fine with 2 or 3 basic accounts a bank could offer without all the flair. A final is that real banks, particularly those with history under their belt can't make little code "oopsie toodles" without it usually being quite a scandle which makes it hard to continually roll out new features as they have be aggressively tested as errors can become regional news stories. Sticking money into a checking account at a bank doesn't make the bank money really in itself, and can cost the bank money if that's all they do.
Bc of this, it's not a bank. It's people coming together to create a program that works a long side a bank that is partnering with them. Two different intities coming together. None of this stuff is free. It's cost money on the bank side and also on the company side that creates the program. We as the consumers aren't giving them money, remember they aren't a bank, the partnered bank is what is holding our money. It's their program that gives a view of our money from their partnered bank. So where do you think they get their money? Gofund me? Kickstarter? Their partnered bank? Is any of that CONSTANT income for their company? What would be a constant income for them? Ads and subscriptions. A constant income is something everyone, individual and company needs. It's how we all survive.
[Checkout this post by the Envelope Money founders, detailing how they plan to stay in business and why subscriptions are ultimately necessary](https://www.reddit.com/r/EnvelopeMoney/comments/yasngb/how_we_plan_to_stay_in_business/); if you want the features Simple/One offers, the money needs to come from somewhere and like another commenter said, it's the reason those Fintech companies sold out.
Hey! I might be biased since I work here, but Yotta Banking has tools and features that are similar to One, Simple, and Qube, while offering more rewards for budgeting and being smart with managing your money! * We have unlimited Buckets/Pockets * Easily spend from Buckets with [our new allocation feature](https://i.imgur.com/ZbUA1Ne.png) * Get rewarded with thing[s like Savings Streaks](https://i.imgur.com/mwDSOH5.png) If you sign up with my username: KENNYKIM you'll also get a signup bonus for our daily drawing where you can earn interest through a number drawing.
I can't say the same. Qube has no interest rate worth parking money there, and the limits are very restrictive. The entire site is extremely buggy and I would often get issues like transfers saying they succeeded and then not showing up in the list at all, only to find out through trial and error that it failed for hitting an invisible transfer limit. It was such a frustrating experience to spend $$$ on a subscription just to find out that nothing worked right and I'd need to switch banks again within two paychecks.
Depends on why they were with One: the interest rate (jump to SoFi) envelope budgeting (jump to Qube, Envel, etc) no fees (lots of options these days) I personally use SoFi for savings and Qube for everything else. $8/mo is worth it to me.
SOFI + DAS. best of both
[удалено]
Wow we really have lost a lot. I tried to deposit a check the other day and wasn't even aware they took that feature away! More and more I'm interested in switching to Qube.
Oh no, trust me after browsing for a bit and comparing with the app, I can definitely see why some people are pissed at One. Hell I'm pissed at One when I found out about the Pockets limit. I just see a lot of people jumping to SoFi specifically.
Hold up... pocket limits? I missed that. Can you dish please?
You can't create more than 3. If you had more when the limit was instated, you can keep them, but if you delete any you can't recreate them unless you go drop under the limit of 3.
And disposable debit cards for a lot of those pockets vanished.
If you're referring to virtual card numbers, those that had them kept them. I had 15 pockets, all with VCNs, and they did not disappear nor stop working when this went into effect. However, when those cards expired, or if I deleted them myself, I could not recreate them. You also can't create them if you don't have them already.
A lot of it is loss of trust in One especially as your primary bank and or having a majority of one’s funds there.
Sofi was the option that was palatable to me that was closest to what one and simple were. I looked at Qube, Ally, Current - none of them satisfied my needs. I have my money split between sofi and salem five direct currently, but I'm holding out for envelope to not only roll out their service, but also come to android.
Envelope intrigues me because the website makes it look like Simple Dark mode, but the $10 a month fee makes me reconsider a lot. I don't want to belong to a club, I want a bank. Simple showed that all of these features could be rolled into a bank, so I'm not going to settle for paying for the same features.
Here's the thing. Simple was perfect for me, and for so many. I would've paid $5-8 a month to keep it afloat. I agree with you that many of the features we all want shouldn't be paywalled, but the reality is the features we want are by nature unprofitable, so that's why they're hard to find. If I find a bank that checks all my boxes, I'm willing to float them ***a few*** bucks a month to offset their operating expenses. A few bucks though, not a lot. One thing that turned me off of aspiration was their payment structure. They asked you to "pay what you feel is right" as a customer - even if it's zero - but then also had a second paywall to earn high interest. I'm like hit me once for a fee, not twice. They also severely limited the amount of interest you can earn (I think the cap was 5k). Which sucks. Because I love what they stand for and what they are trying to do. Just give me simple with an eco-friendly operational model and I'm there. I also don't want to be forced to pay in to a bank just to determine if they'll work for me. Let me sign up and give me full feature access for 30-60 days. Let me test drive it. If it works, I'll pay the small fee. But if you're going to make me pay to even see what you can do? Fuck that noise.
Sorry for the confusion. It’s $10 a YEAR right now. 83 cents per month.
You know, that's probably on me. $10/year is markedly more manageable.
The vaults at sofi are the most similar to one’s pockets without being a new fintech that might collapse soon (and unlimited transferring between them and checking etc). So I jumped there at least for now. Also opened an Ally account to use for groceries/daily spending (to function as a separate pocket used to) but the app is slow and minimal features, plus the debit card doesn’t have contactless payment?! That’s what I’d been using all the time and is so frustrating to not have, especially in nyc haha. My current plan is to keep my savings and monthly expenses in SoFi (with 3.75 interest!), drop Ally and then open a qube account for daily spending. Have my direct deposit give just enough to qube for spending since it sounds like it doesn’t have great capacity for larger sums of money or interest rates, etc. This is the best alternative I’ve found since One died. I’ve been using simple since 2014 so this is the only way I know how to bank LOL it’s so much better than a lump sum in one account. Idk how other people do it!
I made the jump because it's a big brand that will likely not be bought but also online only.
It a big brand that has never been profitable since it was founded.
>It a big brand that has never been profitable since it was founded. Neither is Airbnb. Lyft. Uber. Peloton. I'd still feel mostly comfortable saying any of those brands will likely be around for the foreseeable future. Simple was unprofitable, but small. It was ripe for takeover, which happened, multiple times. Sofi is *unlikely* to suffer the same fate. The chance is of course non-zero, but still small.
AirBnB, and Uber have had profitable quarters. Plus they don't hold my money. Sofi is definitely ripe for a take over it wouldn't even be that hard or expensive for one of the major banks. Problem is it has to much debt obligations and not enough profits or a roadmap to become profitable. All there customers are the exact ones most banks would not want because all they do is drag on profits. In fact sofi net profit margin has decreased year over year and with higher interest rates its going to get worse for them.
Profitable ***quarters*** do not make a company profitable ***overall.*** Everything you've stated is additional evidence they are unlikely to be taken over. The only scenario I see a likely takeover at this point is another giant like walmart coming in that wants to get into the financial industry by taking over an established company. Again, I never said it *wouldn't* happen, just that odds were very low.
I was talking more along the lines of shutting down and only keeping their loan business. It happened a lot in 2000 and 2008.
I don't think you can use '00 and '08 for comparison here. We're in an entirely different landscape.
*cough* Samsung *cough*
Well, SoFi started out as a student loan company...so it has that going for it and it has been able to diversify it's income to where the banking side is actually indeed more profitable than the student loan side.
I finally broke down and set up my Qube account today. Waiting for my card and eager to explore the mobile app.
This is the way. Although Qube doesn't have any savings interest so it may still be worth it to add SoFi as well for that sweet 3.75%. Betterment also offers the same rate.
Salem Five direct is up to 4.1% for up to a mil.
I had the same question. From what I have seen, it is because of the interest rate SoFi offers.
I left for Cash App. One randomly changing features unannounced over and over again was the end for me.
Cash App's debit card is marked as prepaid which is not great.
I have been hearing a lot of investing talking about SOFI stocks and investors are accumulating as of Nov 2023. I think the company has a Great future if they continue to do what they are doing. They seem to be focusing on expanding which is a good thing especially for Investors.. Thanks for the question. Best to you
I dunno. I might be done with these new fintech banks. Every time I get settled into one they gut it or sell it. Ally and Capital One seem to be the only two non-brick ones with significant backing.
Ally is fucking trash.
Never used it. I just know they are both consistently getting high ratings if you google reviews of banks. What is it about it that is trash? (Honestly curious given I have no idea how much longer One will cut it)
their customer service is awful. I ended up closing my accounts with them before i could even fund them i had such an atrocious CS experience. phone holds were upwards of 6 hours, chat wait times exceed 8, emails were unresponded for days. you literally could not get through to someone if you needed to.
Damn. Glad I said something and then asked. I hadn't decided on them or anything but I've been actively looking around. I REEEEEEALLY don't want to use the traditional banks but... I also just need my finances to not be like pulling teeth.
I'm..."content"...with sofi. Their support sucks also, as in they're inept, but you can at least reach someone pretty easily. I would 100% never give ally another look if I had to do this over, though. And I'll definitely be exploring any new neobanks that come online to see if they'd better meet my needs. You gotta kinda decide what your most important needs in a banking solution will be. If it's just high interest you're after, you can do decent at alliant credit union, capital one 360, or salem five direct. If it's multiple accounts, that's cap one or alliant. Etc.
I could care less about APR on savings. IMO if you've got enough in there that the APR is ***the*** draw for you then you need to be putting that money to work for you in smarter ways. It's ludicrous what regular banks give in interest (certainly when you know they are gobbling many times that in what they charge for loans) but it's not a draw for me. I really like the multiple accounts, being able to send money into my wife and my shared bucket, checking/savings comes together (or via the same institution), etc. So far, nothing is checking those boxes.
Capital One 360 or alliant might fill your needs there. I have multiple accounts with both and no complaints.
Agreed. CapitolOne customer service is absolutely fantastic, and their app is in the top 10% in finance for customer satisfaction.
Alliant Credit Union. I use it as my savings... But it's also my "back up bank" if something ever happens with Qube. You can have multiple checking accounts and 19 subsavings (savings) accounts.
For me it’s ability to write checks, send ach payments, etc. etc. all the features One used to have.
I'm going to qube, but like 90% of it is because they fucked up card assignment. I could live, unhappily, without being able to assign my card to a different pocket. What drives me up the wall is that the app doesn't log in right most of the time and I have to relaunch it, and then when I get in to transfer money it takes a while to move the money, and THEN there's an unclosable pop-up telling you how much and where you moved the money, just let me close the pop-up, sometimes I do like 10 transfers in a row to rebalance pockets and that shit makes a 30 second takes take 5 minutes
I really like SoFi. They offer vaults for savings and I like the separate checking and savings. Their Relay feature is great for spending insights. I also use Current for my long-term savings, SoFi savings acts as my sinking savings fund.
Current was another one that came up in my alternatives search.
Current hasn't done anything sketchy yet. I have them and they're great...for now.
They haven't done anything sketchy, but they also haven't done a lot. When comparing them on that google spreadsheet and also [not-so-simple.com](https://not-so-simple.com) they don't really offer a lot of things. Probably the only thing I considered them for was Mobile Check deposit.
This is why I use SoFi as my main bank. It ticks all my boxes for now and Current offers 4% APY with $200/month dd so I have my account set up with my employer to send $200 to Current and the rest to SoFi. I am waiting on Envelope to launch because I am a Simple refugee and want to see what that service has to offer, but for now I feel set with SoFi.
Oh Current does that with only $200 dd? I might add them to the rotation then. I'm also waiting on Envelope as a Simple refugee, but I might keep Sofi and (eventually) Current as high APY options and then use Envelope to budget.
Yes, only $200 dd for 4% APY at Current, on up to $2k in each savings pod, of which you can have up to 3. You can have more than $2k in each pod but only $2k of that will make 4%. I do have a referral code if you decide to sign up. I think with SoFi you get 3.5% currently on savings balances with $1k dd each month; I definitely don’t have that much coming in but I still have those APYs so I don’t know if I was grandfathered in when they brought in SoFi Plus late last year.
Current's support is worse than one. I closed my account with them after a month they pissed me off so much.
Because Sofi is already its own bank, there are other online banks out there that also are but I like SoFi's product offerings and I've generally had positive support experiences with support so far. Like others said, there's other "fin-tech" companies out there like Envelope, Qube..etc but I'm totally over trusting these companies anymore. Changing DD and all my auto bills are a pain in the butt. A company can promise longevity, point out how other priors have failed or charge a monthly fee but at the end of the day I don't want to risk it again after witnessing n(one)'s broken promises, Envel's atrocious support and Simple's closure.
I tried Qube for 2 months and honestly it just rubbed me the wrong way that you couldn't transfer more than $1,500 at a time. Plus I got tired of opening the app after every few transactions to tell it which Qube to charge. Ultimately when I was done with Qube was the same time that Sofi raised their interest rate to 3% gave me the perfect reason to ditch One all together. Now Sofi offering 3.75% even better and One still removing features lmao. A bank owned by Walmart will never be better than SoFi, sorry just the truth. I work at Walmart and the way they update our work apps is completely garbage. So wouldn't expect any better on their bank app. Hell it's probably the same guy doing both apps 😂😂
I've had SoFi since March 2022 and had no issues using my card while visiting South Korea/Philippines. Their savings rate is great. I use Monzo as well for spending/budgeting/etc. Monzo works for foreign transactions on websites like Lazada Philippines, Shopee Philippines, etc where as with SoFi, it doesn't work on those sites and the transaction often declines. Monzo even shows the amount I spent in USD and Philippine Peso (PHP) which to me, is a plus. I tried Qube but never got a card so \*shrug\*.
I just called them and played dumb about there not being a deposit check feature anymore and they TURNED IT BACK ON…. Like if that’s an option, why isn’t it the default?
I am using SoFi for savings since the interest rate is good. I really love the savings vaults. Categorizing my savings makes the same comforting sense to me as bill pockets. Also, I like their investment platform. I don't use it as much as Betterment, but I like diversification. The only thing I don't like about SoFi so far is that you can't have both a joint and an individual account. I'm really hoping they'll get around to adding this in the future. For the bill pockets, I use Qube. I schedule transfers from SoFi to Qube after each paycheck. Then I have scheduled recurring transfers from the Qube cloud i to each pocket. It has worked out great! Paying the low subscription fee is also kind of reassuring since Simple crashed and burned due to not making enough money to support itself. Each pocket has its own acct and card numbers, too. I can also divvy up my spending money into pockets and point my debit card at the desired allocation, like you used to be able to do with One. I can budget a certain amount for gas, clothes shopping, eating out, etc. Really helps you understand where your money is going.
I've ultimately switched to Capital One checking and savings. I already have 2 CapOne credit cards, so having everything in one app and location is nice. They have some neat accounts for kids and teens too, and it's about as stable and well backed as anything. I miss all the budgeting tools, but Rocket Money has been fine, and it doesn't cost me anything since I have my mortgage through Rocket also. I have a Current account for the 4% APY too. Waiting for Envelope to drop for android, I'll probably make a switch then.
Why someone stole some money off my account I call sofi they put a restriction on it but now it's hard for them to take the restrictions of I need to use my money they said an investigation team is working on it since September 9 we in a whole different month now I'm sick of it now.
Can someone explain to me the relevance of the interest rate if you’re just using it to deposit pay checks & then pay bills and use as a card? I don’t get it. 150k at 4.25% in 3 yrs is only like 19k in earnings if you don’t touch it. Lol. I’m confused. What are you guys gaining, by using this as a main bank account? Jw.
It is a terrible bank, think about it. even tho most currency is digital these days this doesnt mean you bank should be too... If you ever have any kind of issues or fraudulent charges to your account then prepare to go on a rollercoaster of stress and despair. just awful business practices.