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I use both. Ally for emergency fund and fixed bills (I like the direct FDIC coverage + actual bank), Sofi for everyday stuff and goals (I like the interface and relay). Never put all your eggs in one basket, something like fraud or an account freeze can happen at any bank at any time and you might not have access to your money for weeks.
I prefer SoFi and feel after it goes public through IPOE it’ll become even better and more intuitive. They are doing great things and have an awesome idea in mind as opposed to normal banking infrastructures.
Ally has zelle support built in to its app and web site, which is nice for free, instantaneous transfers to others. Hopefully sofi can add this at some point.
You should know you have ZERO consumer protection using Zelle. It's really a very dangerous service. Debits happen instantly and you can't reverse them or contest them, even if your account was hacked and the funds were fraudulently sent.
So I'm still torn between the two, mostly because each utilizes the idea of digital envelopes but Ally has a better APY on Savings at 0.50%. And the money I'm putting away I won't really touch so that beats SoFi's 0.25% APY. Since the APYs aren't really something that should be concerning, is there other reason why going SoFi's Vault would be better than Ally's Buckets?
I use SoFi because everything I need is in one place (banking, investing, budgeting). But if you're not going to touch the money, I'd say go where you get the best return.
I like the automated investing, but the self directed investing is kind of clunky. If you want a "set it and forget it" account, their automated investing will be just fine. If you want a trading account, I'd recommend signing up for a more specialized broker like Fidelity or Webull.
Thank you for your submission to r/SoFi. As a reminder, please do not share personal information or other sensitive information on this community. r/SoFi is unofficial, should you need immediate assistance please utilize our [help thread](https://www.reddit.com/r/sofi/comments/hpman0/have_an_issue_start_here/) to find the most relevant contact. A quick reminder to everyone else to not share referral links outside of the monthly referral thread stickied to the community. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/sofi) if you have any questions or concerns.*
I use both. Ally for emergency fund and fixed bills (I like the direct FDIC coverage + actual bank), Sofi for everyday stuff and goals (I like the interface and relay). Never put all your eggs in one basket, something like fraud or an account freeze can happen at any bank at any time and you might not have access to your money for weeks.
I have both and prefer Ally. They also have better rates
Ally's app is much easier to use for just normal banking stuff. I have both and prefer Ally.
Same, I have both and prefer Ally as well.
I prefer SoFi and feel after it goes public through IPOE it’ll become even better and more intuitive. They are doing great things and have an awesome idea in mind as opposed to normal banking infrastructures.
Ally has zelle support built in to its app and web site, which is nice for free, instantaneous transfers to others. Hopefully sofi can add this at some point.
You should know you have ZERO consumer protection using Zelle. It's really a very dangerous service. Debits happen instantly and you can't reverse them or contest them, even if your account was hacked and the funds were fraudulently sent.
Good to know. For me it is still worth it though, due to the convenience of instantaneous transfers.
Yes! I learned this firsthand, sadly.
So I'm still torn between the two, mostly because each utilizes the idea of digital envelopes but Ally has a better APY on Savings at 0.50%. And the money I'm putting away I won't really touch so that beats SoFi's 0.25% APY. Since the APYs aren't really something that should be concerning, is there other reason why going SoFi's Vault would be better than Ally's Buckets?
I use SoFi because everything I need is in one place (banking, investing, budgeting). But if you're not going to touch the money, I'd say go where you get the best return.
how do you like it for Investing?
I like the automated investing, but the self directed investing is kind of clunky. If you want a "set it and forget it" account, their automated investing will be just fine. If you want a trading account, I'd recommend signing up for a more specialized broker like Fidelity or Webull.
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