Dave Ramsey vs. SoFi

When Sofi or any bank is breaking your loan payment to "affordable", that's longer payment which means longer paying interest.

Even small banks like FAIRWINDS Credit they want your money too. 😂

I just opened an account with SoFi and am receiving a 3.80% APY. It's so much better than my previous bank (PNC), which I was only getting a 0.03% on my money.

All banks sell debt! I love SoFi... Bank of America, Wells Fargo, ect..... all milk you dry with fees

There are better HSA like Fidelity Bank, they offer multiple ways to add money into your HSA.. Just research more. Sofi seems good and all but there are better banks out there that provide better options and quality.

If someone has $10K in credit card debt and you can take out a $10K loan with SoFi to pay off that debt at 8% interest you're keeping more money paying down the loan with SoFi over 24 months vs the credit card. Additionally, their HYSA is great and you can buy ETFs and stocks. Not sure why Dave is ignoring their suite of products and is only focusing on one product.

Sorry but SoFi to this day is great with their HYSA and Personal Loan/Student Refinance Loans rates, i switched from a 18% Sallie Mae student loan to a 6.14% saving me thousands! I just refinanced my personal loan with them as well and lowered it from 16.94% to a 8% (could have gotten lower but needed to lower the year term to get 3-5% which i cannot afford right now but its still saving me tons)

I have a credit union and it has no soul, just like all banking... Including SoFi. BUT the rates and services are MUCH better than any local bank around me. 3.3% vs not even .1%... Dave is either a huge boomer (likely) or he is paid to say so.

Banks have allowed modern society to exist, no one had the money to build modern infrastructure on hand, and if they did they would never invest it to do so, instead we borrowed it from people who have enough to lend it to us, and paid it back over time using the infrastructure it funded. Medical companies that make life saving medicine, food companies that fill our grocery stores, and car companies that build out modes of transportation all borrowed money to build their factories, and then used that factory to generate revenue to pay back the back and in the process modernized society and funded thousands of families. Just because some banks are shitty doesn’t mean the concept is bad, the same way some nurses killing their patients doesn’t mean the entire industry of medical science is bad.

If we stopped using fire when it burned us we would have never left the Stone Age. No shit the fire will burn you, no shit banks sell our debt. Do you think we are too stupid to understand that banks turn a profit? All we want to know is which banks are the bad ones and which ones are the good ones, we don’t need the morality of banking explained to us.

I wish these local and Regional Banks would use some of that precious "soul" of theirs to offer a decent interest rate. SoFi? ..."Get off my lawn"

Screw Dave Ramsey. The asshole charges $120 for his bullshit video classes. He’s worse than mega banks.

All banks use your savings to invest, then give you a fraction of their profits😮😮

It depends on your needs. Most people don't need full banking services. They just need a place for their paycheck to deposit and a debit and credit card for purchases. The downside of credit unions is they generally don't have an investing platform, so you will need to have an entirely different app/account/login for your investments and there's a delay in moving money back and forth. Charles Schwab has the investment platform, so you don't need to put your money to sleep in a 0% savings account. They offer the same checking account as any other bank, plus they refund all ATM fees, which is nice if you travel internationally. I get all those $5 fees refunded back when I'm backpacking all over the world. When I need money in my checking account, I can move it instantly from my IRA to my checking with no delay. And Schwab's 24/7 customer service is the best in the industry in my opinion.

What’s wrong with taking out a loan or offering one? lol 😂 People need help financially sometimes

Typical arrogant, condescending response from Ramsey. The problem with local credit unions is that their apps are TERRIBLE. People who have embraced technology do not bank like their grandparents. App usefulness and UI does matter to us more than "relationships", which aren't anyway. They all want you for your money. IDC if they know my name or not. That makes it even more disingenuous. I don't care about going into a building and seeing the same teller. I care about massive hassles like clumsy UI and piss poor organization that means searching for half an hour in the app for a simple task. Time is money. They don't care about my money if they're wasting my time.

This guys flat out wrong. SoFi Pays customers 3300% more interest on your deposts 3.3% vs .01%. Helps people pay off their student debt. The "sell debt" in the sense that they only finance people who will pay it back and they give you free meetings with pro financial advisors. This guy just hates on them for literally no reason and can't answer a simple question, some banks are better than others for their customers. If he recommends any bank that isn't giving you a high APY he's a total moron.

I don't go to the bank to find friends or people with souls lol. I just don't get this advice...

"Banks are evil cause they only care about your money. Want to see where to invest? Buy my app, book, and financial coaching"

So great we have this saint

IDK dave my local credit union banks checking apy is 2.60 and with SoFi it's 3.5!

I just wont fall sucker to a loan or cc debt

Boomer screams at fence

My credit union sucks at both dividends AND loans. I asked them if they could match a much better offer and they didn't even try.

The question he should have asked is, "Will Sofi make money for me?"

i upvoted so that many can see how fake this guy is. he is trying to promote his own products. he says they screw you, but look in the mirror. used to be a fan, subscriber, until i learned. i prob have more profits from my investments now, without his advice.

Soooo I guess they're fine then as long as you don't fall for the marketing on the debt products and any other things that are not good for you? You gotta put your money somewhere, I don't think you can really function in the modern world without a bank 😅
And there's NO bank out there that's not selling debt, or truly looking out for or caring for their customers, local or otherwise, banking is a business, it exists to earn money and provide services, just like alllll the other businesses out there.

Dave is wrong on this one

Dave Ramsay doesn’t like Sofi cuz it’s easy for consumers to get lured into debt by their offerings. If you’re controlled and know what you’re doing Sofi is a great solution for savings buckets and self investing platforms.

Sofi is the best bank Ive ever had. Bank of America was paying $4 (.05%) a month interest on $100k. Sofi paid me $383 (4.6%) a month on the same money. Plus i bought 2200 shares of Sofi around $6 a couple years ago. It ran up to $30 per share and i sold. Now its back to $15 a share and i bought 1300 shares. Im playing with house money now. Plus money transfer initiated through Sofi go thru the same said. No waiting 3-5 business days. And i also get my paycheck two days early.

What about the savings?

millennial nurturing slogans, so true

There are two types of people who listen/watch Dave Ramsey. Those who need his help, and those who don’t but listen/watch for entertainment, and to be honest, some smug superiority for being responsible and good with money. If you are the latter rather than the former, DO NOT take Dave’s advice about anything, BUT if you ever have a friend or family member, DO NOT try to do what Dave does. Send that debtor to Dave and let him do his job because no one does it better. People who are good with money should never try to teach someone out of debt. It hardly ever works. In my case, I am old and I have literally only one time ever helped a debtor out of debt with advice and mentorship. The rest were all abject failures. SO what’s really my point, use SOFI! It’s a “good” bank. It pays decent interest and points and has good perks. I’m sure it screws poor, stupid people, but that’s not my problem.

So if you open a high yield savings account with sofi, aren't you as an individual earning interest on your money? Not that I trust big banks. But Ramsey is saying sofi is making money off you? What if you don't get credit cards or equity loans?

W R O N G. SOFI helps people reduce their debt at a lower rate . You are a Dinosaur Dave❤

He didn't answer his question at all

This advice is so out of touch.

I have gotten more interest in a couple years of Sofi savings accounts then in 30 years of banking elsewhere combined. If your not borrowing they aren't a lender they are a bank. Use the good products and avoid the bad.....like every other spending and saving option for consumers.

Wells Fargo frauded me at my dads house. Refused to give me the funds out I there account my Dad named me POD for over a year d708. M loo ll

Sofi loan saved my ass against that insane credit card interest rate

Sofi is the Amazon or the Netflix of banking,they are the future, all banks are not our friend, they are all for profit!