With many available banking options, including internet banks who pay high prices at savings, is often the key question: Do you need access to a personal service service? If you do not, the online bank’s application can be without any problems. But for some consumers, having a banking branch nearby is necessary, if not a nice benefit.
When comparing Sofi and TD Bank, the location of the branch will inevitably be a decisive factor. Sofi has no bank branch, while TD Bank has several in several countries. Of course, other factors, such as what each bank also offers their prices, are important. We will compare the details of each bank and see how they agree.
Social Finance Inc. (SOFI) is an internet financial company founded in 2011 by Stanford Business School students. The group used a lending model that funded alumni to connect recent cities with Alumni in its community. Initially, the main product of SOFI was the funding of the student loan, but began to offer personal loans and mortgages in the mid-2010s. In 2019, he introduced Sofi Money, who became a sofa check and savings.
Read our complete Sofi review here
TD Bank, Toronto-Dominion Bank Branch, is a national bank based in New Jersey. The company’s roots date back to 1873, when Portland Savings Bank was established. In 2008, TD Bank Group acquired a Commerce Bank and was defeated as a TD bank. Today, TD Bank has a network of 2,600 ATMs and a branch all over the eastern coast. Although the company based in New Jersey, its largest concentrations of branches are in Florida and New York, and both have over 300 locations of branches.
Read our TD Bank full review here
Sofi -‘s check and savings are a free checking account for customers who want a solid APY and a minimum fee. When you log in, you automatically get checks and savings accounts related to simple transfers. The monthly fees are not applied, regardless of your daily average balance, and Sofi does not charge the exceeding fees. You can also access the extensive ATM network of more than 55,000 locations. However, Sofi has no physical branch.
TD Bank offers more liquid accounts, but only one of them earns interest, although a minimum amount. Pay -out account account 0.01% APY and charges a monthly maintenance fee of $ 25. It offers several ways to give up compensation, such as an average sald of $ 2,500 or $ 5,000 in monthly direct deposits. It also charges a $ 3 $ 35 overbite fee, although there is a period with shares. TD Bank has a much smaller network of ATM from SOFI, but has physical branches along the east coast.
TD Bank also offers a check -in bonus to new customers checking up to $ 300.
Read more: Promotions of new bank accounts are available now: Earn up to $ 3,000
At first glance, SOFI and TD Bank savings accounts are comparable, with a relatively small difference in APY. However, Sofi offers the same apy on all states, provided you have a direct deposit. In contrast, the TD savings account uses the rates of rates that require a balance of at least $ 100,000 to earn the highest rate.
Sofi does not have a monthly maintenance fee, while TD charges $ 15, unless you maintain a daily average balance of at least $ 15,000.
With its attractive yields and without monthly fees, Sofi made our list 10 of the best savings accounts with high yield. It also offers a bonus up to $ 300 for new customers who open their online bank account.
Sofi does not offer CD accounts.
TD Bank offers several CDs with different conditions. CD -Out Banks have APY and Standard APY relationship, which means you have to have a TD personal current account to earn the highest rate. Currently, the highest available rate is 4% APY with a nine-month CD and a deposit of at least $ 100,000.
Sofi check products and savings are popular, but far from everything it has to offer. It also has a student loan refinance, private student loans, mortgage, credit cards and other products.
TD Bank is more traditional, so it has an extensive line of products and services. Offers credit cards, personal loans, mortgage and investment.
Both banks offer strong APY on a savings account states in the right circumstances, but you can earn a larger rate on a SOFI account check.
In addition, you can earn up to 3.80% APY with SOFI on savings with a direct deposit, but the rate drops to 1.00% apy without direct deposit. TD Bank does not require a direct deposit, and APY can earn more than 1.00% with a $ 10,000 or more states. This makes TD a better option if you do not have a direct deposit.
The TD Bank also offers CD -IO with APYS as much as 4%, while the sofa does not offer CDs. No bank offers consumer market accounts.
TD Bank charges monthly maintenance fees in many of his accounts, but offers ways to give up these fees. On the other hand, Sofi does not charge for maintenance fees, regardless of your average balance. Sofi also does not charge for account exceeding fees.
Generally, Sofi makes it easier to avoid fees, transferring the edge over TD Bank.
Read more: What is the monthly maintenance fee and when do you have to pay it?
Sofi is a good option for consumers who want a simple online banking option with good prices and low fees. Its check and savings accounts are automatically connected, making it easier to move the money between them. His savings account also has a competitive apy that comes with no warning. It also gives you access to the spacious national network of ATM.
Consumers living on the east coast and prefer traditional banking experience can consider TD Bank. It has numerous locations of branches along the Atlantic, allowing customers to receive assistance in person. In addition, it offers many savings products, such as CD, mortgage and personal loans.
