Overview

SoFi spans banking, lending, investing, credit cards, insurance, crypto and financial guidance. For everyday money management, SoFi Relay brings budgeting, bill and net-worth tracking together with account syncing and credit-score monitoring. SoFi was founded in 2011, became publicly traded on NASDAQ in 2021 and received federal approval to operate as a bank in 2022. It reports 15.8 million members.

Several services, including Relay, checking and savings, and personal, home and student loans, are available only in the United States. Invest is offered in the United States and Hong Kong, so the broader platform should not be mistaken for worldwide availability. Compare other options in Personal Finance Software.

Key features

Tracking and financial guidance

Relay links accounts from more than 12,000 financial institutions and supports spending and cash-flow tracking, net-worth tracking, budget planning, credit-score monitoring and report export. That combination is more useful for people who want a consolidated view than for someone seeking only a simple manual budget. SoFi Coach adds financial insights through chat around the clock, plus retirement and investment goal tracking. Members can transfer money and open SoFi checking and savings accounts through chat, but Coach does not recommend specific stocks or execute trades.

Coach is accessed through the SoFi app and is free to members using SoFi banking, borrowing or investing services. It uses multifactor authentication and bank-grade security and privacy features; user information is not used to train AI partners’ large-language models. SoFi offers support by phone or chat.

Banking and investing

Online and mobile banking include balance and transaction monitoring, real-time alerts, bill pay, transfers, mobile check deposit, debit-card controls and automated savings. SoFi says members can use more than 55,000 Allpoint ATMs without fees for in-network use. SoFi Bank deposits are insured up to $250,000 per depositor per legal ownership category, with coverage potentially reaching $3 million through its Insured Deposit Program.

SoFi Invest covers self-directed and robo investing, IRAs, stock trading, IPO investing, fractional shares and ETFs. Those options widen the platform beyond basic financial tracking, though Coach itself is not a substitute for a service that gives individual stock recommendations or places trades.

Pricing

SoFi uses a freemium model. SoFi Checking and Savings costs 0.00 USD per free, with no account, service or maintenance fees and no minimum balance requirement. It is the clearest fit for users who want basic banking without those charges.

SoFi Coach is also 0.00 USD per free for eligible SoFi members with banking, borrowing or investing services. The Coach / Relay plan includes a budget planner, account linking, spending and cash-flow tracking, net-worth tracking and credit-score monitoring; its price is custom pricing. Users who do not already qualify as members should weigh that access condition before choosing it as a standalone finance tool.

SoFi Plus costs 10.00 USD per month, billed monthly based on the initial subscription date. It includes financial planning, enhanced savings benefits, investment match benefits and borrowing discounts. This is aimed at members who expect to use those additional benefits; readers wanting only budgeting and tracking can start with the free services instead. SoFi advertises savings APY of up to 4.20% for up to six months with qualifying deposits, while SoFi Plus offers 4.50% APY on up to $20K in a SoFi Bank savings account.

Platforms

SoFi is available on Android, iOS, macOS, web and Windows. Relay works through the web or mobile app, while Coach is accessed through the SoFi app. SoFi says its official mobile app is distributed through the Apple App Store and Google Play Store.

Who it's for

SoFi is a strong fit for U.S. users who want linked-account budgeting and financial tracking alongside banking and investing, especially members who can use Coach at no charge. It is less suitable for people outside supported markets or investors who need Coach to make stock picks or execute trades.

Pros and cons

Pros: Relay combines budget, bill and net-worth tracking with account syncing, credit monitoring and report export.
Pros: Eligible members get Coach chat access at no charge, with money transfers and account opening available through chat.
Pros: Banking, investing and financial tracking sit in the same platform, with no account, service or maintenance fees on SoFi Checking and Savings.
Cons: Relay, checking and savings, and several lending products are U.S.-only, limiting the platform’s usefulness abroad.
Cons: Coach cannot recommend specific stocks or execute trades, so active investors must use other investing tools for those actions.
Cons: Free Coach access depends on having a SoFi banking, borrowing or investing relationship.

Alternatives

Choose PocketSmith if you want a budgeting-focused alternative with automatic bank feeds, manual imports, two dashboards and 12 budgets on its free plan; it also supports Linux and API access. MoneyPatrol is another free option for core tracking and dashboard features, with income and expense tracking, and a free trial is offered.

EveryDollar is a better fit for readers who want a free monthly budget built around manual transaction tracking, unlimited categories and lines, bill due dates and sinking funds. Rocket Money makes more sense for users prioritizing subscription and upcoming-bill tracking alongside basic budgeting and spending categorization; its free plan covers those features.

Zaim offers free expense and income recording, budget and spending analysis, automatic bank and card connections and receipt scanning. ClearCheckbook is worth considering for free unlimited transactions, accounts and categories, plus budgeting, bill tracking and reports; its Sync plan costs 2.49 USD per month.

For a free, open-source option with desktop and mobile availability, choose Money Manager Ex. Actual Budget is also free and open source, and may suit readers who prefer envelope budgeting with web and desktop access and optional self-hosted synchronization.

Verdict

SoFi is best for U.S. users who want budgeting and account tracking bundled with banking, investing and member chat guidance. Its main advantage is the range of connected financial services, while its main limitation is that availability is geographically narrow and Coach does not handle investment decisions or trades. Choose it if that all-in-one approach fits; look elsewhere for a standalone budgeting tool or direct stock guidance.

	Kosh	SoFi
Free plan	No	Yes
Free trial	No	No
Paid from	—	—
Open source	No	No
Platforms	Web	Android, iOS, macOS, Web, Windows
Budgeting tools	Yes	Yes
Bill tracking	Yes	Yes
Free plan	—	Yes
Paid from	—	$10/mo
Net-worth tracking	—	Yes
Account sync	—	both
Report export	—	Yes
Mobile apps	—	both

Kosh vs SoFi

Kosh

SoFi