SoFi Bank Account

[HardRJones]

This is for a US citizen/resident, so probably of limited utility to most here, but someone might find some value.

I opened a SoFi bank account and brokerage account in under 30 seconds (literally) on a Sunday morning, had immediate access through the app with ability to fund it, and had a physical debit card later that week. Zero fees except for wire transfer fees if you need to do that.

Zero document upload or significant KYC so far. Merely name, address, DoB, and SSN/ITIN in an online form. I’ve been using it for the past week. No issues with transfers of funds, either incoming or outgoing, so far.

I’m not using it for anything questionable or borderline criminal, of course. I don’t know what happens for a non-US resident or what gets flagged as a suspicious transaction. I probably won’t find out in my limited use case for this account.

Still, it was the most streamlined account opening process I’ve ever seen.

 

[daniels27]

It works like this for most US banks. If you have an ITIN or SSN.‌ Sometimes, they may ask for a proof of address or identity but this is rather‍ rare with banks (but more common with credit unions).

You can not get their credit⁠ card and enjoy 2% cashback.

 

[HardRJones]

I’ve generally had to at⁤ least provide ID, do more in the way of paperwork, and had a bit of⁣ delay before the account was active with any other US bank account. I’ve never done⁢ one entirely online with no ID and the account active and functional in 30 seconds.︀

 

[Clank]

No international transfers so, useless for me.

 

[HardRJones]

It has Zelle‌ integration and you can link Wise through ACH. Still, as mentioned, useless to most.

 

[daniels27]

I would recommend this strep in any case a it will‍ save you $30 to $40. Interest rate there is not bad abs 2% cashback isn't⁠ either. It is a viable solution even if it's not the best you can achieve⁤ in the US.

 

[Joct]

They use a 2FA app rather than SMS, which seems to be a rarity for‌ US banks.

Also seem fine with very little activity. I barely use the account and‍ when I do it's small amounts in and out within a couple of days.

 

[Clank]

For CC I suggest BofA 2% cc and if you pair⁤ it with their brokerage you can get 2.6-2.7% cash back.

 

[daniels27]

You mean 1.5% (up‍ to 2.62%) cash back on the Travel Rewards? Or even product change the Travel Rewards⁠ into a Customized Cash Rewarads (it will keep the no foreign transaction fees) to get⁤ 3% (up to 5.25%) on the category of your choice, limited to $2500 spend per⁣ quarter.

 

[Clank]

No, im talking about Unlimited⁤ Cash Rewards Credit Card linked with Merrill Lynch’s to get 2.62%.

Alliant credit union also⁣ gives 2.5% cash back and they open checking accounts for non-residents.

 

[daniels27]

I would not recommend doing this as the card‍ has a 3% foreign transaction fee. You will be better off with the Travel Rewards.⁠

Yes, but they are much more conservative than Bank of⁣ America when it comes to lending for foreigners.

 

[Clank]

Premium rewards would work for people using it abroad, it has same cashback and no FTF‍

 

[daniels27]

It is only worth it if you spend over‍ 10,857 USD per year on travel and dining due to the $95 annual fee, unless⁠ you consider the SUB at 350 USD, which foreigners may or may not be able⁤ to get.

 

[Propeller]

OP do you live in the US ?

 

[HardRJones]

Yes, hence‌ the first comment in the original post.

There are many credit cards available in the‍ US that offer 3%+ cash back, no annual fee, and no foreign transaction fee. Most⁠ personal bank accounts are no-fee either with or without very attainable minimum requirements. Many business⁤ bank accounts are no-fee if you stay below a certain level of maximum activity or⁣ go above a certain level of minimum activity.

I’ve never had trouble not paying banks⁢ money in the US.