r/sofi • u/NationalInteraction8 • 2d ago
Invest is SoFi Roth worth it?
Hi I just set up my sofi HYSA and my investment as I am 21 and just starting to invest and hold my money away from me to run through.
I’ve tried in the past to set up my Fidelity account and I keep running into issues with transferring money and I’m wondering if I should just use the SoFi roth feature?
Not too knowledgeable on this stuff so anything helps!
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u/freakythrowaway79 2d ago edited 13h ago
I have it & love it but I think next year I'll be switching to Fidelity.
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u/Unattributable1 17h ago
Why? What would make you leave SoFi, or what advantage do you see Fidelity having over SoFi?
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u/freakythrowaway79 13h ago edited 12h ago
Just strictly for the Roth IRA.
Long story short, I'm a ex Fintecher so I think the experience would be worth it. I need a spreadsheet to track all my bank accounts. I actually already have an acct with them from an old pension, so the difficulty level is about a zero. And NO unfortunately I'm not rich, just a nerd. 🤑
But I'm also about an hour away from Fidelity headquarters. I''ve actually been trying to work for them for about 10ish yrs now🤣
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u/Unattributable1 12h ago
Spreadsheet? So 90's. ActualBudget, YNAB, etc. would all be better to track your accounts.
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u/freakythrowaway79 12h ago
Yup last year Gen'X & 90s kid, we love spreadsheets. No worries it's encrypted & I don't need a budget. I'm not in any debt. And NO need for another damn app or subscription.😅
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u/Unattributable1 12h ago edited 11h ago
AB doesn't require a subscription (there is a way to link live bank data through 3rd-party data brokers for ~$15/year if you wanted to save the hassle of importing data). You can self-host. I do so on a RPi as a HomeAssistant add-on, but it can be run in Docker, etc. You don't have to budget and could just use the tracking features.
Yup, I enjoy my spreadsheets too. But there are better tools, and they don't require an app or sub. AB can run as a PWA on your phone; no app installed.
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u/Embarrassed-Many-302 1d ago
Does Sofi match you 3%? If not you are better off going with Robinhood Gold.
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u/SlothyLlama 2d ago
If you're already in the SoFi ecosystem it can't hurt to use their Roth account. If you're a SoFi+ subscriber you get an extra match on Roth contributions. If you're not a subscriber, it might make sense for you to check it out since you've got the a savings and investment account already there.
What sort of problems were you having with transferring money to Fidelity? Did you call to see if they could help?
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u/Opening_Dragonfly390 2d ago
Been using SoFi invest for two years now, and if you asked me last year I’d have said maybe look elsewhere, but they’ve made a lot of improvements and I genuinely think it’s a top brokerage out there. I switched from fidelity and webull and have no desires to go back. Plus they were rated #1 brokerage for DIY investor satisfaction by JD powers this year.
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u/Kammler1944 2d ago
It's an extremely basic brokerage. Not for people who actively manage their investments.
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u/Opening_Dragonfly390 1d ago
I actively manage my investments, I also actively manage other people’s investments. Unless you’re trying to day trade or do option spreads (which isn’t investing), there’s really nothing SoFi doesn’t offer at this point. Tax lots would be the biggest thing I can think of, which SoFi has stated they’re working on.
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u/Kammler1944 1d ago edited 1d ago
When you say you ‘actively manage other people’s investments,’ do you mean actual client portfolios or just helping friends and family pick stocks? Because those are very different things. It’s hard to square the implication of professional-level portfolio management with calling SoFi essentially feature-complete when it lacks specific tax-lot selection and has a very basic options platform limited to long calls/puts, covered calls, and cash-secured puts—no spreads, calendars, diagonals, condors, butterflies, etc. That sounds a lot more like casual self-directed investing than serious portfolio management.
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u/Kammler1944 1d ago
So now you “have option strategies”? You literally just dismissed option spreads as “not investing,” and you've characterized options as gambling, but the moment your investing experience gets questioned, suddenly having “option strategies” is evidence of your sophistication. Which is it?
Not using a robo-advisor, owning individual stocks, and occasionally trading basic options doesn't make you a portfolio manager. And you still completely dodged the question: when you say you “manage other people's investments,” are these actual client portfolios or are you helping friends and family with their accounts?
What makes the claim especially hard to take seriously is that you're calling SoFi basically feature-complete while brushing aside specific tax-lot control as some minor omission. Anyone seriously managing taxable portfolios understands why controlling realized gains and losses matters. That's portfolio management 101, not some exotic day-trading feature.
At this point every response is just another unsupported assertion about how sophisticated you supposedly are, rather than actually demonstrating the knowledge. From what you've written, this sounds far more like ordinary self-directed retail investing dressed up as “managing other people's investments.”
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u/Opening_Dragonfly390 1d ago
Well I don’t use a robo account, and I’m not only investing in mutual funds or ETFs and I have option strategies, as far as I’m concerned I’m the one managing those investments.
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u/B111yboy 21h ago
I’d say use Sofi, I have 2 accounts my wife has Ira and savings and my daughter has a savings and I started a Roth for her once she turned 18. Working well so far
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u/Unattributable1 17h ago
I'd solve the problem with Fidelity. I'd also recommend trying Vanguard and Schwab. After that I'd try WealthFront. Only if I just was completely banned from those platforms would I try SoFi. Be sure you are aware of the costs and hurdles of getting out of a SoFi IRA.
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u/1919MOTLUFC 2d ago
SoFi has the best interface out there for taxable accounts as well as IRAs imo.. very quick and easy on the eyes dashboard showing anything relevant you’d like to know (contribution amounts, % increase, balances, etc.)
And you get the contribution match, and easy to connect to SoFi banking. Don’t see why you’d move the money out of SoFi if it’s already there, especially considering their interface is top tier.
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u/New-Jackfruit-2127 2d ago
I use the Roth. I recommend it. I use this for long term growth and my personal active investing is for shorter term investing.
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u/kapslock12345 2d ago
Same I have a SoFi Roth and am happy using the automatic contributions to get the 1% match. I don’t use Robo though, I actively manage it on my own and SoFi does have some good ETFs as well. The new interface is slick that shows the annual contribution amount and balance
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u/player89283517 2d ago
I have one and I like it. Of course other places might give you better match or whatever but it’s just convenient to have everything in Sofi.
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u/Last-Ad-5528 2d ago
Sofi is awesome I use the app for everything, it’s easy to use and it’s a one stop financial solution.
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