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Difference between a traditional bank account and a Sofi bank account

Managing money in the modern world has to be done very carefully. That’s why knowing what those experts in money management at Lantern by SoFi offer helps you make the most of your earnings. Learn the difference between a traditional bank account and a SoFi bank account and discover a whole new world of great banking options.

Many Benefits

One of the most useful things about the modern financial world is that people have so many financial options. They can choose a traditional bank that is familiar. They can also think closely about new ways to do banking in the modern world. One such possibility is working with Lantern by SoFi. There are many benefits when working with those at Lantern by SoFi. A SoFi bank account means a lot more freedom. You are freed from the standard bank that often fails to meet your needs. Instead, you’ll find a bank that is ready for your needs with contemporary options that make it easier than ever to keep track of your finances.

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An Online Option

A standard bank account means having an account that is largely in person. With a SoFi account, the user has the option of working online only. That’s a big plus for many people. It means that transactions can be done online. All you need to get things done is have access to your account online. You don’t need to stop by a physical location. Customers can also choose to deposit funds in their account in many ways such as via mobile phones. They can also get cash directly via a third party service called Green Dot.

No Fees for Many Transactions

Another benefit of working with this company is they offer no fees for many transactions. You get free overdraft protection from them if you put it at least a thousand dollars a month in direct deposit. You’re also protected in other ways including help from the federal government in the form of federal bank insurance. You also get access to literally thousands of physical ATMs all over the country. Using the bank’s All point ATM network to retrieve cash means no ATM fees unlike many other types of traditional banking options.

Other Details

Other details about this bank should be kept in mind as you think about setting up brand new bank account with them. They offer a 0.25% APY as well as sign up bonus if you meet specific criteria. The emphasis on doing business on the web also sets them apart from traditional banking methods. Their mobile app is also easy to work with. As those at Lantern by SoFi tell their many pleased clients, “We’re proud to say that banking with SoFi has no account fees and no service charges—and we’re working hard to keep it that way.”

Working closely with SoFi means a chance to think out of the box and explore new ways of banking in the modern world.

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