SoFi® Roth IRA Review 2024: Complimentary CFP Access, 1% Match
- Stock trade fee
- $0
- Minimum deposit
- $0
Our verdict
Diversify with stocks, ETFs, mutual funds and alternative asset funds on SoFi’s beginner-friendly platform. Plus, get a 1% IRA match.
SoFi Invest® offers a range of IRA options, including traditional, Roth, rollover and SEP IRAs, with a 1% match on traditional or Roth contributions and on 401(k) rollovers of $20,000 or more. Invest in stocks, ETFs, mutual funds and alternative asset interval funds, all with $0 commissions. Whether you prefer to manage your investments through a self-directed IRA or automate your portfolio with SoFi's robo-advisor, you'll have access to complimentary consultations with SoFi's Certified Financial Planners. There's no minimum deposit or annual fee, although a $20 fee applies if you close your IRA. However, its robo-advisor now comes with a 0.25% annual fee, and like other beginner-friendly trading platforms, SoFi Invest lacks advanced research and analysis tools that some brokers offer.
Best for: Beginning investors; Automated investing; IRA match.
Pros
-
$0 commissions
-
Earn a 1% match on all your SoFi IRA ACH contributions and 401(k) rollovers of $20,000 or more
-
Access alternative investment funds
-
Robo-advisor and financial planning sessions
-
Complimentary access to financial planners
-
Fractional share trading
Cons
-
No IRA options trading
-
No advanced charts and limited research tools
-
No tax-loss harvesting for automated investing
SoFi Invest IRA at a glance
| Feature | Rating | Details |
|---|---|---|
| Investment options | ★★★★★ |
|
| Trading costs | ★★★★★ | Zero commissions on stocks, ETFs, mutual funds and interval funds, but no options trading. |
| Account fees | ★★★★★ | No annual fee, but IRA closing fees and inactivity fees apply. |
| Account types and minimums | ★★★★★ | Offers traditional, Roth, rollover and SEP IRAs, with no minimum deposit requirements. |
| Trading platforms and technology | ★★★★★ | Offers mobile and web-based trading platforms but only a basic mix of tools and information, such as screeners and alerts. |
| Features and amenities | ★★★★★ |
|
| Customer support | ★★★★★ | Contact SoFi customer support by live chat and phone at 855-525-7634 on weekdays from 8 a.m. to 8 p.m. ET. |
| Mobile app | ★★★★★ | Google Play app reviews: 3.8/5 stars based on over 37,394 reviews, as of November 2024 Apple App Store app reviews: 4.8/5 stars based on over 345,389 reviews, as of November 2024 |
| IRA match | ★★★★★ | Offers a match on ACH contributions and 401(k) rollovers of $20,000 or more, but no match on IRA transfers. |
To learn how our star ratings are calculated, read our methodology.
SoFi IRAs are best for beginners
SoFi’s IRAs are designed with beginners and passive investors in mind, providing complimentary financial advice coupled with low-cost, uncomplicated access to the market. Its mobile app is straightforward to navigate, investing is effortless and SoFi support is a live chat away for any help.
Invest on your own or get financial and investment advice from SoFi’s team of financial planners at no additional cost. You can also automate your portfolios with SoFi’s robo-advisor for a 0.25% annual fee.
What we like about the SoFi IRA
SoFi’s IRAs stand out with features like low trading costs, access to both human and robo-advisory services, a 1% IRA contribution match and the option to invest in alternative assets.
Invest with fewer costs
Trade stocks, exchange-traded funds (ETFs), mutual funds and alternative asset interval funds no-fee commission within a SoFi IRA. No maintenance fees, minimum contributions or minimal balances either.
Advisory services at no additional cost
Get complimentary advice from a financial planner to understand your financial situation, set goals and build a strategy — a service that can cost hundreds to several thousand dollars elsewhere.
Additionally, get an automated, goal-based portfolio of low-cost ETFs, with no advisory fees and no minimum investment requirements.
Get a 1% IRA match
Get a 1% match from SoFi on ACH contributions to your active or automated IRA, up to the annual contribution limits, as well as on 401(k) rollovers of $20,000 or more. SoFi is one of just a few brokers in the industry to offer an IRA contribution match.
SoFi’s match program has the following requirements:
- Eligible accounts include Automated IRA, Automated Roth IRA, Active IRA and Active Roth IRA.
- Maintain the deposit in the IRA for two years following the close of the offer period.
- SoFi will pay the bonus within 30 days of the last day of the month in which the contributions settle in your account.
Diversify with alternative assets
Diversify your retirement portfolio beyond traditional investments like stocks, ETFs and mutual funds with SoFi’s collection of alternative asset funds.
Trade interval funds that include commodities, private credit, real estate and more. Available funds include:
- ARK Invest, ARK Venture Fund
- Carlyle, Carlyle Tactical Private Credit Fund
- KKR, KKR Credit Opportunities Portfolio
- Clarion Partners, Clarion Partners Real Estate Income Fund
- Franklin Templeton, Franklin BSP Private Credit Fund
Beginner-friendly investing platform
Between its user-friendly interface, educational resources and no-fee commission trading, SoFi Invest is among the most beginner-friendly platforms out there.
These are some of the tools you’ll be able to view and use through SoFi:
- SoFi’s IPO investing feature
- Market comparison
- Stock watchlist
- Collections of theme-based investments
- SoFi’s Popular Investors, which are the most-followed investors on the platform
- Popular and trending stocks
- A list of SoFi’s fund family ETFs
- SoFi Learn
Where SoFi’s IRA falls short
While SoFi’s IRAs offer many appealing features, there are a few areas where they may fall short for certain investors.
No options trading
SoFi offers no-fee commission options trading with no per-contract fees in its taxable brokerage accounts but not its IRAs.
Limited research and analysis tools
You won’t find advanced charts, analyst price targets or ratings, research reports or in-depth company financials.
SoFi IRA fees
| Type of fee | Fee details |
|---|---|
| Minimum deposit to open | $0 |
| Minimum investment | $5 |
| Annual fee | $0 |
| Stock commissions | $0 |
| Mutual fund commissions | $0 (other fund fees may apply) |
| Interval fund commissions | $0 (other fund fees may apply) |
| Account transfer fee | $75 |
| Wire transfer out | $25 |
| IPO fee | $50 for the first sale of a stock obtained through an IPO within 120 days of IPO; $5 for each subsequent sale within the first 120 days |
| IRA closing fee | $20 |
| Inactivity fee | $25 per account for every 6 months of inactivity |
Is SoFi legit?
Yes, SoFi is a legitimate company and broker. Founded in 2011, SoFi today has over 4 million members. It’s funded more than $50 billion in loans and also received regulatory approval in early 2022 to become a national bank. SoFi is now the official banking partner of the NBA.(1) As a member of the SIPC, customer accounts are secured up to $500,000, including a $250,000 limit for cash claims, in the event of SoFi’s insolvency.
In terms of security, SoFi’s platform is considered safe and secure. SoFi employs two-factor authentication and 24/7 account monitoring, and its systems and security controls are regularly reviewed by third parties against security standards such as SSAE18 SOC2 and PCI DSS. SoFi also notes that “rigorous third-party penetration testing” is done at least annually.
SoFi reviews and customer experience
While there are no customer reviews across the Better Business Bureau (BBB) and Trustpilot that specifically call out SoFi Invest, SoFi as a whole has mostly positive reviews. It’s not accredited by the BBB, meaning it doesn’t meet, commit to and maintain the BBB’s accreditation standards, but it does hold an A+ rating. SoFi earns 1.37 out of 5 stars based on over 350 reviews. However, it earns a 4.4 out of 5 stars based on over 8,900 reviews on Trustpilot as of November 2024.
Many reviews across both sites praise SoFi’s reliability, ease of use and customer service. However, some negative reviews mention issues with account access, loan processing times and occasional technical glitches.
Compare SoFi to other platforms
Compare similar platforms by available asset types, trade fees and minimum deposit requirements. Select Go to site to sign up for an account.
SoFi IRA
★★★★★
Finder rating 4.1 / 5
Available asset types
Stocks, ETFs
Annual fee
$0 per month
Minimum deposit
$0
IRA match
1%
Tastytrade IRA
★★★★★
Finder rating 4.3 / 5
Available asset types
Stocks, Options, ETFs, Futures
Annual fee
$0 per year
Minimum deposit
$0
IRA match
N/A
Robinhood Retirement
★★★★★
Finder rating 4.4 / 5
Available asset types
Stocks, Options, ETFs
Annual fee
$0 per month
Minimum deposit
$0
IRA match
Up to 3%
Paid non-client promotion. Finder does not invest money with providers on this page. If a brand is a referral partner, we're paid when you click or tap through to, open an account with or provide your contact information to the provider. Partnerships are not a recommendation for you to invest with any one company. Learn more about how we make money.
Finder is not an advisor or brokerage service. Information on this page is for educational purposes only and not a recommendation to invest with any one company, trade specific stocks or fund specific investments. All editorial opinions are our own.
Frequently asked questions
Can you withdraw money from a SoFi Roth IRA?
You can withdraw your SoFi Roth IRA contributions at any time without taxes or penalties since you’ve already paid taxes on this money. However, any earnings you withdraw before age 59 and a half can incur a 10% penalty and income taxes.
Does SoFi offer other financial products?
Yes, SoFi offers a number of financial products to its customers, including SoFi personal loans, SoFi checking and savings accounts, mortgages and more.
How we rate online broker IRAs
★★★★★ 5/5 — Excellent
★★★★★ 4/5 — Good
★★★★★ 3/5 — Average
★★★★★ 2/5 — Subpar
★★★★★ 1/5 — Poor
For a complete breakdown of how we score each category, read the full methodology of how we rate online broker IRAs.
Your reviews
Matt Finder
Editor, Investments
Hi there, looking for more information? Ask us a question.
You are about to post a question on finder.com:
- Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
- finder.com is a financial comparison and information service, not a bank or product provider
- We cannot provide you with personal advice or recommendations
- Your answer might already be waiting – check previous questions below to see if yours has already been asked
Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our finder.com Terms of Use and Privacy and Cookies Policy.
This site is protected by reCAPTCHA and the Privacy Policy and Terms of Service apply.