SoFi® Roth IRA review 2024: A 1% match and CFP access included

SoFi Invest IRA at a glance

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 automate your portfolios with SoFi’s no-advisory-fee robo-advisor and get unlimited financial and investment advice from SoFi’s team of financial planners at no additional cost.

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 commission-free 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 contribution match

Get a 1% match from SoFi on ACH contributions to your active or automated IRA, up to the annual contribution limits. 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:

• Match available until midnight of December 31, 2024.
• 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 commission-free 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 commission-free 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

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 1.49 out of 5 stars based on over 300 reviews. However, it earns a 4.5 out of five stars based on over 8,700 reviews on Trustpilot as of September 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 4.2 / 5

Go to site

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Available asset types

Stocks, ETFs

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Annual fee

$0 per month

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Minimum deposit

$0

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IRA match

1%

Tastytrade IRA

★★★★★

Finder rating 4.3 / 5

Go to site

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Available asset types

Stocks, Options, ETFs, Futures

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Annual fee

$0 per year

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Minimum deposit

$0

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IRA match

N/A

Acorns Later

★★★★★

Finder rating 4.2 / 5

Go to site

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Available asset types

ETFs

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Annual fee

$3 per month

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Minimum deposit

$0

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IRA match

1% or 3% depending on your subscription

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.