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Can You Open a SoFi Business Account? SoFi at Work Review

By Joe

SoFi Business Account SoFi at Work

So, you’re looking to open a business account…No doubt SoFi® has come up on your radar, especially if you already have a personal account with them. Maybe you’re launching a new company or you’ve been operating awhile and need financial products. 

Either way, you’re here because you wanna know what business services you can get. Well, SoFi® doesn’t offer traditional business checking or savings accounts, but they do have a cool product called SoFi at Work®. And, they offer business funding — Let’s talk about both. 

This is what’s in store: 

  • What is SoFi®?
    • Company Overview
  • SoFi at Work® Features
    • 1. Student Loan Verification & Repayment
    • 2. 529 College Savings Program
    • 3. Emergency Vault™ Savings
    • 4. Education Assistance Benefits
  • SoFi® Small Business Funding
    • Application Requirements
  • Frequently Asked Questions?
  • Final Takeaway

Now, let’s get poppin! 

What is SoFi®? 

SoFi business account

SoFi® is a bank known for its personal checking, savings, and loans. With personal loans ranging from $5,000 to $100,000 and fixed rates from 8.99% APR to 29.49% APR, members can consolidate high-rate debt or fund projects. But, the institution offers a much wider variety of financial products.

SoFi® personal loans come with no fees—no origination fees, late fees, or prepayment penalties—and flexible repayment terms from 2 to 7 years. Plus, with options for student loan refinancing, private student loans, mortgages, investments, insurance, and more, SoFi® provides broad solutions to meet a spectrum of financial needs. 

Today, we’re going to focus on their business offers: SoFi at Work® and small business funding.  

You might also like: An Unbiased LendingClub Review for Borrowers and Investors 

Company Overview

SoFi business account review

Before we explore how you can leverage SoFi® as a business owner. Let’s learn a bit more about the company itself. 

SoFi®, aka Social Finance, Inc., is a San Francisco-based, public, for-profit company with headquarters scattered across the U.S. The company was founded in 2011 by Mike Cagney, Dan Macklin, James Finnigan, and Ian Brady. At the time, these guys were graduate students at Stanford. 

The current CEO of SoFi® is Anthony Noto, who served as the Chief Operations Officer of Twitter until 2018. Before that, he was the Co-Head of Global TMT Investment Banking at Goldman Sachs—The man is experienced in the right ways. 

Is SoFi a real bank account?

According to Glassdoor, a majority of employees are satisfied with the company. 62% of employees would recommend them to a friend, and 77% approve of Noto as the CEO. While this isn’t the most enthusiastic rating I’ve seen on Glassdoor, at 3.6 stars, the team seems to have a generally positive experience in-house…this says a lot.

How credible is SoFi?

SoFi® is verified with a 4.6-star rating on Trustpilot, which is impressive for a financial offer. 82% of the more than 8,104 reviewers give the bank 5 stars. According to this, account holders are even more satisfied with the platform than staff, which is everything. 

Open a sofi business account

Some loyal members will go so far as to say the only people leaving negative reviews of SoFi® are those who may be doing shady trade with their account. But, one legitimate potential downside is that it’s an online-only bank, which usually infers limits on cash deposits. In sum, even Redditors have nice things to say. 

sofi business account reddit

Now, depending on how ethically-conscious you are, you may want to know that SoFi® filed a lawsuit against the Department of Education in March 2023. According to NASFAA, Their stance was that the Biden administration’s extended pause on student loan repayment was unlawful and caused harm to their business. However, they withdrew the lawsuit when the bipartisan ceiling debt deal was signed into place and a clear timeline for payment reopening was presented.  

All in all, I think SoFi® appears to be a great bank for personal financial products. But, I always recommend you do your due diligence before you sign-on to any offer. Now, let’s explore exactly what they can offer small business owners. 

You might also like: Here’s How to [Actually] Get Business Credit With Just an EIN +More Options 

SoFi at Work® Features

SoFi business account login

Again, SoFi® doesn’t offer business checking or savings accounts (yet). However, this may change in the future—one Reddit moderator for the company said that business banking is a common request and insinuated that the company might be mulling over the idea…But, they do offer something called SoFi at Work®. 

Is SoFi financially stable?

In a nutshell, SoFi at Work® is an employee benefits platform from SoFi®. 

As a business owner, SoFi at Work®  can be a valuable resource for your employees’ financial well-being. With this program, you can provide a range of perks to support your team in managing their finances. 

For starters, your employees can access various financial products like: 

  • 529 college savings 
  • Emergency savings 
  • Retirement products
  • Student loans 
  • Personal loans
  • Home loans

Moreover, SoFi at Work®, offers financial education resources and access to financial planners, giving your employees the tools they need to achieve financial freedom and reduce stress. The program also includes contribution benefits like student loan and 529 contributions, which can serve as attractive incentives.

And, they do it all in one dashboard — you can make it easier for your staff to save for education, plan for retirement, get financing, or prepare for unexpected expenses. 

By offering financial benefits, you can demonstrate your commitment to supporting your employees’ financial well-being, which can lead to workplace satisfaction and loyalty within your team. 

You might also like: Gusto Review: Let’s Really Evaluate This Famed Payroll Platform 

1. Student Loan Verification & Repayment

Sofi business account benefits

In mid 2023, SoFi at Work® rolled out a cool new thing called Student Loan Verification (SLV) to help you and your employees tackle student loan debt while still saving up for retirement. Basically, Congress passed SECURE 2.0 in 2022, which lets employers match student loan payments with contributions to retirement plans. 

So, SLV makes it super easy for you to link up those matching contributions with your employees’ loan repayments. It’s all about dealing with the impact of student loan debt on retirement savings, which has been a big issue lately. 

By teaming up with financial groups and record keepers, SoFi at Work® handles the nitty-gritty to make sure eligible loan payments are verified and retirement contributions are sorted. 

You might also like: Is the National Debt Relief Program Legit? The Honest Answer 

2. 529 College Savings Program  

Sofi business account opening

The SoFi at Work 529 College Savings Program offers a tax-advantaged investment opportunity for employees, demonstrating your commitment to supporting their families’ financial futures—By investing in a 529 plan, staff can potentially see greater gains over time while enjoying the benefit of federal tax-free earnings. 

The program provides a low-cost and hassle-free way for employees to save, with automatic payroll deductions and no extra administrative burden for you as the employer. With SoFi at Work handling the setup and management, including plan design and reporting, your team can easily link and contribute to existing 529 plans. 

You might also like: How to Raise Money for Real Estate Investment: A Beginner’s Guide 

3. Emergency Vault™ Savings 

sofi business savings account interest rate

The SoFi at Work® Emergency Vault™ is a comprehensive emergency savings program designed to alleviate financial stress for both you and your employees. It provides powerful financial tools, knowledge, and support to help employees build emergency savings effectively. 

With easy setup, automated processes, and stress-free administration managed by SoFi at Work, the Emergency Vault ensures a resilient workforce with reduced financial stress and improved mental well-being. Additionally, the program includes activity reporting for program evaluation and active engagement to enhance employee benefit awareness. 

4. Education Assistance Benefits

Sofi business savings account

The education assistance benefits platform by SoFi at Work ® offers a comprehensive solution for employers who want to support their employees’ educational needs. This platform consolidates various educational benefit and contribution programs into one user-friendly interface—this grants streamlined access for both employers and employees. 

With a focus on speed, cost-effectiveness, and compliance, the platform offers: 

  • End-to-end education assistance
  • Digital plan design
    Account administration

You can leverage SoFi at Work® to provide low-cost solutions for funding student debt, tuition expenses, and future education investments. 

SoFi® Small Business Funding 

sofi business account fees

As a small business owner, SoFi’s® small business loans marketplace offers you a streamlined and efficient way to access the capital you might need to grow your business—You can easily see personalized loan offers without worrying about impacting your credit score, which allows you to explore your options freely. 

They provide convenient access to loans up to $2 million with same-day approval potential.  Terms and fees will vary based on the lender(s) you’re matched with. 

Business loan offers include: 

  • Equipment loans
  • Working capital
  • Payroll financing
  • Startup financing
  • Expansion loans 

With this type of loan, you typically pay a factor rate in place of an interest rate – these loans are typically much more expensive than traditional business loans in the long run. 

However, they are convenient. You can sometimes pay back factored loans as a percentage of daily sales. 

You might also like: No-Doc Business Loans: Get Funds Without Proof of Income 

Application Requirements 

SoFi business account requirements

When you apply for a loan through the SoFi® marketplace, the platform will ask for some basic contact information before they prequalify you (which should have no impact on your credit score). 

There will be a soft pull to your personal credit report during the application process. SoFi doesn’t seem to check business credit. 

Gather the following info before you apply: 

  • Name, address and contact info
  • Business name, address, and info
  • Type of business (sole proprietorship, LLC, etc.)
  • Business industry info
  • Credit score range

You will need to provide permission for access to your credit report, but this should be a soft pull. Once you’re matched with a lender, you’ll still have to apply (think of Credit Karma’s® referral program, but with business loan offers). And, this is when your actual FICO credit score will likely be pulled.   

You might also like: A Deep-Dive National Funding Review: Should You Accept an Offer? 

Frequently Asked Questions 

Is my money safe in SoFi Bank®?

Yes, your money is safe with SoFi Bank®—as safe as in any other bank. It’s FDIC-insured, offering protection for your deposits up to the maximum amount allowed by law.

What bank is SoFi® associated with?

SoFi® was granted a national bank charter by the Office of the Comptroller of the Currency (OCC) in January 2022. In February 2022, SoFi® acquired Golden Pacific Bancorp, the parent company of Golden Pacific Bank®.

Does SoFi® have a business account?

Yes, SoFi offers business accounts tailored for small business owners via SoFi at Work® (an employee benefits platform) and their business funding platform, Relay.™ They do not offer business checking or savings accounts. 

What is the downside of SoFi®?

While SoFi® offers competitive rates and features, it may have a narrower range of products compared to traditional banks, and eligibility requirements for some services can be stricter. Plus, they currently have no business banking. 

Does SoFi® have a business card?

No, SoFi® does not have a business credit card. They do provide a personal credit card with cashback and travel rewards, no annual fees, and expense tracking tools.

Final Takeaway

While SoFi doesn’t offer traditional business checking or savings accounts, it provides financial products for business owners through SoFi at Work® and its small business funding platform. 

SoFi at Work® offers a range of financial products and educational resources to support employee financial well-being. It could be pretty cool for the right company. 

The small business funding platform provides streamlined access to loans of up to $2 million with possible same-day approval. However, the loans are likely to come with factor rates instead of interest rates, which can make them more expensive in the long run. 

While SoFi® may have a narrower range of products compared to traditional banks, its innovative approach and generally high consumer opinion make me think the company is reliable overall. 

Ready to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

Should You Open a Navy Federal Credit Union Business Account?

By Joe

Navy Federal Credit Union Review

Navy Federal Credit Union Business Solutions Review

If you’ve been in the military or you have a family member or friend who has, you’ve presumably heard of Navy Federal Credit Union. And, you probably already know that it’s a great organization. But, did you know that you don’t have to be active in the military to become a member? And, did you know you can open a business account to leverage the perks for your company?

It’s true. There are quite a few benefits your business can take advantage of with Navy Federal. In this Navy Federal business account review, you’ll find a summary of them. Read on to decide if a Business Solutions account is right for you. 

What is the Navy Federal Credit Union? 

Navy Federal Credit Union is an NCUA-insured financial institution exclusively operated for the military and their families. To qualify for membership, you or one of your family or household members must have ties to the armed forces, DoD, or National Guard.

And, What are the Benefits of a Navy Federal Membership? 

The institution offers powerful financial products and services with low rates, fees, and charges as well as convenient banking and home buying. Members can take advantage of exclusive special offers and discounts from various partners. 

Here are the Navy Federal Credit Union’s exclusive member partners and programs. 

  • Visa – Access discounts of up to 15% for card use with select retailers.
  • Geico – Leverage member discounts on auto insurance. 
  • RealtyPlus – Receive $4K to $8K cashback on a home purchase. 
  • Enterprise Rent-A-Car – Get elite member discounts off everyday low rates.
  • Hertz Rent-A-Car – Save up to 20% off car rentals. 
  • Auto Buying Program – Experience a hassle-free vehicle purchase process and exclusive savings.

Furthermore, Navy Federal is a portfolio lender, which means that they lend their own money. Because they’ve cut out the middle man, they are able to offer lower rates on loans and lines of credit than most lenders. So, this is a valuable company for a small business in need of banking or lending to work with. 

What Financial Services Can You Access with a Navy Federal Business Account? 

Business Solutions by Navy Federal is centered on delivering the most beneficial financial tools and resources available to small business members. What products and services can you leverage to help you meet your company goals? 

The program for qualified members with military ties offers several financial services for small businesses including loans, lines of credit, checking, and savings accounts. Learn more about each of them below. 

Business Loans

Navy Federal Credit Union business loans can help you improve business cash flow. Leverage real estate, vehicle, and term loans with low rates and fees. 

Real estate loans taken from the credit union can help you purchase residential rental properties, commercial real estate, multi-family dwellings, or pay for a property renovation. Pay for a new purchase, refinance, or remodel an existing building. 

Loan to value on real estate loans through Navy Federal ranges from 65% (remodel) to 80% (new purchase). There are fixed and variable rate options. And, you’ll experience no prepayment penalties. 

Vehicle and term loans give you access to permanent working capital, equipment, company cars, heavy-duty trucks, and more. Purchase or refinance your auto or equipment. Loan to value on these loans is 75% and there are no prepayment penalties. 

Business Lines of Credit

Navy Federal business credit card can elevate your business’ purchasing power. Apply for a Visa™ or MasterCard™ and pay an APR as low as the prime rate +5.9% with no annual fee. Earn Business Rewards of one point per $1 spent and redeem them for airline tickets and more. 

Navy Federal Credit Union Business Solutions Credit Cards

Here’s a taste of what you can earn through Navy Federal’s Business Rewards card.

  • Redeem 5K points for a $50 BestBuy gift card. 
  • Redeem 10K points for $100 cashback. 
  • Redeem 15K points for a $150 round-trip airline ticket. 
  • Redeem 50K points for a $500 round-trip airline ticket. 

Plus, Navy Federal Credit Union business lines of credit come with no foreign transaction fees or earning cap. The cards are great for business travel expenses. 

Business Checking and Savings

Navy Federal Credit union business checking and accounts provide essential financial building blocks for your business. The best part is that all accounts earn dividends. 

Business checking accounts include the first 30 transactions for free. Each transaction thereafter will cost 25 cents. There is no monthly service fee. These accounts are recommended for new businesses and those with limited cash flow activity. 

Business Plus checking accounts include the first 50 transactions for free. And, like the standard business checking account, each transaction thereafter will cost 25 cents. There is an $8 monthly service fee. These accounts are recommended for growing businesses with steady banking activity. 

Business Premium checking accounts include the first 100 transactions for free. And, each transaction thereafter, as with the standard and Business Plus accounts, will cost 25 cents. The monthly service fee will range from $0 to $20. These accounts are recommended for mature businesses with large transaction volumes and high deposit values. 

Business savings accounts come in three options at Navy Federal. 

  1. Money market savings accounts
  2. Jumbo money market savings accounts
  3. Certificates

Minimum deposits range from $100 to $100K. Market savings accounts come with no term restrictions. And, these accounts will typically earn more than a traditional savings account. 

How do You Open a Navy Federal Business Solutions Account? 

If you think you meet the Navy Federal business account requirements (LLC, Sole Proprietors, and Corporations), here are the steps to take to leverage Business Solutions. 

  1. Check your eligibility. If you are a military service member, Department of Defense civilian, or spouse, parent, grandparent, sibling, child, or grandchild of one, you may qualify for Navy Federal membership. 
  2. Become a Navy Federal Credit Union member. Apply for membership online through the organization’s website. Or, if you are not the service member, you will need to go into a branch to sign up. 
  3. Enroll in digital banking. Once your application has been approved, enroll in personal digital banking. 
  4. Complete a Navy Federal Credit Union business account application. Fill out the appropriate documents and submit them online or call 1-877-418-1462 to apply over the phone. 

Once you’ve been approved by the organization for a business account, you can access all of the services listed above. 

Related Answers: 

Can a business join a credit union?

Yes. Many credit unions provide financial solutions for both personal and business members. 

Can you join Navy Federal if you were not in the military?

Yes. Navy Federal was designed for veterans and active military, but you can apply for a membership if you have direct ties to someone who has served.   

What do I need to open a bank account with Navy Federal?

To open a bank account with Navy Federal, you must become a Navy Federal Credit Union Member. To qualify, you or someone in your household must have ties to the military. 

Does Navy Federal give small business loans?

Yes. Navy Federal Credit Union has several types of small business loans and lines of credit to extend to Business Solutions account holders. 

Does Navy Federal offer business credit cards?

Yes. Navy Federal Credit Union has several types of credit lines and small business loans to extend to Business Solutions account holders. 

Does Navy Federal check your credit?

Yes. When you apply for a line of credit or loan through Navy Federal, like most lenders, they will run a credit check. The institution may sometimes extend a credit line to someone with little to no credit history. 

Does Navy Federal have a minimum balance?

Yes. Navy Federal has a minimum $5 savings balance for members with a checking account, IRA, ESA, or certificate and $50 minimum balance for members with a standalone savings account. 

Does Navy Federal have Zelle?

Yes. Navy Federal members have free access to Zelle, a way to easily send money between US banking accounts within minutes. 

How do you build business credit?

To build business credit, you must apply for and make responsible payments on lines of credit extended to your business using your EIN or DUNS™ number. Learn more about credit for business via Business Credit Workshop.  

Final Thoughts

Navy Federal is a fantastic financial institution that doesn’t cost an arm and a leg to leverage. When you need to leverage working capital solutions or you want to open an account to build your business credit, this is an excellent channel to do so, if you can qualify. For more credit boosting advice, sign up for our free secrets to get $100K in business credit in 30 days. 

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