Reviewed by
Stang Gappa
Reviewed by
Stang Gappa
Updated on May 30, 2024
Learn about our Editorial Process
SoFi offers a self-directed IRA that lets you buy stocks and ETFs with no commissions and a free financial advisory service to help you meet financial goals.
TD Ameritrade offers a self-directed IRA as a well-balanced account as one of the larger providers of retirement accounts.
A SoFi Active Invest IRA is best for retirement savers who want an easy-to-use, low-cost platform that offers optional extras (like fractional shares and margin trading) that can help them go the extra mile once they get their feet wet.
The SoFi Invest platform offers a beginner-friendly interface for those just getting started on their journey, but it packs enough punch for more experienced investors to find what they’re looking for.
SoFi offers traditional IRAs, Roth IRAs, SEP IRAs and regular investment accounts, which offer not only stock trading but also access to ETFs, mutual funds, alternative funds, fractional shares, options and margin trading.
Crypto is also available, but not directly on the SoFi platform; the firm has partnered with partners like BitGo and Blockchain.com.
With its low costs, wide range of investment options, and free live advisory service, it’s a worthy match for plenty of investors. However, the SoFi platform doesn’t offer tax-loss harvesting, and uninvested cash sees no interest growth. Still, these are relatively minor drawbacks if you want to use SoFi as a one-stop shop for your financial needs.
TD Ameritrade was acquired by Charles Schwab in 2020. We also have a comprehensive review of Charles Schwab’s Self-Directed IRA.
Over time, SoFi has become something of a one-stop shop with its wide range of financial products ranging from student loans to mortgages to personal loans to a cash management account. These days, SoFi even offers a credit card as well as insurance products. The SoFi cash management savings account offers yields north of 4% APY, which is substantially higher than the national average, and members can access all of their accounts and products through the company’s easy-to-use mobile app or web interface.
TD Ameritrade was acquired by Charles Schwab in 2020. We also have a comprehensive review of Charles Schwab’s Self-Directed IRA.
For those looking for low costs, SoFi’s IRA offers a wealth of opportunity. If you’re looking to fund your new SoFi IRA with a 401(k) rollover, Capitalize can help. We’ve made it our mission to make this process easier for everyone. We can handle the entire process for you. Most of the process can be done online and our rollover experts will guide you through any of the manual parts. Get started with your 401(k) to IRA rollover in just a few minutes.
TD Ameritrade was acquired by Charles Schwab in 2020. We also have a comprehensive review of Charles Schwab’s Self-Directed IRA.
