SoFi Bank, National Association

logo for SoFi Bank, National Association
Headquarters

2750 E Cottonwood Pkwy
Cottonwood Heights, UT 84121
See all branch locations →

Notable Rates APY Vs.Others
Savings N.A. 5.55% →
1-Year CD N.A. 5.41% →
2-Year CD N.A. 4.95% →
5-Year CD N.A. 4.55% →
30-Year Mortgage N.A. 4.91% →
15-Year Mortgage N.A. 4.39% →
HELOC N.A. 0.99% →

2024 Overview

General Bank Information

SoFi Bank, National Association is an FDIC insured institution located in Cottonwood Heights, UT. It was founded in 1986 and has approximately $24.06 billion in assets. Customers can open an account at one of its 4 branches.

FDIC Insured Yes
FDIC Certificate # 26881
Date Established 1986
Assets $ 24.06 billion
Loans $ 19.76 billion
Deposits $ 18.88 billion
Capital $ 3.40 billion
 

For a more detailed analysis of SoFi Bank, National Association's financial condition and a description of what these numbers mean, please visit the Financial Details section.

Deposit Rates - June 24, 2024

Your Current Location: Virginia, VA 20146

Online Only Savings Rates of SoFi Bank

Online Savings Rates APY MIN MAX
Savings
4.60% $0 - Learn More

Bank Online Offers


Loan Rates - June 24, 2024

Your Current Location: Virginia, VA 20146

There are currently no loan rates available for SoFi Bank, National Association

Please contact the bank for questions about their loan products. In the meantime you may wish to consider these offerings:




Featured - Virginia 30 Year Fixed Mortgage Rates 2024

Lender APR Rate (%) Monthly
Payment
Learn More
PenFed Credit Union
NMLS ID: 401822
6.530% 6.375%
0.63 points
$5,200 fees
$1,997 Learn More
Mutual of Omaha Mortgage, Inc.
NMLS ID: 1025894
6.730% 6.625%
0.88 points
$3,474 fees
$2,049 Learn More
Rocket Mortgage
NMLS ID: 3030
7.076% 6.990%
0.88 points
$2,800 fees
$2,127 Learn More
FHAloans.com
NMLS ID: Not a Lender

points
fees
Learn More

Featured - Virginia Home Equity Line Of Credit Rates 2024

Lender APR (%)? Monthly Payment? Learn More
Third Federal Savings and Loan
Third Federal Savings and Loan
See Table
7.990 %
$0 Learn More
More Info

Note to SoFi Bank, National Association
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Branches

SoFi Bank, National Association branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.

Your Location:
Ashburn,Virginia


SoFi Bank, National Association Locations



Climate Policy and Initiatives

SoFi Bank, National Association is encouraged to provide us with this information. When we receive this information from the bank, we will provide it here.


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Financial Details

SoFi Bank, National Association Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of SoFi Bank, National Association. The data is provided by the FDIC. All banks listed on BestCashCow.com are FDIC-insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.

Texas Ratio
SoFi Bank, National Association U.S. Bank Average
0.79% 3.96%

The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its tangible common equity and its loan loss reserves. A lower Texas ratio indicates better coverage of problem loans. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bank has to absorb its loan losses.

As of December 31, 2024, SoFi Bank, National Association had $27,313,000 in non-current loans and $0 in owned real estate. To cover these potential losses it had $3,402,713,000 in equity and $54,695,000 in loans loss reserves. That gives it a Texas Ratio of 0.79%.

Return on Equity
SoFi Bank, National Association U.S. Bank Average
15.36% 12.20%

SoFi Bank, National Association has a Return on Equity of 15.36% versus the BestCashCow average of 12.20%. Return on equity measures how efficiently a bank is making money from its capital. A bank with a consistently high ROE can be considered well run. A bank with a consistently low ROE can be considered poorly run.

Capitalization
SoFi Bank, National Association U.S. Bank Average
14.14% 10.76%

SoFi Bank, National Association has a Capitalization of 14.14% versus the BestCashCow average of 10.76. Capitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. The higher the capitalization number the more secure a bank is considered.

SoFi Bank, National Association Balance Sheet Analysis

As of December 31, 2023, SoFi Bank, National Association had assets of $24,063,364,000, loans of $19,763,983,000, and deposits of $18,881,613,000. Long-term increases in deposits shows a bank's ability to raise funds to grow its loans and assets. Loan and asset growth may rise or fall depending on a bank's strategy for growth. Sharp rises and falls in assets, deposits, and loans can be problematic, indicating a loosening of lending standards, or financial distress leading to reduced lending. A big change in these figured can also be from a bank acquisition or merger.

Summary Balance Sheet

December 31, 2024
ASSETS
Cash & Balances due from depository institutions $ 3.05 billion
Interest-bearing balances $ 2.97 billion
Total securities $ 552.62 million
Federal funds sold and reverse repurchase N.A.
Net loans and leases $ 19.76 billion
Loan loss allowance $ 54.70 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned N.A.
Goodwill and other intangibles $ 86.22 million
All other assets $ 119.67 million
     Total Assets $ 20.66 billion
LIABILITIES
Total deposits $ 18.88 billion
      Interest-bearing deposits $ 18.82 billion
      Deposits held in domestic offices $ 18.88 billion
      % insured (estimated) 96.79%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities N.A.
Other borrowed funds $ 571.05 million
Subordinated debt N.A.
All other liabilities $ 130.08 million
      Total Liabilities $ 20.66 billion
      Shareholders’ Equity $ 3.40 billion

Summary Income Statement

December 31, 2024
INCOME AND EXPENSES
Total Interest Income $ 1,707.42 million
Total Interest Expense $ 587.88 million
Net interest income $ 1,119.54 million
Provision for loan and lease losses $ 54.95 million
Total non interest income $ 535.27 million
Total non interest expense $ 1,136.18 million
Pre-tax Net Operating Income $ 33.27 million

Bank Loan Profile?

The top three loan types in SoFi Bank, National Association’s loan portfolio are Credit Card Loans, Multifamily Mortgages, and Commercial Real Estate.

Compared to other banks, SoFi Bank, National Association’s loan portfolio does not show any specific loan specialty.

Note: Percentages may not sum to 100% due to rounding and double categorization of some loan types. All data from the FDIC. Additional information about this table.

%
Loans
%
Comparison to Other Banks
 Low   Med   High 
1-4 Family Residential Loans 0.13
Multifamily
Mortgages
0.19
Credit Card Loans 0.98
Consumer Auto Loans 0.00
Small Business Loans 0.05
Construction and Development Loans 0.01
Commercial Real Estate 0.14
Commercial and Industrial Loans 0.04
Farm Loans 0.00

Customer Reviews for SoFi Bank, National Association

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*Should any logos, images or public notes appear on this page,they do so courtesy of SoFi Bank, National Association and are not subject to approval of BestCashCow. BestCashCow expressly disclaims all responsibility for this content.