Reviewed by
Stang Gappa
Reviewed by
Stang Gappa
Updated on May 29, 2024
Learn about our Editorial Process
Fidelity offers a self-directed IRA at the largest provider of retirement accounts in the US with helpful customer support.
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.
Fidelity offers a wide selection of low-cost investment options on an ultra-user-friendly online platform. They offer a variety of low-fee transactions including no-fee stock and ETF trades online, making them a good choice for cost-conscious investors. Fidelity equips customers with access to research that, while not as detailed as some competitors, is enough to help investors make educated investment decisions regarding retirement planning.
With $7.8 trillion in assets under management (AUM), Fidelity is the largest provider of retirement savings accounts in the US. Their size has allowed them to build a product that serves the needs of most Americans and has allowed them to build one of the best-tested and most user-friendly trading platforms available.
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.
As one of the largest brokers in the country, Fidelity offers a wide selection of investments including annuities and 529 plans. In addition, investing at Fidelity means you may be eligible for other benefits, such as a Fidelity Rewards Signature Visa card. The Signature Visa card comes with a $0 annual fee and can help you earn up to 2% cash back, which can be deposited into an eligible Fidelity investment account (including IRAs!).
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.
Fidelity is a good option for many investors. Their platform is easy to use and offers a wide selection of low-cost investment options. It’s also an easy option if you’re looking to perform a 401(k) rollover. As with most self-serve investment accounts, it’s important for investors to check their accounts regularly to ensure their retirement portfolio still meets their needs.
If you’re looking to fund your new Fidelity 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) rollover in just a few minutes.
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.
