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Schwab IRA vs SoFi Active IRA

Updated on May 30, 2024

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Charles Schwab is a great option if you want an easy-to-use, low-cost trading account from the broker that pioneered low-commission trades.

Consider SoFi if you want 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.

Find & move your old 401(k)s into your new IRA
Provider
Charles Schwab
Self-Directed IRA
SoFi
Self-Directed IRA
Best if you want
Charles Schwab
An easy-to-use, low-cost trading account from the broker that pioneered low-commission trades.
SoFi
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.
Fees
Charles Schwab
$0 online trades for stocks and exchange-traded funds (ETFs)
SoFi
Trade stocks and ETFs commission-free and pay no SoFi management fees on professionally managed portfolios. Other fees may apply.
What they invest in
Charles Schwab
Stocks & ETFs, Mutual Funds, Options, Futures, Bonds
SoFi
Individual stocks, ETFs, IPOs, and professionally managed portfolios
Limitations
Charles Schwab
Schwab does not offer direct investments in cryptocurrency.
SoFi
SoFi doesn’t allow you to trade options in IRAs, although options trading is allowed in taxable accounts. It also doesn’t offer advanced technical research capabilities.
Human advisor available?
Charles Schwab
Good: market data and some third-party research on stocks, mutual funds & markets (e.g. Morningstar, Credit Suisse, Argus).
SoFi
Limited: some market data but no third-party research.
Account minimums
Charles Schwab
$0
SoFi
$1
Ease of use
Charles Schwab
Star filledStar filledStar filledStar filledStar half
4.5 stars
SoFi
Star filledStar filledStar filledStar filledStar filled
5 stars
Rollover

Roll over your 401(k) into a Charles Schwab IRA

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Roll over your 401(k) into a SoFi IRA

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Find & move your old 401(k)s into your new IRA