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SoFi

SoFi's remarkable journey in 2023 sets it apart as the deserving winner of Best of Apps' Finance App of the Year for 2024. The app's impressive growth trajectory is not just in numbers but in the value it offers to its users, making it a frontrunner in the world of finance apps.  A key aspect of SoFi's success has been its significant growth in both member count and deposits. In 2023, SoFi's deposits swelled by 23% (Q3 vs Q2 '23), reaching a staggering $15.7 billion (at the end of the third quarter 2023). This growth isn't just a testament to the app's popularity; it reflects a deepening trust that users place in SoFi as a financial partner. The surge in deposits can be attributed to the attractive interest rates offered by SoFi, with APY rates reaching as high as 4.6%. Such rates are not just numbers on a screen; they represent tangible value for users looking to maximize their savings and financial gains.  The revival of the student loan market presents another area where SoFi shines. With the Supreme Court striking down attempts at extending loan forgiveness, SoFi has seized this opportunity to offer competitive refinancing options. This move is particularly significant as it directly addresses a major financial concern for millions of Americans, offering them a viable path to manage and reduce their student debt more effectively.  Traditionally, SoFi's main business model revolved around student loan refinancing, which experienced a significant pause due to the government's payment pause on federal student loans. This pause, initiated as a response to the economic impacts of the COVID-19 pandemic, temporarily shifted the landscape of the student loan industry, impacting companies like SoFi that specialized in this area. However, with the recent developments and the Supreme Court's decision, SoFi has adeptly pivoted back to its foundational services. The company's ability to navigate these changes and re-engage with its core business of student loan refinancing demonstrates its resilience and adaptability in the face of sector-wide challenges. This return to its roots not only marks a revival for SoFi but also provides a much-needed service for borrowers seeking to manage their student debts more efficiently in the post-pandemic era.  Additionally, SoFi's continuous improvement in its user interface (UI) and user experience (UX), particularly in SoFi Invest, demonstrates its commitment to staying ahead of the curve. The app's swift incorporation of Bitcoin ETFs and efforts to provide users with early access to IPOs is a clear indication of its proactive approach. Such features not only enhance the user experience but also empower users with more investment options and opportunities.  In conclusion, SoFi's remarkable growth in membership and deposits, its competitive APY rates, the revival of its student loan business and its continuous improvements in UI/UX collectively earn it the title of Best of Apps' Finance App of the Year 2024. This accolade is a recognition of SoFi's commitment to innovation, user empowerment and financial inclusivity, making it a go-to app for a diverse range of financial needs and goals.

Finance App Runner-Ups 2024

In closing, this exploration of the top finance apps for 2024, spearheaded by SoFi as our Finance App of the Year, reveals a vibrant and innovative financial tech landscape. SoFi's ascension is marked by its substantial growth, attractive interest rates and its strategic pivot back to its core of student loan refinancing, all underpinned by a steadfast commitment to improving user experience. This reflects a broader trend in the financial app sector, where the focus is increasingly on empowering users with tools that are not only functional but also educational and intuitive.  The runner-ups, each with their unique offerings, further enrich this landscape. From YNAB's rigorous budgeting system to Robinhood's truly incredible investment platform, Acorns' innovative micro-investing approach and Empower's all-encompassing financial dashboard, these apps demonstrate the diverse ways technology can cater to various financial needs and goals. As we step into 2024, it's evident that the world of finance apps is not just about managing money; it's about fostering financial empowerment and literacy, ensuring that the path to financial well-being is accessible and navigable for everyone. This year promises to be a defining one for personal finance management, a journey made easier and more rewarding with these innovative financial tools.

Discover SoFi's rise as the top finance app of 2024.

Best Finance Apps 2024: SoFi Leads the Pack

Explore 2024's best finance apps: SoFi leads with AI innovation, student loan solutions and investment opportunities. Stay ahead financially.

The Best Finance App for 2024: SoFi | Best of Apps

SoFi dominates 2024's finance app scene with AI, loan solutions and investments. Discover YNAB, Robinhood and Acorns too!

2024 Top Finance Apps: SoFi, YNAB, Robinhood & More

So Fi

Alexander Reed has always been drawn to cybersecurity and data and made his living out of writing about these topics. His favorite apps are Robinhood and Otter AI.