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Public vs SoFi for app-first investors in 2026

Nicolas StrautBy Nicolas StrautLast updated 7 min read
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Key takeaways

  • IRAs held $19.9 trillion in assets at the end of the second quarter of 2026, up 9.2% from the first quarter.1
  • When choosing between Public and SoFi, start with where your idle cash will sit and whether you might move the account later, before you compare features.
  • Public is the stronger fit for a bond, Treasury, or cash-heavy investor, while SoFi fits a saver who already banks with SoFi or wants mutual funds. Both pay a 1% IRA match.
In this article

Public vs SoFi is closer than most broker pairs, because both pay a 1% match on IRA contributions and charge no commission on stocks and ETFs. The difference comes down to cash and transfer-out costs: Public publishes a 3.30% APY on uninvested cash, while SoFi does not publish its brokerage sweep rate at all.2 Public is an app built around stocks, ETFs, bonds, Treasuries, and a high-yield cash account, while SoFi is a bank whose investing tab sits next to checking, savings, and loans. This guide compares Public and SoFi across options costs, bonds and funds, idle cash, and the cost of moving money.

Public vs SoFi at a glance

Public vs SoFi ties on stock and ETF trades and on the size of the IRA match. Public's rows were read on its own pages and fee schedule on October 6. SoFi's rows were re-checked the same day, except SoFi's fund fees and fractional-share minimum, which date from a September 9 read.

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PublicSoFi Active Investing
Stock and ETF commissions$0$0
Options$0 per contract on stock and ETF options, plus a $0.06 to $0.18 rebate$0 commission and $0 per contract
Bonds and TreasuriesBonds and Treasuries in fractional amountsNot listed
Mutual fundsNot among the products Public listsOffered; 0.2% capped at $20, 2% on interval funds
Fractional sharesStocks and bondsStocks, from $5
IRA match1% on contributions and IRA transfers, 5-year hold; 4% on contributions with Reserve1% on contributions and rollovers through SoFi, 5-year hold
Uninvested cash3.30% APY; 3.75% with ReserveSweep rate not published
Paid tierPublic Reserve, $20 a monthSoFi Plus, $10 a month
Fee to transfer out$100 outgoing ACAT$100, full or partial

What is Public?

Public is an app-first brokerage, run by Open to the Public Investing, Inc., that charges no commission on stocks, ETFs, options, or crypto. Public keeps bonds, Treasuries, and a high-yield cash account in the same app. Public says it takes no payment for order flow on standard equity trades. Options are the exception, since Public runs a rebate program funded by that kind of order flow.

Public's IRA has paid a 1% match on annual contributions since March 24, 2025. Since September 14, 2026, Public also pays 1% on IRA transfers and taxable ACATS transfers. The Public review covers its fees, its crypto custody through Zero Hash, and its app ratings. Public's sign-up offer for new accounts is in the Public referral code guide.

What is SoFi Active Investing?

SoFi Active Investing is the self-directed brokerage inside the SoFi app, held through SoFi Securities LLC and cleared by Apex Clearing. SoFi Active Investing charges $0 commissions on stocks, ETFs, and options with no per-contract fee. Crypto runs through SoFi Bank instead.

SoFi is a bank first, and the brokerage is built to keep your money inside the app. This is why the transfer-out costs deserve as much attention as the sign-up offers. The SoFi Active Investing review covers every SoFi fee.

Public vs SoFi features compared

Each comparison below opens with the side that wins it. Two $0 commission schedules and two 1% matches tell you nothing about which account costs less once you add options, bonds, idle cash, and the fee to transfer the account out.

Options trading costs

Options traders come out slightly ahead at Public, which charges $0 per contract on stock and ETF options and pays back $0.06 to $0.18 per contract through its Options Rebate Program. SoFi charges nothing in commission and nothing per contract, with Level 1 and Level 2 strategies available in IRAs too. Both brokers charge $0 per contract, so Public's rebate decides which one costs less.

Bonds, Treasuries, and mutual funds

Bond and Treasury buyers get far more at Public, which sells both in fractional amounts. SoFi lists no individual bonds or CDs. Mutual funds are the reverse: SoFi offers them, at 0.2% capped at $20 on most outside funds, while Public lists none.

Interest on uninvested cash

Idle cash earns a stated rate at Public, 3.30% APY with no fees. Public's partner-bank network extends FDIC coverage to $5 million in aggregate. SoFi sweeps brokerage cash to program banks at a rate that SoFi says can change daily without notice. SoFi does not publish that rate on the page. SoFi's bank tab pays its own rate, but the bank account is separate from the brokerage and is a separate decision.

Transfers and account upkeep

Moving money in costs less at SoFi, which reimburses up to $75 of your old broker's fee on incoming transfers of $5,000 or more. Leaving SoFi costs $100 per outgoing transfer, full or partial.3 Public charges the same $100 for an outgoing ACAT. Both brokers take back matched IRA money moved out within five years, so neither broker lets you transfer out for free.

Public vs SoFi costs for three kinds of investor

The tables below price a year using only figures each company publishes. Where a page leaves a number out, the table says so.

A saver with $10,000 in cash

A saver with $10,000 sitting in the brokerage earns a known $330 a year at Public, if the rate holds. At SoFi, the interest can't be calculated, because SoFi doesn't publish the sweep rate.

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$10,000 of uninvested cash for a yearPublicSoFi brokerage sweep
Rate3.30% APYNot published
Approximate interest$330Cannot be calculated from SoFi's page

A saver weighing a paid tier

SoFi Plus pays a 1% match on cash deposits into taxable Invest accounts, held 5 years. SoFi Plus pays for itself only once deposits reach $1,000 a month. Public Reserve costs $240 a year for a 4% IRA contribution match instead of 1%, plus 3.75% on cash. On the match alone, Reserve breaks even at $8,000 of contributions, which is more than savers under 50 can contribute. The table counts only the extra match each tier adds, not Reserve's cash rate.

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Paid tier and scenarioExtra match per yearCost per yearNet
SoFi Plus, $500 a month into taxable$60$120−$60
SoFi Plus, $1,000 a month into taxable$120$120$0
SoFi Plus, $2,000 a month into taxable$240$120$120
Public Reserve, $7,500 IRA contribution$225$240−$15
Public Reserve, $8,600 IRA contribution$258$240$18

A saver rolling over an old 401(k)

A saver rolling over an old workplace plan gets a 1% SoFi match with no cap, as long as the rollover goes through SoFi's own flow. Public's uncapped 1% match covers IRA transfers and ACATS transfers made since September 14, 2026, with a 5-year hold. Tweed's check didn't confirm that a direct 401(k) rollover qualifies, so the Public column assumes the money arrives as an IRA transfer.

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Amount movedSoFi match through its rollover flowPublic, as an IRA transfer
$50,000$500$500
$150,000$1,500$1,500

Public vs SoFi for a Roth IRA

A Roth IRA earns the same 1% match on contributions at Public and at SoFi, so a maxed account gets the same dollars at either broker unless you pay for Public Reserve's 4%.4 Both require matched money to stay 5 years, and SoFi excludes SEP IRAs. As of October 6, 2026, Public's offer reads "Earn a 1% match on your annual contributions," and neither broker states an end date for its match.

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Maxing a Roth IRA for 2026ContributionPublic match per yearSoFi match per yearEither, over 5 years
Under age 50$7,500$75$75$375
Age 50 and up$8,600$86$86$430

The 2026 limits come from the IRS, and the five-year column assumes the limits stay at the 2026 amounts.5 TheSoFi IRA review covers SoFi's match rules in full, and thebest Roth IRA accounts list compares providers that pay a match with providers that pay none.

Should you choose Public or SoFi?

The choice between Public and SoFi depends on cash, bonds, and options, not on the match, because the 1% match on contributions is identical. The differences you'll notice each year are the rate on idle cash, the price of an options contract, and the fee to transfer out. If a third app is in the running,Public vs Robinhood, SoFi vs Robinhood, andWebull vs Public cover those pairings.

Choose Public if

  • You keep cash in the brokerage and want a published APY on it
  • You buy bonds or Treasuries, including fractional amounts
  • You trade options and want a per-contract rebate

Choose SoFi if

  • You want mutual funds in the same app as your bank account
  • You already bank with SoFi and want investing on the same screen
  • You plan to roll over a workplace plan and want the uncapped match

Price your own year before you open an account

Run the Tweed retirement calculator with your real contribution plus the 1% match, since the match is the same at both brokers. The difference between Public and SoFi is in cash and transfer-out costs. If you want a full-service broker as the benchmark,Fidelity vs Public compares Public with a full-service broker.

If Public fits, open a Public account; if SoFi fits, open a SoFi Invest account.

Frequently asked questions about Public vs SoFi

Is Public app safe?

Yes, the Public app is safe from a broker failure. Its broker-dealer, Open to the Public Investing, Inc., is registered with the SEC and FINRA and is a SIPC member. SIPC protects up to $500,000 of securities, including $250,000 in claims for cash. Crypto, held by Zero Hash, has no SIPC protection.

Is Public a good brokerage?

Yes, Public is a good brokerage by the measure of its own users, who rated the app above 4 out of 5 on both app stores in Tweed's August check. Public's Trustpilot score is far lower but is based on about two dozen reviews. It suits an investor who wants bonds and Treasuries next to stocks.

Does SoFi give you free money for signing up?

Yes, SoFi gives new Active Investing customers a chance at a cash prize for signing up. As of October 6, 2026, its official rules offer up to $1,000, or $2,000 with SoFi Plus, after you fund $50 within 45 days, with no end date stated. The top prize odds are 0.028%, and most people get $5.

Is SoFi a good way to buy stocks?

Yes, SoFi is a good way to buy stocks for a beginner, since it has no account minimum, charges no commission, and sells fractional shares from $5. NerdWallet and Motley Fool both describe its research and charting as light, so an investor who studies charts before every trade may outgrow SoFi.

Is Public com FDIC insured?

Yes, cash in Public's high-yield cash account is FDIC insured through a network of partner banks, up to $5 million in aggregate. Securities are not FDIC insured; they carry SIPC protection instead. SoFi works the same way, sweeping uninvested brokerage cash to program banks with FDIC coverage at each bank.

How does Fidelity compare with Public and SoFi?

Fidelity differs from Public and SoFi mainly on the match and the fee to transfer out. Fidelity pays no IRA match, but it charges nothing to transfer out and offers ZERO index funds at a 0% expense ratio. Public and SoFi both pay a match and both charge $100 to transfer out. The choice is between a match and the freedom to move the account for free.

Can you have a Roth IRA at Public and SoFi?

Yes, you can have a Roth IRA at both Public and SoFi, and each pays its 1% match on what you contribute there. The IRS limit covers all your IRAs combined, though. Splitting one year's contribution between the two earns the same total match as putting it all in one account.

Sources

  1. https://www.ici.org/statistical-report/ret_26_q2
  2. https://public.com/ira
  3. https://support.sofi.com/hc/en-us/articles/360044740731-Is-there-a-charge-for-an-ACAT-transfer-Does-SoFi-reimburse-other-fees
  4. https://www.sofi.com/invest/ira/
  5. https://www.irs.gov/newsroom/401k-limit-increases-to-24500-for-2026-ira-limit-increases-to-7500
Nicolas Straut
Nicolas Straut

Personal finance writer, former Forbes contributor and This Week in Fintech writer. He isn't a financial advisor or a CPA.

nicstraut.com

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