SoFi Relay: Track all your money in one place, plus stay up to date with changes to your credit score

You've likely heard of SoFi before. The fintech company has stood out for offering a suite of financial products, from student loan refinancing, mortgages and personal loans, to credit cards, investing and banking.

SoFi customers are also known to get a series of perks: a 0.125% interest rate discount on other SoFi lending products like student loan refinancing and personal loans, access to exclusive events and experiences, as well as career services and financial advisors. One benefit that is a more recent addition is the company's SoFi® Relay tool.

With SoFi Relay, users can link external financial accounts to see all their money in one place, get a breakdown of their spending, plus have access to credit score monitoring at no cost. You can access SoFi Relay through the SoFi app. And, if this is your first time using the app, it'll give you access to a complimentary financial expert with whom you can discuss your plans and goals.

Below, Select reviews the SoFi Relay feature, which is part of the SoFi mobile app. We give you all the details on SoFi Relay's tools, perks, safety, pricing, availability and ratings so you can decide if it is right for managing your money.

• Tools
• Perks
• Safety
• Pricing
• Availability and ratings
• Bottom line

SoFi Relay allows you to link all your existing deposit accounts (think checking and savings), investment accounts and retirement accounts into a single mobile dashboard. This means that users can get a quick glimpse of their entire financial picture on just one page.

Sofi Relay helps you organize your spending by category and allows you to set monthly spending targets for yourself. It provides users a one-on-one talk with a financial planner that aims to make it easier to achieve your financial goals.

SoFi Relay also has a credit monitoring section where you can not only keep track of your credit score, but also find out how you can increase it. Users will see a complete history of their credit score, along with the factors that most impact their credit. To help you stay on top of your credit scores, SoFi Relay will send weekly updates regarding any changes.

A big plus of using SoFi Relay is having the ability to link to things beyond just deposit, investment or retirement accounts. Users can add their credit cards, loans and property, such as a home or a car they may own. For example, a car owner can put in the model and year of their car and SoFi Relay will calculate its value, which then appears on their dashboard. Having these assets and liabilities laid out in front of users gives them a better sense of their overall net worth.

SoFi, in general, provides many services: it will help users access unemployment protection, estate planning and college financing advice. For those who are searching for more resources to reach their financial goals, check out SoFi's educational blog SoFi Learn.

SoFi Relay is housed in the SoFi app. The SoFi app has two-factor authentication, so, in addition to a passcode, you'll need a security code, fingerprint recognition or Face ID to get into your account. 

Your data on the app is stored on SoFi's servers and Plaid, SoFi's partner, which is hosted by Amazon Web Services. SoFi itself does not have access to your personal account credentials.

The SoFi app is completely free of charge to use. However, there are in-app ads that will pop up occasionally.

SoFi's app is available in the App Store (for iOS) and is compatible with the iPhone, iPad, iPod touch and Apple Watch. It is also available on Google Play (for Android).

Rating in App Store at time of writing: 4.8 out of 5 (over 105,000 ratings)

Rating on Google Play at time of writing: 4.4 out of 5 (over 14,000 ratings)‎

If you're already a SoFi user, SoFi Relay is really a no-brainer to take advantage of. At no cost, you'll get access to a single mobile dashboard with your net worth fully visible, plus credit monitoring with weekly credit alerts and customized spending tracking.

For those not a part of the SoFi network, consider tracking your finances through a robust budgeting app like You Need A Budget (YNAB) (for serious budgeters) or PocketGuard (for over-spenders). Similar to SoFi, Empower (formerly Personal Capital) also offers a net-worth tracker, budgeting tools and a spending tracker.

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