SOFI - Forget SoFi: Buy This Online Bank Stock in 2024 Instead
2024-01-06 06:15:00 ET
Online bank and financial technology upstart SoFi Technologies (NASDAQ: SOFI) has huge ambitions. It is growing quickly, adding billions of dollars in new deposits every quarter. This has many investors -- both on Wall Street and Main Street -- bidding up the stock. Shares of SoFi rose by 75% in the past 12 months, making it one of the best-performing stocks of 2023.
But what if I told you there was a better online bank stock than SoFi? Enter Ally Financial (NYSE: ALLY) . It's time to zig while everyone is zagging and buy this online banking powerhouse in 2024.
Ally Financial was born out of the financial crisis, when General Motors was forced to spin off its lending operation, GMAC (General Motors Acceptance Corporation). That institution was renamed Ally in 2009, and has operated as an independent online-only bank ever since.
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Forget SoFi: Buy This Online Bank Stock in 2024 Instead