Not JPMorgan, Not Bank of America — SoFi Tops Forbes Best Banks List In The US

by | Apr 8, 2026 | General

It’s not JP Morgan Chase & Co (NYSE:JPM). It’s not Bank of America Corp (NYSE:BAC). According to Forbes’ latest rankings, the top bank in the U.S. is SoFi Technologies, Inc. (NASDAQ:SOFI) —a fintech-turned-bank that’s still trading far from its highs.

The recognition, based on a global survey of over 54,000 consumers, puts SoFi ahead of incumbents like Citigroup, Inc. (NYSE:C) and American Express Co (NYSE:AXP). But while the headline signals a shift in customer perception, the stock tells a more cautious story.

Strong Brand, Weak Tape

SoFi stock has been volatile. Despite a 75% gain over the past year, it’s still down sharply in recent months, off ~39% year-to-date and over 11% in the past month. That disconnect raises the key question: is the market underestimating the business, or correctly pricing in risks?

At around $16–17, the stock sits well below its 52-week high of $32.73, suggesting sentiment hasn’t caught up with the brand momentum reflected in rankings like Forbes’.

Chart created using Benzinga Pro

Technicals Still In Repair Mode

The chart isn’t fully convincing—yet.

SoFi is trading below its 50-day (~$18.70) and 200-day (~$23.80) moving averages, keeping the broader trend under pressure. While price has bounced recently, it’s still struggling to reclaim key resistance zones.

Momentum is improving, but not decisively:

  • MACD (moving average convergence/divergence) is turning positive, hinting at early recovery
  • RSI (relative strength index) (~44) remains below neutral, suggesting limited strength
  • Price is hovering near short-term support (~$15.8–16.6 range)

In short, this looks more like a stabilization attempt than a confirmed uptrend.

The Bigger Debate

CEO Anthony Noto has positioned SoFi as a hybrid—combining fintech speed with bank regulation. Owning its tech stack and expanding into areas such as crypto trading reinforces that narrative.

But investors aren’t fully buying it—at least not yet.

With a P/E above 40 and increasing competition from both legacy banks and fintech peers, SoFi still needs to prove that its “one-stop financial platform” model can translate into consistent earnings power.

For now, the story is split. Customers may be ranking SoFi at the top—but the stock is still trying to catch up.

Image: Shutterstock