Instead, you’ll do all your cash management through the app or website, plus nationwide ATMs.
To open a SoFi Money account:
Source: thepennyhoarder.com
The checking account features make your money more accessible through SoFi Money than in a traditional savings account (which typically come with withdrawal limits of six per month), so you can build your savings knowing you can get to the money anytime if you need it.
What Is SoFi Money?
SoFi could be a fit for you if:
Unlike most checking accounts, SoFi Money comes with these transaction limits that could make it tough to use as your primary spending account:
Pros
You’ll earn 0.02% APY on your balance for any month you add at least 0 through direct deposit or transfer into the account.
- No minimum opening deposit.
- No maintenance or minimum balance fees.
- No overdraft fees.
- Network of fee-free ATMS, plus out-of-network ATM fee reimbursement.
- Slick app with a lot of features.
- High interest rate at 0.25%.
Cons
Our in-depth and honest review of SoFi Money will look at the product’s checking and savings features, and SoFi Money compares with other online bank accounts to help you determine whether it’s right for you.
- No cash deposits.
- Restricting transaction limitations.
- No business checking or savings options.
- No SoFi ATMs or branches.
The money in your SoFi Money cash management account is FDIC insured up to .5 million through a network of partner banks.
Banking With SoFi: How We Rate It
The money in your SoFi Money cash management account is FDIC insured up to .5 million through a network of partner banks.
SoFi Money Account Fees
The money in your SoFi Money cash management account is FDIC insured up to .5 million through a network of partner banks.
SoFi Student Loans
The money in your SoFi Money cash management account is FDIC insured up to .5 million through a network of partner banks.
The money in your SoFi Money cash management account is FDIC insured up to .5 million through a network of partner banks.
SoFi Customer Service
The money in your SoFi Money cash management account is FDIC insured up to .5 million through a network of partner banks.
Frequently Asked Questions (FAQs)
Is SoFi App Legit?
The money in your SoFi Money cash management account is FDIC insured up to .5 million through a network of partner banks.
Is SoFi Money Right for You?
The money in your SoFi Money cash management account is FDIC insured up to .5 million through a network of partner banks.
Our Bank Review Methodology
With the combined checking and savings features, SoFi Money acts best as a short-term savings account, rather than a primary saving or spending vehicle. Move money into the account for short-term goals, such as:
Check out our current list of bank promotions for a chance to gain a monetary bonus when signing up for a new bank account.
SoFi Money is not compatible with Zelle. However, it offers its own peer-to-peer payments option that lets you send money to anyone in your address book. Recipients who also use SoFi Money will get the money instantly, and others will get it in one to two business days.
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