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SoFi Money

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    Sofi Money

    ConsumerAffairs Unaccredited Brand

    SoFi Money is an online bank that gives you the best of checking and savings in one account. The company’s hybrid accounts allow you to earn interest without paying account fees. SoFi offers a variety of products for borrowing, saving, spending and investing, including a student loan refinancing product.

    BOTTOM LINE

    SoFi Money is an online money management service with attractive benefits and features. While the company has no physical locations, the high interest yield and lack of fees make the service an appealing choice.

    PROS

    • No account fees
    • No ATM fees
    • High APY

    CONS

    • No physical locations
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      What is SoFi Money?

      SoFi Money is an online money management service that offers hybrid checking-savings accounts with zero fees. The company offers free use of any ATM — the bank charges no fees, and it reimburses third-party fees from the ATM’s owner. Accounts earn 2% APY, but the rate can vary.

      SoFi Money dedicates itself to helping customers. The company offers spending and budgeting help, and it even provides one-on-one coaching for career transitions and job searches. SoFi Money members also receive discounted rates on SoFi loans.

      SoFi Money features and services

      SoFi Money is a mobile-first account that’s easy to manage from your smartphone or other compatible devices anytime and anywhere. Some of the key features of a SoFi Money account include:

      • Transfer funds: SoFi’s app lets you transfer and receive funds on any device. Transfers between SoFi Money accounts are instant, and the account is compatible with both Apple Pay and Samsung Pay.
      • Check deposits: Use the SoFi app to take a photo of a check to deposit it in your account — no trip to the bank is needed.
      • Online bill pay: Whether it’s your movie streaming service bill or credit card bill, set up all your bill payments directly from the SoFi app or on your computer.
      • Debit card: With SoFi Money, you’ll get a Visa Debit Card that you can use at any ATM without additional fees from SoFi bank.
      • SoFi Money app: Access all of the above features and more with SoFi Money’s app, which lets you take your account with you wherever you go for 24/7 access.

      SoFi Money FAQ

      Is SoFi legit?
      Yes, SoFi is a legitimate online money management service that offers a combination savings-checking account.
      Is SoFi federally insured?
      The company is insured by the FDIC, and your money is protected for up to 1.5 million dollars.
      How secure is SoFi Money?
      Beyond being FDIC insured, SoFi Money has security features like chip card technology, two-factor authentication and suspicious activity monitoring to protect your money. You can freeze your account instantly from the mobile app if you detect fraud.
      Does SoFi Money charge fees?
      No, SoFi Money does not charge account or ATM fees. Additionally, there are no overdraft fees, and SoFi does not require a minimum account balance.

      Do we recommend SoFi Money?

      If you’re looking for an alternative to a traditional bank, SoFi money offers an easy-to-use but valuable product with solid features. The 2% APY is a serious plus in SoFi’s favor, and there are plenty of safety features in place that let customers feel confident using the service. The SoFi Money App is a robust product that makes online money management easy and accessible.

      4 SoFi Money Consumer Reviews

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      Page 1 Reviews 1 - 4
      Rated with 5 stars
      Verified Reviewer
      Original review: Aug. 9, 2019

      SoFi has a competitive high APR and moving money between my "brick and mortar banking accounts" and my SoFi account is a breeze...and without fees. I have given up on my credit union for any decent return.

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      Rated with 4 stars
      Verified Reviewer
      Original review: Aug. 1, 2019

      I would consider them average although I haven't dealt with lots of pure online banks to be fair. As with any company nowadays being on hold is becoming standard. The agent was friendly and did know the answer to my question.

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      Rated with 4 stars
      Verified Reviewer
      Original review: July 30, 2019

      I've been banking with SoFi for about 2 months and so far I'm really glad I opened up the SoFi Money account. I was getting 2.25% apr until the feds just dropped the interest rate, however it's still a respectable 2.00%which is 99% more than my Wells Fargo savings account pays out...ever. Setting up the account took about 30 seconds and was incredibly easy. I've had no issues transferring money into my account. My favorite part is being able to use an ATM card with $0 ATM fees and it's one of the biggest reasons I decided to go with SoFi. In fact they have $0 fees for virtually everything concerning their money management account.

      My only issue is that when you transfer your money from one bank account into your SoFi bank account it's not actually insured while in transit and that can take a couple of days. So if something were to happen, say SoFi went bankrupt and your money didn't actually land in the bank yet, you will lose everything in the transfer. That's one reason I won't set up direct deposit and also because it takes 3 to 4 days until you can gain access to your money and who has that much time to wait to get money from their paycheck? So right now I'm in the process of slowly transferring my money from my savings account with WF into my SoFi account. With that being said, I'm happy so far with my decision to go with SoFi.

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      Rated with 1 star
      Verified Reviewer
      Original review: Sept. 5, 2019

      Do not use this company. They told me I was approved and had me submit everything under the sun and after doing so they decided I wasn’t approved anymore. I have a very good credit score. They wasted so much of my time!!

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      SoFi Money Company Information

      Company Name:
      SoFi Money
      Address:
      2750 East Cottonwood Parkway #300
      City:
      Cottonwood Heights
      State/Province:
      UT
      Postal Code:
      84121
      Country:
      United States
      Website:
      www.sofi.com
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