SoFi Money
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SoFi Money

 3.8/5 (136 ratings)
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SoFi Money

About SoFi Money

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.

Overall Satisfaction Rating

  • 5 stars
  • 4 stars
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  • 1 stars

Pros

  • No account fees
  • No ATM fees
  • High APY

Cons

  • No physical locations

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.

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.

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Page 1 Reviews 0 - 10
Rated with 1 star
Verified Reviewer
Original review: April 30, 2022

I opened a joint account with my wife. She needed further verification because married name didn’t match maiden name. The representative was extremely rude to her and unprofessional. At one point he snickered. He refused to provide her with his name. I closed the account a few days after I opened it. Would never recommend this bank to anyone.

7 people found this review helpful

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    Rated with 5 stars
    Verified Reviewer
    Original review: April 14, 2022

    I love the services that SoFi offers. Fee-free bank accounts, an 1.25% APY on your bank account and everything I need for finances in one app. Personally, I have experienced no issues with using their services and look forward to banking with them for years to come. The only drawbacks that some may face is a UI that needs some updates and figuring out their ATM network for the times you may need cash, but both of those are very minor inconveniences. Overall, I love the service and its benefits. If you are comfortable with using neobanks and don't need the "hand-holding" that traditional banks may provide, SoFi is a great option for all your financial services.

    4 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: March 23, 2022

    My account was hacked and my money was taken I reported it to Sofi and they sent me an email stating they didn't find any issues. Even though my account was hacked and money was taken and it even said the person's name that the money was being transferred into and I don't know the person but yet there is no issue there. Therefore I will not be getting any of my money back. So I contacted my lawyer. Today we are filing the paperwork to bring Sofi to court. Not only for them not doing a thorough investigation but for also causing me emotional distress, depression, anxiety. How can a company like this do something to somebody like this. Obviously whoever created Sofi doesn't know what they are doing if they're okay with people stealing money from other people or going on other people's accounts without permission. Awesome guys. I hope you're proud of yourselves.

    16 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: March 22, 2022

    I open a checking for a disaster loan. I am all approved just need a bank account and direct deposit by a EFT transfer. So easy right, over 50 account agents. I called tried to find my 25,000 eft transfer. In 14 days I still could not find it. Lost 30 hour of work to date so far no money! They sound nice BUT NO CLUE, brains or common sense. So I have 25k in the cloud still.. Run.

    8 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Dec. 7, 2021

    Signed up with SoFi on a promotion through Penny Hoarder. SoFi gave me $5 in a stock of my choice. I did that, later allowed a bi-weekly withdrawal of $20 from my bank account to use to invest. Suddenly, over $3,000 was withdrawn without my permission. I called immediately. They accused me of allowing someone to access my account and that I had not only done that but also given someone my password as well. Nobody but SoFi and myself know I have that account. I never allow anyone to use my devices, nor would I be so foolish as to give anyone access to my account and password. It's now been a week and they haven't released my money. It's being held hostage by SoFi.

    This afternoon I spoke with a man who is allegedly a manager. He said that tomorrow at 8:00 am EST, my money will be released and I'll be able to transfer it back to my bank. However, due to their illegal and fraudulent removal of my money, not only was my bank account in a terrible negative balance, a multitude of automatic payments were not completed, resulting in fees from both the bank and the companies who were supposed to be paid. I'm certain SoFi has no intention of reimbursing me for any of these costs which are still occurring as I'm writing this. My auto insurance was cancelled as well. I'm not even able to drive to buy groceries, but again, there's no money in my account to pay for anything. This has been detrimental to my finances and health. I'm supposed to be at a doctor's appointment but I can't drive.

    SoFi are completely horrible. Their customer service lie over and over. The alleged manager I spoke with denied anyone ever accused me of giving anyone access to my account. I told him to listen to the recorded calls. Hopefully I will have access to my money tomorrow. I fully intend to remove every cent from my SoFi account and close it. If not, this will become a much more difficult situation. This is a true and accurate account of what has taken place between myself and SoFi in the past week. SoFi has not operated in good faith. SoFi is regulated by Federal Agencies. I have not made any personal insults, used profanity nor made any threats.

    20 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Nov. 29, 2021

    This bank is INCOMPETENT!! They changed their accounting numbers for their clients without notifying us, thus when writing a check it comes back returned. In my whole life I have never had a check that bounced as I am very specific on accounting. But SoFi changed that! I got a return check for my property taxes not because of insufficient funds. But because SoFi decided to change their account numbers on their checks and the county couldn't locate the account. What kind of moronic bank is this? I will be moving all my accounts from SoFi because this level of stupidity will not be tolerated.

    22 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Nov. 29, 2021

    Fraud. Scam. My funds unavailable. Will not trust to keep monies anymore. The process takes 90 days. My information is not public so how did they get my info? Just FYI to faithful customers out there..

    20 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Nov. 12, 2021

    2-3 day hold on your $. Can't transfer crypto. What investor wants their funds unavailable? Takes 2-3 days to transfer money within app. I had my direct deposit switched to app, funds were deposited Monday, I can't get cash, or access my funds until this coming Monday if I'm lucky. The app developers have serious work to do. GARBAGE!

    19 people found this review helpful
    Rated with 1 star
    profile pic of the author
    Verified Reviewer
    Original review: Sept. 2, 2021

    From the moment I started my account, nothing worked properly. When I tried to add money to my account from my bank, $0 dollars was the only option and no matter what I tried, it wouldn't allow any other number in there. I contacted support and their one line terse responses were "Put the cursor on the 0 and start type the amount" as if I'm a complete idiot who has never been on a webpage before. Of course, that hadn't worked and still doesn't work as of the writing of this review. I use latest version of Chrome. When I responded to the email support, I got an auto-response that all support is by chat and not email. When I went to chat, it got disconnected. I also found no robo-advisor option anywhere on the website or app that is advertised on their site. After nothing but problems, I decided to not proceed with this company. I do not feel comfortable transferring money to them (and am unable to anyway).

    24 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Aug. 26, 2021

    SOFI is not a good brokerage, I have been facing lots of problem. Initially, they mentioned all trade are free whether it is stock or currency. In the currency trading we gain in micro points and that all benefits go to SOFI and you get nothing. They steal money in the background around 0.02% and if you calculate overall you are gaining nothing. So avoid avoid SOFI, it is very danger.

    20 people found this review helpful
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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