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SoFi Money

Sofi Money

 4.0/5 (48 ratings)
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About Sofi Money

This profile has not been claimed by the company. See reviews below to learn more or submit your own review.

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
  • 3 stars
  • 2 stars
  • 1 stars


  • No account fees
  • No ATM fees
  • High APY


  • 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.

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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.

SoFi Money Reviews

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Page 1 Reviews 0 - 10
Rated with 1 star
Verified Reviewer
Original review: July 15, 2021

Managing people of SoFi invest have a department full of unprofessional unethical clowns. They lead you on and hold your money hostage and sit on funds even they have deemed settled cash avail for withdrawal by "reviewing" for consumer's safety. Lies.

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Rated with 2 stars
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Verified Reviewer
Original review: March 25, 2021

My chip was bad on my old card, thought I’d get it replaced and not have to change my card number since it was simply damaged. I was wrong. I use their chat because of course their app currently doesn’t have a selection to replace a damaged card, just a lost or stolen one. I’m thinking there’s an issue with their app, I speak with an agent who I clearly tell I wasn’t looking to have my card number changed. The agent proceeds to change my card number without any warning or explanation as to why it’s necessary. I was advised I’d be able to see my new card info online and I’d be able to use Apple Pay while I waited for my new card..another lie.

I have absolutely NO access to my own money now for 5-10 days. I called their customer service yesterday to see if there was a way, the agent had the audacity to ask if I used cash app or Venmo to transfer funds... cash app you need a bank account AND the card number to add cash. I have heard too many bad things about Venmo. If I’d known their customer support lacked the support part, I would’ve chosen a different bank.

2 people found this review helpful

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    Rated with 1 star
    profile pic of the author
    Verified Reviewer
    Original review: Feb. 25, 2021

    So they told me all these perks to get me to sign up, because why wouldn’t you, right! Well come to find out they try to take advantage of you I feel, because they lied. I’ve noticed so far is they said that you will get $50 and the person who referred you will get $50 if you open the account and deposit $500 into the account. I deposited $500 in my account immediately I receive $25.00 a week later after I sent emails asking how the process worked (with no response from anyone). The person who referred me hasn’t received a dime I have contacted them through email and I have gotten no response. I also made sure I used the link my friend sent me to sign up. I’m very disappointed I don’t like when companies do this. What so they were hoping we didn’t notice??‍♀️ Shame.

    6 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Feb. 4, 2021

    Incompetence & lies... where do I begin??? Called a few weeks ago to inquire about a money (cash management) account AND a brokerage account. First rep I spoke with on the phone told me only “soft pull” and LexisNexis report. Second rep was clueless. Opened a brokerage account last week. Opened money account this morning. Called this morning and spoke to third rep who confirmed they pull both ChexSystems & EWS report! “Dear Sofi.... You just applied for your bank charter license! You’re not GOOD ENOUGH to pull those reports!” And if a customer asks you point blank if you pull ChexSystems and EWS, your reps better have that “basic knowledge” that most bankers and advisors learn in their FIRST WEEK OF TRAINING!!!

    TD Ameritrade, Etrade, Fidelity, Firstrade, Tradestation, Tastyworks, Robinhood, and Webull do NOT use either Chex or EWS reports or their brokerage accounts!!! Hell... Even the personal banks I keep my money in that are established who have been in business for 10 to 15 years or more don’t use either of those reports! I guess SoFi thinks “they’re special”??? At any rate, I immediately closed BOTH accounts down after learning of Chex & EWS pull. And by the way... their investment reps like to play games on the phone and will answer a call and mute it and not say anything so that you’ll have to hang up and call back! Average wait time is almost an hour!!! This doesn’t even include the multiple times I was hung up on! Invest at your own risk with shady morons!

    10 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Aug. 1, 2020

    Initially, SoFi was great. I liked that they cover ATM fees, have a great and useful app and good customer service. However, they decided to stop honoring the deposit of checks with a signature on file (in my case my paychecks as an independent contractor) without notice, which really put me in a financial jam and they are not taking any responsibility for the lack of communication on this. Instead, I was told to let my employer know that they need to change how they issue paychecks to me. Since they decided they will not be honoring paychecks from my employer, we are taking our banking elsewhere. Beware of changing policies at a drop of a hat without notice.

    17 people found this review helpful
    Rated with 1 star
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    Verified Reviewer
    Original review: July 25, 2020

    Very hard to dispute a charge with this company, spoke to many agents sent many documentations and still my claim was declined. Even though the company that took my money failed to provide services the bank said the case is close. All my disputes with Bank of America and Chase was taken care of quickly and to my satisfaction never had I have to send so in many documents proving that my flight was canceled and I still have yet to get my money returned or a voucher for future service. Sofi said, "Oh well the case is closed." I will be sticking to Bank of America and chase and be closing this account in a few months and move all my money out of it.

    16 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: April 3, 2020

    Received offer for their CMA - went through the process of filling out the paperwork and despite being a millionaire, they denied me. I’m glad they did too, just look at all the problems people have here. This is such a bad company I’ve decided to buy everyone considering joining SoFi a free pizza from your favorite pizza place. Just HMU, I’ll call it in - up to one 5 topping pizza. Sorry, no breadsticks as my offer is only good for the first 40 million people that refuse to join SoFi and their pyramid scam.

    27 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Dec. 30, 2019

    ** is my email. If you email me, ill provide you an attorney at no cost if you suffered any scams with Sofi. Please no sensitive information, just the basics of the claim, no personal information. As of this update, 191 people emailed me, if you check your email, i replied with several attorneys names and websites for you to choose. Some of sofi’s latest penalties for its fraud:

    1)Sofi paid 2.4 MILLION for running loan apps WITHOUT approval.

    2)Sofi paid FTC 110,000 for DECEPTIVE Advertising.

    3)Sofi paid tax penalties for ILLEGALLY moving everyone into THEIR fund, conflict of interest and fraud.

    Sofi has engaged in multiple crimes that the SEC and FINRA is CURRENTLY looking into on top of the prior ones they committed and paid huge fines for. They are doing bait and switch on the referral money. Looking on multiple review sites shows thousands of people complaining Sofi SCAMMED them on the referral money. They charged an ILLEGAL fee charging an incoming acat and blame it on the prior broker who both the prior broker and apex clearing BOTH said Sofi is the one who charged it. Sofi customer service reps lied on numerous recorded calls as in my state of ny, i can record them without them knowing.

    Sofi then VIOLATED its OWN terms and conditions, since i filed arbitration in finra, and they admitted they made serious illegal actions, they VIOLATED their mandatory arbitration and filed a frivolous suit in my local supreme court with the intent to get an inexperienced judge, not finra who prosecutes these crimes daily to try and silence me. Sofi then hired an attorney who then harassed my family by serving the lawsuit on 4am 5am and 6am on christmas eve, which is illegal serving on top of a frivolous suit. They been begging me and threatening me to stop writing my FACTUAL reviews with EVIDENCE and continue to abuse the law. I encourage all victims to contact FINRA and SEC, and depending on your finances, you may get a fee waiver and sue for free to recoup any scammed funds from sofi.

    Also apparently they illegally used my social to apply for a loan with them AFTER i was suing them so know i am suing them in finra Arbitration as well as federal court for FCRA Violations. They keep violating my first amendment by removing my FACTUAL review FRAUDULENTLY claiming it's false, fraud, i wasnt a customer and other lies. Luckily i am well financed with 99% assets in a cooks island trust, completely protected from frivolous suits and criminals like sofi. I am going in this for the long run and will post all public records as it moves forward unless they settle out of court. Also now im suing them for censorship for violating my first amendment by constantly fraudulently removing reviews. So they being sued for:

    Violating my first amendment with censorship
    FCRA Violations by applying for loans randomly without consent
    Breach of their own contract, terms and conditions
    Frivolous suit

    Bait and switch

    I now have 4 attorneys who took this on, and they will help anyone who needs help with this criminal enterprise. Each time Sofi removes my FACTUAL review, ill pay for the first 10 people who email me full cost of attorneys to sue in finra arbitration.

    24 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Nov. 25, 2019

    Ughhh! If I could leave 0 stars, I would! I signed up solely because their advertising offer that theyll give you $50 when you do sign up. So I started an account almost 2 months ago & when I never saw the $50 they promised (surprise, surprise) I sent them an email asking about it... no reply. Sent another email a week later, still nothing! All in all, I've sent like 4 or 5 emails over these 2 months and NOTHING. No automatic reply, nothing. So that shows plenty on how they don't care about their customers. Their severe lack of customer service, because they can't even reply to a simple email. But the main thing being how they lie just to get people to sign up! I thought the look of the card was different and kind of cool, but the fact they're liars and can't even reply, don't waste your time with them!

    Check out Varo or T Mobile Money. They have good offers and actually do follow through with what they offer when you sign up! My boyfriend has TMobile money (debit card) and what's awesome about them, is they have 24/7 customer service and you can overdraft up to $50 with no fees! I just switched to Varo and they have a good referal bonus where if you get someone to sign up and they put your name down, you both ACTUALLY RECEIVE $50, it's not just something they lie and say to get customers!

    13 people found this review helpful
    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!!

    11 people found this review helpful
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    SoFi Money Company Information

    Company Name:
    SoFi Money
    2750 East Cottonwood Parkway #300
    Cottonwood Heights
    Postal Code:
    United States