SoFi Money is an online cash management account offered by SoFi, a nonbank financial service provider best known for its student loan refinance loans. As is typical of cash accounts, customers’ funds are swept into partner banks, where they benefit from FDIC insurance. SoFi’s account has an above average interest rate and no monthly or overdraft fees. There’s no free ATM network, but SoFi reimburses many third-party ATM fees and doesn’t charge its own.
Best if: You’re looking for a free online cash account with spending tools and ATM reimbursements.
Read on for details on SoFi Money’s account and customer experience.
Where SoFi Money shines
Where SoFi Money falls short
» Want to see how SoFi Money compares? Take a look at NerdWallet's list of Best Cash Management Accounts
Checking and savings features
SoFi Money provides a hybrid of checking and savings features with no monthly or other regular fees and no opening minimum balance (subject to change).
Solid interest rate. You can earn a 0.25% annual percentage yield with recurring deposits of $500 or more per month (variable and subject to change). Accounts that don't meet that requirement earn 0.01%. Accounts that were opened before June 8, 2020 earn 0.25% regardless of deposit activity. That's higher than what brick-and-mortar banks offer, but not as high as the best high-yield online savings accounts.
Up to $100 bonus. Customers can earn a bonus of up to $100 by doing the following: Between March 1 and April 30, customers must enroll in direct deposit and have at least $1,000 deposited in the following 30 days. The bonus is available to both new customers and existing customers who have not previously had direct deposit.
“Vaults” separate savings from spending. Vaults help divide cash within a SoFi Money account so that customers can save for different goals. They are not distinct accounts; instead, customers can have up to 20 Vaults within their SoFi Money account.
Automated savings roundups. Customers who spend with their SoFi debit card can have their purchases automatically rounded up to the nearest dollar, with the difference shunted to one of their SoFi Vaults.
Free ATM access. SoFi is part of the Allpoint ATM network, which provides free access to more than 55,000 ATMs. If you use a third-party ATM, you will not be reimbursed for any fees you incur, unless you opened your account before June 8, 2020, in which case you'll have all ATM fees reimbursed under SoFi's previous policy. SoFi also doesn’t charge its own ATM fees (subject to change) or foreign transaction fees.
Free physical checks. If you still need the occasional check for rent or other payments, SoFi makes checks available for free. Most online banks don’t offer them.
Federal insurance up to $1.5 million. Since SoFi isn’t a bank, it sweeps funds to one or more of its six partner banks to federally insure your money. Each bank insures up to $250,000.
Multiple ways to fund your account. Customers can deposit checks via mobile, set up direct deposit or transfer funds from an outside account.
No overdraft fees. SoFi simply cancels any transaction when you don’t have enough funds to cover it.
Cash back offers. SoFi periodically gives customers the opportunity to earn cash back on different types of spending.
No overdraft line of credit. SoFi doesn’t offer this option, which can be helpful if you occasionally need to go negative to make important payments and are willing to pay the bank back with interest.
No cash deposit. If you have cash that you want to put in your SoFi Money account, you’ll have to deposit it in a separate bank account then electronically transfer it.
» What is a cash management account? Check out NerdWallet’s guide to this banking product.
Solid web experience. SoFi’s website has detailed FAQs and makes it easy to see account fees and interest rates. Mobile apps have above-average ratings.
Useful spending tracker. Both website and mobile apps feature a spending tracker called Relay, which lets you link accounts you have at SoFi and other financial institutions and see a high-level picture of your finances.
Multiple support channels. SoFi offers live chat, and phone service with a human is available 4 a.m. to 9 p.m. PT Monday through Thursday, and 4 a.m. to 5 p.m. PT Friday through Sunday.
No branches. SoFi is an online-only financial company, so cash deposits aren’t possible, nor is face-to-face customer service.