SoFi Money Review: Online Cash Management Account

Sep 14, 2021

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SoFi Money®
NerdWallet rating 

at SoFi

SoFi Money is a cash management account offered by SoFi Securities LLC, member FINRA/SPIC and is not a bank account. Neither SoFi nor its affiliates are a bank.

SoFi Money is an online cash management account offered by SoFi, a nonbank financial service provider best known for its student loan refinance services. As is typical of cash accounts, SoFi sweeps customers’ funds into partner banks, where they benefit from FDIC insurance. SoFi’s cash account has an above-average interest rate, as long as you deposit at least $500 each month, and no monthly or overdraft fees. SoFi is also part of the Allpoint network, which provides more than 55,000 free ATMs for customers to withdraw money, and customers can deposit cash into their SoFi account through participating Green Dot retailers.

Best for: People who want a cash account with no monthly fees that earns above-average interest, offers a welcome bonus and has a large ATM network.

Read on for details on SoFi Money’s account and customer experience.

Where SoFi Money shines

Where SoFi Money falls short

  • 0.25% APY with recurring monthly deposits of $500 or more.

  • Welcome bonus of up to $100 for customers who meet certain criteria.

  • No monthly fees, no overdraft fees.

  • Free ATM cash withdrawals via the Allpoint network.

  • Highly rated mobile apps with a spending tracker.

  • Comes with a debit card that allows customers to make cash withdrawals.

  • Cash back offers.

  • No branches.

  • Fees for cash deposits.

  • To earn the APY and bonus, customers have to jump through some hoops.

» 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 overdraft fees and no opening minimum balance (subject to change).


Above-average interest rate. You can earn a 0.25% annual percentage yield with recurring deposits of $500 or more per month (terms are 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.0.25% is higher than what many banks offer, but not as high as many of 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 use their SoFi debit card can have their purchases automatically rounded up to the nearest dollar, with the difference pulled into 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 fees you incur, unless you opened your account before June 9, 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.

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. They can also deposit cash through a third-party service called Green Dot, available at retailers like Walgreens and 7-Eleven.

No overdraft fees. If you receive $1,000 or more in monthly direct deposits, you’re automatically enrolled in overdraft coverage that covers up to $50 with no fee. Your next direct deposit will be applied to your negative balance. If you don’t qualify for overdraft coverage, SoFi simply declines any transaction when you don’t have enough funds to cover it.

Cash back offers. SoFi gives customers the opportunity to earn cash back on different purchase categories.


Fees for cash deposits. Cash deposits are accepted only at Green Dot locations. There is a fee of up to $4.95 for each cash deposit.

» What is a cash management account? Check out NerdWallet’s guide to this banking product.

Customer experience


SoFi Money®
NerdWallet rating 

at SoFi


Solid web experience. SoFi’s website has detailed FAQs and makes it easy to see account fees and interest rates. Mobile apps are highly rated.

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 live phone service from 5 a.m. to 7 p.m. PT Monday through Thursday, and 5 a.m. to 5 p.m. PT Friday through Sunday.


No branches. SoFi is an online-only financial company, so face-to-face customer service isn't available.

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