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SoFi Money Review: Online Cash Management Account

June 14, 2019
Banking, Banks & Credit Unions
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At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.
4.0 NerdWallet rating

Where SoFi Money shines:

  • 2.25% APY with no minimum balance.
  • No monthly fees, no overdraft fees.
  • Unlimited ATM fee reimbursements and no ATM fees from SoFi.
  • Highly rated mobile apps with a spending tracker.

Where SoFi Money falls short:

  • No branches or CDs.
  • No cash deposits accepted.
  • No chat support and no 24/7 phone support.


Where SoFi Money shines:

  • 2.25% APY with no minimum balance.
  • No monthly fees, no overdraft fees.
  • Unlimited ATM fee reimbursements and no ATM fees from SoFi.
  • Highly rated mobile apps with a spending tracker.

Where SoFi Money falls short:

  • No branches or CDs.
  • No cash deposits accepted.
  • No chat support and no 24/7 phone support.

Where SoFi Money shines:

  • 2.25% APY with no minimum balance.
  • No monthly fees, no overdraft fees.
  • Unlimited ATM fee reimbursements and no ATM fees from SoFi.
  • Highly rated mobile apps with a spending tracker.

Where SoFi Money falls short:

  • No branches or CDs.
  • No cash deposits accepted.
  • No chat support and no 24/7 phone support.

 

The bottom line

SoFi

at SoFi

SoFi Money is an online cash management account by SoFi, a company best known for its student loan refinance loans. SoFi’s account has a top-of-the-line 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. SoFi also boasts unique perks: free career counseling and financial planning sessions.

Best if: You’re looking for free online checking that has a rate competitive with those on high-yield savings accounts, and also has spending tools and ATM reimbursements.

MORE>>What Is a Cash Management Account? 


Read on for details on SoFi Money’s account, overdraft policy and banking experience.

Checking

SoFi Money is technically a hybrid checking-savings account, giving consumers the best of both. The account has no monthly or other regular fees and no opening minimum balance.

More upsides:
Stellar interest rate. You can earn an impressive 2.25% annual percentage yield on all balances.

Free ATM access. SoFi reimburses any third-party fees you get charged from ATMs bearing the Visa, Plus, or NYCE network logo. This includes over 500,000 ATMs worldwide, about 85% of them in the U.S. SoFi also doesn’t charge ATM 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.

If you would rather have a standalone savings account to pair with your checking account, compare these highly rated online options:

Goldman Sachs Bank USA

at Goldman Sachs Bank USA,

Member, FDIC

NerdWallet bank rating:
4.0 NerdWallet rating
NerdWallet bank rating:
4.0 NerdWallet rating
Discover

at Discover,

Member, FDIC

NerdWallet bank rating:
4.5 NerdWallet rating

APY

2.25%





Monthly fees

$0





Bonus features

Excellent CD options



APY

2.25%





Monthly fees

$0





Bonus features

Large ATM network



APY

2.10%





Monthly fees

$0





Bonus features

Solid CD options



See more high-yield savings accounts

» If high rates are a priority, check out NerdWallet’s best savings accounts.

Overdraft fees

Upside:
No overdraft fees. SoFi simply cancels any transaction when you don’t have enough funds.

Downside:
No overdraft line of credit. SoFi doesn’t offer this option, which can be helpful if you need to go negative and pay the bank back with interest in order to make important payments occasionally.

NerdWallet makes managing your finances easy.

Keep track of your spending, credit score, and even find fresh ways to save.

Banking experience

Upsides:
Solid web experience. SoFi’s website has detailed FAQ’s 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 up accounts you have at SoFi and other financial institutions. It also allows you to see a high-level picture of your finances.

Unique perks. When you join SoFi, you get access to free financial and career counseling.

Downsides:
No branches. SoFi is an online-only financial company, so cash deposits aren’t possible, nor is face-to-face customer service.

Some limits to support channels. Live chat online isn’t currently available, and phone service with a human is available Monday through Thursday, 4 a.m. to 9 p.m. PT, and Friday through Sunday, 4 a.m. to 5 p.m. PT.

 

SoFi

at SoFi

» Ready to take the next step? SoFi Money works as an all-in-one place for your money with a high rate, no monthly fees, and other benefits. If you want to keep your savings separate from checking, though, consider comparing the best savings accounts.


Ratings methodology

NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, bank experience and overdraft fees.

Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation.

The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.

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