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SoFi Money Review: Online Cash Management Account

Sept. 20, 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.
4.5 NerdWallet rating

Where SoFi Money shines:

  • 1.60% 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:

  • 1.60% 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 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 a high 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 that has a rate competitive with those on high-yield savings accounts, with spending tools and ATM reimbursements.

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

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

Checking and savings features


4.5/5.0

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).

Upsides

High interest rate. You can earn an impressive 1.60% annual percentage yield on all balances (variable and subject to change).

Free ATM access. SoFi reimburses any third-party fees you’re charged from ATMs bearing the Visa, Plus, or NYCE network logo. SoFi also doesn’t charge ATM fees (subject to change) or foreign transaction fees, although there is a foreign exchange fee of 1% charged by Visa that isn’t waived.

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 $250,000 — or more. Since SoFi isn’t a bank, it sweeps customers’ funds to its partner banks, where their money will be federally insured.  Each account is insured up to $250,000, so if you have more than that amount, your funds will be spread across multiple banks to maximize your Federal Deposit Insurance Corp. protection.

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.

Downsides 

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.

Customer experience


4.5/5.0

Upsides

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.

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 account fees and other benefits. If you want to keep your savings separate from checking, though, consider comparing the best savings accounts.

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