SoFi is not a bank, but they still follow high regulatory and compliance standards while being competitive by offering fewer fees than traditional banks. It was founded in 2011 and has US-based customer service. SoFi is widely known for student loan refinancing and private student loans, but they also offer other products such as personal and home loans, investing, SoFi Money, and others. Keep reading to read our review for SoFi Money to decide if it is right for you.
What’s SoFi Money?
SoFi Money can be defined as an online cash management account. It is FDIC-insured through partner banks. Keep in mind that it’s online-only, so members can’t go to a branch for customer service, however, they can use the app for that anywhere in the world. SoFi Money is also great because it charges less fees than traditional banks.
Is SoFi Money Checking or Savings?
SoFi Money is a hybrid account, which means it is like a checking and savings account.
Is SoFi Money FDIC Insured?
Yes, it is. Most banks offer FDIC insurance on up to $250,000, but thanks to SoFi’s bank partnerships, members are insured on up to $1.5 million.
Is it safe?
Yes. In addition to being FDIC insured, it also has safety features such as two-factor authorization, and withdrawal limits ($610/day) in order to prevent fraud.
How Much Does SoFi cost?
- No account monthly service fees
- $0 to open an account
Zero account minimum fees – so you don’t have to worry about having a minimum balance to keep your account
- No overdraft fees
- No ATM fees at 55,000 ATMs all over the world
- $0 For replacement cards
- Zero charges for replacement card rush delivery
- $0 Stop payment
- Zero dollars for bill pay
Sofi Money Pros and Cons:
Pros
- As a Sofi member, you will have access to more than 55,000 free ATM network
- Unlike other online banks, SoFi offers free physical checks
- If you make recurring deposits of $500 or more per month, you will earn an annual percentage yield of 0.20%; otherwise, it is only 0.01%.
- Members can fund their accounts in many ways, like transferring money from other accounts, set up direct deposit, or deposit checks with your smartphone.
- Doing everything – money transfers, check deposit, and others – on your smartphone, anywhere in the world.
- Instant money transfers to other SoFi members.
Cons
- It’s not a good choice for people who prefer going to physical branches
- SoFi money doesn’t offer an overdraft line of credit, which might be a con for someone who needs to make emergency payments when they don’t have an available balance.
- Members can’t have multiple SoFi Money accounts.
What do you need to open a SoFi Money account?
In order to open an account with SoFi you will need to meet the following requirements: being at least 18 years old, being a US citizen or having a permanent residence, and a valid social security number.
You’ll be asked to provide certain information about you such as name and last name, address, date of birth, email address, phone number, citizenship status, government-issued photo ID, and social security number.
Signing up is easy and only takes 60 seconds.
How Do I Reach SoFi?
SoFi has excellent customer service, available via phone at 855-456-7634 from Monday to Tuesday from 4 am to 9 pm (Pacific Time) and Friday to Sunday from 4 am to 5 pm (Pacific Time). You can also send them an email at sofimoneysupport@sofi.com.