SoFi Money is a digital cash management account provided by SoFi, a nonbanking services company known for student loan refinancing. If you're considering to open a SoFi Money account and would like to know more about its features, perks and other related matters then be sure to read this comprehensive guide.
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With repetitive deposits of $500 or more per month, you can earn a 0.25 percent annual percentage yield. Accounts that do not meet this criterion make 0.01 percent. This is higher than many banks provide but lower than many of the best high-yield online savings accounts.
Customers can receive a compensation of up to $100 by doing the following: enrolling in direct deposit and depositing at least $1,000 in the following 30 days between March 1 and April 30. The bonus is available to current and potential customers who have never received one before.
The savings and spending funds are separated in "vaults". Vaults aid in dividing funds within a SoFi Money account, allowing customers to save for various purposes. Customers can have 20 Vaults within their SoFi Money account rather than separate accounts.
Another feature worth mentioning is that savings roundups that are automated. Customers who use their SoFi debit card can have their transactions that are rounded to the nearest dollar. The difference is deposited into one of their SoFi Vaults.
You can finance your account in various ways. It's possible to deposit cheques using your mobile device, set up direct deposits, or transfer cash from another account. You can also deposit funds using a third-party service called Green Dot, which is obtainable at Walgreens and 7-Eleven.
Here's the deal: There are no overdraft fees. If you receive $1,000 or more in monthly direct deposits, you are automatically registered in free overdraft protection of up to $50. Your next direct deposit will be used to reduce your negative balance. If you didn't meet the criteria for overdraft protection, SoFi rejects any payment when there is insufficient cash to cover it.
SoFi's webpage has a comprehensive FAQ and makes it simple to view account fees and interest rates. It's recommended to view this page first for frequently asked questions prior to getting in touch with their support team as this might actually answer your queries.
Both SoFi's webpage and mobile applications include a spending tracker called Relay, which allows you to connect accounts at SoFi and other financial firms to get a high-level picture of your finances.
For any concerns or issues regarding your account, there are numerous support channels to get in touch with SoFi's customer support. They have a live chat and mobile service beginning at 5:00 am up to 7:00 pm PT, Mondays through Thursdays, and Fridays starting at 5:00 am until 5:00 pm.
To close your SoFi Money account, follow these steps:
Account applications via mobile devices are highly regarded. If you don't have an account with SoFi yet, all you need to do is to follow these steps to open one:
If you're already a SoFi subscriber but haven't opened a SoFi Money account yet, then these are the basic steps to follow to apply for an account: