SoFi Account

A quick guide about the bank accounts offered by SoFi
8.7

Total Score

1

Supported Countries

1

Currencies

9.5

Card

9.2

Customer Support

9.3

Reliability

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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Visa Online banking with no monthly fees Spending Account 90 Open Account
Ready to open an account with SoFi? The first step is to register in order to get started!

Account Interest Rate

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.


Up to $100 Account Bonus

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.


Account Vaults

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.


Account Savings Roundups

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.


Making a Deposit in the Account

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.


No Overdraft Fees

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.


Account FAQs

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.


Account Spending Tracker

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.


How to Contact SoFi Regarding My Account?

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.


How to Close My Sofi Account?

To close your SoFi Money account, follow these steps:

  1. To access your SoFi Money account, go to https://www.sofimoney.com/login.
  2. The 'More' icon is the next step to be selected.
  3. 'Close Account' is the option you want to choose.
  4. The system will look at the following aspects of your SoFi Money account:
    1. Transactions in progress.
    2. No bank account is linked.
    3. There are one or more current debit card complaints.
    4. Review the account closure information, tick the disclaimer box, and click 'End Account' if you are eligible to close your account online.
    5. If you still have money in your SoFi Money account, you can choose an external bank account to which you paid in cash.
    6. Click 'Submit' after completing a brief three-question survey to provide some context for your leaving.
    7. The summary screen will give you an overview of your SoFi Money account closure.
    8. A confirmation will be displayed if the account cancellation is successful. Return to the homepage by clicking 'Continue,' which will hide the SoFi Money account.

How to Open a Sofi Account?

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:

  1. Go to the SoFi Mobile App and tap the "Get started" button.
  2. To proceed, confirm your identification and click 'Next.'
  3. To obtain your secure authorization, enter a mobile phone number and click 'Send code.'
  4. Once you've received the verification code, type it into the 'Verification code' section.
  5. You must review and respond to the regulatory questions.
  6. To proceed to the "Welcome to SoFi Money" screen, click the disclaimer and select 'Agree and Finish.'

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:

  1. Log in to your account using the SoFi Mobile App.
  2. Click the 'Money' icon at the bottom of the screen from the homepage.
  3. To begin the application process, click 'Open An Account.'
  4. On the internet, the phrase "Individual or Joint." will appear. Select the account type you like.
  5. To proceed, confirm your identification and click 'Next.'
  6. To obtain your secure authorization, enter a mobile phone number and click 'Send code.'
  7. Once you've received the verification code, type it into the 'Verification code' section.
  8. You must review and respond to the regulatory questions.
  9. To proceed to the "Welcome to SoFi Money" screen, click the disclaimer and select 'Agree and Finish.'
Ready to open an account with SoFi? The first step is to register in order to get started!