SoFi Money Review
Founded in 2011, SoFi is an online personal financing company that offers a wide variety of financial products, including personal loans, mortgages, insurance, credit cards, and online cash management accounts. Since its founding, SoFi says it has funded $50 billion+ in loans, seen $22 billion+ in debt paid off by its members, and earned the membership of over a million members. In this review, we’ll look at SoFi Money’s services and see what customers think in SoFi reviews.
While SoFi Money, SoFi’s online cash management branch, isn’t a bank, it functions similarly to traditional banking. With a SoFi Money account, you can pay bills, send money, and earn interest.
Pros and Cons of SoFi
- Get a $100 welcome bonus if you switch to SoFi Money
- No account fees to worry about
- No-fee overdraft policy covers up to $50
- Earn up to 0.25% APY
- Get paid up to two days early with SoFi Money
- 55,000+ in-network ATMs worldwide
- No cash deposits
- No physical branches
What Does SoFi Offer?
At its core, SoFi Money is a mobile-first cash management account. While neither a checking nor savings account, you can use a SoFi Money account to accomplish common banking tasks, including:
- Sending payments: You can transfer and receive funds on any device to anyone you want. Plus, you get real-time fund transfers from SoFi Money members.
- Depositing checks: You can deposit all of your checks directly through the SoFi app.
- Paying bills: You can pay all of your bills directly from the SoFi app or on your computer. You can even automate your bill payments.
- Organizing your savings: Create up to 20 “vaults” to keep your savings organized. Plus, you can have every purchase you make with a SoFi Money debit card rounded up to the nearest dollar and automatically transfer the difference to a vault. SoFi wants to make it effortless to save.
You can also take advantage of other spending benefits like earning cashback when you buy from certain brands and merchants (and make $500 recurring monthly deposits). This list rotates on a constant basis, so you need to look on their app to see what offers are currently available, but you can expect to find many sought-after brands and common favorites.
You can even use SoFi Money to earn interest on your balance, just like you would with a traditional savings account. For example, with $500 monthly recurring deposits, you earn 0.25% on your funds. Without $500 monthly recurring deposits, you earn 0.01% APY. Your funds are also subject to FDIC coverage up to $1.5 million once they are deposited at one of SoFi’s partner banks.
There are also no minimum balance requirements, account opening fees, no overdraft fees, and no regular maintenance fees. You’re even reimbursed for all of your ATM operator fees each month. And while you, unfortunately, can’t deposit cash into your SoFi Money account, you can order paper checks at no cost.
Finally, opening a SoFi Money account comes with additional perks, including access to career coaching and financial advising.
What To Expect on the Site
When opening an account, you’ll need to provide the standard information that you would expect to provide when opening any bank account, including contact and identification information. After signing up and getting approved, you’ll receive your debit card in the mail in 5 to 7 business days. After activating it in the SoFi app, you can use your SoFi debit card at any ATM displaying a Visa, Plus, or NYCE logo.
There are also a number of signing bonuses you can take advantage of, including:
- Add $250 to your account and SoFi will give you $25
- Set up a direct deposit of at least $500 and SoFi will give you another $75
- Spend on your SoFi Money debit card and SoFi will match up to $25 in Roundups savings
The SoFi app uses two-factor authentication with the option for fingerprint recognition. You can also instantly freeze/unfreeze your account from the app should your card get lost or stolen.
As noted above, SoFi set itself apart by cutting out many common banking fees. For instance, there are no account fees or ATM fees at more than 55,000 ATMs. So, there are no fees to open an account, no overdraft fees to worry about, and no monthly maintenance fees.
Additionally, SoFi has other monetary benefits to consider. Chiefly, its 0.25% APY. According to SoFi, the national average is 0.04% APY. So, SoFi says you could earn about 6x the national average in APY. And if you ever take out a loan with SoFi, you may be eligible for a rate reduction or discount. SoFi offers personal loans, home loans, private student loans, and student loan refinancing.
What People Are Saying About SoFi
Based on feedback from nearly 2,500 customers who left SoFi reviews, SoFi has an average TrustPilot score. As of June 2021, SoFi has a rating of 3.2 out of 5 stars:
- 79% of customer reviews give SoFi 5 out of 5 stars
- 86% of customer reviews give SoFi at least 4 out of 5 stars
We do want to clarify that this score is based on SoFi reviews from all SoFi customers. So, it isn’t strictly about its cash management accounts.
The Bottom Line
SoFi has done away with the excessive fees and in-person requirements that can come with traditional banking. As a result, Sofi Money account holders benefit from 55,000+ ATMs worldwide, no account or ATM fees, and a seamless, mobile-first experience. Plus, if you maintain recurring $500 deposits, you can earn cashback from purchases made at a rotating list of fan-favorite retailers.
With this in mind, opening an account with SoFi is worth considering as you compare the best online banking providers.