Editor’s Note: As of March 2022, SoFi is replacing its cash management account with a checking and savings option. SoFi Checking and Savings includes both a checking account and a savings account. As SoFi states at its website, “Since SoFi Checking and Savings has many of the great features of SoFi Money (plus more), we no longer offer SoFi Money to new members.”

The information for this offer has been collected independently by PanAfrican.Email Advisor and has not been reviewed or approved by the issuer.”

Social Finance, Inc., more commonly known as SoFi, is a financial technology company that got its start in student loan refinancing. Launched in 2011 by Stanford business school students, SoFi has since expanded to offer several financial products and services, including SoFi Money, a cash management account offering features similar to checking and savings accounts.

This review provides an overview of SoFi Money, its features and how it stacks up to other cash management accounts. Account details and annual percentage yields (APYs) are accurate as of Feb. 3, 2022.

Account Basics
SoFi Money
SoFi Money is the fintech company’s cash management account. This interest-bearing cash account combines the interest earnings of a high-yield savings account with the everyday capabilities of a checking account. SoFi Money accounts earn 0.25% APY on all balances so long as your monthly deposits total at least $500. You can find online savings accounts with higher APYs, but they generally come with transaction limitations. Like a checking account, SoFi Money allows you to spend freely.

As of Feb. 2, 2022, new SoFi Money accounts pay 1.00% APY on balances up to $50,000 for account holders with qualifying direct deposits each month. For balances above $50,000, the account pays 0.05% APY. This is in anticipation of the upcoming SoFi Checking & Savings account, whose launch date has not been publicly announced. Account holders without direct deposit earn 0.25% APY on all balances.

Another highlight of SoFi Money is that it keeps fees low. The account charges no monthly fee and no fee for covering an overdraft. Indeed, this account offers no-fee overdraft coverage of up to $50, so long as you make qualifying direct deposits of $1,000 per month. There is no minimum balance requirement attached to SoFi Money. Accounts come with a complimentary debit card and paper checks at no cost upon request

Like most cash management accounts, SoFi Money protects customer deposits beyond the scope of standard FDIC coverage through the use of a deposit sweep program. Funds kept in SoFi Money accounts are eligible for up to $1.5 million of FDIC insurance ($250,000 per partner bank) through the following partner banks:

Bank United
MetaBank
HSBC Bank USA
EagleBank
East West Bank
TriState Bank Capital Bank
Wells Fargo Bank, N.A.
Note that you’re responsible for monitoring your total assets at each partner bank to determine your available FDIC coverage, as is the case with many cash management accounts.

Many of SoFi Money’s features are similar to other cash management accounts, but you’ll find some extra benefits included with this account. First, account holders can access direct deposit paycheck funds up to two days early, depending on your employer and payroll service provider. Customers can also earn up to 15% cash back with select brands and retailers when using their SoFi debit card to pay.

To separate savings goals from other funds, customers looking to save money can create what SoFi refers to as Vaults. SoFi also allows you to set up automatic recurring deposits to build up savings. You can also enable Roundups on debit card purchases, a feature that automatically rounds your purchases up to the next whole dollar and deposits that change into an assigned Vault.

SoFi Money is available as an individual account or joint account.

Qualified customers who open a SoFi Money account can earn a $100 welcome bonus by making $1,000 or more in total qualifying direct deposits within any consecutive 30-day window by Feb. 28, 2022.

Other SoFi Accounts
Along with its SoFi Money cash management account, SoFi offers several other products and services, including:

Investment and retirement accounts
Home mortgage loans
Home mortgage refinancing
Personal loans
Private student loans
Student loan refinancing
Credit cards
Small business financing
Auto loan refinancing
Read our in-depth SoFi Automated Investing review for details on investment and retirement accounts through the robo-advisor.

Access on the Go
Customers can access their Money account online through SoFi’s website or its highly rated mobile app. SoFi’s mobile app is available for iOS (4.8 stars out of 5 on the App Store) and Android (4.4 stars out of 5 on Google Play).

SoFi customers can transfer funds to external accounts or withdraw money at more than 55,000 surcharge-free Allpoint ATMs worldwide. SoFi doesn’t offer reimbursement for third-party ATM fees. You can make cash deposits at participating Green Dot retailers. Cash deposits are subject to a usage fee (up to $4.95) which is deducted from your deposit by the retailer at the time of the transaction.

Through the mobile app, SoFi customers can:

Access SoFi Money and investment accounts
Deposit checks
Transfer money
Pay other people
Pay bills
Freeze the SoFi debit card
Track finances
Create a budget
Check your credit score
Money account customers can also receive support via live chat. Business hours are Monday through Thursday, 5 a.m. to 7 p.m. PT, and Friday through Sunday, 5 a.m. to 5 p.m. PT. Live phone support is available during the same business hours by calling 855-456-SOFI (7634).

You can also receive support via Twitter by sending a direct message to @SoFiSupport.

Pros
No monthly maintenance fees
Large surcharge-free ATM network
Receive direct deposit paychecks up to two days early
No-fee overdraft coverage
Pays interest
Cons
No physical locations
Fees for cash deposits
Higher interest rate requires qualifying monthly direct deposits
How SoFi Stacks Up
SoFi Money offers many of the features you may expect from a cash management account, along with several extra benefits. With few fees and no minimum balance requirements, it’s easy to see why some may find this account attractive. But while its APY is relatively competitive compared to other cash management accounts, you can find online savings accounts and money market accounts that offer higher rates. Don’t forget that you’ll need to make at least $500 in total deposits each month to earn interest on the account.

SoFi has no physical locations for in-person service, a relatively common trait among providers of cash management accounts. Think about banking with a brick-and-mortar financial institution if accessing funds in person is important to you. With SoFi, customers can withdraw money anytime and nearly anywhere, thanks to a partnership with the Allpoint ATM network.

Overall, SoFi Money is a solid account for everyday banking needs. Its added savings features make it a good place to keep your emergency fund or funds for other savings goals.