Update 8/21/23: Looks like Samsung Money by SoFi is now offering some people a $220 bonus. Bonus requires a direct deposit of $1,000+. According to reader VermillionNova, the following worked to see the offer: To view it open Samsung Wallet and select menu at the bottom. Scroll down and you should see “samsung money by sofi.” Clicking on this displays the bonus and terms for me..
Update 7/23/20: This has now launched publicly for everyone. Direct Link | Press Release | Remember that new accounts don’t have many of the benefits that old account do.
Update 7/14/20: This is now live for some people. It also looks like you’re able to trade in Samsung points for cash. You need a minimum of 1,000 points and points are worth 0.5¢ each (e.g 1,000 points = $5). Hat tip to reader information booth.
Update 5/27/20: The ‘Samsung Money by SoFi’ name was officially released today. Looks like it’s exactly the same product as the SoFi Money account, just with the Samsung branding and easy Samsung Pay integration. You’ll apply and manage the card/account from within the Samsung Pay app. The account will be “launching later this summer.” You can join the waitlist already today. One difference is that the Samsung version, it seems, will not have waived ATM fees.
Update (b) 5/12/20: Seems they removed it and now the image is back to how it was before.
Update 5/12/20: Two readers sent in that their SoFi Money card saved to their Apple Wallet changed today to show ‘Samsung Money by SoFi’. Sounds like Samsung branding is taking over all existing SoFi Money accounts too to be Samsung Money accounts? Not entirely clear at the moment.
Original Post:
Samsung is partnering with SoFi to create a debit card which is set to launch this summer. More details to come in the coming weeks.
In 2020, Samsung Pay will be expanding our service from being a rewarding way to shop and pay, to also being a rewarding way to manage money. Over the past year we have been busy developing a mobile-first money management platform. Our vision is to help consumers better manage their money so that they can achieve their dreams and goals. Now more than ever, mobile financial services and money management tools will play an even bigger role in our daily lives while also opening up new possibilities.
As a first step to this broader vision, this summer Samsung in partnership with SoFi will introduce a new Samsung Pay experience with an innovative debit card backed by a cash management account. We are excited to share more details in the coming weeks.
This is showing on SoFi home page now as well, with a link to SoFi Money, so it appears that the product will be similar/part-of the SoFi Money product which a lot of readers use.
Apple launched their Apple Card credit card to much success, and Google – like Samsung – is working on creating a debit card.
Does anyone have the terms? What was the promotion peroid for the $220 bonus?
I tried applying in the Samsung Wallet app and got this: “We’re sorry. Based on the records you sent, a Samsung Money by SoFi account cannot be opened for you at this time.” There was a number to call them, but it was a pre-recorded message and then it hung up on me. Oh well.
Does it have to be a real dd to receive the bonus from samsung money?
I only received $50. Chat rep said I can’t have sofi money and samsung money by sofi at the same time. I kept on reading the terms and conditions that i got from the samsung wallet app but it didnt say any of this.
Is there any information on how long we have to complete this SUB? I accidentally forgot about a new deduction coming to my paycheck and I only DD’d $998 instead of $1000
How you guys are getting samsung wallet? I am not able to find on my Samsung phone nor the play store? pls guide me.
Shocked it wasn’t preinstalled for you. Don’t go to the Play store. Go into the Galaxy Store app and search for Samsung Wallet. Should be able to install it then.
Have previously received a SUB from SOFI money in ’22 using employer DD. Closed the account in Feb of ’23. Signed up for the Samsung money account 8/25 and did a real DD from same employer. Received $220 bonus the next day. Unless there is something im missing, the previous comment mentioning chat rep is wrong.
Fastest bonus i’ve gotten
DP
08/21 Opened acct
08/24 DD $1000+ from employer
08/24 $200 bonus
I also noticed they transfer extremely fast to my other bank accounts. I initiated a transfer for my paycheck to my main checking account and got it the same day
DP: Created Account on phone in Samsung wallet. Plaid account connect didn’t work on phone, so I logged in on Sofi website using same email that I used (password reset).
Pushed $10 (minimum) from another bank – both $10 and $20 bonus posed the next day.
DD from employer arrived 2 days earlier than the payday, and $200 was credited the next day.
Did you have a Sofi account before you opened the Samsung account?
According to Sofi Chat rep. “if you have received a direct deposit bonus with Sofi Money in the past you do not qualify for the Samsung bonus.”
Was going to ask that, thanks for asking and clarifying former SoFi users wont get the bonus
Kindly clarify. I’ve had account 2 years (having initially received all kinds of bonuses); but never applied/received any DD bonus, nor ever established DD. Do I qualify?
is Sofi Money same as a checking/savings account?
Sofi Money is checking and or savings account, yes.