SoFi Money Review – 1.10% APY Hybrid Checking & Savings Account

SoFi Money accounts no longer earn interest. The new SoFi checking & savings account does.

Update 3/4/20: Rate cut to 1.10%

Update 10/31/19: Rate has been further cut to 1.6%.

Update 8/1/19: Rate has been reduced to 2% APY from 2.25%

Online personal finance company SoFi (best known for student loans) recently launched SoFi money, this is a hybrid checking & savings account with an attached debit card.

The Basics

• Account has no monthly fees
• Account earns 2.25% APY
• 0% foreign transaction fees. They do charge a 1% foreign exchange fee though
• ATM fees are refunded

Interest Rate

All accounts earns 2.25% APY. Initially, there were requirements to get get that rate, but as of February 12th, 2019 the requirements to earn 2.25% APY have been removed and all accounts now earn that rate.

Signup Bonus

You can get a $50 bonus when signing up with a referral. More details  in this post.

Our Verdict

You need to join a waiting list to apply for this account, now that this account earns 2.25% APY with no requirements it’s actually one of the best high yield checking accounts available.

One thing like how they state there are no foreign transaction fees in bold print and then in the fine print it turns out that a 1% foreign exchange fee is charged. If you want an account with no international fees then I strongly recommend the Charles Schwab account.  SoFi Money also promised people that signed up to the waiting list a long time ago a $200 bonus, they then invite those people and offered no bonus.

That being said overall I think this account is fairly good if you just want a basic high yield checking account with no requirements to get the increased rate.