I travel 4 months of the year, and my bank reimburses all my ATM fees no matter where I am
- While SoFi is well known for its student loan products, the company branched out into the personal finance space this year with SoFi Invest and SoFi Money.
- SoFi Money is a checking/savings account hybrid that comes with no account minimums or fees.
- One of the biggest benefits of a SoFi Money account is the fact you get all of your ATM fees reimbursed, no matter where you are in the world.
- Read more personal finance coverage.
While SoFi is mostly known for its private student loans and student loan refinancing products, the company has branched out into the personal finance space over the last few years.
Its expansion includes the introduction of SoFi Invest, a low-cost (and even free) investing platform that lets you invest in stocks, ETFs, cryptocurrency, and more with ease.
But SoFi also rolled out SoFi Money in 2019, and this concept was so interesting to me that I signed up and funded an account right away.
I'm not someone who likes to keep track of a lot of bank accounts, but some of the features SoFi Money offers are so attractive I couldn't resist. Here are four reasons I love it.
SoFi Money will reimburse all ATM fees worldwide
My husband and I travel around four months of the year, and we're normally extremely careful about the ATMs we use.
Many banks, and especially banks overseas, can tack on huge foreign ATM fees when you take money out of your account. If you're not careful, these fees can add up fast. Last year, my husband and I accidentally got hit with a $39 foreign ATM fee in Italy because we misunderstood the fine print!
One cool thing about the SoFi Money account is that you get all of your ATM fees reimbursed anywhere in the world. This is the main reason I signed up for this account and funded it right away. Now, I can access cash anywhere I'm traveling without worrying about how much it might cost.
I'm earning a decent interest rate
Amazingly, SoFi Money gives you 1.60% APY on money you have on deposit. That's not quite as high as some of the highest yield bank accounts available today, but it's still considerably more interest than you'll earn with a traditional bank account.
I keep most of my savings in a CIT Bank Savings Builder account, and right now that account is earning 1.85% APY.
Helpful mobile app
I do all of my banking online these days, and the SoFi Money app fits in nicely with my strategy. You can log into your account and manage all your financials using your smartphone or any other mobile device.
The SoFi Money app even lets you transfer up to $250 per day to other people, similar to PayPal or Venmo.
SoFi Money also lets you deposit checks from your phone or pay bills online, although I don't use those features myself.
SoFi Money is a bank account without any fees
One of the biggest benefits of SoFi Money is that you don't have to pay any account management fees in order to keep your account open and in good standing.
This means there are no monthly maintenance fees, nor is there a minimum deposit required to keep your account.
There aren't any transaction fees either, and the SoFi Money account comes with its own convenient debit card.
SoFi Money offers the features of both a checking and savings account. You can earn a great return similar to if you had your money in a high-yield savings account, yet you also get some of the features of a traditional checking account, such as bill pay.
Is SoFi Money right for you?
It's hard to say whether SoFi Money is right for you without knowing your unique situation, but there are definitely some signs to look for that show this app could make sense for you. In my opinion, you should consider signing up for SoFi Money if:
- You travel often and want to have all your ATM fees reimbursed worldwide
- You want to keep some money in an account that's earning a decent APY, yet you want to be able to access that money with a debit card
- You need a new bank account that doesn't charge any fees
- You want to build up significant savings but don't have a lot of money to get started
The only real downside of using SoFi Money is the fact there are some savings accounts that offer a higher rate of return. With that in mind, you may want to explore different savings account options if your goal is earning the highest rate of return possible.
If you want a free account, a debit card, and ATM fees reimbursed worldwide, on the other hand, SoFi Money is hard to beat.
- More personal finance coverage
- 4 reasons to open a high-yield savings account while interest rates are down
- It took less than 10 minutes to open a high-yield cash account with Wealthfront and earn more on my savings
- How to buy a house with no money down
- When to save money in high-yield savings
- Best rewards credit cards
- 7 reasons you may need life insurance, even if you think you don't
Personal Finance Insider offers tools and calculators to help you make smart decisions with your money. We do not give investment advice or encourage you to buy or sell stocks or other financial products. What you decide to do with your money is up to you. If you take action based on one of the recommendations listed in the calculator, we get a small share of the revenue from our commerce partners.