Published on February 12th, 2019 | by Chuck49
SoFi Money 2.25% Checking Account Removes Spend and Deposit Requirements
SoFi Money offers a hybrid checking/savings product with an interest rate of 2.25% and waived ATM fees. They used to require debit spend and direct deposit to be eligible for the rate, but reader A. sent over an email they sent out indicating that the requirements have been removed:
Great news: Now everyone who has a SoFi Money™ account gets 2.25% APY, no account fees, unlimited ATM reimbursement worldwide, and of course, an easy-to-use mobile app and debit card.¹ We’ve removed the spend and direct deposit requirements to qualify for SoFi Money’s best benefits.
In the post What’s the Best High-Yield APY Checking Account Option? we mentioned SoFi as a solid checking option for someone who can easily meet the requirements. Now, SoFi joins Memory Bank as the only two checking accounts with no requirements and a nice interest rate. SoFi’s 2.25% is significantly better than Memory Bank’s 1.6%.
2.25% is also a competitive savings rate, though there are options with slightly higher interest at up to 2.53% currently.
Oddly, the SoFi Money page still shows “up to 2.25%”, but I guess that just hasn’t been updated properly.