Posted by Chuck on February 12, 2019
High-Yield APY Accounts

Published on February 12th, 2019 | by Chuck

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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.



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Shiv Kumar
Shiv Kumar

Still put off that they charge $20 after the first replacement card. Seems really high when they advertise no fees everywhere.

Trevor
Trevor

In reality, it’s probably per calendar year. If you’re needing 3+ cards in your first year…. plz add yourself to Chex blacklist.

Shiv Kumar
Shiv Kumar

If it’s per calendar year then it’s understandable. Sometimes the card wears out or gets damaged. While rare, it can be lost or stolen as well. It could just be that my current bank uses really cheap materials for their cards causing me to need to replace every 6 months or so.

Dylan
Dylan

The only time i ever use my debit card is for ATMs.

A $20 replacementcard fee is a good compromise to make for no other fees to me.

ranova
ranova

How many debit cards do you lose a year? Wait until SoFi adds apple pay/google pay support and then sign up if this is a concern

Shiv Kumar
Shiv Kumar

Depending on use and even the type of wallet you have, the card can wear out causing a need for a replacement. Occasionally it is lost or compromised but I agree that is rare.

ranova
ranova

Understood. My debit card rarely gets any use – usually once a month since the barbershop I go to only takes cash. I highly recommend a slim front pocket wallet (I use the Bellroy leather sleeve). I found that that wallets you put in your back pocket will destroy cards – as well as not being good for your posture and a front wallet should be more difficult to steal or fall out

Ann
Ann

“I found that that wallets you put in your back pocket will destroy cards”

If you’re referring to the cards getting curved/bent, rotating which way you put them in the slots helps, FWIW.

Snorlax
Snorlax

Putting your wallet in your back pocket can cause sciatica.

Joe
Joe
JV
JV

I’ll signup now. never saw a bonus materialize but 2.25 with no requirements on a checking account. I’m satisfied to get rid of Capital one as my main checking account.

Jorge
Jorge

I’m also dumping Capital One as my main for SoFi. I had an old hybrid checking with a very low APY but it gave me 2 free ATM withdrawals international so that’s the main reason I kept it.

JV
JV

I’ll still keep the account i think but its no fees so not really a benefit to dump it completely.

Tim
Tim

Unless they have a bonus for new account holders later on

MIck
MIck

Anybody else weirded out by the sweep to an FDIC account? How long, exactly, does that take? Also, we are leaving it to their judgement as to which banks they are using, granted it is insured but if/when one of those banks go under you are delayed from accessing your funds.

Snorlax
Snorlax

Not at all, FDIC sweep is extremely common for brokerage accounts (like Fidelity) and its instant.

At least at Fidelity, the FDIC sweep is kept at major banks (Citi, Wells Fargo, etc.). I don’t know if SoFi tells you where your money is kept or not like Fidelity does.

binaryinfo
binaryinfo

Great. Will sign up. Always love basic checking with high rates.

Edwin
Edwin

I heard SoFi has/had issues syncing with third party apps like mint, Personal Capital, and Quicken. Does this still hold true?

Snorlax
Snorlax

I don’t have a problem with Mint. I need to enter my 2FA code every time its updated though.

John
John

Haven’t been around to add mine to quicken yet…can’t find SoFi in the list of banks

Eric
Eric

Can’t sync my sofi account to ynab

Cinnabar
Cinnabar

“The cash balance in SoFi Money Accounts is swept to one or more program banks where it earns a variable rate of interest and is eligible for FDIC insurance. FDIC Insurance is not provided until the funds arrive at partner bank. ”

…and how long does that take?

Snorlax
Snorlax

It should be instant.

Kumar
Kumar

How do you know if the fund has arrived at a partner bank? Does it display some where on the account page?

Edwin
Edwin

Can you fund this account with a credit card for MS?

John
John

I was unable to use a card at all (credit or debit), I had to login to my other checking account (via SoFi) to transfer funds.

Snorlax
Snorlax

No.

Mathias
Mathias

Tried to wire in money from my Chase Sapphire banking account but it was rejected with message that my account number was unknown.
Sent a message to support a week ago – no response so far.

Mathias
Mathias

I tried to do a wire to the SoFi account but it was rejected by the back end bank…

Snorlax
Snorlax

Yeah, I’m not surprised it didn’t go through, with these types of accounts (“not a checking account that you use like a checking account”) wire transfers usually are going to be different routing and account number than ACH.

I can’t find on SoFi’s site how wire transfer in, so they might not support it yet.

(I found this out when my work screw up my paycheck and tried to wire it to me in my Fidelity cash management account the next day and it failed. For Fidelity ACH transfers go through UMB Bank and wire transfers go through Chase, totally different banks)

alopecoid
alopecoid

Does anyone know what type of credit pull SoFi initiates, if any, when opening either a SoFi Money or Active Invest account? Thanks!

WC
WC

only soft pull so doesn’t affect credit (for Money that is)

Dylan
Dylan

They may want to know because they have a buearu frozen.

I know if I apply for a capital one card i’ll freeze experian.

Dylan
Dylan

Just opened account. The biggest drawback is you can’t link more than 3 accounts, DAMMIT!

If I had been able to link at least 10 accounts, I would use it for everything. Currently i’m looking for a checking account that allows me to attach 20+ bank accounts, electronic bill pay, and high interest. I can get two of these things, but not three.

Anyone know of a bank that offers high interest checking with electronic bill pay and the ability to connect lot’s of accounts? I’m trying to sign up for an ally account but they gave me a 3-5 business days notification so I have to wait for the letter to come in the mail.

Kumar
Kumar

If SoFi has a limit of 3 accounts, you can always add SoFi account from your other bank websites and transfer money in/out

Korntell
Korntell

MemoryBank offers this

Daniel
Daniel

Sofi is not yet in Plaid’s system which many apps/sites are using now for verification. I also tried to link the account# & routing# to PayPal but it didn’t work. So much easier just to use a real bank account.

Zamana
Zamana

Withdrawal Limits
Peer to Peer
Cumulative Amount Per Day $250
Cumulative Amount Per Month $3,000
Amount Per Transaction $250 $10,000

This seems like it doesn’t make it easy to move money. This along with the restriction of 3 external accounts only seems to make it pretty flawed. I think I’ll stick to fidelity and Provident for my checking account needs.

Joe
Joe

That’s peer to peer. If you wanted to send more to someone you could link the debit card in Square Cash? I wonder if that’s POS ($3K limit). The POS trnx/day of 12 could possibly be too low for some. Otherwise I’ve transferred $5K+ back and forth via ACH no problem.

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