Published on February 1st, 2019 | by William Charles31
SoFi Money Review – 2.25% APY Hybrid Checking & Savings Account
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.
- 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 if you do either of the following in a calendar month:
- Have direct deposits totaling $3,000 or more
- Have debit card purchases totaling $500 or more
This account has a base APY of 1.25%, if you meet the following requirements then you get 2.25% APY: Have direct deposits totaling $3,000 or more Have debit card purchases totaling $500 or more
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.