Quick Take: SoFi is a great money management tool/account with decent interest rates and a very lucrative and simple
$50 sign-up bonus offer. Bonus has been increased to $75 on 03-01-20.
SoFi Money Review, Overview & An Easy $50 Sign Up Bonus!
I wrote an article a few months ago that said the Charles Schwab Debit Card is the ONE card everyone should get. That was because the card refunds any and all ATM fees across the globe. But there is one big downside to the Charles Schwab card, it comes with a hard pull. Enter in SoFi Money, a card that refunds all ATM fees worldwide but without a hard pull. Not only that but it gives you an pretty great interest rate on your money for a checking account. In my SoFi Money review I will take a look at the program, the bonus and compare it to the Charles Schwab card.
SoFi Has reduced their APR interest rate to 1.1% after the Fed dropped the rate by .5% on 3/3/20.
SoFi Money Program Overview
Your SoFi Money is a completely fee free set up. There are no account minimums, no monthly deposit requirements and no fees to take your money out! Here is a breakdown of the program’s perks:
- Earn 1.1% APY (updated 3/3/20) on your account balance. This rate moves as interest rates move. It was up to 2.25% a month or so ago.
- No minimum balance required to unlock the interest rate.
- No account fees.
- ATM fees reimbursed worldwide. As long as there is the ATM is displaying the Visa®, Plus®, or NYCE® logo.
- No foreign transaction fees. There is a 1% foreign exchange fee though (there are a few comments on Facebook and on the article that lead me to believe that Schwab has this fee as well since it is from Visa).
- 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 does not immediately apply. Coverage begins when funds arrive at a partner bank. There are currently six banks available to accept these deposits, making customers eligible for up to $1,500,000 of FDIC insurance (six banks, $250,000 per bank).
- There is a ATM withdraw limit of $615 per day but there is no ACH money transfer limit that I know of.
SoFi Money Bonus
This is probably the easiest bonus I have ever done and it pays out quicker than pretty much any other bonus. The current offer is available via referral only and it is as follows:
$50($75) bonus after signing up and making 2 direct deposits of $500 of more.
$50($75) bonus is awarded the day after you make the deposit. Yes it is that quick!
- Link to Offer
$50($75) Bonus Offer
Signing up for the account took me under 2 minutes. I was able to log into my bank account so they could pull my account info and make the first deposit. My bonus was waiting in my account the next day. The whole thing is pretty slick and the mobile app is pretty easy to use.
SoFi Money vs Charles Schwab Debit Card
Let’s take a look at the two heavy hitters! I think SoFi has a few things going for it versus the Charles Schwab debit card. First and foremost it earns a very respectable interest rate that beats many online savings accounts these days. It also doesn’t require a hard pull like the Charles Schwab card does. The ATM fees are refunded within a few days versus the end of the month like with the Charles Schwab card. This is the perfect option if you are trying to keep your hard inquiries down.
The Charles Schwab card wins in a few different categories too. First of all it opens the door to the Charles Schwab Amex Platinum card and that 60,000 point offer. It has a higher bonus at $100 but it is more difficult to earn versus SoFi (but not very difficult).
Lastly, the Charles Schwab doesn’t charge the 1% foreign exchange fee. It appears they may have this same Visa fee.
I plan on carrying both cards. The SoFi account will be my go to everyday checking account that I keep the bulk of my money in.
The Charles Schwab will be used strictly as my international travel ATM card to avoid the 1% fee. But if I was looking to avoid the hard pull (or didn’t already have the Schwab card) I wouldn’t have a problem using the SoFi Money card everywhere. Since I have both I will use them where they both make the most sense.
I hope my SoFi Money review showed you all of the great perks of having one of their accounts. It is a pretty great set up and the fact that there is no hard pull makes it a viable alternative to the Charles Schwab card. Not to mention the quick and easy bonus plus the amazing 1.6% APY earning rate. All of that for no minimums, account fees or ATM fees…that is hard to beat!