Click here to open an account and get $50 to spend anywhere after making a qualifying deposit! Just in time for holiday shopping. Signing up takes about 6o seconds. (Must click the referral link or $50 offer won’t be valid.)
There are several benefits to using an online bank rather than a bank with a physical location. There are many benefits specifically to having a SoFi Money account. First, online banks don’t need to spend money to maintain buildings, so they’re often able to offer more appealing interest rates and promotions. Second, it is always easy to contact support by phone, email, or chat. I’ve received very fast support any time I have needed to contact SoFi. Lastly, NO ATM FEES! Since SoFi is an online bank, they don’t have ATMs located everywhere like physical chains do. SoFi understands ATM fees add up, so they reimburse ATM fees anywhere Visa is accepted.
In addition to all of the benefits mentioned above, I also love SoFi because they have NO account fees and NO minimum balance! They also have a current APY of 1.6%, so you can earn interest on the money in your account (most physical banks have a rate between .01 and .1%).
SoFi Money’s ‘Vault’ feature is also an awesome way to help you save up for a special purchase or fund. Creating “vaults” allows you to organize your money into different categories, depending on your financial goals. In the example below there is $100 in the account, but only $80 is allocated for free spending. This is because there’s $20 set aside in the user’s Vaults. However, this money is still technically in your account and will automatically be used if you were to make a purchase of more than $80.
There are even more member benefits you can read about upon sign up that I haven’t mentioned. So, click here to give SoFi a try! Even if you don’t like it, you can always close the account after you’ve used the money on your debit card and you’ll be $50 richer for trying it out. Let me know about your SoFi money experience in the comments. Happy saving!