Introducing Samsung Money by SoFi
You might have seen news a couple of weeks ago that SoFi and Samsung were going to partner on an exciting new innovation. Well, today, we’re thrilled to be able to share with you the full details about this new product—Samsung Money by SoFi.
Samsung Money by SoFi is a mobile-first money management experience that brings a cash management account and a Mastercard-branded debit card along with exclusive benefits to Samsung Pay. The account is secure, has no account fees, and rewards you for saving with an interest rate exceeding the average national savings rate.1 At a time when more of us are leaning on technology to take care of essential tasks, Samsung Money by SoFi puts your primary financial tools right at your fingertips in the Samsung Pay app.
Owners of Samsung Pay-enabled Galaxy devices can access the benefits of the account immediately upon approval: Search your transaction history, flag suspicious activity, freeze (or unfreeze) your card, change your PIN, and many other account actions, all within the app and without having to leave home or contact a representative. But when you do leave home—someday—you’ll also have access to in-network ATM fee reimbursements at more than 55,000 locations across the country.2 The funds in your Samsung Money by SoFi account are protected by Samsung Knox mobile security and FDIC insurance for up to $1.5 million (six times that of a transactional account at a typical financial institution).3
Samsung Money by SoFi members can also enroll in the Samsung Rewards program to earn points for every purchase they make using Samsung Pay. As an added bonus, loyal Samsung Pay users with 1,000 or more Samsung Rewards Points will be able to convert their points into cash and have them deposited directly into their Samsung Money by SoFi account.4
Samsung Money by SoFi will be available later this summer. Please visit www.sofi.com for more information on SoFi’s products.
Samsung Money by SoFi® is a cash management account, which is a brokerage product, offered by SoFi Securities LLC. Member FINRA/SIPC. Neither SoFi nor its affiliates are a bank.
1Samsung Money by SoFi will launch with no account fees. Fees charged will be subject to change at any time as described in the account terms and conditions.
2SoFi has partnered with Allpoint to provide consumers free ATM access at any of the 55,000+ ATMs within the Allpoint network. Consumers will not be charged a fee when using an in-network ATM, however, third party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at SoFi’s discretion at any time.
3The cash balance in Samsung Money by SoFi cash management 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 program 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). If the number of available banks changes, or user elects not to use, and/or have existing assets at, one or more of the available banks, the actual amount could be lower. For more information on FDIC insurance coverage, please visit www.FDIC.gov. Customers are responsible for monitoring their total assets at each of the Program Banks to determine the extent of available FDIC insurance coverage in accordance with FDIC rules. The deposits in Samsung Money by SoFi or at Program Banks are not covered by SIPC.
4One-time offer available upon signup for Samsung Money by SoFi. Requires 1,000 or more points (1,000 points = $5).