SoFi Money vs Acorns Spend
There are a lot of options when it comes to money management apps and it can be overwhelming deciding which one is right for you. We’ll help break it down for you. Below you’ll find a comparison of SoFi Money and Acorns Spend—so you can see how we stack up against some of the competition.
|SoFi Money||Acorns Spend|
|Account Type||Benefits of checking and savings all in one||Checking account where you can save and invest|
|Interest Rate||2.25% APY*||0% APY|
|Fees||No account fees*||$3/month fee for checking account|
|Security||FDIC insured up to $1.5 million* plus added security measures in place to detect fraud||FDIC insured up to $250k plus added fraud protection|
|ATMs||Use any ATM worldwide for free*||Use any ATM worldwife for free|
Information accurate as of 5/22/19 accessed via www.acorns.com/spend.
Let’s take a look at some of the key differences between SoFi Money and Acorns Spend.
SoFi Money is unique in that you get the best of checking and savings, all in one account. That means you earn interest on all your cash like a savings account—but can access and spend your money with no account fees or restrictions like a checking account. Acorns Spend is a hybrid checking and savings account.
SoFi Money earns you 2.25% APY on all your cash. Acorns Spend doesn’t earn any interest.
Both SoFi Money and Acorns Spend let you access any ATM in the world for free.
When it comes to security, SoFi Money is FDIC insured up to $1.5 million—whereas Acorns Spend is only FDIC insured up to $250k.
SoFi Money account holders get access to exclusive benefits like career coaching, financial planning, member events, and more—all at no added cost. Acorns Spend account holders get real-time roundups, found money program, and an ATM finder.
Get More From Your Money
Ready to break up with your bank? Start earning 2.25% APY on all your cash, get free access to ATMs worldwide, and never pay account fees. It takes just 60 seconds to open a SoFi Money account.
SoFi Money is offered through SoFi Securities LLC, member FINRA / SIPC . Neither SoFi nor its affiliates are a bank.