Strike a New Balance with This Money App

Betsy Kuecker
2 min read
0

See if you qualify for a personal loan through SoFi - up to 0,00! 

Tidying your dashboard of smartphone apps is what cleaning out your wallet used to be. Both need to be the springboard for your financial decisions. Organization and function are key.

Time to scrap the old and outdated, and refresh with the new and necessary. Get rid of a few crusty workout apps and games to strike a new balance with SoFi Money.

What is SoFi Money?

SoFi Money is an online cash management account from, of course, SoFi. The nonbank institution is best known for student loan refinance loans, but its SofiMoney brings value worthy of your homescreen.

SoFi Money gives you checking and savings capability. There are no fees and no opening minimum balance. So what do you have to lose? Nothing — and there’s a list of benefits to gain.

Your money with SoFi earns a 0.20% annual percentage yield (APY) as long as you deposit $500 or more every money. You’ll still earn 0.01% if you don’t meet that benchmark.

And there are lots of ways you can fund your account. Deposit checks via mobile, use direct deposit or transfer from another personal account. There are no overdraft feeds (EVER). SoFi takes care of you and cancels any transaction when you don’t have the dough.

You also get access to more than 55,000 free ATMS since SoFi is part of the Allpoint ATM network. SoFi Money delivers a little extra with free hardcopy checks. Thank you very much!

SoFi Benefits

Keep in mind SoFi isn’t a bank. It’s a nonbank financial institution, so it moves your money to 1 or more of its 6 partner banks. This might sound scary, but it’s actually genius. Each bank brings FDIC insurance up to $250,000. This means you can have your funds federally-insured up to $1.5 million.

You can also connect your SoFi Money app with its spending tracker Relay. You’ll get a comprehensive look at your finances in 1 place. We’re talking about credit score monitoring, spending breakdowns, financial insights and more. For FREE.

And just because you’re funneling all your money through an app doesn’t mean you have to know it all on your own. SoFi is available via live chat or phone service Monday through Thursday from 4 p.m. to 9 p.m. PT and 4 a.m. to 5 p.m. Friday through Sunday.

Get Organized with SoFi Money

Out with the old and in with the new. Clean up your home screen and make way for SoFi Money. Avoid fees, bump up your APY, track your finances and more with the help of SoFi Money.

See more from Benzinga

© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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