If you bank at a traditional brick-and-mortar bank, your money probably isnt growing there.
They have fewer employees and zero physical locations.
They dont have to pay for all those buildings and all that air conditioning.
One of the highest interest rates weve found for an online checking account is fromSoFi Money.
Frankly, thats practically unheard of.
Heck, its better than the rate on a lot of savings accounts.
Sure, you might be able to find a savings account with a slightly higher yield.
But SoFi offers a one-stop checking-and-savings account, with the best of both worlds.
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Checking and savings combined.
You might think thats like oil and water.
But maybe its more like peanut butter and jelly, and it works.
Its like bacon and eggs.
Like macaroni and cheese.
Like Batman and Robin!
It has since expanded into mortgages, personal loans and now banking.
And heres another big plus for SoFis checking-slash-savings account: There are no fees.
There are no account fees, no monthly fees and no overdraft fees.
Here at The Penny Hoarder, overdraft fees are one of our pet peeves.
SoFi Moneywont charge you overdraft fees.
Instead, it cancels transactions when your account balance drops to zero.
That means you cant make cash deposits or get face-to-face customer service from a bank teller.
you’re free to, however, talk to someone on the phone.
That could be a change from what youre used to.
Mike Brassfield ([email protected]) is a senior writer at The Penny Hoarder.
Hes trying to go digital.
Cash bonus will be based on the total amount of Direct Deposit.
Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/24.
Full terms at sofi.com/banking.
SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.
Interest rates are variable and subject to change at any time.
These rates are current as of 8/27/2024.
There is no minimum balance requirement.
Additional information can be found athttp://www.sofi.com/legal/banking-rate-sheet.
There is no minimum Direct Deposit amount required to qualify for the stated interest rate.
Only SoFi members with direct deposit are eligible for other SoFi Plus benefits.
Interest rates are variable and subject to change at any time.
These rates are current as of 8/27/2024.
There is no minimum balance requirement.
Additional information can be found athttp://www.sofi.com/legal/banking-rate-sheet.
Fee Policy
SoFis account fee policy is subject to change at any time.
Any additional FDIC insurance is provided by the SoFi Insured Deposit Program.
Deposits may be insured up to $2M through participation in the program.
See full terms atSoFi.com/banking/fdic/terms.
See list of participating banks at
SoFi.com/banking/fdic/receivingbanks.
SoFis ATM policies are subject to change at our discretion at any time.
Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…
