SoFi; Alyssa Powell/Business Insider
SoFi Money® (Member FDIC) is an online cash management account that can act as a hybrid checking/savings account.
SoFi is best for people who can deposit $500 per month into the account to qualify for a higher APY and cash back on debit card purchases.
Although SoFi Money is a hybrid account, its rate is lower than what competing high-yield accounts pay, so you might be better off just using it as a checking account.
There’s no way to deposit cash into this account — if you need to deposit cash, then you may prefer a competitor such as Chime Spending Account.
See Business Insider’s picks for the best high-yield savings accounts »
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Is SoFi Money right for you?
You might like SoFi Money if you:
Are comfortable banking digitally
Want to keep your checking and savings balances in one account
Qualify to earn cash back rewards and a higher APY
Want to earn interest on your checking account balance
Are looking for a cash back debit card
Travel and use ATMs abroad frequently
You might not like SoFi Money if you:See the rest of the story at Business Insider
See Also:
The best bank accounts for travelPNC Bank has branches in 22 states, but you’ll earn the highest savings rate if you bank onlineAlly pays high interest rates and has live customer support available 24/7
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