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
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