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