Great question! The average institution offers an interest rate of only 0.05% while making a huge margin on your deposits. We think it’s only fair to pass some of that interest on to you!
Additionally, other institutions may be offering high-interest accounts, which means there could be limitations on how often you can access your money. SoFi Money™ is a cash management account that features no limitations on accessing your money, while also providing a higher interest rate.
SoFi Money™ also has no balance minimums or account fees such as overdrafts, and monthly fees. We're building SoFi Money™ to succeed only when our members succeed.