When you hear SoFi Money, a cash management account that combines checking, savings, and fee-free ATM access in one app. Also known as digital banking, it’s not a bank—but it acts like one, with no monthly fees, interest on balances, and instant transfers between accounts. SoFi Money is built for people who want to avoid traditional bank fees, track spending easily, and earn a little extra on cash they’re not using. It’s part of the larger wave of fintech apps, technology-driven financial services that replace old-school banking with mobile-first tools, and it’s designed for those who don’t want to juggle multiple apps for basic money tasks.
Unlike a regular checking account, SoFi Money doesn’t just hold your money—it helps you manage it. You get automatic savings rounds, direct deposit up to two days early, and free access to over 55,000 ATMs nationwide. It’s not just about convenience; it’s about removing friction. No minimum balance. No overdraft fees. No hidden charges. That’s rare in a world where banks still charge $35 for a bounced check. And while it doesn’t offer loans or credit cards directly within the account, it connects seamlessly to SoFi’s other products, like student loan refinancing and investing, making it a central hub for your finances.
SoFi Money also ties into the bigger shift toward high-yield savings, accounts that pay significantly more interest than traditional banks, often 5% or higher. While most big banks pay less than 0.01%, SoFi Money gives you a variable APY that changes with the market—usually around 4.5% as of 2025. That’s not just a perk; it’s a real way to grow your emergency fund or short-term savings without lifting a finger. And because it’s linked to your checking side, moving money between spending and saving feels effortless.
But it’s not perfect. SoFi Money doesn’t offer physical checks, and while you can deposit cash at Green Dot locations, it’s not as simple as walking into a branch. If you rely on paper statements or in-person service, this might feel too stripped down. Still, for anyone who spends most of their time on their phone, manages money through apps, and wants to stop paying banks just to keep their money safe, SoFi Money cuts through the noise.
What you’ll find in the posts below isn’t just a list of features—it’s a real look at how SoFi Money fits into modern finance. From how it compares to Chime and Cash App, to whether the early direct deposit is worth it, to how it stacks up against traditional high-yield savings accounts, these articles break down what actually matters. No fluff. No marketing spin. Just what you need to know before you decide if SoFi Money is right for your money.
SoFi began as a student loan refinancing startup and grew into a full-service digital bank with checking, investing, mortgages, and more. Learn how it transformed, who it’s best for, and whether it’s still worth using in 2025.
