Old SoFi Money Accounts Will No Longer Earn Interest
If you still have a legacy SoFi Money account, instead of the new SoFi Checking and Savings, then you will no longer earn interest starting in June. The company has sent out an emails to SoFi Money account holders to let them know that effective June 5th, they will no longer earn interest unless they switch to SoFi Checking and Savings. That account earns 1.25% APY with direct deposit and 0.70% APY without direct deposit.
SoFi has been sending out emails for awhile now to get SoFi Money account holders to switch to the new account, and sometime even sneakily getting people to switch. This was done by getting people to accept new terms and conditions which in fact switched their accounts from SoFi Money account to SoFi Checking and Savings.
What’s the reason to keep the old SoFi Money account? The main distinction is that you get ATM fees reimbursed worldwide, as long as there is the ATM is displaying the Visa®, Plus®, or NYCE® logo. That’s a great benefit if you travel internationally often, and don’t have a Schwab account.
The new SoFi Checking and Savings account only gets you fee-free ATM access via the Allpoint network.
2 thoughts on “Old SoFi Money Accounts Will No Longer Earn Interest”
I agree with the article and the above comment. The emails were sneaky, with subject lines saying “Action Required”. A former spammer?
I appreciate the fee-free ATMs because I go to entertainment venues where cash is required, and those ATMs are pricey. I did not know they had to have the Visa, Plus, or NYCE logo.
My legacy SoFi account gets 0.25% anyway, so losing that is no biggie. I use the account for international travel for no ATM fees (reimbursed) and no foreign transaction fee. Once forced to product change I plan to get Schwab. When I started with SoFi it was a Visa Debit with 3% APR and I got a $50 sign up bonus then refered my wife for $50. Overall a worthwhile card hack. I don’t like the coverage of the new ATM network.