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Samsung Money by SoFi Information

Articles in this section

Samsung Money by SoFi Contact Information
I earned interest with Samsung Money by SoFi. Will I get a 1099-INT tax form?
Do you offer Mobile Check Deposit?
Why are you offering such a high-interest rate?
Why did my Samsung Money by SoFi interest rate go down?
How often is the interest accrued and compounded?
Will I earn interest with my Samsung Money by SoFi account?
How do I close my account?
Who are SoFi Money Sweep Program's partner banks? How much of my money is in each partner bank? Can I choose which partner bank my money is swept to?
How do I transfer money from my SoFi Money account to my SoFi Invest account?

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Do you offer Mobile Check Deposit?

July 16, 2020 16:31
Updated

Unfortunately, Mobile Check Deposit is currently not available from the Samsung Pay app.

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What Is Samsung Money by SoFi?

Rule 606 Order Routing | Statement of Financial Condition

Samsung Money by SoFi^® is a cash management account, which is a brokerage product, offered by SoFi Securities LLC (“SoFi Securities”) Member FINRA/SIPC. None of SoFi Securities nor its affiliates nor Samsung is a bank.

This is not an offer, or solicitation of any offer to buy or sell any security, investment or other product.

¹ As of 7/1/2020 the Annual Percentage Yield on your SMBS Account is 0.20% APY (0.20% interest rate), assuming you deposit not less than $500 monthly or 0.10% APY (0.10% interest rate), with no minimum monthly deposit. The interest rates above are variable rates established by SoFi Securities, LLC and may be changed at any time by SoFi Securities, in its sole discretion without advance notice to you. Changes to interest rates may change the corresponding APY(s) described above, and will be posted on this SMBS Rate Sheet, to your Account, and will be visible on the SMBS home page. Fees may reduce earnings.

You will not be charged any ATM fees for transactions at any of the 11,000+ Allpoint ATMs. Please note third party fees incurred when using ATMs outside the Allpoint network are not subject to reimbursement.

² The cash balance in your SMBS Account will be swept to one or more program banks through the SoFi Money Sweep Program where it will earn a variable rate of interest and be eligible for FDIC insurance. FDIC Insurance does not immediately apply. Coverage begins when deposits arrive at a program bank, which usually occurs within 2 business days after a deposit is made. The interest paid to you cannot exceed the rates SoFi Securities earns under the SoFi Money Sweep Program. If at any time the interest rate paid to you, exceeds the rate earned by SoFi Securities, the interest rate paid to you will be reduced to a rate below the rate SoFi Securities earns under the SoFi Money Sweep Program. This type of change can occur at any time. More information about the SoFi Money Sweep Program is available at www.sofi.com/my/money/sweep.

If the number of program banks changes, or if you elect not to use, and/or have existing assets at, one or more of the program banks, the actual amount of FDIC coverage could be lower. For more information on FDIC insurance coverage, please visit www.FDIC.gov. Customers are responsible for monitoring their total assets at each of the program banks to determine the extent of available FDIC insurance coverage in accordance with FDIC rules. The deposits in your SMBS Account or at any program bank are not covered by SIPC.

Please refer to Form ADV Part II for additional disclosure information regarding related parties.

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