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. Samsung Money by SoFi is a cash management account that features no limitations on accessing your money, while also providing a higher interest rate.
Samsung Money by SoFi also has no balance minimums or account fees such as overdrafts, and monthly fees. We're building Samsung Money by SoFi to succeed only when our members succeed.