By Mark Leonard

Last month it was reported that SoFi will start rolling out deposit accounts and debit cards to some customers. The new account, named SoFi Money, “simplifies the way you bank, by combining the benefits of checking and savings into one high-interest deposit account.” SoFi has a site up and running where people can join a waitlist to open a SoFi Money account.

Here is a link to the email SoFi sent to people who join the SoFi Money waitlist.

Aside from a $200 sign-on bonus, SoFi highlights the following features within the email:

  • Higher interest (1.09% for May – 21x the national checking account average of 0.05%)
  • Reimbursed ATM fees worldwide (up to 6 per month)
  • No foreign transaction fees
  • No overdraft fees or account fees whatsoever
  • Easy-to-use mobile app
  • SoFi Money Visa Debit Card
  • Mobile check deposit
  • Free checks
  • Top notch customer support
  • Send money to friends and family with easy P2P at no cost
  • Bill pay
  • Direct deposit
  • Access to SoFi membership including complimentary career coaching and member events when you set up direct deposit.

SoFi is also asking individuals who have joined the waitlist to email them directly with ideas for features they would like to see included with SoFi Money. Suggested ideas for potential future features include: joint accounts, savings goals, and rounding up debit transactions and allocating the extra funds in some way. SoFi will choose their favorite submitted idea and award the winner a glow-in-the-dark SoFi Money t-shirt.

Not a Competiscan client? Write to to learn more.

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