Samsung Money by SoFi review
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- Fee
- $0 per month
- APY
- 4.25%
Our verdict
A digital account for Samsung enthusiasts that lets you spend, save and earn rewards.
Samsung Money by SoFi® is a mobile-first digital account with a debit card that lets you save, spend and earn rewards. It's available on the Samsung Pay digital wallet, so you'll get a digital and physical debit card. There are no account fees, including no ATM fees within the Allpoint network and no overdraft fees. It's also interest-bearing, offering up to 4.25% APY to eligible users. You get checkwriting privileges and free check orders — a rarity among digital accounts. There's a points reward program, too, but it's lackluster, since points expire after 36 months, and points can only be redeemed for Samsung-related purchases or perks.
Best for: Samsung users who want a low-maintenance, interest-bearing account with rewards.
Pros
-
No monthly fee
-
Checkwriting privileges and free check orders
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No in-network ATM fees
Cons
-
Reward points aren’t redeemable for cash
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Only available from the Samsung Pay App
Who is Samsung Money best for
Samsung Money account is best for Samsung users who already use the digital wallet Samsung Pay. Not to be confused with the Samsung Pay Cash virtual prepaid card, Samsung Money is an actual cash management account through the digital bank SoFi. The account is versatile, offering a little bit of everything: spending, saving and earning rewards. Plus, it has no account fees.
It’s also best for those who want to earn Samsung-exclusive perks and rewards, such as discounts on Samsung electronics and installation services.
What we like about Samsung Money
Samsung Money is backed by the FDIC-insured digital bank SoFi — an online bank known for its low-fee hybrid account and personal loans. Unlike most deposit accounts with insurance coverage at $250,000, Samsung Pay protects deposits up to $1.5 million.
You won’t pay any monthly fees, overdraft fees or ATM fees with Allpoint in its 55,000 ATM network. You also get checkwriting privileges and free check reorders.
High APY with or without regular deposits
The Samsung Money account is interest-bearing, and they’ve really boosted their savings rate.
They used to offer a mere 0.2% APY, but eligible customers can now earn up to 4.25% APY. This rate is ten times higher than the national average for checking accounts, which currently sits at 0.40%, according to the FDIC.(1) Plus, at the time of writing, there are no requirements to earn the 4.25% APY.
Get paid early
Another feature we appreciate about the Samsung Money account is that it lets you get paid up to two days early. With quicker access to the money you’ve already earned, you can get a head start on paying your bills, investing in the markets or making other financial decisions.
Samsung Rewards program
When you enroll in the Samsung Rewards program, you’ll earn points by purchasing eligible products via Samsung.com/shop, the Shop Samsung app or through other Samsung apps like Galaxy Store, Samsung Health and Samsung Internet.
Once you have enough points, you can redeem them for things like purchases on Samsung.com or in the Shop Samsung App, discounts on Samsung Care and more. One Samsung Rewards Point is worth $0.005.
The rewards program has a tier system based on how many points you’ve acquired within the calendar year. The more points you earn, the better the rewards.
For a qualified transaction, you earn points equal to 0.5% to 1.5% of the eligible purchase amount, depending on your tier. So, if you were to spend $500 on an eligible purchase with Samsung at Gold tier, you’d earn 5 points, which is worth about $0.05 at Samsung shops.
| Tier level | Points needed to join within the calendar year | Benefits |
|---|---|---|
| Silver | 0 to 499 |
|
| Gold | 500 to 2,499 |
|
| Platinum | 2,500+ |
|
Where Samsung Money falls short
While the Samsung Money account offers a rewards program, it isn’t ideal for those who don’t make Samsung-related purchases frequently. Combine that with the fact that you only earn 0.5% of your purchase value in points at the beginning, and it’ll take a long time to build up enough points for any decent rewards or to enter the better tiers.
Unlike the Apple Card — Apple’s own credit card through Goldman Sachs — you don’t earn actual cash through Samsung Money debit card purchases. It’s only useful for specific things, like letting you apply points for Samsung purchases at the Samsung online shop, get up to 20% off for Samsung Care and discounts on Samsung installation services.
So, unless you’re a die-hard Samsung fan who spends thousands on Samsung purchases, the rewards won’t do much for you. If you’re looking for a debit card with enhanced rewards, compare the best rewards checking accounts.
Also, only Samsung devices can hold Samsung Wallet and Samsung Money by SoFi, which means the account cannot be accessed on non-Samsung phones.
How to open a Samsung Money account
You can only access the Samsung Money account via the Samsung Wallet on Samsung devices. So, to apply and open an account, you’ll have to do it from within the Samsung Wallet app.
Once you’re in the app, navigate to the All button and select Samsung Money by SoFi. Then, select Get started. You’ll then need to provide the following information:
- Your name
- Email address
- Date of birth (you must be at least 18 years old)
- Phone number
- Permanent address
- Mailing address
- SSN or Individual Taxpayer Identification Number (ITIN)
Customer reviews and ratings
| BBB accredited | No |
|---|---|
| BBB rating | A+ |
| BBB customer reviews | 1.29 out of 5 stars, based on 360 customer reviews |
| Trustpilot score | 4.3 out of 5 stars, based on 9,862 customer reviews |
| Customer reviews verified as of | 15 July 2025 |
SoFi has an A+ rating from the Better Business Bureau (BBB), but it’s not BBB-accredited, and most customer reviews on the platform aren’t great. Most complaints are about poor customer service, trouble getting in touch with support and frustrating account issues.
That said, it scores much higher on Trustpilot, earning 4.3 out of 5 stars based on nearly 10,000 reviews. Many said they appreciated the high APY that SoFi offers, as well as the lack of fees and simple application process.
For a better idea of how customers feel about the Samsung Money account, we headed to the Google Play Store. The Samsung Wallet and Pay app holds a 4.3-star rating. The reviews are mostly positive. Many said they’re happy with the ability to add membership cards, the accessibility of the app and the ease of use. But there were a few common pain points, including the fingerprint scanner glitching and rewards points taking a long time to build up.
What do people on Reddit say?
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How we picked theseWhat is the Finder Score?
The Finder Score crunches over 300 checking accounts from hundreds of financial institutions. It takes into account the product's monthly fees, overdraft fees, opening deposit, customer support options, ATM network and features — this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of checking accounts against what we consider is the best option: no monthly fees, no overdraft fees, a large ATM network of 50,000 or more, additional features outside of typical banking services, and the optional perk of earning interest. Accounts that are nearly free to maintain and use are scored the highest, while accounts with costly fees and few features are scored the lowest.
Frequently asked questions
Is Samsung money the same as SoFi?
Samsung Money is not the same as SoFi, but it’s a cash management account powered by SoFi. Samsung provides the branded user experience through the Samsung Pay app, while SoFi handles the banking services.
What is the downside to using SoFi?
A downside to using SoFi is that it’s an online-only bank, so you won’t have access to physical branches for in-person banking services.
Can I make a cash deposit into my Samsung Money by SoFi account?
Yes, you can make a cash deposit at participating retailers nationwide using your Samsung by SoFi Money Mastercard.
Sources
Your reviews
Jamela Finder
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