Samsung Money review
Samsung enthusiasts rejoice — a hot new digital bank account that earns rewards.Samsung Money by SoFi is an all-in-one digital bank account that lets you save, spend and earn rewards. But it’s only available to Samsung users and the APY tops out at 0.2%%.
|APY||0.20% on balances of $0.01+ but you need to deposit at least $500 or make at least 10 transactions with your debit card|
|Intro or bonus offer||When you open an account, you will be eligible for a chance to win $1,000 in Samsung Rewards points towards a Galaxy S20 5G, QLED 4K TV, or your favorite Samsung product.|
|ATMs||You can use over 55,000 Allpoint ATMs nationwide for free|
|ATM transaction fee||$0|
|Out-of-network ATM fee||$0|
Cassidy Horton is a writer for Finder, specializing in banking and investments. She has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. Cassidy enjoys educating people about financial services, exploring the Pacific Northwest and watching endless reruns of The Office.
The Samsung Money account is best for tech-savvy individuals looking for an account that does a little bit of everything — spend, save and earn rewards for your debit card purchases. Plus, it has no account fees, a large network of over 55,000 ATMs and comes with up to $1.5 million in FDIC insurance.
But only Samsung users are eligible for an account and you need to deposit at least $500 or make at least 10 transactions with your debit card each month to earn the advertised 0.2% APY. Otherwise, the rate is nonexistent at 0.01% APY.
What are the benefits of the Samsung Money account?Samsung Money by SoFi is an up-and-coming digital bank account with these unique perks:
- Rewards. Earn rewards on every purchase you make with your Samsung Money card. Once you have 1,000 points, you can redeem them for cash.
- No account fees. You won’t pay any fees for monthly maintenance, overdrafts, transfers or ATMs.
- Extended warranty. When you buy a Samsung product with your Samsung Money account, the warranty is automatically doubled for a maximum of two years.
- Digital and physical card. You’ll receive a digital card in Samsung Pay and a physical card in the mail to use worldwide.
- High insured deposits. Unlike most banks that cap FDIC insurance at $250,000, Samsung Pay protects deposits up to $1.5 million.
Samsung’s ATM network and fees
Use your Samsung Money debit card for free at over 55,000 AllPoint ATMs nationwide. Samsung won’t charge a fee if you use an ATM outside of this network, but you may still pay operator fees.
What should I look out for?
The Samsung Money account has these potential drawbacks:
- APY requirements. Earn 0.2% APY when you deposit at least $500 in your account each month or make at least 10 transactions a month with your debit card. Otherwise, the APY is only 0.01%.
- Third-party ATM fees. You can use over 55,000 Allpoint ATMs nationwide for free. But you’ll pay ATM operator fees if you use a machine outside of its network as Samsung Money doesn’t offer ATM reimbursements.
If you’re looking for an account you can open today, compare your digital banking options until you find one that suits your needs.
Compare Samsung Money to other digital bank accounts
How much do I need to open an account?
There is no minimum balance required to open this account, so you can get started even if you don’t have anything saved.
How do I open a Samsung Money account?
Sign up for the Samsung Money account using these steps:
- Download the Samsung Pay app from the Google Play Store.
- Sign into the app and navigate to the Money tab.
- Click Open Account.
- Follow the onscreen prompts to fill out your application and fund your new account.
You’ll need to meet these requirements to open a Samsung Money account:
- Samsung user
- US citizen or resident
- Valid Social Security number
- US residential address
- Government-issued photo ID
It’s unclear if the account requires a minimum deposit to open. But if it’s similar to SoFi’s other digital bank accounts, you could get started with as little as $0.
Have the following information handy when you open a Samsung Money account:
- Name, email address and phone number
- Date of birth
- Home address
- Social Security number
- Government-issued photo ID number
How do I deposit or withdraw money?
Here are all the ways you can access funds in your Samsung Money account:
- Direct deposit
- Check deposit
- Transfer from another bank account
- Peer-to-peer transfer
- Cash back at a retailer
- Transfer to an external bank account
- Peer-to-peer transfers
- Online bill pay