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finder.com’s rating: 4.7 / 5.0
★★★★★
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%%.$0 per month
Fee
0.20%
APY
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 |
---|---|
Fee | $0 per month |
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 |
Overdraft fee | $0 |
Review by
Cassidy Horton is a writer for Finder, specializing in banking and kids’ debit cards. She’s been featured on Legal Zoom, MSN, and Consolidated Credit and has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. When not writing, you can find her 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.
Sign up for the Samsung Money account using these steps:
You’ll need to meet these requirements to open a Samsung Money account:
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:
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.
The Samsung Money account has these potential drawbacks:
If you’re looking for an account you can open today, compare your digital banking options until you find one that suits your needs.
There is no minimum balance required to open this account, so you can get started even if you don’t have anything saved.
Here are all the ways you can access funds in your Samsung Money account:
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.
Samsung Money is not currently available on Finder
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