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Samsung Money review

Samsung enthusiasts rejoice — a hot new digital bank account that earns rewards.

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%%.

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$0 per month

Fee

0.20%

APY

Details

APY0.20% 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 offerWhen 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.
ATMsYou can use over 55,000 Allpoint ATMs nationwide for free
ATM transaction fee$0
Out-of-network ATM fee$0
Overdraft fee$0
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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.

Expert review

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.

How do I open a Samsung Money account?

Sign up for the Samsung Money account using these steps:

  1. Go to the provider’s site and follow the steps to apply.
  2. Download the Samsung Pay app from the Google Play Store.
  3. Sign into the app and navigate to the Money tab.
  4. Click Open Account.
  5. Follow the onscreen prompts to fill out your application and fund your new account.

Eligibility

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.

Required information

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

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

Name Product Fee Minimum deposit to open Annual Percentage Yield (APY) Offer
Chime Checking account
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Chime Checking account
$0 per month
$0
N/A
Save easily and access your paycheck up to 2 days early with direct deposit. Pay $0 monthly fees, and no minimum balance is required. Access 24/7 support and get daily balance and transaction alerts.
Varo
Finder Rating: 4.7 / 5: ★★★★★
Bonus
Varo
$0 per month
$0
5.00% on balances of $0 to $5,000
3.00% on balances of $5,000+
Earn $30 bonuses every time a friend signs up for an account and spends at least $20 within 30 days
A digital account with a $0 monthly fee, access to 55,000+ free Allpoint ATMs and no minimum balance required. This account gives you access to an optional savings account with yields as high as 5% APY.
Upgrade Rewards Checking
Finder Rating: 4.3 / 5: ★★★★★
Upgrade Rewards Checking
$0 per month
$0
N/A
Earn up to 2% cashback rewards on everyday purchases. Pay $0 fees for overdraft, domestic wire transfer and monthly maintenance. Pair with Upgrade’s savings account to earn 3.75% APY. Get up to 20% discounts on Upgrade loans and credit lines.
Lili
Finder Rating: 4.6 / 5: ★★★★★
Lili
From $0 per month
$0
1.50%
Designed for freelancers, Lili offers a suite of tools including invoicing software, expense reports, write-off tracker, and automated tax savings. Get paid up to two days early with direct deposit and no monthly fees. Lili Pro account holders get cashback rewards, 1.5% APY for savings.
First Citizens Bank Free Checking
$0 per month
$50
N/A
First Citizens Bank Free Checking stands out for its built-in finance tracking tool, Manage My Money. Available to residents in NC, SC, TN, AZ, CA, CO, FL, GA, KS, MD, MO, NM, OK, OR, TX, VA, WA, WV, and WI.
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Compare up to 4 providers

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 deposit or withdraw money?

Here are all the ways you can access funds in your Samsung Money account:

Deposits

  • Direct deposit
  • Check deposit
  • Transfer from another bank account
  • Peer-to-peer transfer

Withdrawals

  • ATM
  • Cash back at a retailer
  • Transfer to an external bank account
  • Peer-to-peer transfers
  • Online bill pay

Frequently asked questions

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★★★★★ — Subpar

★★★★★ — Poor

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Read the full methodology of how we rate checking accounts.

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