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Samsung Money review

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





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

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.


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 APY Minimum deposit to open ATMs Out-of-network ATM fee
Finder Rating: 4 / 5: ★★★★★
more than 38,000 ATMs in the MoneyPass ATM network
The Douugh app is an AI assistant focused on your finances.
Aspiration Spend & Save Account
Finder Rating: 4.2 / 5: ★★★★★
Aspiration Spend & Save Account
5.00% on balances of $0 to $10,000
55,000 free in-network ATMs
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
SoFi Money
Finder Rating: 4.6 / 5: ★★★★★
SoFi Money
Earn $100 when you set up direct deposit. Save, spend, and earn cash back rewards with this no-fee cash management account.
Finder Rating: 4.8 / 5: ★★★★★
1.20% on balances of $0 to $50,000
0.25% on balances of $50,000.01+
More than 85,000 ATMs nationwide
A free account for crypto and cash that earns a 1.2% bonus rate plus 5% cashback on purchases from participating retailers.
Finder Rating: 4.6 / 5: ★★★★★
32,000 fee-free ATMs nationwide
Freelancers get paid up to two days early and can automatically set aside money for taxes with the Lili digital bank account. Get up to 10 referral rewards, or $1000.

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:


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


  • 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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★★★★★ — Excellent

★★★★★ — Good

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★★★★★ — 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.

Read the full methodology of how we rate checking accounts.

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