Samsung Money by SoFi review
- Fee
- $0 per month
- APY
- 0.20%
Our verdict
A digital account for Samsung enthusiasts that lets you spend, save and earn rewards.
Best for: Samsung users who want a low maintenance interest-bearing account with rewards.
Pros
-
No monthly fee
-
Checkwriting privileges and free check orders
Cons
-
Reward points aren’t redeemable for cash
-
Reward points expire after 12 months
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 — a neobank 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. And when you buy a Samsung product with your Samsung Money account, the warranty is automatically doubled for a maximum of two years. 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 3.75% APY. This rate is higher than the national average for checking accounts, which currently sits at 0.08%, according to the FDIC.
To qualify for the highest rate, you must set up regular deposits of at least $500 each month or make at least 10 transactions per month with the debit card.
If you don’t meet any of these requirements, you’ll earn 1.20% APY, which is still higher than the national average.
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 a 0.5% to 1.5% value 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, it’ll take a long time to build up enough points for any decent rewards or to enter the better tiers — and the points expire after 12 months.
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.
Samsung Money‘s fees and access
| Type of fee | Fee details |
|---|---|
| Monthly service | $0 |
| Opening deposit | $0 |
| ATMs |
|
| Debit card fees |
|
| Overdraft or nonsufficient funds | $0 |
| Wire transfers | N/A |
| Other fees |
|
Compare Samsung Money to other debit cards
Narrow down top debit cards by APY, opening deposits and features. For a closer comparison, select the Compare box on up to four providers to view their features side by side.
How to open the Samsung Money account
The Samsung Money account is available to Samsung users with the Samsung Pay app. If you don’t have the app, download it from the Google Play Store. Then follow these steps:
- Open the Samsung Pay app on your Samsung device.
- Tap the Money tab and register a new account.
- Add funds via direct deposit, ACH transfers from an external account or other methods.
Once you’ve funded the account with at least $1, you can request a physical debit card. When you receive your card, you can activate it with your phone if you have NFC turned on and follow these steps:
- Open the Samsung Pay app, then select the Money tab.
- Go to Card on the way, then select I got my card.
- Tap the debit card on the back of your phone to activate it.
Customer experience
For bank and cash management accounts, we normally rely on Better Business Bureau (BBB) ratings and customer reviews to gain insight on customer experience and provider reputation. However, since Samsung is known for electronics, its BBB profile is filled with feedback related to Samsung electronics, like refrigerators and phones. For a better idea of the customer experience, we headed to the Google Play Store.
The Samsung Wallet and Pay app holds a 4.4-star rating. Overall, the reviews are positive, with most pleased 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.
Many customers noted that the fingerprint scanner often glitches or no longer works when doing contactless pay. Other customers also complained of the rewards points taking a long time to build up, and that paired with the fact they expire in 12 months, it is difficult to earn the best rewards. On top of that, you used to be able to use reward points for various gift cards, but that’s no longer an option.
Checking account ratings
★★★★★ — 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
Have you considered SoFi Checking and Savings?
Earn up to 4.60% APY on savings by meeting deposit requirements, and 0.50% APY on checking balances. Members without deposit requirements will earn 0.50% APY on both savings and checking balances. Turn on automatic savings or use the Roundups feature to help you reach your savings goals faster. Get up to $2M of additional FDIC insurance through a network of participating banks.
- 0.50% APY on checking balance
- Up to 4.60% APY on savings
- $0 account or overdraft fees
- Get a $300 bonus with direct deposits of $5,000 or more
Your reviews
Bethany Finder
Writer, Banking and Loans
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