06.25.20 / Apps & Services

Five Things Samsung Money by SoFi Can Help You Do

Talking Points

  • Samsung Money by SoFi, the new mobile-first money management experience from Samsung, is coming this summer. It brings a cash management account and debit card into Samsung Pay.
  • With Samsung Money by SoFi, Galaxy smartphone users can earn interest instead of paying it, gain more control over their financial life, and experience the future of managing money wherever they go.
  • Join the waitlist to be among the first to access Samsung Money by SoFi through the Money tab in the Samsung Pay app.

To help people use their Galaxy smartphone to manage more of their financial life, Samsung recently unveiled the new mobile-first money management experience: Samsung Money by SoFi.1

It’s the next innovation for Samsung Pay, and it launches in the United States later this summer. With so much to look forward to, here are five things Samsung Money by SoFi will be able to help you do.

Samsung Money by SoFi

1. Earn Interest Instead of Paying It

Samsung Money by SoFi is anchored by a cash management account that enables you to earn higher interest on your money relative to the typical rate for other transactional accounts.

Users enjoy no account fees, no overdraft fees, and no transfer fees.2 Plus, when you withdraw cash from one of more than 55,000 in-network ATMs in the United States, Samsung Money by SoFi reimburses you for any fees you incur.3
In other words, your money stays yours, and you can grow it faster.

Samsung Money by SoFi
Samsung Money by SoFi

2. Gain More Control Over Spending and Saving

Because Samsung Money by SoFi is a debit card, there’s no need to worry about billing dates and interest rates. The app makes it easy to see exactly how much cash you have on hand, at a glance. Plus, you can use the app to take care of your essential financial tasks – without standing in line, waiting on hold, or leaving home.

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More control also comes with added peace of mind. Your Samsung Money by SoFi account is FDIC insured for up to $1.5 million (six times that of a normal bank account).4 And your physical debit card will not display the card number, expiration date, or CVC number—information available in the “Money” tab of the Samsung Pay app, which is further protected by biometric or PIN authentication. Even if you lose your phone, your virtual debit card will remain secure–only you can open your Samsung Pay mobile wallet. And even in the event of an unauthorized transaction, Zero Liability protection means you’re off the hook—just flag the transaction in question and, following a review, you’ll receive a credit to your account.

Samsung Money by SoFi

3. Get Set Up in a Snap

The Samsung Pay app makes getting set up a breeze. And opening an account does not affect your credit score.

On approval, your Samsung Money by SoFi virtual debit card appears instantly in your Samsung Pay wallet. And when your physical debit card arrives by mail, there’s no need to pick up the phone and tap in the card number! Just pull up Samsung Pay on your phone, and tap to activate your card. It’s as easy as that.

To fund your account, there’s no need to wait several business days for a bank transfer to complete. Instead, you can instantly transfer money from any debit card already registered in your Samsung Pay wallet.5 Samsung Money by SoFi gives you other account options, too—including to transfer money from a bank account or set up a paycheck for direct deposit.

Samsung Money
Virtual and physical debit card of Samsung Money by SoFi

4. Earn Samsung Rewards Points

With Samsung Money by SoFi, you can earn Samsung Rewards points for every purchase you make using the card with Samsung Pay. When Samsung Money by SoFi launches later this summer, new users will have a chance to win $1,000 in Samsung Rewards points just for opening an account.

Plus, if you’re a longtime Samsung Pay user, you’ll get an added bonus when you sign up for Samsung Money by SoFi. You can have your Samsung Rewards points balance converted into cash and deposited directly into your Samsung Money by SoFi account.6

Samsung Money by SoFi
Win $1,000 when you open an account

5. Experience the Future of Mobile-First Money Management

At Samsung, we believe technology is most powerful when it helps you do the things that are most important to you.

Our vision for Samsung Pay is a mobile-first money management platform that makes financial tasks easier, helps you build your financial toolkit, and gives you control over your financial life. Samsung Money by SoFi is the next step on our journey to create a powerful and convenient way to save and spend money, and streamline your money management. Sign up now for the waitlist in the Samsung Pay app through the Money tab, or head online here: http://www.samsung.com/us/money.

[1] Samsung Money by SoFi® is a cash management account, a brokerage product, offered by SoFi Securities LLC. FINRA/SIPC. SoFi Securities, Samsung, and affiliates are not banking entities or bank holding companies.
[2] Samsung Money by SoFi will launch with no account fees.  Fees charged will be subject to change at any time as described in the account terms and conditions.
[3] SoFi partnered with Allpoint to provide consumers free ATM access at any of the 55,000+ ATMs within the Allpoint network. Consumers will not be charged a fee when using an in-network ATM, however, third party fees incurred when using out-of-network ATMs are not subject to reimbursement.  SoFi’s ATM policies are subject to change at SoFi’s discretion at any time.
[4] The cash balance in Samsung Money by SoFi cash management accounts is swept to one or more program banks where it earns a variable rate of interest and is eligible for FDIC insurance. FDIC Insurance does not immediately apply. Coverage begins when funds arrive at a program bank. There are currently six banks available to accept these deposits, making customers eligible for up to $1,500,000 of FDIC insurance (six banks, $250,000 per bank). If the number of available banks changes, or user elects not to use, and/or has existing assets at, one or more of the available banks, the actual amount could be lower. For more information on FDIC insurance coverage, please visit www.FDIC.gov. Customers are responsible for monitoring their total assets at each of the Program Banks to determine the extent of available FDIC insurance coverage in accordance with FDIC rules. The deposits in Samsung Money by SoFi or at Program Banks are not covered by SIPC.
[5] Fees may apply
[6] One-time offer available for a limited time and while supplies last upon signup for Samsung Money by SoFi. Requires 1,000 or more points (1,000 points = $5).
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