SoFi today announced the general availability to the public of two new products, SoFi Money and SoFi Invest, that help people save, spend, and invest.
Designed with the member in mind, both products offer industry-leading benefits, no fees, and a seamless mobile-first interface.
“When we talk with our members about what they want from a financial partner, they tell us they want to work with someone who rewards them for good choices, doesn’t charge them fees, and makes it possible to do everything on your smartphone,” said Anthony Noto, SoFi CEO. “That’s what we’ve built with SoFi Money and SoFi Invest. Both are cornerstone products in making SoFi the only place you have to go to get your money right.”
SoFi Money is a new, hybrid account offering high-yield interest (currently 2.25% APY), zero account fees, unlimited ATM fee reimbursements worldwide, and the ability to spend, pay, and save directly from from the SoFi mobile app. SoFi Money features include free person-to-person (P2P) payments, electronic bill pay, mobile check deposits, debit card functionality, and mobile payment integrations. SoFi maintains industry-standard administrative, technical and physical safeguards to protect user information, and deposits with SoFi Money are FDIC insured up to $1.5 million.
SoFi Invest is a free consumer investing service that offers stocks, ETFs, and roboadvising, with no commissions or management fees. SoFi Invest offers both active (brokerage) and automated (robo) investing, as well as real-time, curated investing news. SoFi and Tidal ETF Services have filed with the U.S. Securities and Exchange Commission to offer SoFi-branded ETFs as part of the company’s broader investment offerings. The company also plans to offer cryptocurrency trading through SoFi Invest in the coming months.
SoFi membership, which comes with usage of any SoFi product, offers benefits including exclusive events across the country, complimentary financial planning, and career coaching to all active members through an exclusive partnership with Korn Ferry. Members also receive incentives on SoFi products, including rate discounts on loans.
You can learn more about SoFi Money and SoFi Invest on either the SoFi website or through the SoFi mobile app.