Samsung Money by SoFi is most worth considering if you already use a compatible Galaxy phone and want a cash-management account built into Samsung Wallet. It has no monthly maintenance or overdraft fee on the fee schedule effective May 6, 2026, but some outgoing transactions cost extra. Its latest public rate sheet located lists 3.30% APY effective December 23, 2025; that variable rate is dated, so check Samsung Wallet for the rate currently offered before opening an account.
What is Samsung Money by SoFi?
Samsung Money is a mobile-first cash-management account offered by SoFi Securities LLC, a FINRA-registered broker-dealer, and accessed through Samsung Pay or Samsung Wallet. It is not a conventional bank account opened with Samsung. The debit card is a World Debit Mastercard issued by The Bancorp Bank under license from Mastercard; Samsung says enrollment is available through the Samsung Pay app. Samsung’s product page and SoFi’s product explanation describe the account and its structure.
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In practical terms, the account combines a cash balance, a debit card, and Samsung Wallet access. It is designed for people who want to manage spending through Samsung’s mobile-payment ecosystem, rather than for someone seeking a standalone bank account independent of a Galaxy device.
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What fees does Samsung Money charge?
SoFi’s fee schedule effective May 6, 2026 lists the following charges and no-fee services. The schedule can change, so check the current terms before making a decision. See SoFi’s Samsung Money fee schedule.
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| Transaction or service | Listed fee |
|---|---|
| Monthly maintenance, minimum balance, overdraft | $0 each |
| Outgoing domestic wire | $30 |
| Outgoing instant withdrawal | 0.75%, with a $1 minimum and $30 maximum |
| Cash deposit | Partners may charge up to $4.95 |
| Allpoint ATM transaction | $0 from SoFi |
| Non-Allpoint ATM transaction | $0 from SoFi; the ATM operator may charge its own fee |
| Incoming wire, instant deposit, Zelle/P2P transfer, bill pay, mobile deposit, point-of-sale purchase, replacement card | $0 from SoFi |
Samsung advertises access to more than 55,000 Allpoint ATMs without a fee from SoFi. That is Samsung’s published network figure, not a guarantee that every location is convenient or available; third-party ATM charges outside the network are not reimbursed. Use the current participating ATM locator and check any fee notice before withdrawing cash.
What interest rate does Samsung Money pay?
The latest public Samsung Money rate sheet located lists an interest rate of 3.25112% and an APY of 3.30%, effective December 23, 2025. The sheet says interest accrues daily, compounds monthly, and the rate is variable and may change at any time; fees can reduce earnings. That dated figure is not confirmation of the rate available on October 9, 2026. Review SoFi’s Samsung Money rate sheet.
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SoFi says the Samsung Money rate is calculated monthly based on the Federal Funds Rate and can fluctuate monthly. For the rate actually shown on your account, open the Samsung Money homepage in Samsung Wallet. SoFi’s instructions are at How do I see my current interest rate?
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Does SoFi Plus give Samsung Money a higher savings rate?
No: SoFi’s cited SoFi Plus savings APY applies to a separate SoFi Savings account, not to the Samsung Money balance. SoFi support states that Samsung Money customers can pay $10 per month for SoFi Plus, but receiving the cited 4.50% APY on up to $20,000 in one SoFi Savings account requires closing Samsung Money and opening SoFi Checking and Savings. That rate was stated as current on September 23, 2026, and is variable. Confirm the live rate and eligibility before switching. SoFi explains eligibility for Samsung Money customers.
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Compare the products on the account you would actually hold: the displayed variable APY, fees for the transactions you use, any SoFi Plus subscription cost, and the effort of moving to a different account. A higher advertised rate on a separate product is not a Samsung Money benefit.
How does FDIC coverage work?
Samsung says cash in the account is swept to one or more program banks, and FDIC coverage begins only after funds reach a program bank. Its current disclosure describes six program banks and up to $1.5 million in potential FDIC coverage. That is a conditional maximum, not automatic coverage for every customer or every dollar: allocation, bank availability, other deposits held at the same banks, eligibility, and FDIC rules affect the amount. Samsung also says Samsung Money and program-bank deposits are not covered by SIPC. Read the Samsung Money disclosures before relying on a coverage figure.
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- Please note, this device does not support E-SIM; This 4G model is compatible with all GSM networks worldwide outside of the U.S. In the US, ONLY compatible with T-Mobile and their MVNO's (Metro and Standup). It will NOT work with other CDMA carriers, and it is also not compatible with their MVNO (Visible, Xfinity Mobile, US Mobile, Cricket Wireless, etc).
- Compatibility with certain third-party devices and accessibility accessories, including some hearing aids, may vary depending on manufacturer support, Bluetooth protocols, software compatibility, and regional firmware limitations. For additional hearing aid compatibility information, please refer to Samsung’s official support documentation.
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This account’s brokerage cash-management arrangement, bank sweep, and debit card are distinct pieces of the product. Do not interpret the headline maximum as immediate insurance while money is still awaiting allocation or as coverage beyond applicable FDIC limits.
How do you open and use the account?
- Open the Samsung Pay app on an eligible device, select the Money tab, and apply. Samsung says applicants provide personal information and approval can take up to 24 hours. See Samsung’s application instructions.
- After approval, link an existing bank account and transfer funds.
- Once the account is set up and funded, Samsung says the physical debit card is mailed to the supplied address. Activate it in Samsung Pay when it arrives.
The account was launched for U.S. customers. Samsung’s 2020 launch announcement referred to Samsung Pay-enabled Galaxy S6-and-later phones and select wearables, but that is historical compatibility information, not a current device list. Check Samsung Pay compatibility for your specific device before applying. Samsung’s launch announcement.
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What about rewards and card security?
Samsung’s 2020 launch announcement described Samsung Rewards enrollment and a one-time offer to exchange 1,000 points for $5 deposited into Samsung Money. Treat that as a historical launch offer, not a currently available reward; verify current rewards terms in Samsung Wallet.
The same announcement said the physical card would omit the card number, expiration date, and CVC, with those details available in the app behind biometric or PIN authentication, and referenced Samsung Knox. Those are launch-era claims; check the current card and account materials for protections that apply now.
Who is Samsung Money worth it for?
It may fit if
- You already have a compatible Galaxy device and want to manage a debit account in Samsung Wallet.
- You mostly make card purchases, use Allpoint ATMs, and rarely need outgoing domestic wires or instant withdrawals.
- The live APY and account terms compare favorably with your existing checking or savings option.
It may not fit if
- You want a conventional bank account that does not depend on Samsung Pay or Wallet.
- You frequently send domestic wires, need instant withdrawals, or deposit cash through a partner that charges a fee.
- You are choosing it for SoFi Plus’s separate Savings APY; that rate requires moving to SoFi Checking and Savings.
- You need a yield guarantee or want to decide based on the dated 3.30% APY alone.
Before opening an account, compare the live Samsung Money APY with your alternatives, check the current fee schedule against your transaction habits, and consider whether Samsung Wallet integration is useful enough to justify making the account part of that ecosystem. No independent satisfaction study or performance test establishes Samsung Money as objectively best.
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