Samsung detailed Samsung Money by SoFi this morning, a followup announcement to the company’s Samsung Pay Getting Debit Cards news from earlier this year. We already knew these new cash accounts would be backed by SoFi, but now we’re getting a few more details for curious users.
Like what many other digital-first banks are doing, SoFi is offering Samsung users a cash management account with no fees, debit card attached to said account, as well as higher than average interest rates for those who are better savers than they are spenders. Users can choose between opening an individual or joint cash management account, and what’s more, customers receive in-network fee reimbursement at more than 55,000 ATM locations in the US.
What’s most important in this world of Apple credit cards and other pretentious bullshit is the hardware you receive for Samsung Money. From what we can see, it’s a MasterCard debit card with chip, in the color of black, complete with near-field tech for contactless payments at supported terminals. It appears to be regular plastic, not some special metal with engravings or anything.
Samsung Money by SoFi goes live this summer and you can join a waitlist here.