SoFi Continues Push into Banking Services

With SoFi Money becoming live SoFi now offers a bank account they bill as a hybrid between a savings and checking account; the account comes with no account fees, 2.25 percent APY and free ATM usage; the move continues SoFi’s push into banking without becoming a bank, though they were considering an ILC charter last year before withdrawing their application; they are part of a wider movement in fintech to provide banking services at better cost with a more friendly user experience; the definition of a bank is changing and as more services like SoFi Money come online the traditional banks will have to adjust to ensure they don’t get passed by. Source.

  • Todd Anderson

    Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.