At first glance, SoFi’s banking app is no different from the existing options on the market. It comes with a debit card, enables P2P payments, and accepts mobile check deposits. A distinct feature, SoFi Money combines checking and savings into a single current account with 1.1% interest, more than quadruple the rate of most big banks.
“We realize that the hardest thing in the world is to get people to move off their existing bank,” says Tony Morosini, VP of banking. “We had to make sure the product was great and seamless and easy to use.”