Users will be able to make deposits into an account where they will earn interest and won't incur fees when transferring money to other SoFi customers or using a company-issued debit card. The accounts will come with free ATM access and U.S. backed insurance of as much as $1.5m.
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SoFi to Start Rolling Out Deposit Accounts, Debit Cards Next Month
A spokeswoman for SoFi now says the company plans to offer the new accounts to a limited set of customers starting in May. Users will be able to make deposits into an account that functions like a checking account, where they will earn interest and won’t incur fees when transferring money to other SoFi customers or using a company-issued debit card. The account will offer users free ATM access and U.S.-backed insurance of as much as $1.5 million, according to the website. SoFi, one of the largest student-loan refinancing business in the U.S., has ambitions to beat traditional banks by targeting millennials with products, including insurance, mortgages, wealth management and banking. Those big goals were dealt a setback last year with the departure of co-founder Mike Cagney, who left after allegations that some managers sexually harassed employees.
