SEOUL, South Korea—Samsung and Social Finance, better known as SoFI, have announced new details around a pending debit card program, which it said will be called Samsung Money by SoFi.
The program will tie in directly with the existing Samsung Pay app.
Samsung Money will offer a cash management account and a Samsung Money debit card—a Mastercard issued by The Bancorp Bank.
“Samsung Money by SoFi is a mobile-first money management experience that brings a cash management account and a Mastercard-branded debit card along with exclusive benefits to Samsung Pay,” SoFI said on its website. “The account is secure, has no account fees, and rewards you for saving with an interest rate exceeding the average national savings rate.1 At a time when more of us are leaning on technology to take care of essential tasks, Samsung Money by SoFi puts your primary financial tools right at your fingertips in the Samsung Pay app.”
According to the organizations, owners of Samsung Pay-enabled Galaxy devices can access the benefits of the account immediately upon approval.
Other Benefits
“Search your transaction history, flag suspicious activity, freeze (or unfreeze) your card, change your PIN, and many other account actions, all within the app and without having to leave home or contact a representative,” SoFi said in its announcement. “But when you do leave home—someday—you’ll also have access to in-network ATM fee reimbursements at more than 55,000 locations across the country. The funds in your Samsung Money by SoFi account are protected by Samsung Knox mobile security and FDIC insurance for up to $1.5 million (six times that of a transactional account at a typical financial institution).
“Samsung Money by SoFi members can also enroll in the Samsung Rewards program to earn points for every purchase they make using Samsung Pay,” the statement continues. “As an added bonus, loyal Samsung Pay users with 1,000 or more Samsung Rewards Points will be able to convert their points into cash and have them deposited directly into their Samsung Money by SoFi account.”