Digital personal finance company SoFi has introduced two new products to encourage saving and investment among customers.
The two new products are SoFi Money and SoFi Invest.
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By GlobalDataSoFi CEO Anthony Noto said: “When we talk with our members about what they want from a financial partner, they tell us they want to work with someone who rewards them for good choices, doesn’t charge them fees, and makes it possible to do everything on your smartphone.
“That’s what we’ve built with SoFi Money and SoFi Invest. Both are cornerstone products in making SoFi the only place you have to go to get your money right.”
SoFi fintech offerings: Details
The first offering, SoFi Money, is a hybrid account providing high-yield interest currently capped at 2.25% APY.
It carries zero account fees with unlimited ATM fee reimbursements worldwide.
The users can use SoFi Money for free person-to-person (P2P) payments, mobile cheque deposits and bill payments.
It also comes with debit card functionality and mobile payment integrations.
All SoFi Money deposits are FDIC insured up to $1.5m.
The other product SoFi Invest offers stocks, ETFs, and roboadvising to the customers. The company said that it is a free consumer investing service with no commissions or management fees.
SoFi Invest provides active (brokerage) and automated (robo) investing as well as real-time investing news.
In future, SoFi aims to provide cryptocurrency trading through SoFi Invest.
