Now Available: Your Money Goes Further With Samsung Money by SoFi

Samsung, SoFi and Mastercard together launch the mobile-first money management platform; Account holders will obtain exclusive access to discounts on Samsung products

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SoFi; Samsung

Jul 23, 2020, 11:00 ET

MOUNTAIN VIEW, Calif., July 23, 2020 /PRNewswire/ -- Samsung Electronics America, Inc., announced that starting today, consumers in the U.S. can sign-up for and access Samsung Money by SoFi: a mobile-first money management experience. Launched in partnership with SoFi, a leading fintech company, Samsung Money by SoFi brings a cash management account, accompanying Debit Mastercard and exclusive benefits to Samsung Pay.

Samsung logo (PRNewsfoto/SoFi,Samsung)

New Exclusive Benefit Coming Soon
As part of the announcement, Samsung revealed that active Samsung Money by SoFi users will soon have access to an exclusive discount on Samsung's award-winning products. Starting in just a few weeks, Samsung Money by SoFi users will receive discounts on Samsung Galaxy smartphones, tablets, wearables, TVs, laptops, washers, refrigerators and more on Samsung.com. This program will reward loyal account holders with a discount, on top of any offers available on Samsung.com. Once live, and once an account is funded, users will see a banner in the Samsung Money section in the Samsung Pay app. Clicking that banner will provide access to the discount.

About Samsung Money By SoFi

Instant Activation: As soon as you fund your new Samsung Money by SoFi account, your digital debit card will be provisioned in your Samsung Pay wallet, with your physical card arriving shortly by mail. To activate your card, there's no need to dial a 1-800 number. Simply tap the card on your phone and watch the screen for confirmation.
No Account Fees: Samsung Money by SoFi charges zero account fees, overdraft fees or transfer fees.^¹ In fact, whenever you use an in-network ATM, you won't see a charge.^²
Added Savings and Benefits: Samsung Money by SoFi rewards users for saving, earning up to 6x^³ higher interest rate relative to the national average of transactional accounts. In addition, Samsung Money by SoFi users will earn Samsung Rewards points for every purchase they make within Samsung Pay.
Money Management at Your Fingertips: With Samsung Money by SoFi, you can use the Samsung Pay app to check your balance, review past statements and search transactions. You can pause or restart spending, freeze or unfreeze your card, change your pin and assign your trusted contact—all without ever having to leave home or call a representative. And coming soon, an added benefit for Samsung Pay users is being able to fund your Samsung Money by SoFi account instantly from your other registered debit cards already in your Pay wallet.
Peace of Mind: Since Samsung Money by SoFi isn't a credit card, you can only spend the cash you have on hand. And in the event of an unauthorized transaction, you'll receive an alert and assume zero liability. For added safety, Samsung Money by SoFi comes with the defense-grade security of Samsung Knox, which protects users' information all the way down to the chip level. And the FDIC insures every Samsung Money by SoFi account up to $1.5 million (6x that of a traditional bank account).^⁴ Finally, the physical debit card will not display the card number, expiration date, or CVC. Should users need that information, they can easily find it within the "Money" tab of the Samsung Pay app, which is further protected by biometric or PIN authentication.

Availability
Samsung Money by SoFi is now available to Samsung Pay users in the United States. Samsung Pay users can get started by tapping the Money tab in the Samsung Pay app. The exclusive discounts on Samsung products on Samsung.com will be available in the coming weeks.

For more information about Samsung Money by SoFi, please visit https://www.samsung.com/us/samsung-pay/.

Disclosures
Samsung Money by SoFi® is a cash management account, which is a brokerage product, offered by SoFi Securities LLC. Member FINRA/SIPC. Neither SoFi nor its affiliates are a bank.

The Samsung Money by SoFi card is issued by the Bancorp Bank.

About Samsung Electronics America, Inc.
Headquartered in Ridgefield Park, N.J., Samsung Electronics America, Inc. (SEA), is a leader in mobile technologies, consumer electronics, home appliances and enterprise solutions. A wholly owned subsidiary of Samsung Electronics Co., Ltd., SEA is pushing beyond the limits of today's technology and providing consumers and organizations with a portfolio of groundbreaking products and services across mobile devices, connected appliances, home entertainment, 5G networks and digital solutions. To discover more about Samsung, please visit www.samsung.com. For the latest Samsung news, please visit news.samsung.com/us and follow us @SamsungNewsUS.

About Samsung Electronics Co., Ltd.
Samsung inspires the world and shapes the future with transformative ideas and technologies. The company is redefining the worlds of TVs, smartphones, wearable devices, tablets, digital appliances, network systems, and memory, system LSI, foundry and LED solutions. For the latest news, please visit the Samsung Newsroom at http://news.samsung.com.

About SoFi
SoFi helps people achieve financial independence to realize their ambitions. Our products for borrowing, saving, spending, investing, and protecting give our more than one million members fast access to tools to get their money right. SoFi membership comes with the key essentials for getting ahead, including career advisors and connection to a thriving community of like-minded, ambitious people. SoFi is also the naming rights partner of SoFi Stadium, future home of the Los Angeles Chargers and the Los Angeles Rams, opening in July 2020. For more information, visit SoFi.com.



¹ Samsung Money by SoFi will launch with no account fees. Fees charged will be subject to change at any time as described in the account terms and conditions. ² SoFi partnered with Allpoint to provide consumers free ATM access at any of the 55,000+ ATMs within the Allpoint network. Consumers will not be charged a fee when using an in-network ATM, however, third party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi's ATM policies are subject to change at SoFi's discretion at any time. ³6x based on the national average of 0.04% from the weekly rate cap as of 7/20. ⁴ The cash balance in Samsung Money by SoFi cash management accounts is swept to one or more program banks where it earns a variable rate of interest and is eligible for FDIC insurance. FDIC Insurance does not immediately apply. Coverage begins when funds arrive at a program bank. There are currently six banks available to accept these deposits, making customers eligible for up to $1,500,000 of FDIC insurance (six banks, $250,000 per bank). If the number of available banks changes, or user elects not to use, and/or has existing assets at, one or more of the available banks, the actual amount could be lower. For more information on FDIC insurance coverage, please visit www.FDIC.gov. Customers are responsible for monitoring their total assets at each of the Program Banks to determine the extent of available FDIC insurance coverage in accordance with FDIC rules. The deposits in Samsung Money by SoFi or at Program Banks are not covered by SIPC.