Samsung Money offers a new account and debit card tied to Samsung Pay

Terminal updated: May 27th, 2020 at 15:25 UTC+01:00

It was revealed final month that Samsung is going to launch a Samsung Pay debit bill of fare this summer. It would exist doing this in partnership with SoFi, a San Francisco-based online personal finance company. This new partnership would transform Samsung Pay into a more rewarding way to manage your coin.

We finally go to see today merely what this partnership betwixt Samsung and SoFi brings. Samsung Money by SoFi has been unveiled today, it's a mobile-beginning coin direction experience that offers a cash management account and a physical Mastercard debit card with exclusive benefits tied to Samsung Pay.

Samsung Money launched in collaboration with SoFi

Customers who sign upwards for the account won't take to pay whatsoever account fees and will be able to earn a college interest on savings relative to the national average of transactional accounts. Users can either open an individual or a articulation cash management account and volition benefit from in-network ATM fee reimbursement at over 55,000 locations in the US. The Samsung Coin accounts are FDIC insured for up to $1.five one thousand thousand which is half-dozen times that of a normal bank account.

Accounts can be prepare through the Samsung Pay app in no time. The virtual card will exist available for use in Samsung Pay immediately upon blessing. Once the physical debit card arrives in the post, users don't have to phone call a number to actuate it, they tin can practise that with simply one tap in the Samsung Pay app. To increase security, the physical card won't display sensitive details like the card number, expiration appointment or CVV. Users tin find this information in the app.

The app too provides powerful money direction tools to Samsung Money users. They can check their balance, review statements and search transactions. Additional tools include the ability to flag suspicious transactions, freeze or unfreeze their card, interruption or restart spending, assign a trusted contact and modify their PIN.

Samsung Rewards members already earn points for purchases that they make using Samsung Pay. The company will at present allow users with i,000 or more Samsung Rewards Points to redeem the points for cash that'due south deposited directly into their Samsung Money account.

Samsung Coin is going to be bachelor to consumers in the United States later this summer. Those who are interested can sign up for the waitlist on Samsung's website.