I’ve been a big fan of the Charles Schwab Investor Checking Account since it has no monthly fee, no foreign transaction fee, and reimburses you for all ATM fees including foreign ATM fees. I’ve used it the extensively in Thailand, Hong Kong, and all over Europe to save a bunch of money on ATM and foreign transaction fees.
But SoFi has introduced a new debit card which just might beat out the Charles Schwab Checking out. Let’s take a look:
1. No monthly fees – just like Schwab there are no monthly fees, no minimums, etc. This is a must for me, I don’t want to have to keep a large amount of money in the account to keep from being charge a monthly fee.
2. A great interest rate – currently the same rate as my Ally Savings accounts at 1.8%, but better than checking accounts which usually only offer 0.1% or so.
3. ATM fees reimbursed anywhere – as long as there is the ATM is displaying the Visa®, Plus®, or NYCE® logo – perfect when traveling abroad.
4. No foreign transaction fees – but there is a 1% foreign exchange fee though – but I’ve read other blog comments that Schwab has this fee as well since it is from Visa, so probably unavoidable.
5. Sign Up Bonus – there is currently a $50 sign up bonus when you deposit $100 within 14 days of account opening and use a referral link. I got my $50 bonus the same day I did a $100 transfer from Ally.com (see screenshot below).
SoFi is also offering a $100 referral bonus – so after you sign up, refer your spouse/girlfriend/boyfriend after you get your account, so you get an extra $100 and they get $50. So you can earn a quick $200 between you and your spouse within a few minutes!
Thanks for using my referral link if you decide to sign up for this account.
6. Finally, it’s extremely easy to sign up for an account, seriously it only took me 2-3 minutes after download their bad.
Sign up for a SoFi account now so you are ready for your next trip abroad.