With SoFi Money becoming live SoFi now offers a bank account they bill as a hybrid between a savings and checking account; the account comes with no account fees, 2.25 percent APY and free ATM usage; the move continues SoFi’s push into banking without becoming a bank, though they were considering an ILC charter last year before withdrawing their application; they are part of a wider movement in fintech to provide banking services at better cost with a more friendly user experience; the definition of a bank is changing and as more services like SoFi Money come online the traditional banks will have to adjust to ensure they don’t get passed by. Source.
Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.