Two months after Samsung Money was officially revealed, the program has officially launched.
Samsung Money is now live in the US, offering a cash management account and a Mastercard debit card to go with it. Samsung has partnered with Sofi to offer a digital money management service that allows you to do thinks like check your balance, review statements, free and unfreeze your card, and more all within Samsung Pay.
There are no account fees, overdraft fees, or transfer fees with a Samsung Money account, and you get free access to more than 55,000 Allpoint ATMs. Samsung touts that its program can also earn you up to 6 times higher interest rates compared to the national average. Each account is also FDIC-insured up to $1.5 million.
Of course, Samsung is adding some of its own special benefits to this program to make it more enticing. Samsung Money users will earn Samsung Rewards points for every purchase they make within Samsung Pay, and those users will also soon get access to exclusive discounts on Samsung devices like Galaxy phones, tablets, wearables, TVs, and laptops from Samsung.com.
The other major feature of Samsung Money is the physical debit card. While the Samsung Money debit card can be used with Samsung Pay, which utilizes MST for use at traditional credit card terminals, you'll also get a real debit card. This could be useful to have as a backup in case of an emergency, like if your phone's battery is dead.
If you're interested in signing up for Samsung Pay, just hit the "Money" tab in the Samsung Pay app to begin the signup process.