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.
