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SoFi Invest Adds More Hours to the Trading Day to Empower Members to Trade on Their Own Terms

SoFi Invest will now add 4 ½ additional trading hours, from 9 AM ET until 8 PM ET, to make trading easier than ever for members across the country

SAN FRANCISCO – June 2, 2022 – SoFi Technologies, Inc. (“SoFi”), the digital personal finance company, today announced SoFi Invest is rolling out extended trading hours over the coming weeks. Members will have the ability to trade from 9 AM ET through 8 PM ET, adding 4.5 hours to the trading day, allowing members to trade whenever it is convenient for them. While the current market hours, 9:30 AM ET through 4 PM ET, can be inconvenient to many as they are during peak working hours or leaving those outside the East Coast behind, the new, extended hours help level the playing field to ensure access to the markets for everyone.

“Our members’ lives don’t operate 9 to 5 – and we’ve certainly learned that over the last two years,” said Anthony Noto, CEO of SoFi. “By extending our trading hours, we’re enabling our members to execute their investing ideas in a larger window and more when it suits their needs, wherever they are. We know that making everything from saving to investing easier is key to helping our members get their money right. For years, the rigid traditions of the finance industry have left many people behind because it didn’t work for them. This is the latest in a series of traditions we’ve sought to break to ensure everyone has access to investing on their terms.”

SoFi members will be able to take advantage of extended trading hours to take immediate action on major news announcements and earnings releases that typically take place after the market closes. Additionally, extended trading hours allows members to react to activity in foreign markets when it happens vs. having to wait until the following day to make trades. The extended hours are available only on the SoFi mobile app, and members will only be able to place limit orders. Extended hours will be available on SoFi’s website in the coming months.

SoFi Invest offers both automated (robo-advising) and active investing (trading) with no fees on stock trading or account minimums. Additionally, SoFi Invest offers crypto trading with 22 coins, SoFi-branded ETFs and fractional stock trading. Recently, SoFi Invest launched no-fee recurring crypto purchases for SoFi Checking & Savings members with direct deposit and a SoFi Invest account who setup automatic crypto purchases, continuing SoFi’s efforts to make it easier and better than ever to spend, save and invest all in one place.

About SoFi

SoFi helps people achieve financial independence to realize their ambitions. Our products for borrowing, saving, spending, investing and protecting give our three and a half million members fast access to tools to get their money right. SoFi membership comes with the key essentials for getting ahead, including career advisors and connection to a thriving community of like-minded, ambitious people. SoFi is also the naming rights partner of SoFi Stadium, home of the Los Angeles Chargers and the Los Angeles Rams. For more information, visit SoFi.com or download our iOS and Android apps.

Cautionary Statement Forward-Looking Statements

This Press Release contains statements that are forward-looking and as such are not historical facts. This includes, without limitation, statements regarding the financial position, business strategy and the plans and objectives of management for our future operations; anticipated trends and prospects in the industries in which our business operates; new products, services and related strategies; our ability to fund Golden Pacific Bank’s strategy; and the impact on our business of the regulatory environment and increased complexities with compliance that accompany regulation as a bank holding company. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this Press Release, words such as “aim”, “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “might”, “opportunity”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “strive”, “will”, “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements represent our current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements, and there can be no assurance that future developments affecting us will be those that we have anticipated. Among those risks and uncertainties are our ability to achieve the value creation contemplated by the Merger, including our ability to enhance our existing financial products and offer more competitive rates for our members, the impact of additional regulation as a result of becoming a bank holding company, our ability to operate SoFi Bank pursuant to its operating agreement with the Office of the Comptroller of the Currency, changes in government regulations, market conditions, including market interest rates, the trading price and volatility of our common stock and risks relating to our business, including those described in periodic reports that we file from time to time with the Securities and Exchange Commission. We do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. As a result of a number of known and unknown risks and uncertainties, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements. You should not place undue reliance on these forward-looking statements.

 

Contacts

Media

Melanie Garvey

[email protected]

 

Investors

Andrea Prochniak

[email protected]

SOFI-F

 

Disclosures

SoFi Invest refers to the three investment and trading platforms operated by Social Finance, LLC and its affiliates (described below).  Individual customer accounts may be subject to the terms applicable to one or more of the platforms below.

1)  Automated Investing and advisory services are provided by SoFi Wealth LLC, an SEC-Registered Investment Adviser (“Sofi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC.

2) Active Investing and brokerage services are provided by SoFi Securities LLC, Member FINRA(www.finra.org)/SIPC(www.sipc.org), (“Sofi Securities). Clearing and custody of all securities are provided by APEX Clearing Corporation.

3) Cryptocurrency is offered by SoFi Digital Assets, LLC, a FinCEN registered Money Service Business.

For additional disclosures related to the SoFi Invest platforms described above, including state licensure of Sofi Digital Assets, LLC, please visit www.sofi.com/legal.

Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform. Information related to lending products contained herein should not be construed as an offer or pre-qualification for any loan product offered by SoFi Lending Corp and/or its affiliates.

Extended hours are from 9 AM – 9:30 AM and 4 PM – 8 PM ET Monday to Friday. Only limit orders can be placed during extended hours. Orders placed after 4 PM ET that and not filled by 8 PM ET will be canceled. Trading during extended hours involves greater risk including lower liquidity and greater volatility.

SoFi will assess a fee for each crypto transaction outside of direct deposit redemption. For more information, visit SoFi.com/crypto.

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Update on SoFi Money ®

SoFi will reduce support on SoFi Money beginning on June 5th, 2022 so that we can serve members better with our new Checking & Savings product.

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Level Up: SoFi Checking & Savings Raises APY for All Members

Today, SoFi Checking & Savings is thrilled to help people earn more off their hard-earned money by raising our annual percentage yield (APY) for all members. Members with direct deposit will now earn 1.25% APY¹ on their balances, which is 41 times the current national average². For members without direct deposit, all balances will now earn a competitive 0.70%, 23x the national average³.

For SoFi direct deposit members, they will now earn more in interest in 9 days at SoFi than they would at other banks in an entire year. Notably, SoFi allows members to earn interest on their funds whether they are sitting in a checking account for upcoming bills or tucked away in savings for a rainy day. Additionally, SoFi has removed the $50,000 cap on account balances, which means that members can earn 1.25% APY on every dollar in their checking and savings accounts.

To help people kick start funding their accounts, SoFi is offering a $300 cash bonus for new members who sign up and set up direct deposit or existing members who set up direct deposit before May 31, 2022⁴.

Interested in earning more? Sign up for SoFi Checking & Savings. Already a member? Set up your SoFi direct deposit.


1 SoFi members with direct deposit can earn up to 1.25% annual percentage yield (APY) interest on all account balances in their Checking and Savings accounts (including Vaults). Members without direct deposit will earn 0.70% APY on all account balances in Checking and Savings (including Vaults). Interest rates are variable and subject to change at any time. Rate of 1.25% APY is current as of 04/05/2022. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet

2 41x based on FDIC monthly interest checking rate as of March 21, 2022.

3 23x based on FDIC monthly interest checking rate as of March 21, 2022.

4 The following describes the terms that apply to participation in the SoFi the SoFi Checking and Savings direct deposit program (“Program”) offered by SoFi Bank, N.A Member FDIC(“SoFi”).

Eligible Participants: All new members who open a SoFi Checking and Savings account during the Promotion Period and all existing SoFi Checkings and Savings customers who have not previously set up Direct Deposit transactions (“Direct Deposit”) into their SoFi Checking and Savings account as of the beginning of the Promotion Period are eligible for the Program.

Promotion Period: The Program will be available from 4/5/22 12:01AM ET to 5/31/22 11:59PM ET.

Bonus Terms: In order to qualify for eligibility for a bonus, SoFi must receive at least one Qualifying Direct Deposit from an Eligible Participant during the Promotion Period. Qualifying Direct Deposits are defined as deposits from enrolled member’s employer, payroll, or benefits provider via ACH deposit. Deposits that are not from an employer (such as check deposits; P2P transfers such as from PayPal or Venmo, etc.; merchant transactions such as from PayPal, Stripe, Square, etc.; and bank ACH transfers not from employers) do not qualify for this promotion. The amount of the bonus, if any, is described below. No bonuses shall be paid for qualifying Direct Deposits of less than $1,000 during the Evaluation Period (defined below).

Evaluation Period: The bonus amount will vary based on the total amount of Qualifying Direct Deposits received during the Evaluation Period. The Evaluation Period is defined as 30 days from the date your first Qualifying Direct Deposit is received. For example, if you receive $1,000-$1,999 in Qualifying Direct Deposits in the Evaluation Period, you will receive a cash bonus of $50. A member may only qualify for one bonus tier and will not be eligible for future bonus payments if inflows subsequently increase beyond the Evaluation Period.

Total Qualifying Direct Deposit amount in 30-day Evaluation Period

Cash bonus

$1,000 – $1,999 $50
$2,000 – $4,999 $100
$5,000 or more $300

Payment timeline: SoFi will credit members who meet qualification criteria within 14 days of the end of the Evaluation Period.

This offer cannot be combined with the SoFi Checking and Savings Direct Deposit rate discount on a SoFi personal loan. Bonuses are considered miscellaneous income, and may be reportable to the IRS on Form 1099-MISC (or Form 1042-S, if applicable). SoFi reserves the right to exclude any Members from participating in the Program for any reason, including suspected fraud, misuse, or if suspicious activities are observed. SoFi also reserves the right to stop or make changes to the Program at any time.

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