Exciting Updates Coming Soon for SoFi Checking and Savings® Members
The rumors are true – SoFi has received regulatory approval to become a national bank, which means existing SoFi Checking and Savings members can soon start earning up to 1.00% APY on checking and savings balances with direct deposit.
If you’re an existing member, we’ll be emailing you in the coming weeks as soon as it’s time to upgrade your account and you can take advantage of these new benefits. If you haven’t already, be sure to set up for direct deposit so you can earn 1.00% APY as soon as your upgrade is ready!
What’s New
• Increase your APY to up to 1.00%1 with direct deposit
• Different checking and savings accounts for easy budgeting
• Better banking and user-friendly interface
• Automated savings features
What’s Staying the Same
• No account fees, no fees at 55,000+ ATMs2 within the Allpoint® Network, and no overdraft fees3
• Routing number
• Debit card (and checks if you have them)
• All the benefits you love including Vaults, 2-day early paycheck4 and more
• FDIC Insurance**
• Username and password
Not yet a member? The fastest way to gain access to 1.00% APY is to open a checking and savings account with SoFi today.
SoFi Bank, N.A. Member FDIC.
SoFi Checking and Savings® is offered through SoFi Bank, N.A.
1Members must first sign up for a SoFi Checking and Savings® account and will be eligible for upgrade upon the future release of SoFi® Checking and Savings offered through SoFi Bank, N.A.
SoFi Checking and Savings® is a checking and savings account, which is a brokerage product, offered by SoFi Securities LLC.
Member FINRA SIPC.
SoFi Banking members with direct deposit can earn up to 1.00% annual percentage yield (APY) interest on the first
$50,000 of their balances for their checking and savings accounts, plus the cumulative total of all Vault balances,
for up to $150,000 total deposits. Balances over $50,000 in each category will earn 0.05% APY. Members
without direct deposit will earn 0.25% APY on account balances. Interest rates are variable and subject to change
at any time. Rate of 1.00% APY is current as of 1/28/2022. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet
2We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
3Limited to $50 on purchases. Requires qualifying direct deposits and must be in good standing.
4Early access to direct deposit funds is based on the timing in which we receive notice of impending payment, which is typically up to two days before the scheduled payment date.
**FDIC coverage will be limited to $250K
© 2022 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
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