Up and to the Right: SoFi Checking and Savings Raises Savings APY up to 4.30% for Members With Direct Deposit

By SoFi | Jun 09, 2023 | SoFi News | Comments Off

SoFi members, rejoice: SoFi Checking and Savings is raising the APY (Annual Percentage Yield) on all savings balances for members with direct deposit to 4.30%¹, 11x the national average savings rate². Members with direct deposit will also continue to earn 1.20% APY on checking balances as well¹, 17x the national average interest checking rate³.

With this latest increase, SoFi members with Checking and Savings and direct deposit can now earn more interest in five weeks than they would in one year in a big bank’s checking or savings account. In the recent SoFi Spending & Savings Study, 58% reported not feeling comfortable with how much they’ve saved right now⁴, and an increased APY on savings balances is providing yet another way SoFi members can make the most of their hard-earned money.

SoFi Checking and Savings members without direct deposit will also continue to earn 1.20% on all checking and savings balances¹, 17x the national checking account average interest checking rate³ and 3x the national average savings rate⁵, respectively. SoFi members who set up a new direct deposit will earn up to a $250 bonus, an additional perk to help members get their money right⁶.

Not a SoFi Checking and Savings member yet? Sign up here. Already a member? Set up a SoFi direct deposit to get the most for your money.

DISCLOSURES

1. SoFi members with direct deposit can earn up to 4.30% annual percentage yield (APY) on savings balances (including Vaults) and 1.20% APY on checking balances. There is no minimum direct deposit amount required to qualify for the 4.30% APY for savings. Members without direct deposit will earn 1.20% APY on all account balances in checking balances and savings balances without direct deposit (including Vaults). Interest rates are variable and subject to change at any time. These rates are current as of 6/9/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

2. 11x based on FDIC monthly savings account rate as of June 9, 2023.

3. 17x based on FDIC monthly interest checking rate as of June 9, 2023.

4. The SoFi Spending & Saving Survey findings are based on an online survey of 3,855 consumers conducted by SoFi Checking and Savings in the U.S. between April 10 – April 14.

5. 3x based on FDIC monthly savings account rate as of June 9, 2023.

6. The following describes the terms that apply to participation in the SoFi Checking and Savings direct deposit promotion (the “Direct Deposit Promotion”) offered by SoFi Bank, N.A, Member FDIC (“SoFi”).

Eligible Participants: All new and existing members without any history of direct deposit transactions into their SoFi Checking and Savings account are eligible for the Direct Deposit Promotion. Members who previously enrolled in direct deposit into either SoFi Money or SoFi Checking and Savings, whether currently still enrolled or not, do not qualify for this Direct Deposit Promotion. Bonuses are limited to one per SoFi Checking and Savings account. In the case of a joint account, only the primary account holder (the member who signed up first) is eligible for a bonus.

Promotion Period: The Direct Deposit Promotion will begin on 01/01/2023 at 00:01AM ET and end on 12/31/23 at 11:59PM ET.

Bonus Terms: In order to qualify for eligibility for a bonus, SoFi must receive at least one Qualifying Direct Deposit (as defined below) from an Eligible Participant before the end of the Promotion Period. Qualifying Direct Deposits are defined as deposits of $1,000.00 or greater from an 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 external bank ACH transfers not from employers) do not qualify for this Direct Deposit Promotion. The amount of the bonus, if any, will be calculated during the Evaluation Period as described and defined below.

Evaluation Period: The Evaluation Period begins when SoFi receives a Qualifying Direct Deposit within the Promotion Period and ends 25 days later (the “Evaluation Period”). For the avoidance of doubt, the Evaluation Period shall not extend beyond the Promotion Period. The bonus amount will vary based on the total amount of Qualifying Direct Deposits received during the Evaluation Period. Once the Evaluation Period has elapsed, we will determine if you have met the offer requirements and will deposit any earned bonus into your checking account within seven (7) business days. For example, if SoFi receives between $1,000.00 and $4,999.99 in Qualifying Direct Deposits during the Evaluation Period, you will receive a one-time 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 after the Evaluation Period.

Total Qualifying Direct Deposit Amount in 25-day Evaluation Period
Cash Bonus Tier
$1,000.00 – $4,999.99
$50
$5,000.00 or more
$250

Bonus Payment Timeline: SoFi will credit members who meet qualification criteria within seven (7) business days of the end of the Evaluation Period.

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 Direct Deposit Promotion for any reason, including suspected fraud, misuse, or if suspicious activities are observed. SoFi also reserves the right to stop or change the Direct Deposit Promotion at any time.

SoFi members with direct deposit can earn up to 4.30% annual percentage yield (APY) on savings balances (including Vaults) and 1.20% APY on checking balances. There is no minimum direct deposit amount required to qualify for the 4.30% APY for savings. Members without direct deposit will earn 1.20% APY on all account balances in checking balances and savings balances without direct deposit (including Vaults). Interest rates are variable and subject to change at any time. These rates are current as of 6/9/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.