Update on SoFi Money ®
In February, we launched SoFi Checking and Savings, our high-yield banking accounts that offer some of the best features and benefits in the country: 1.25% annual percentage yield1 with direct deposit (0.70% APY without direct deposit), no account or overdraft fees, and 2-day-early paycheck.2 It’s all in the SoFi app — right alongside your investments, crypto, credit card, and loans.
Moving forward, our plan is to only build new features for SoFi Checking and Savings and reduce support of SoFi Money. Effective June 5, 2022, we will be implementing the following change:
• SoFi Money accounts will no longer earn interest. Interest can only be accrued on balances in SoFi Checking and Savings.
If you have SoFi Money and have not upgraded to SoFi Checking and Savings, please take a moment to review and accept the new terms here. You also can find the upgrade reminder in the Money tab of your SoFi account, or search your email inbox for your upgrade invite.
Once you do that, you’ll have access to up to 1.25% APY (41x the national interest average3) and more with SoFi Checking and Savings.
FAQ
What’s the latest on SoFi Money?
Now that we’ve officially launched our banking accounts, our plan is to only build new features for SoFi Checking and Savings moving forward. As such, we will be reducing support of SoFi Money in the coming months.
How long does it take to upgrade to SoFi Checking and Savings?
Not long! All you have to do is read and accept the new terms and conditions. Once that’s done, it may take us a few hours to officially process your upgrade in the background—but in the meantime, you can use your account like you normally would. Info like your debit card number, account number, and routing number all stay the same.
What is changing on June 5th?
All SoFi Money accounts will stop earning interest, and interest can only be accrued on balances in SoFi Checking and Savings (1.25% APY with direct deposit and 0.70% without direct deposit).
Does upgrading to SoFi Checking and Savings cost me anything?
Nope, it sure doesn’t. All you need to do to upgrade is read and accept the new terms and conditions. That’s it. And once you’ve upgraded, SoFi Checking and Savings accounts have no monthly fees, no minimum fees, and no in-network ATM fees.4
SoFi Money® is a cash management account, which is a brokerage product, offered by SoFi Securities LLC. Member FINRA/SIPC.
SoFi® Checking and Savings is offered through SoFi Bank, N.A. Member FDIC.
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. There is no minimum direct deposit amount required to qualify for 1.25% APY. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet
2 Requires direct deposit of funds. Early 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
3 41x based on FDIC monthly interest checking rate as of March 21, 2022.
4 We’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. ATM policies are subject to change at any time.
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