Apr
17
2023
Maximum Deposit and Balance Limits for Checking Accounts

Maximum Deposit and Balance Limits for Checking Accounts

By | Budgeting & Goals, Financial Independence, money | Comments Off on Maximum Deposit and Balance Limits for Checking Accounts

Having a bank account can simplify money management, but it’s important to know that there may be limits on how much money you can put in and move through your accounts. Limits like these can impact the timing and efficiency of your transactions.

Banking details matter to almost all of us. According to the Federal Reserve , 95% of U.S. households have at least one account with a bank or credit union. If you are wondering how much you should keep in checking and savings and whether bank accounts have limits, do read on. We’ll help you answer these important questions so you know where to keep your money and what to expect when you do your banking.

What are Maximum Deposit Limits?

Generally speaking, banks and credit unions don’t impose maximum deposit limits on checking and savings. This means that there usually is not a maximum deposit amount for your checking account that you need to know. The same applies for savings accounts. So if you were to win the lottery (wouldn’t it be nice?), you could go ahead and deposit that mega check into your checking or savings account without any issues.

There may, however, be maximum deposit limits for other types of deposit accounts. For example, if you’re opening a certificate of deposit (CD) account, the bank may cap those deposits at a certain amount. Depending on the bank, the maximum deposit may be as high as $1 million.

Now, do checking accounts have maximum limits on what you can deposit in a single transaction? Yes, they can, depending on the bank.

Maximum Account Balance Limits

Just as banks usually don’t impose a maximum deposit limit, they also don’t set limits on account balances. There is, however, a limit on how much of your money is protected by the Federal Deposit Insurance Corporation (FDIC).

The FDIC insures bank accounts in the very rare event of a bank failure. The FDIC coverage limit is $250,000 per depositor, per account ownership type, per financial institution. Having two checking accounts with the same bank or multiple savings or CD accounts at the same bank doesn’t affect your coverage limit if the total balance is under $250,000.

If you have multiple accounts at the same bank and the balances exceed $250,000, then it’s possible that part of your deposits might not be covered. The FDIC offers an online estimator tool that you can use to calculate how much of your deposits are covered at an insured bank.

One important note: Some banks participate in programs that extend the FDIC insurance to cover millions. If you want to keep large sums of money on deposit, you may want to consider these programs1.

What Is the Right Amount of Money to Keep In a Checking Account?

How much money can you have in a bank account? The short answer is as much as you want. But a better question might be, “How much money should you have in checking?”

There are different rules of thumb you might follow. Much depends on your personal situation and comfort level, but let’s consider two popular ways to look at this matter. You may choose the “emergency account” route and keep two to three months’ worth of expenses in checking. You could add another 20% to that amount as a just-in-case cushion to cover any small unexpected expenses that might come up so you don’t have to tap into your emergency savings.

If your bank imposes a minimum balance requirement, you could use that as a guide instead when deciding how much to keep in checking. So if your bank has a $1,000 minimum daily balance in order to avoid a monthly service fee, you might aim to keep at least that much in checking.

Get up to $300 when you bank with SoFi.

No account or overdraft fees. No minimum balance.

Up to 4.00% APY on savings balances.

Up to 2-day-early paycheck.

Up to $2M of additional
FDIC insurance.


What to Consider When Withdrawing Money

Maintaining a minimum balance in your checking and savings has some benefits. Specifically, it can help you to avoid fees or situations where you might run the risk of being short on funds. Here are three things to weigh when making withdrawals from bank accounts which can have implications in terms of maintaining your balance and avoiding excess charges.

Overdrafts

Overdraft occurs when you withdraw more money than you have available in your bank account, resulting in a negative balance. This is problematic because not only do you not have money to spend or pay bills, but also because your bank can also charge you a fee. According to the latest research from the Consumer Financial Protection Bureau , banks collected $15.47 billion in 2019 alone. Ouch! Keeping a minimum balance in checking and monitoring your balance regularly can help lower the risk of overdrafting your account.

Pre-Authorizations

Some transactions may require a pre-authorization hold before money is deducted from your account. For example, if you use your debit card to get $50 in gas, there may be an initial hold for that amount against your available funds. This lowers the dollar amount you have available for other spending. Having some extra funds in your accounts means all of your money isn’t tied up by these kinds of holds. Better yet, you might consider setting up a credit card account just for things like gas, hotel, and other travel purchases which often require pre-authorization.

Minimum Balance Requirements

As mentioned, banks and credit unions can impose minimum balance requirements for deposit accounts. This is separate from any initial minimum deposit requirement you might need to make to open the account. If your balance dips below the minimum deposit requirement, that could trigger a fee. How would you enter that “too low” zone? It might happen if you make a larger than usual withdrawal or debit card purchase, or decide to write a check that pays off your credit card bill one month.

Of course, you could avoid this by choosing a checking and savings option that doesn’t charge a monthly fee or set minimum balance requirements. This is an option if you’re banking with SoFi.

What to Consider When Depositing Money

The purpose of checking and savings is to hold your money until you need it. You therefore may not think twice about plunking some funds into your bank and parking it there. But when making deposits, it’s important to consider:

•   How much interest you’re earning with your bank vs. what you might earn elsewhere

•   How accessible your money is once you deposit it

•   What kind of fees you might pay to withdraw funds

Let’s review these points in a little more depth.

Investment Opportunities

Keeping all of your cash in checking and savings may seem like a good idea. After all, your money is relatively safe (thank you, FDIC), and you can dip into it as needed. But if you’re hoping to grow wealth, then investing some of your money in the stock market can deliver better returns over time. Allocating part of your paychecks to an investment account where you can buy stocks, exchange-traded funds (ETFs), cryptocurrency, or IPOs could pay off over the long term more so than simply earning interest with a bank account.

Liquidity

Liquidity is an investing term that describes how easy it is to turn an asset into cash. Bank accounts are highly liquid since you can get money from them fairly quickly. For example, if you need $500 to pay for an emergency vet bill, you could swipe your debit card, write a check, or hit the ATM.

When deciding how much money to deposit to checking and savings, consider an amount you’d feel comfortable having on hand if you needed it in an emergency. Then, if there’s an amount beyond that which you don’t think you’d need to access right away, you could invest that or put it into a high-yield CD account.

Transfer and Withdrawal Fees

There may be times when you need to transfer funds between bank accounts — perhaps on a regular basis. It’s worthwhile to consider the kind of fees this activity may trigger, so you don’t wind up taking too much of a financial hit. For example, if your bank sets a savings withdrawal limit, you may have to pay an excess withdrawal fee if you go over that limit. The Federal Reserve eliminated the “six withdrawal per month limit” for savings and money-market accounts, but banks can still charge a fee for excess withdrawals. Check the policies at your bank. This can guide you when deciding how much to deposit in savings. You’ll want to think about how soon you might need to take that money out again and what it might cost.

The Takeaway

Bank accounts can make life easier when you need to pay bills, make purchases with a debit card, or set aside money for savings goals. That said, you’ll want to be aware of limits on your accounts in terms of minimum balance requirements, deposit limits, and withdrawal limits. This can help you to avoid excessive fees. Because your checking should be a convenient financial tool, not something that is causing you concern or charging you an array of fees!

Bank Better with SoFi

If you’re looking for a checking and savings option that’s accessible and fee-friendly, consider online banking with SoFi today. Not only do eligible accounts earn a competitive APY, you’ll also bank free of account and overdraft fees. Plus SoFi recently announced that deposits may be insured up to $2 million through participation in the SoFi Insured Deposit Program.

Why not see how simple and stress-free banking can be?

3 Great Benefits of Direct Deposit

  1. It’s Faster

    2. As opposed to a physical check that can take time to clear, you don’t have to wait days to access a direct deposit. Usually, you can use the money the day it is sent. What’s more, you don’t have to remember to go to the bank or use your app to deposit your check.

  2. It’s Like Clockwork

    3. Whether your check comes the first Wednesday of the month or every other Friday, if you sign up for direct deposit, you know when the money will hit your account. This is especially helpful for scheduling the payment of regular bills. No more guessing when you’ll have sufficient funds.

  3. It’s Secure

    4. While checks can get lost in the mail — or even stolen, there is no chance of that happening with a direct deposit. Also, if it’s your paycheck, you won’t have to worry about your or your employer’s info ending up in the wrong hands.

FAQ

How much money can you put in a checking account?

Generally, there’s no checking account maximum amount you can have. There is, however, a limit on how much of your checking account balance is covered by the FDIC (typically $250,000 per depositor, per account ownership type, per financial institution), though some banks have programs with higher limits. Banks can also impose daily, weekly or monthly limits on mobile check deposits.

Should I keep all my money in my checking account?

Keeping all of your money in your checking account usually isn’t ideal, as you may be able to earn a higher rate of return by investing some of it. It can, however, be a good idea to keep two to three months’ worth of expenses in checking, plus a small cushion of 20% to 30% extra for any surprise expenses that might pop up.

What is the limit of depositing money in the bank?

Banks may not impose an aggregate limit on how much you can deposit to checking and savings. But there may be limits on how much you can deposit each day via mobile check deposit, with a teller or through the ATM. This limit can vary from bank to bank.

Photo credit: iStock/Prostock-Studio

1SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by banks in the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at SoFi.com/banking/fdic/terms. See list of participating banks at SoFi.com/banking/fdic/receivingbanks.

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2024 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

SoFi members with direct deposit activity can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.00% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

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Apr
17
2023

How to Balance the Urge to Travel and the Need to Save

By | Budgeting & Goals, credit card, Money & Life | Comments Off on How to Balance the Urge to Travel and the Need to Save

If you’re like most Americans, you’re looking forward to a well-earned vacation, especially as travel continues to come back from the pandemic. The percentage of Americans planning to travel at least once in summer 2023 rose to nearly 85%, compared to 80% in summer 2022, according to the Vacationer Summer Travel Survey.

That’s despite the fact that our travel dollars don’t go as far as they used to: Inflation has added significantly to travel costs. What’s more, many Americans are relying on credit card debt to make ends meet, and that can mean adding vacation expenses to their balances. So how can we weigh our desire for travel versus the need to stay on track with our finances, including savings?

“Logically, people know when they can’t afford something,” says Brian Walsh, senior manager of financial planning at SoFi. “But they still don’t always make the best decisions. The key is, how do you limit your spending?”

One answer: careful planning. If you approach your vacation strategically, you may be able to enjoy a getaway without jeopardizing your finances. Here, we’ll look at creative ways to fund your travel, along with plenty of cost-saving tips that can help you combat the urge to overspend.

How Much Does the Average Vacation Cost?

Travel can mean anything from a budget road trip to a grand tour around the world, so vacation costs naturally vary widely. According to Destination Analysts’ State of American Travel survey of more than 4,000 American adults, heading into spring 2023, the average annual travel budget among respondents was expected to be $4,677.

The survey also found that respondents planned to prioritize travel in the coming months over home improvements, clothing, entertainment, and dining out.

Of course, averages don’t necessarily tell your story. How much you’ll spend on your next vacation depends on where you’re going, how you’re getting there, and for families, how many people are traveling.

Recommended: How Families Can Afford to Travel

How Much Should You Be Saving?

As you try to balance the urge to get away and your need to save, “you’ll want to assess your total financial picture to determine how much flexibility you have for travel,” Walsh says.

Ask yourself the following questions:

•   Do I have enough in my emergency fund? (Ideally, three to six months of living expenses in case of a job loss or other sudden event.)

•   Do I have high-interest debt that’s weighing me down?

•   Am I saving enough for retirement?

These are the three areas that should be a savings priority before you budget for travel. When you can check off these boxes, you’re likely ready to hit the road, says Walsh. That is, he adds, if you have enough in your savings to pay for a vacation without going into massive credit card debt.

Recommended: Where to Find Book Now, Pay Later Vacations

6 Ways to Pay for Travel Without Sabotaging Your Savings

Finding ways to pay for airfares, hotels, and other costs that won’t deplete your savings or rack up credit card debt can help you keep your finances intact. Here are some ideas to consider.

1. Rent or Swap Your Space

If you can rent your apartment or home to other vacationers, you can use that money to pay for your lodging elsewhere. Or consider swapping homes with someone in your desired destination who’s planning on visiting your hometown.

Check with friends or family in or near your destination for the easiest swaps. Exchange sites such as Homestay and Home Exchanges can facilitate swaps, but may also list homes to rent, usually at much lower rates than hotels. Either way, it can mean saving a huge amount on lodging.

If you find someone to rent or swap and they don’t mind feeding your cat, picking up your mail, or watering your plants, you’ll save on the cost of a local pet or house sitter too.

2. Housesit or Pet Sit

By the same token, you may be able to find free or low-cost lodging by offering your services as a pet sitter or house sitter. Again, you’ll want to check with friends, family, and acquaintances. For a fee, you may also find opportunities in the U.S. and abroad on sites like Nomador and Mind My House.

Recommended: 25 Tips to Cut Costs When Traveling With Pets

3. Pick Up a Side Gig

Consider freelance professional work, rideshare driving, handyperson jobs, or other side gigs that can help fund your family vacation. This takes advance planning, but can be well worth the financial peace of mind. Consider offering your services through your neighborhood online classifieds, which are often free, or on for-fee platforms like Upwork.

You may want to put the extra cash in a designated savings account earmarked specifically for travel. That way you won’t inadvertently spend the money on other things.

4. Declutter and Earn Extra Money

How can spring cleaning benefit your summer vacation? Declutter your garage, basement, and attic by selling unwanted items and put that money toward your next vacation. You may be surprised at how much you can earn this way. Plus, you get a cleaner house!

5. Extend a Business Trip

If you can stay a few days extra after a conference or other business trip in an attractive destination, you’ll be reimbursed for at least one airfare and partial lodging costs, depending on the circumstances. In many cases, that can tip the scales so you can afford your getaway without financial stress.

6. Cut Back on Other Spending

Rejiggering your discretionary spending priorities may be all you need to take a debt-free vacation. Look closely at your spending on entertainment, meals out, hobbies, and other nonessential expenses. Are there places you can cut back to make room for travel expenses?

After your trip, you can reinstate your original budgets. Then again, you might discover you’ll enjoy a weekend getaway more than a new pair of boots.

4 Ways to Save on Travel Costs

Budget travel can be just as relaxing and reviving as a luxury trip. But it helps to learn a few tricks for reining in costs.

1. Be Flexible

Flexible plans can save you a bundle on travel expenses. Avoid peak travel times such as holidays, spring break, and high summer to save money on lodging, airfare, and more. Keep in mind, off season doesn’t have to mean the Bahamas in the heart of hurricane season. Traveling just a few days or weeks on either side of the rush can translate to significantly lower costs.

If you live near multiple airports, being flexible about where you fly from can also pay off. Walsh, who lives in Grand Rapids, MI, is about a two-hour drive from both Chicago and Detroit airports. For a recent vacation, he was able to save $1,000 on airfare by flying out of Chicago, a savings that more than made up for the gas and parking fees he paid to drive there.

You’ll also want to evaluate your departure times. Flying or driving early in the morning means you’ll likely have the better part of the day at your destination and save yourself a night’s hotel stay. With airlines, first and last flights of the day are often sold at a discount compared to late morning or afternoon flights.

Being willing to commute a bit on your trip is another good way to save, especially if you have a car or you’re in a spot with good mass transit. Hotels located on the outskirts of town or in the suburbs are often much less expensive than their downtown counterparts.

2. Compare Prices at Discount Travel Sites

Online travel agents and travel websites like Priceline, Expedia, Kayak, and Orbitz offer discounted airfares, hotels, and rental cars for thousands of locations. But rates vary widely among the sites, so you’ll want to look at several of them to find the lowest price. And restrictions may apply, such as no refunds or no date changes.

3. Track Prices

If you’re in the beginning stages of planning your trip and choosing between destinations, consider using apps such as Hopper, Skyscanner, or FareDrop to monitor airfares. Just plug in your departure airport(s) and the dates you want to travel, and the apps will send notifications when flight prices to those destinations drop.

Rebookey works the same way for hotels. It will periodically check to see if specific hotel rates fall. If you book a refundable hotel rate that allows you to cancel at any time, and the rate you book drops, you can rebook your reservation at the lower rate, then cancel the original.

4. Use Rewards and Cash Back

If you have an airline credit card or travel credit card, you already know that using points for airfares, hotels, and car rentals is one of the best ways to cut the cost of your trip. Plus, your card may provide valuable trip insurance to protect you from losing money if your plans go sideways.

Don’t forget any hotel loyalty programs you may belong to. Check for member discounts at properties in or near your destination.

If you have a cash-back credit card, you may have enough in the “bank” to cover some of your travel costs. At the very least, if you use your cash-back card to pay for all or part of your trip, you can start earning money toward your next vacation.

Recommended: Guide to Choosing Between Cash Back and Travel Rewards

The Takeaway

Indulging the urge to travel while honoring the need to save can be a challenge. It’s important to assess your total financial picture in order to determine how much discretionary income you have to spend on travel. Finding ways to pay for travel that won’t jeopardize your savings — like home swapping — can also help balance these two priorities. Finally, being flexible so you can find the best deals on airfare, lodging, and other travel costs can help make your trip more affordable.

SoFi Travel has teamed up with Expedia to bring even more to your one-stop finance app, helping you book reservations — for flights, hotels, car rentals, and more — all in one place. SoFi Members also have exclusive access to premium savings, with 10% or more off on select hotels. Plus, earn unlimited 3%** cash back rewards when you book with your SoFi Unlimited 2% Credit Card through SoFi Travel.

Wherever you’re going, get there with SoFi Travel.

FAQ

How can I balance travel with saving?

If you have three important financial building blocks in place — emergency savings, no or low credit card debt, and regular retirement savings contributions — you likely will find you have the discretionary funds to travel, especially if you plan your trip strategically to find the best deals.

Should I pay for my vacation with my credit card?

Paying for at least some of your travel costs with a credit card is just about inevitable. And paying with a cash-back or travel-rewards card can help you earn money or rewards for your next trip. What you want to avoid, however, is racking up massive credit card debt that will jeopardize your financial stability.

What are some good ways to save on travel costs?

Avoiding travel during peak times such as holidays, major events, and school vacations can be a great way to find deals. Renting or swapping your home, lodging off the beaten path, and using credit card and loyalty program rewards also help. Careful shopping, including using discount travel sites and fare tracking apps can take some time, but often pays off in big savings.

Photo credit: iStock/AndreyPopov

**Terms, and conditions apply: The SoFi Travel Portal is operated by Expedia. To learn more about Expedia, click https://www.expediagroup.com/home/default.aspx.

When you use your SoFi Credit Card to make a purchase on the SoFi Travel Portal, you will earn a number of SoFi Member Rewards points equal to 3% of the total amount you spend on the SoFi Travel Portal. Members can save up to 10% or more on eligible bookings.


Eligibility: You must be a SoFi registered user.
You must agree to SoFi’s privacy consent agreement.
You must book the travel on SoFi’s Travel Portal reached directly through a link on the SoFi website or mobile application. Travel booked directly on Expedia's website or app, or any other site operated or powered by Expedia is not eligible.
You must pay using your SoFi Credit Card.

SoFi Member Rewards: All terms applicable to the use of SoFi Member Rewards apply. To learn more please see: https://www.sofi.com/rewards/ and Terms applicable to Member Rewards.


Additional Terms: Changes to your bookings will affect the Rewards balance for the purchase. Any canceled bookings or fraud will cause Rewards to be rescinded. Rewards can be delayed by up to 7 business days after a transaction posts on Members’ SoFi Credit Card ledger. SoFi reserves the right to withhold Rewards points for suspected fraud, misuse, or suspicious activities.
©2024 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender. NMLS #696891 (Member FDIC), (www.nmlsconsumeraccess.org).




Members earn 2 rewards points for every dollar spent on purchases. No rewards points will be earned with respect to reversed transactions, returned purchases, or other similar transactions. When you elect to redeem rewards points toward active SoFi accounts, including but not limited to, your SoFi Checking or Savings account, SoFi Money® account, SoFi Active Invest account, SoFi Credit Card account, or SoFi Personal, Private Student, Student Loan Refinance, or toward SoFi Travel purchases, your rewards points will redeem at a rate of 1 cent per every point. For more details, please visit the Rewards page. Brokerage and Active investing products offered through SoFi Securities LLC, Member FINRA/SIPC. SoFi Securities LLC is an affiliate of SoFi Bank, N.A.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Apr
17
2023

To Tip or Not to Tip — And How Much?

By | Budgeting & Goals, events, Family Finances | Comments Off on To Tip or Not to Tip — And How Much?

Travel is an amazing way to see the world, make new discoveries, and immerse yourself in the local culture. And planning your trip can be a thrill too, as you suss out a boutique hotel with a rooftop bar, the best sunset sail experience, plus must-see restaurants and stores.

As you plan, you are likely sticking to a budget, but don’t overlook one area: tipping. When you travel, especially abroad, it’s helpful to know the local customs. In some countries, tipping is a must. In others, it’s optional, and in a few, it’s considered downright rude.

Are you ready to learn the ropes? Here’s your cheat sheet on:

•   Who should you tip when traveling?

•   How much should you tip when you travel?

•   In which countries don’t you tip?

Recommended: Apply for an Unlimited Cash Back Credit Card

Who Should You Tip While on Vacation?

As you travel, there are many people you could tip: the ones who help you into the airport, out of the airport, into your hotel, out again, into a taxi…the list goes on and on. Most people want to be polite and tip appropriately but don’t want to burn through more money than they have to.

To help you manage this aspect of travel, here are some of the people you probably do want to tip, plus some insight into how much to tip.

Luggage attendants can help get your luggage from the curb at the airport to the check-in counter. You can definitely manage the process on your own, but if you’re wrangling young kids, traveling with pets, or simply packed extra-jumbo bags so you’d have loads of outfits to choose among, it’s nice to get help.

Traditionally, it’s polite to tip $2 for your first bag and $1 for any additional luggage. If your bags are legitimately humongous, consider tipping the full $2 for each one. This expense can’t go on your airline credit card or any other kind of plastic, so be sure to keep cash on you.

Note: Airline employees stationed outside the airport may not be able to accept tips, so be prepared for your bills to be rebuffed if one of these workers assists you.

Car valets park and return your car directly from the curb of hotels and restaurants. It’s a major convenience and generally deserves a monetary thank-you. How much to tip? In the $1 to $5 range when your car is returned to you. Tipping when your wheels are first whisked away is generous, though not necessary.

Housekeepers should be tipped each day during your stay, whether you splurged on luxe accommodations or figured out how to save on hotels and booked a rock-bottom rate. Housekeepers freshen your room, replace those damp towels, and otherwise make it a pleasure to return after a long day of visiting museums, lolling on the beach, or whatever else you’ve been up to.

The best method is to leave the cash in a marked envelope (some hotels provide them for just this purpose) or folded in some hotel stationery that is clearly marked “For Housekeeping.” Best practice suggests $3 to $5 each day of your stay.

Room service is a luxurious treat during vacation. Some hotels automatically include a gratuity on your bill. If you don’t see it on your receipt, however, the answer to the “to tip or not to tip” quandary is that it’s likely a good idea to add 15% to 20%, just as you would in a restaurant.

Drivers help in a few different travel scenarios. If you’re taking a taxi or rideshare, consider tipping either $4 to $5 for short rides and 10% to 20% for long rides. Add an extra tip if the driver helps with your luggage. It’s also customary to tip shuttle drivers, typically from $1 to $5 depending on the size of your party.

Tour guides share their expertise and passion with you, as they lead you around the best snorkeling spots in Tulum or show you the hidden treasures of Paris. Their services can be a memorable highlight of your summer travel plans, so it’s nice to tip them, especially when you have a great experience. An easy rule of thumb is to tip 10% to 20% of the tour’s cost for your group.

Why Tipping Is Important

Tipping is by no means a requirement, but in many economies throughout the world (including the U.S.), it’s a way to help workers make ends meet. Many service industry employees are not guaranteed minimum wage.

In fact, in most states in America, there is a much lower minimum wage for tipped employees; hourly rates can dip below $3. While economic policies are a larger discussion, the fact of low wages can help put things in perspective and show the very real value of rewarding workers for a job done well.

For this reason, when budgeting for an upcoming trip, it’s wise to think about your plans, estimate a tip budget, and include that as part of where you keep your travel fund. It’s one of those incidentals that can add up and throw your financial planning out of whack if not accounted for.

Also, since tips are often given in cash rather than plastic (sorry, you can’t reap those credit card rewards this way), you may want to plan ahead to get some foreign currency for this purpose.

Recommended: How Families Can Afford to Travel

Tipping Guidelines by Destination

You likely do a good amount of research before traveling, scoping out cool hotels, amazing restaurants, and an affordable car rental. So why not, before your next trip, familiarize yourself with tipping customs in different parts of the world? It’ll help you prepare for the costs coming your way and make you feel more comfortable and in control while traveling. Here’s some useful intel:

US

Across the U.S., it’s customary to tip up to 20% for restaurant servers, bartenders, and drivers. In some cities, like New York, the answer to “How much to tip?” is nudging up to 22% or even 25%.

Europe

If you’re planning an epic trip to France, Spain, Italy, or other European countries, service tips may already be included in your restaurant bill in Europe. Look on the menu; it will probably say so. If it’s not, a maximum 10% tip is recommended. When it comes to your hotel stay, you might tip one euro per bag if a staffer helps you, and leave one euro per day for housekeeping.

Mexico and the Caribbean

Whether you’re heading to Cancun, Mexico City, or the Bahamas, be prepared to tip. Restaurant gratuities usually average between 10% and 20% in Mexico and the Caribbean.

If you’re staying at a resort, remember to keep cash on hand for bellhops, housekeeping, and other employees. Typically, a dollar or two per day/interaction is appropriate.

Central and South America

Heading to Argentina, Bolivia, Colombia, or beyond? Here’s the scoop: The standard tip rate for Latin America is 10% in restaurants. Some countries (like Brazil) may include the gratuity in your bill, so look carefully at the check before paying for your feijoada. Not sure? There’s no harm asking your server; you’re likely not the first person to do so.

When it comes to hotel staff and drivers, you’ll need a dollar or two (or the equivalent), so it’s wise to have some cash stashed in advance.

Recommended: Where to Find Book Now, Pay Later Travel

Places You Probably Don’t Have to Tip

Here’s a travel budget bonus: There are a number of countries you might visit that do not have a tipping custom. In fact, it may even be considered rude or insulting to leave a tip. So before you add a tip when paying with your travel credit card or plunking down cash, double-check local etiquette. Here, some pointers:

Australia

Tipping is not vital when Down Under. Compared to the U.S. and many other countries, Australia has a high minimum wage. That’s one of the reasons why tipping in the service industry is seen as optional.

China

If you are going to be exploring China, know that tipping is actually taboo there. And in some places like airports, it’s illegal because it can be seen as a bribe. Stay polite and safe by skipping the tip.

Japan

Heading to Tokyo, Kyoto, or other locations in Japan? Heads up: Tipping is not customary in Japan and is actually considered rude. Although it may feel odd, when wondering whether to tip or not to tip, just don’t do it. Save your money for more shopping or sushi.

Scandinavia

Iceland and Scandinavia typically don’t expect you to tip. You might round up a restaurant tab if there isn’t already a service charge added, but these aren’t countries where a 20% gratuity is routine. Taxi drivers don’t expect tips either.

The Takeaway

Preparing for a trip often involves budgeting, and a key way to wind up on or under your budget is to anticipate what costs are coming your way. Tips are one of those incidentals it’s easy to forget about and can throw your financial planning for a loop. By understanding local tipping customs, you can have a smooth, on-budget trip wherever you may go. What’s more, you’ll know exactly what to expect so you can travel with confidence.

FAQ

Are tourists always expected to leave a tip?

It depends on where you’re staying. Countries in North and South America, Europe, and Africa typically have tipping customs, particularly at restaurants and resorts. But Asian and Pacific countries like Australia, Japan, and China often do not incorporate tipping into their cultures — and it can even seem impolite.

Who are you supposed to tip at the airport?

In many countries (with China being an exception), it’s polite to tip a baggage handler who carries your luggage to the check-in counter.

How much do you tip internationally?

Research each country individually to understand tipping customs. While it’s traditional in many foreign countries, it’s also rude (and sometimes illegal) to tip in others.

Photo credit: iStock/DragonImages

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**Terms, and conditions apply: The SoFi Travel Portal is operated by Expedia. To learn more about Expedia, click https://www.expediagroup.com/home/default.aspx.

When you use your SoFi Credit Card to make a purchase on the SoFi Travel Portal, you will earn a number of SoFi Member Rewards points equal to 3% of the total amount you spend on the SoFi Travel Portal. Members can save up to 10% or more on eligible bookings.


Eligibility: You must be a SoFi registered user.
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You must book the travel on SoFi’s Travel Portal reached directly through a link on the SoFi website or mobile application. Travel booked directly on Expedia's website or app, or any other site operated or powered by Expedia is not eligible.
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SoFi Member Rewards: All terms applicable to the use of SoFi Member Rewards apply. To learn more please see: https://www.sofi.com/rewards/ and Terms applicable to Member Rewards.


Additional Terms: Changes to your bookings will affect the Rewards balance for the purchase. Any canceled bookings or fraud will cause Rewards to be rescinded. Rewards can be delayed by up to 7 business days after a transaction posts on Members’ SoFi Credit Card ledger. SoFi reserves the right to withhold Rewards points for suspected fraud, misuse, or suspicious activities.
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Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.


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Apr
17
2023

4 Monthly Bullet Journal Ideas

By | Budgeting & Goals, Money & Life, relay | Comments Off on 4 Monthly Bullet Journal Ideas

Looking to get a better handle on your finances? You may want to consider a monthly bullet journal. Part calendar, part to-do list, part note keeper, this type of journal can help you organize your finances, track short- and long-term financial goals, and more. And because it’s highly customizable, you can modify your journal to suit your specific needs. Whether you’re trying to curb your spending, get out of debt, or improve your financial habits, read on for ways a bullet journal can help.

What Is a Monthly Log?

Having a daily to-do list is useful. But sometimes, it helps to see the larger goals and tasks you’ve set for yourself, especially if you’re working to develop good financial habits. Enter the monthly log, which is a key component of many bullet journals. The log gives you a snapshot of the things you’d like to accomplish that month and the progress you’ve made so far. You may choose to include it alongside your daily or weekly to-do list or keep it on a separate page.

How to Fill Out Your Monthly Log

Figuring out what should go in the log each month may take some time. You might find it helpful to make a big list of all upcoming events and tasks. Then, place each item in the correct month’s log, and be sure to add details such as important dates and milestones. You may also decide to categorize and color-code each entry for easy skimming.

Here are some different ways you can tackle financial stress through journaling:

•   Get control of bills by listing when each bill is due, how much is due, and the payment method you plan on using.

•   Keep tabs on your savings plan by noting when you intend on putting money into your savings account, how much you’re depositing, and where the money is coming from, such as your checking account or paycheck.

•   Track your progress on paying down student loans, car loans, personal loans, credit cards, and other debt.

You can also use a monthly log along with your budget or a spending app to help you better understand your spending habits.

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Benefits of Using a Bullet Journal

There are plenty of reasons why many people turn to bullet journaling to help them keep their finances on track. For starters, recording things like your expenses and spending, household budget, or savings goals can help you stay organized and increase productivity. There’s also the thrill of watching your savings balance go up or debt balance go down — and celebrating those accomplishments.

Visual learners may find monthly logs especially useful, particularly if they decide to color-code entries. But even just jotting down important details about your financial life can help keep your goals top of mind.

Recommended: Tips for Maximizing Time and Money

4 Monthly Bullet Journal Ideas

Here’s the beauty of a bullet journal: You can try out strategies others use or create a bespoke system for yourself. It can be as simple or complex as you’d like, and you may even find that it evolves over time. Here are four ideas on how to use bullet journaling in your financial life.

Use a Bullet Journal to Control Spending

You don’t have to have the classic signs of a shopaholic to want to curb your spending. A bullet journal can be a great tool to help you rein in the number of purchases you make.

One idea is to create a weekly bullet journal where you set how much you’ve allotted for discretionary spending that week and track any purchases made. Understanding how and where your money is going could help you avoid the bottom-dollar effect. This is when you may feel less satisfied with the last item you were able to buy with your budget.

Another option is the kakeibo budgeting method. This simple but effective strategy requires you to create a line item budget at the start of each month based on how much you plan on earning and spending, plus your savings goals. Throughout the month, you track every single penny you spend. At the end of month, review the log to see if you stayed on track spending-wise and are making progress on your savings goals.

Recommended: 10 Tips for Spending Your Money Wisely

Use a Bullet Journal for Financial Education

Despite what you may think, you can learn about finance without having a finance background. In fact, boosting your financial literacy could improve how well you spend, save, and invest your money. And a bullet journal might help get you there. You can use it to track your progress in an online financial literacy course, for example, or as a place to write down the books or podcasts that will help build your personal finance knowledge.

Use Bullet Journal to Land a Job

Whether you’re searching for your dream job or the next gig, consider devoting a few pages of your bullet journal to your job search. You may want to start by listing your goals in an easy-to-see spot so you can refer to them throughout the process. Use other areas to note the roles you apply for, key details about the positions, notes on the companies you researched, and any upcoming interviews. You can also try creating daily, weekly, or monthly to-do lists in your journal to help you stay on track.

Recommended: How to Make Money Even With No Job

Use a Bullet Journal to Track Progress on Long-Term Goals

Let’s say that you’re saving for a big-ticket item, like a house or car, or setting a long-term goal, such as paying off a large credit card bill. Bullet journaling lets you set, monitor, and track your progress on those goals. You can also break them down into smaller, easier-to-manage tasks that you set on a daily, weekly, monthly, or quarterly basis.

The Takeaway

Bullet journals allow you to record tasks, deadlines, responsibilities, and more in a format that combines a to-do list with a calendar. Though it can serve a wide variety of purposes, a bullet journal can also help you organize your finances and maximize your productivity. Common ideas include journaling to control spending, boost your financial literacy, help with a job search, and work on short- and long-term financial goals.

A money tracker app can be another valuable tool. With SoFi, you can connect all of your accounts on a convenient mobile dashboard. This gives you a bird’s-eye view of all of your balances even while you’re on the go. You can also get spending breakdowns, financial insights, and credit score monitoring — all in one place.

Keep tabs on your finances by seeing exactly how your money comes and goes.

FAQ

What should be in a monthly bullet journal?

Monthly bullet journals are flexible, so use them to suit your needs. For instance, if you want to monitor and manage your personal finances, you can use the bullet journal to track when bills are due, when you plan to deposit money into a savings account, how much debt you have, and more.

How do you make a monthly bullet journal?

You can purchase ready-made bullet journals or make your own. If you go the DIY route, simple buy a notebook you like and personalize it. It’s a good idea to create an index that you can update when needed as well as a log to list your future goals. You can also create sections for monthly and daily logs, where you can add more details.

What are monthly spreads for?

A monthly spread is another name for a monthly log. This is where you lay out the tasks you have for a particular month. Typically, a spread runs two or more pages, but do whatever works best for you.

Photo credit: iStock/Twomeows_IS

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Apr
17
2023

3 Summer Jobs Ideas for College Students

By | Budgeting & Goals, Going to College, relay | Comments Off on 3 Summer Jobs Ideas for College Students

When summer rolls around, many college students decide to take a break from their academic courses and take on a summer job. Working isn’t just a way to earn some extra money. In some cases, it could also be a chance to gain valuable professional experience.

Of course, not all jobs are created equal. Let’s take a look at what to consider when seeking a summer gig and three job ideas that may be well suited for college students.

Summer Job Considerations

Ideally, a college student’s summer job will mesh with their skills, passions, and career goals. So when brainstorming jobs you might want to go after, think about the unique talents, goals, and experiences you bring to the table. For example, a student athlete can make money by offering personal training sessions, mentoring younger athletes, or working as a camp counselor.

Another strategy is to zero in on gigs that are available for professionals in your field of study. For example, if you’re in the education tract, you may want to look into common side jobs for teachers. Which ones could you qualify for now? Possibilities may include being an online tutor or test scorer or doing freelance writing, editing, or proofreading.

You could also focus on side hustles with low startup costs, like building websites for people, making and selling handmade items, creating a fee-based online course, or delivering food and groceries.

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Recommended: Free Credit Score Monitoring

When to Start Applying for Summer Jobs in College

In general, the sooner you apply for summer work, the better. This is especially true if you’re planning to live and work in fields or areas where the job market is more competitive. Some employers start posting summer job openings in the winter to give them time to find the best candidates. Even if an employer doesn’t start the process that early, they’ll still need time to collect and review applications, conduct interviews, hire employees, and get their staff ready to begin work by summer.

Pros and Cons of a Summer Job

While the idea of relaxing all summer may be appealing, having a job comes with its share of benefits. Working is an excellent opportunity to build a strong resume, because you can pick up hands-on, relevant experience and sharpen essential soft skills like communication and problem-solving. It’s also a chance to discover more about your working style, preferences, and strengths and find out if you like working in a particular industry or field before commiting more fully to it.

A summer job is a good way to expand your professional network, which can come in handy when you graduate and start looking for full-time employment. Managers and co-workers from your seasonal gig can provide references or even keep you in mind if a permanent position opens up at their company.

Plus, the money you earn from a summer gig can help be put in savings or used to pay for school and living expenses. A spending app can help you to more effectively manage your finances.

Depending on your situation, there are some potential drawbacks to working in between school years. You’ll likely have less time for other activities, such as hanging out with your friends or relaxing. You may not also be able to take summer classes, which could help you graduate more quickly.

​​Recommended: Jobs That Pay for Your College Degree

Tips to Finding a Summer Job

If you want to work in the summer, there are plenty of jobs available — especially if you know where to look. Colleges often post listings of available jobs on or near campus, so be sure to check in with your school’s career services center.

It’s also a smart idea to tap into your network, including professors, parents, mentors, and former employers. They may know of an open role or suggest people you can contact.

Online job sites are another good source of job leads. Many allow you to search for openings by industry, location, employment type, and experience level.

Top 3 Summer Jobs Ideas for College Students

Some summer jobs are especially well suited for college students. They can be done in the short term, provide an opportunity for students to apply what they’ve learned in school, or offer some control over schedule and pay rate. Three jobs to consider: online tutoring, freelance web designer, and retail sales associate. Here’s what to know about each.

Online Tutoring

An online tutor typically helps individual students understand their lessons, assists them with homework assignments, and provides extra work as needed. Some tutors prefer to rely on word of mouth for clients, while others offer their services through an online tutoring website.

In general, online tutors set their own hours and rate. The average starting rate is around $18-$21 per hour, according to Care.com, but that amount can increase significantly based on experience, grade level, subject matter, and other factors.

If you apply with an online tutoring site, you will likely need to provide information about your educational and work history. Educational requirements can vary widely by platform, so be sure to research what’s needed. Background checks are typically part of the process, and the company may also want to know the type of computer you plan on using and whether you have high-speed internet access.

Pros

•   Flexibility — you will likely be able to control when and where you work.

•   The money can be good for a side gig.

•   You can make a real difference in students’ lives.

Cons

•   Internet issues and technical glitches can disrupt your tutoring.

•   Working with students in different time zones may be challenging.

•   Many online platforms have strict policies against canceling tutoring times.

Freelance Web Designer

Developing and managing websites for clients can be a good fit for college students, especially those who prefer to work independently or are looking for jobs for introverts. You can find customers by listing your profile on websites for freelance designers or through recommendations from family, friends, and colleagues.

On average, a web designer can charge anywhere from $30 to $80 per hour, depending on the complexity of the project. Some technical skills are typically required — HTML, JavaScript, and CSS, for example — and it’s a good idea to stay up to date on the latest tools and technologies.

Pros

•   You’re your own boss, which means you can determine when and where you work.

•   The hourly rate is higher than other summer jobs.

•   You can work on a variety of interesting projects.

Cons

•   The work typically requires you to sit for long periods of time.

•   You’ll need to keep up on new developments, which may be easier if you’re already studying web design in school.

•   You may need to juggle multiple projects at once.

Retail Sales Associate

In many ways, a retail sales job can be an excellent summer gig. Often, the work is fairly straightforward, work hours are scheduled, on-the-job training is usually provided, and you usually don’t need a college degree. Students with a friendly, upbeat attitude and strong customer service skills may find a sales job particularly rewarding.

The average hourly rate of a salesperson is around $14, but this can vary based on your company, the store’s location, and how much experience you have. Some companies also offer extra perks, such as employee discounts.

Pros

•   Work is often indoors and may not be as physically demanding as other jobs.

•   Having a work schedule means you know when you’ll have free time.

•   You have opportunities to develop your people skills.

Cons

•   Your take-home pay can fluctuate if you earn a commission.

•   Dealing with difficult customers can be stressful.

•   Depending on where you work, you may need to be on your feet for several hours.

Recommended: 10 Money Management Tips for College Students

The Takeaway

Though there are ways to make money during winter break, the summer is commonly when many students get a short-term job. A summer gig allows you to earn extra cash and potentially gain valuable professional experience, especially if you’ll be working in the field you’re studying. Your college career services center, professors, family, friends, and former employers may be able to provide you with potential leads. Three types of jobs you may want to explore are online tutoring, web design, and retail sales. Online tutoring and retail sales typically allows you more chances to interact more with people, but web design tends to command a higher hourly rate.

No matter what summer job you choose, a money tracker app like SoFi can help you monitor and manage the money you earn. The app makes it easy to see where you are financially at any given time. Plus, you can keep tabs on your credit score, see what you’re spending, and view the progress you’re making toward your goals at no cost — just for being a SoFi member.

Stay on top of your finances by seeing exactly how your money comes and goes.

FAQ

What should college students do with their summer?

As a college student, you can get a job or internship, go on a vacation with friends or family, volunteer at a non-profit agency of your choice, or go to summer school to potentially graduate more quickly. Starting to think about life post-graduation? Here are some intriguing things to do after college.

Where do most college students work in the summer?

Whether you’re planning to work outdoors, in a store or restaurant, or for a company, there is no shortage of summer job opportunities for college students. To help you narrow down your options, look for roles that match your interests and skills.

How can college students make money over the summer?

Many summer jobs pay by the hour, and that rate might depend on factors such as location, the type of work being required, and your experience and skills. Looking ahead? Here are the most rewarding jobs in 2023.

Photo credit: iStock/AndreyPopov

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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