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Becoming an electrician can lead to a fulfilling, rewarding, and high-paying career. However, electrician school costs up to $20,000, depending on the program.

Paying tuition costs up front may not be possible. To help manage this hefty electrician trade school price tag, there are a few different program and financing options to consider.

How Much Does Electrician School Typically Cost?

A profession as an electrician is among the list of high-paying, no-degree jobs that can be a lucrative career. If you decide to enroll in electrician trade school to help you along your path to becoming an electrician, it can cost anywhere from $1,000 to $20,000 to complete the program. This might depend on the program you enroll in and the school you attend.

How Long Does Electrician School Take?

Community college electrician school programs prepare students for apprenticeship and a future career as an electrician. Typically, it takes one to two years to complete electrician trade school.

What Are Classes Like at Electrician School?

Although each program is different, generally, electrical school guides you through relevant mathematics, standardized electrical code, electrical theory, and fundamental techniques regarding wiring, safety, conduit bending, and other skills.

In addition to in-class knowledge, electrician school often includes hands-on practical application.

Can You Make Money As an Electrician While In School?

It might be challenging to secure paid electrician work, if you’re in the middle of electrician school. However, if you’ve been accepted into an electrical apprenticeship program, and are attending electrical school on the side, the apprenticeship often involves paid, hands-on learning opportunities and possibly health benefits.

Pros and Cons of Electrician School

If you’re unsure whether enrolling in electrician school is worth it, weigh the advantages and disadvantages of going this route.

Financing Electrician School

Although you can choose to pay entirely out of pocket for electrician trade school costs, it’s not always feasible. Fortunately, there are a handful of ways to get your trade education financed — some of which must be repaid while others don’t need to be paid back.

Financial Aid

Future electricians attending an eligible trade school may be able to qualify for federal student aid including grants, scholarships, work-study, or federal student loans. Not all trade or vocational schools qualify for federal aid.

To find out if the program you are considering is eligible, take a look at the Federal School Code Search administered by the U.S. Department of Education. Another option is to check in with the financial aid office at the school.

To apply for federal financial aid, students will need to fill out the Free Application for Federal Student Aid (FAFSA®).

Grants

Federal grants, like the Pell Grant, are available to students who are pursuing a bachelor’s degree and demonstrate financial need. Pell Grants typically don’t need to be paid back, and offer awards up to $6,895 for the 2022-23 academic year.

Recommended: FAFSA vs. Pell Grants

Scholarships

Scholarships are another type of gift aid that doesn’t need to be repaid. They can be found through your state, local government, school, and nonprofit institutions. For example, the American Public Power Association offers lineworker and technical education scholarship awards of $2,000 to chosen recipients.

Employer Sponsoring

If you’re already employed, and want to enroll in an electrician school to enhance your job-related skills, ask your employer if it’s willing to sponsor your electrician school cost. Some companies offer this benefit as long as you successfully complete the program and agree to apply your training within the company for a certain number of years.

Federal Student Loans

Through the FAFSA, you can see if you’re eligible for subsidized or unsubsidized student loans. This type of aid must be paid back, plus interest at a fixed rate.

Private Student Loans

If the above financing sources aren’t an option and you need funds, private student loans may help pay for electrician trade school costs. Private student loans are offered by banks, credit unions, trade schools, and other financial institutions. Be aware that they typically don’t offer the same level of protections as federal student loans, such as extended forbearance or deferment options if you face financial hardship.

Recommended: Guide to Private Student Loans

How to Select an Electrician Training Program

Deciding how you want to pursue an electrician training program highly depends on the amount of time you’re willing to commit, and your preferred learning style. Below is an overview of the program options available.

Apprenticeship

Learning the electrical trade is commonly done through apprenticeship. This option is typically a four-year commitment with a mix of classroom and field training. This option lets you learn the hands-on skills and knowledge needed to become an electrician while earning a wage.

Certificate

Certification can take about 1 to 2 years to complete. You can enroll in an electrician certification program through a local community college or trade school. In some states, like California, an electrical certification might be required to perform work for contractors with a certain license class.

Associate Degree

An associates degree can offer more comprehensive education, though it’s not typically a requirement to be an electrician. Associate degrees might be offered through a trade school or community college, and can help boost applications for apprenticeship programs.

Bachelor’s Degree

If you’d like to pursue a bachelor’s degree as an electrician in a highly academic setting, a four-year program might make sense for you. Students typically enroll in programs, like electrical technology and learn about regulation, electrical theory, and more.

This option provides the greatest flexibility in terms of transferable courses for related industries, like electrical and/or systems engineering.

Military Training

Another way to obtain electrical school training is through the U.S. Armed Forces. By enlisting as a service member, you’ll first receive basic military training, and afterward, can receive electrical job training if you meet program requirements.

For example, the U.S. Army offers interior electrician job training for soldiers who complete 10 weeks of basic training, and seven weeks of Advanced Individual Training, and earn an ASVAB score of 93 in Electronics.

Electrician Job and Income Prospects

According to the U.S. Bureau of Labor Statistics, the job outlook for electricians from 2021-2031 is expected to grow at an average pace at 7% growth.

PayScale.com estimates that an electrician journeyman earns an average base salary of $61,886 per year, while a master electrician earns a higher salary at $73,334 per year. Salaries, however, depend on a variety of factors, such as skill certifications, years of experience, and location.

Alternatives to Becoming an Electrician

If after learning how much electrician trade school costs you feel it’s not the right profession for you, pursuing another trade or performing a hands-on field job might be of interest. Some alternative jobs include being a:

•   Construction laborer

•   Automotive service technician

•   Equipment operator

•   HVAC installer

•   Home inspector

•   Project manager

The Takeaway

Electrician school costs can range widely, from $1,000 to $20,000, depending on factors like the program, location, and more. Paying for electrician school costs can be an incredible investment for your career advancement and to enhance your technical knowledge, but it’s also a financial commitment.

If you’ve exhausted your financing options, and find that you need additional aid, a private student loan from SoFi might help (though SoFi’s student loans aren’t available for those attending trade school or community college). Undergraduate student loans may be available for those pursuing a four-year electrician degree.

Qualifying borrowers can secure competitive private student loan rates and SoFi loans have zero fees, and up to the total cost of your school’s certified cost of attendance. Plus, it only takes three minutes to check your rate online.

FAQ

How long does electrician school take?

An electrician school program can take about four years to complete for an apprentice to acquire the training necessary to become a state-licensed Journeyman electrician who’s able to work unsupervised. However, this time frame varies, depending on the training path you decide to take and the licensing requirements of your state.

How much do the highest paid electricians make?

Master electricians are the highest level in the field and command an average base salary of $82,000 per year, according to PayScale data. Where you’re located and your years of experience impacts your earning potential.

What are the highest paid trade jobs in the U.S.?

A profession as an electrician makes up the top five highest-paid trade jobs in the U.S., along with licensed practical nurses, HVAC technicians, home inspectors, and plumbers.

Photo credit: iStock/Davizro

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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.

SOPS0322031

If the lure of the open road intrigues you and the idea of spending years in classrooms doesn’t, then becoming a commercial driver may be ideal for you. Before hitting the highway, you’ll need to secure a commercial driver’s license (CDL), which could cost between $3,000 to $10,000 depending on state fees.

This post shares ten ways on how to pay for CDL school, hopefully ones that are just right for you.

Typical Cost of Obtaining a CDL

CDL school costs can vary in part because of the school chosen — which can be private or public — and there may be other costs than what the school charges: application fees, road test fees, CDL skills test fees, and so forth. In general, figure $3,000 to $10,000 and check with your state’s Department of Motor Vehicles (DMV) to see what fees your particular state charges.

The CDL school price will likely account for most of the costs with the DMV able to fill in gaps in information for you. Note that publicly attended CDL schools will likely be cheaper but with potentially longer wait times.

Do You Have to Go to a School to Obtain Your CDL?

If you’re starting after February 7, 2022, then the answer is “yes,” you’ll need to pass minimum training standards to get your CDL license at a registered school or a place that provides the appropriate training. The Entry Level Driver Training (ELDT) is not retroactive, according to the Federal Motor Carrier Safety Administration FMCSA but holds true for those obtaining their CDL license for the first time. The FMCSA has created an online registry for schools and other training providers to list themselves and state that they meet training requirements, both federal and state.

How to Pay for CDL School

Fortunately, plenty of options exist, similar to paying for beauty school and other types of vocational training. To help, we’ve listed ten ways to pay for your CDL school costs and associated expenses.

1. Workforce Training Funding

The Workforce Innovation and Opportunity Act (WIOA) became law on July 22, 2014, and is designed to help job seekers get the education, training, support, and employment they need.The WIOA requires states to ensure that their workforce development programs are strategically aligned to meet the needs of workers. The WIOA is managed through the U.S. Department of Labor (DOL) in collaboration with numerous partners to get the necessary resources to states and local areas.

Plus, the FMCSA CDL Program Implementation Grant provides financial resources to states.

2. State CDL Training Grants

Each of the states in the United States and the District of Columbia can apply to the federal CDL implementation grant to get funding for relevant programs that assist in their CDL program. Contact the field office of your state or your specific state (links are included in the field office chart) to get information about what’s currently available to cover your CDL school price. Explain that you need financial assistance to get quality CDL training.

3. Local CDL Training Grants

You may find it easier to start your search by contacting a community college, library, or governmental agency in your city or county. You may get directed to state-level or other resources; what’s important is to start your search on how to pay for CDL school.

4. Scholarships

You may be able to find scholarships and grants to cover CDL school costs. As an industry site notes, the past few years have highlighted the importance of commercial truck drivers in our supply chain for food, medicines, and so forth. This adds to the demand for quality truck drivers that already existed before the Covid-19 pandemic hit. The result: perhaps more grants and scholarships are available to pay for CDL school costs.

5. Funding for Veterans

If you’re a veteran, you can use your GI benefits to pay the CDL school price. However, there are tax consequences that you’ll likely want to explore before making this move.

Plus, in a 2022 announcement by the U.S. Department of Transportation (DOT) ), the agency announced an award of $3.1 million to community colleges and training institutes. Funds are to be used to help current and former military personnel to get their CDLs. You can find a list of places that received funding and an associated dollar amount here .

6. Federal Student Loans

To qualify for federal loan funding, you must first fill out a Free Application for Federal Student Aid (FAFSA®). If a CDL school meets requirements, federal student loan aid may be available. Going this route will also let you know if you qualify for a Pell Grant based on your income; again, make sure that the CDL school is eligible to receive federal funding.

7. Private Student Loans

If grants, scholarships, and federal student loans don’t cover the CDL school costs, then explore private student loans. These loans are offered by banks, credit unions, and online lenders to pay for educational expenses. You’ll fill out an application and what you’ll receive typically depends on your credit score and income. Here’s more about what to know about private student loans. You may also find valuable information in our resource about private student loans for undergrads.

8. Trucking Company Tuition Reimbursement

This is when a trucking carrier pays part to all of your CDL school costs. They may do this if, for example, you’re a current employee in another capacity. Or trucking companies may take this route to encourage someone to join their company.

9. Savings

You may discover that you have enough money in your savings account to pay the CDL. Or you may create or continue a savings plan to accrue enough funds to pay for your training. That way, there’s no loans to pay back.

10. Company Sponsored CDL Training

A company in need of drivers may be offering a training program. Just ensure that the program, which is run by the trucking company itself, instead of a training school, is quality. Typically, you’ll need to work for the company offering the training for a certain amount of time; this can be good if you’re looking for a job, eliminating the stress of the job hunt that may follow the completion of a CDL program.

The Takeaway

You may decide that becoming a commercial truck driver is a good way to earn income. If so, you’re probably wondering how to pay for CDL school — and this post shares ten potential ways. If you decide that private student loans are a useful part of the mixture, here’s more information about applying for student loans online.

Community college and other certificate programs aren’t eligible for SoFi’s private student loans. If you’re heading back to school after getting your CDL and are interested in private student loans, consider SoFi’s no fee private student loans. These loans can be used to cover your costs of tuition, books, supplies, and more so you can get on the road as a fully licensed commercial truck driver.

FAQ

Can you get your CDL without going to school?

As of February 7, 2022, new trainees in a CDL program must attend classes to meet minimum requirements. This post focuses on finding ways to help you pay for CDL school.

Do some trucking companies pay for your CDL training?

Yes, some are willing to help! Reach out to trucking carriers for specifics.

How much does getting your CDL cost?

In general, it costs anywhere between $3,000 and $10,000 to get your CDL. Check your school of interest to make sure it’s a quality program and ask what it costs. Also check with your state’s DMV to see what other fees may be involved.

Photo credit: iStock/FG Trade

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

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.

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.

SOPS0322013

Want to boost your earning power? High income skills can translate to a bigger paycheck since employers or clients may be willing to pay a premium to workers who possess them. Generally, high paying skills are specialized skills that are considered to be in demand. They can include a mix of hard skills and soft skills.

What are the best high income skills to learn to bring in more cash? Here, you’ll learn about 15 high paying job skills, from IT to UX know-how, that may be worth picking up. They can hold the potential to help earn more money.

Why Learning New Skills Matters

Adaptability and the ability to learn can be invaluable, whether trying to land your first job or gig or one farther along in your career. Learning new skills can help you to better keep up with a changing job landscape. Here, some points to consider:

•   Acquiring high income skills could make it easier to stand out among the crowd when competing for positions or freelance gigs. You may have a more diverse range of job options to choose from. Your skills may also translate to a larger paycheck if they’re sought-after by employers or clients.

•   Some of the highest paying jobs are in the computer and information technology fields. If you’re able to learn the skills needed to get those jobs, either as a full-time employee or a freelancer, that could substantially boost your lifetime earnings.

•   Relevancy is also a factor. If you’re up to date on the latest high-paying skills that could make you much more valuable in an employer or client’s eyes. Should the company or client need to cut back on staffing, your job could be secure if you hold a skill set that your colleagues can’t match.

Recommended: 25 High-Paying Trade Jobs

15 High-Income Skills to Learn

The best high income skills to learn are ones that can help you to increase your earnings while also doing work that you enjoy. Certain high paying job skills may require a college degree to learn, while others you might be able to pick up without going to school.

Here are some of the best high paying job skills to learn now, including remote job skills and tech skills.

Quick Money Tip:Typically, checking accounts don’t earn interest. However, some accounts will pay you a bit and help your money grow. An online bank account is more likely than brick-and-mortar to offer you the best rates.

1. SEO Skills

SEO, or search engine optimization, involves knowing how to structure website content in order to push it to the top of search engine rankings. This skill is in high demand, and businesses are willing to pay well for it. The reason: Higher search rankings can translate to more clicks and more purchases.

It’s possible to find full-time SEO jobs, but you could also offer freelance SEO services if you’d like to be your own boss. Studying SEO experts and guides can be a good starting point for learning more about this skill.

2. Digital Marketing

Digital marketing is another way of describing advertising through digital channels. As people increasingly consume information online, digital marketers play an important role. They can help brands and businesses connect with current and prospective customers through social media, apps, and email marketing.

If you spend time online regularly, you might already have some knowledge of digital marketing and how it works. You could use that knowledge to your advantage to help clients make money on social media or target their ideal audience. There are also an array of courses you might take or certificates you might earn in this area.

3. Email Marketing

Email marketing is related to digital marketing but it focuses exclusively on advertising through email. For example, during the Black Friday season, stores may send out emails to customers that include coupons, promo codes, ads, or other special promotions. Those emails are written by an email marketer with the end goal of encouraging customers to click and make a purchase.

Becoming an email marketer is something you might consider if you have experience with marketing or the next high income skill that follows on this list.

4. Copywriting

Copywriting involves creating written content that’s intended to persuade. Similar to email marketing, copywriters help businesses and brands to sell their products and services.

Some of the ways you could leverage high income skills as a copywriter include writing website content, sales pages, marketing emails, sales brochures, or newsletters. Copywriting allows for further specialization if you’re focusing on a single niche. For example, you might write for petcare companies or companies in the beauty or wellness niche.

5. Video Editing

Video editors get paid to edit videos for social media, website content, and other channels. While written content still has high value among consumers, video is offering up strong competition, as evidenced by the growth of TikTok and YouTube.

Video editing is one of the best high-paying skills to learn for another reason. It doesn’t require a college degree. It’s a skill you can pick up through online study, often with minimal investment required.

6. Software Development

Software developers create operating programs for computers and other devices. Becoming a software developer starts with learning the basics of coding, which is something you might be able to do through a trade school or online coding bootcamp. Developers earn a median wage of $109,020 per year, so this could be a good high income skill to learn if you’re hoping to earn a six-figure salary.

7. Web Development

Web development is similar to software development, but the focus is on creating websites and web applications. Web developers need to be knowledgeable about programming languages like CSS and JavaScript. They also have to be familiar with different website-building platforms, such as WordPress. A web developer may work with a web designer to create new sites for clients or redesign existing ones.

8. Project Management

Project managers oversee the completion of large-scale projects from start to finish, often in information technology (IT) or computer-related fields. The project manager’s primary duty is to help the company or client they’re working with achieve their end goals for the project. Project managers may require certain hard skills, such as coding knowledge, but they can also utilize soft skills, such as effective communication and the ability to direct a team.

9. IT Skills

The IT field can offer up numerous high paying job opportunities, depending on which skills you have. A broad range of IT skills can fall under the high income umbrella, including:

•   Cloud computing skills

•   AI skills

•   Programming skills

•   Cybersecurity skills

•   Blockchain knowledge

Again, learning how to code can help you build a foundation for learning other valuable IT skills, which can be developed through specialized courses.

10. UX Design

UX refers to user experience, or how a person interacts with a product or service. It’s an important element of websites and apps, as well as physical products and services. When consumers visit a website or log in to their favorite apps, they want them to be fast and easy to navigate. Likewise, when someone purchases something or signs up for an online service, they want it to function the way they’re expecting it to. UX design experts help to iron out the kinds to deliver the best user experience possible. This can require specialized training, depending on whether UX design is delivered for a digital property or something more rooted in the offline world.

Recommended: Getting Back on Track After Going Over Budget

11. Content Marketing

Content marketing is related to copywriting, but it requires a different skill set. Content marketers create content that’s designed to draw traffic through search engines or social media, but it goes beyond sales pages or landing pages. A good example of content marketing at work is blogging. When executed effectively, blogging can build an audience and generate revenue through ads, product sales, services, or affiliate marketing.

12. Affiliate Marketing

Affiliate marketing means marketing another entity’s products or services and earning commissions each time someone makes a purchase. For example, a blogger who includes affiliate links to Amazon products in their web content might earn money if a reader clicks their links and buys something. Affiliate marketing could be an ideal high income skill to learn if you’re interested in generating passive income online.

13. Mobile App Development

Mobile apps are part of many people’s daily lives. They can offer convenience if you’re using them to log in to your bank account or manage your investments. Other apps can provide entertainment if you’re using them to watch videos, play games, or listen to music.

Companies can hire mobile app developers to create apps and test them before releasing them to the market. It’s possible that you could even try moonlighting work, and create your own mobile app and sell it, building a six- or even seven-figure business in the process.

14. Graphic Design

Graphic design skills could lead to a higher income if you’re creating designs for clients with big budgets or building a steady freelance business. Some of the ways you could make money as a graphic designer include designing logos, YouTube thumbnails, private label rights content, social media templates, or ebook templates. You could also apply your graphic design skills to create designs for a print-on-demand or Etsy shop.

Recommended: 15 Low-Cost Side Hustles

15. Soft Skills

Soft skills are a diverse professional toolkit. They’re based on a different sort of knowledge that doesn’t involve learning how to code or develop software. Examples of high paying soft skills include good communication skills, problem-solving skills, creative thinking, and time management skills. Employers and clients can value those skills just as much as some of the other high income skills on this list. These skills can be used in high level administrative, coordinator, and management positions.

Recommended: Life Skills That Can Help You Save Money

Tips for Developing High-Paying Skills

There are several options for learning the high paying job skills you might need to succeed. Which one you choose can depend on the skills you want to learn and how much you know about them already. Some of the possibilities for developing high income skills include:

•   Completing a two- or four-year degree program at a college or university

•   Attending a trade school

•   Utilizing online resources, like YouTube or blogs

•   Taking paid online courses that are independent of a degree program

•   Applying for internships or freelance jobs that could allow you to learn the skills you need

•   Asking someone who already possesses your desired skill set to act as your mentor

Working with a professional coach to help you develop your skills.

Some of these options cost money; others don’t. If you’re on a tight budget, then you might want to start with free resources like well-rated YouTube tutorials. After that, you could consider what kind of investment you might want to make in a paid course or degree program.

Trade school can be more affordable than a four-year college or university for learning certain skills. What is trade school good for learning about? Web development, web design, coding, and video editing are just a few high paying skills you could brush up on. Community colleges and continuing ed programs at universities may also offer affordable classes that will allow you to develop your talents.

If you’re considering applying high income skills to start a freelance business, it’s also a good idea to give some thought to the financial side. Financial planning for freelancers includes things like budgeting for irregular income, learning how to set your rates, filing taxes, and saving for retirement.

The Takeaway

If your goal is to earn more money, learning some new high income skills can definitely be worthwhile. From content marketing to UX design to copywriting, there are many avenues to pursue as you build the expertise that can help you earn more money.

FAQ

What are high demand skills?

High demand skills are job skills that are highly sought-after by employers and clients. Examples of high demand skills can include knowledge of coding and HTML, SEO expertise, and digital marketing experience. Employers may be willing to pay more for high demand skills if there’s a smaller pool of available workers who have them.

What are the top skills you should learn for the future?

Many of the skills that are likely to be in-demand in the future are connected to computers and technology. Understanding of artificial intelligence (AI) or blockchain technology, for example, may be desirable as more companies focus on these types of innovations.

How can I land a high paying job?

Learning some high income skills could help you to land a high paying job, if those skills are in-demand and there are fewer qualified candidates to fill the available jobs. Other ways to increase your income include asking for a raise, taking on a second job, or starting a profitable side hustle.

Photo credit: iStock/nensuria

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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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.

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