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When you’re looking for funds to pay for your college education, you’re likely to go after federal funds and all of their benefits first — and, if that isn’t enough, then you’ll seek private loan funding. But, what is a signature student loan, exactly? Does it make sense to take out this type of funding? This post will share insights into a student signature loan.

What Are Student Signature Loans?

Known as a “sig student loan” for short, it’s a type of loan that people use to pay expenses for college. They can also be known as “good faith loans” because they’re granted to a borrower on the basis of a signature only with no collateral. The borrower takes on a certain amount of private (non-federal government) debt in the form of a loan at a predetermined interest rate, agreeing to pay it back in a series of installments, and then uses the funds to pay expenses.

What Type of Loan is a Signature Student Loan?

As you explore options, you’ll come across different types of student loans. In general, there are two broad types: federal and private student loans. Federal loans require the filling out of a FAFSA to see if a student qualifies for any type of aid from the federal government; some colleges and universities require a FAFSA even for scholarships and grants. A student signature loan, however, is a form of private funding, one where collateral is not needed, making it an unsecured private loan for college expenses.

Common Uses of a Signature Student Loan

Common uses of a signature student loan include for tuition/attendance, books, and housing. Here’s more about each.

Tuition/Attendance

Tuition costs can vary but a typical student could pay $10,000 a year for in-state tuition at a public four year institution and up to $40,000 to $50,000 in tuition at a private university each year. So, a student may decide to use a sig student loan to cover costs of tuition/attendance that aren’t covered by grants, scholarships, and federal student loans.

Books

The average college student spends between $600 and $1,500 each year to pay for their books and supplies. One single hardback textbook can now cost as much as $400 although the average is between $80 and $150. So, just about 30% of students use some form of loan funding to pay for their college books.

Housing

Although some students continue to live at home during college, many pay for room and board. At a public, four year institution, this could cost $9,000 to $13,000 a year. At a private, non-profit institution, it could cost a similar amount, depending on whether the student lives on or off campus.

Should You Get a Signature Student Loan?

It depends on your unique situation because signature student loans come with pros and cons that we’ll explore soon in this post. As general guidance, students who don’t receive enough funding through grants, scholarships, and federal student loans often look towards private funding to make up the difference. Private loans, sometimes called signature student loans, are offered by banks, credit unions, and online lenders.

Pros and Cons of Signature Student Loans

Pros of Signature Student Loans

Pros of signature student loans include the following:

•   Extra Source of Funds

•   Variety of Repayment Terms

•   Flexibility of Usage

•   Here’s more about each

Extra Source of Funds

Private student loans, also called a student signature loan, can provide a source of funding for college after grants, scholarships, and federal options have been exhausted. Federal financial aid can include grants and scholarships typically being awarded without repayment requirements. Federal loans are also considered financial aid. Students who demonstrate financial need may qualify for a subsidized loan, meaning that the government covers the interest while the student attends school. Student signature loans can help fill in funding gaps.

Variety of Repayment Terms

With a private student loan, funds are obtained from a private lender. Some offer better rates and terms than others with some of them deferring payments while the student is attending college classes. Compare rates and terms to choose which route is best for you.

Flexibility of Usage

In general, a private loan can offer flexibility with the funds used; for example, this funding can be used as one of the undergraduate student loan options or one of the graduate student loan options: for tuition, books and supplies, and/or housing expenses.

Cons of Signature Student Loans

Unlike a federal student loan, private lenders of student signature loans don’t rely upon information found in a FAFSA. Instead, a student interested in receiving private funding would fill out an application with the lender of interest. In other words, the student must qualify for the loan.

Qualifying for a Sig Student Loan

Loan terms can vary by lending institution. This includes the interest rates offered, borrowing limits allowed, and the length of the loan.Some require payments while the student is in school while others will defer payments until the student is out of school. Choose parameters that fit your needs with the understanding that you’ll need to qualify for the loan program.

Credit Score

The private lender may require you to have a certain credit score to obtain the loan or to get the best rates and terms. The three main credit bureaus that issue scores are Equifax, Experian, and TransUnion. A private lender will likely have a certain credit bureau that they use to get an applicant’s credit scores, and yours will need to fit within their lending guidelines to get loan approval.

Income

The lender will also want to see proof of a steady income, one that’s sufficient to pay back the loan. If you don’t have enough on your own, perhaps a parent would cosign the loan for you, reassuring the private lender that the loan will be appropriately paid back.

Other Ways to Pay for College

Ways to pay for college include:

•   Financial aid

•   Federal loans for students

•   Federal PLUS loans for parents

•   Work study jobs

•   Part time jobs

•   Private student loans

•   Here’s more about each

Financial Aid

In general, student financial aid can be a combination of grants and scholarships, federal student loans, private student loans, and funds from jobs (work study or part time jobs).

Federal Loans for Students

Federal Direct loans, also known as Stafford loans, can be either subsidized or unsubsidized. With the first, the government covers the interest while the student is in school; with the latter, the interest accrues while the student is in school. In either case, finding out what you qualify for in federal funding can be a logical first step.

Federal PLUS Loans for Parents

Parents can take out a Parent PLUS loan for an undergraduate with fixed interest rates and flexible repayment methods. These loans do require a credit check and can also be taken out by graduate/professional students. The maximum amount that can be borrowed is the full cost of tuition minus other financial assistance the student receives.

Work-Study Jobs

There is a federal work-study program that allows students with financial need to earn income to pay their education-related expenses. Ideally, the work will be connected to community service and/or the student’s academic study courses. This program is managed by the colleges themselves, so check with yours to see if they participate and if you qualify.

Part Time Jobs

If you don’t qualify for work study, you can still seek part time employment in the general location of your university, perhaps at a restaurant or coffee shop or by babysitting or dog walking. This allows the student to earn income, hopefully on a schedule that is flexible enough to work around college commitments.

Private Student Loans

This can be a source of funding for college expenses when grants, scholarships, and federal funding options have been exhausted. Private lenders can have different loan programs, so compare carefully before making a decision.

The Takeaway

In short, a signature student loan is a type of unsecure (no collateral) form private funding to help with educational expenses. It’s a private form of lending. There are pros and cons to this type of lending as this post demonstrates.

If you’re exploring private student loan options, SoFi can help. SoFi offers a low-interest rate, no fee form of private lending — a student signature loan — that covers costs that are school certified: tuition, books, supplies, room and board, and transportation.

FAQ

Is a signature student loan a good idea?

It depends on your unique situation, and whether you’ve explored all of the options for grants, scholarships, and federal loans. This article lists pros and cons of signature student loans.

Is it easy to get a signature student loan?

A signature student loan is a form of private funding, so the lender will likely check your credit scores and ability to pay back the loan. You may or may not need a cosigner.

When do you have to start paying a sig student loan back?

It depends on the private lender. Some have you start paying it back right away while others allow you to wait until you’ve finished school. Be clear about what you’re agreeing to, including when the loan must be paid back.

Photo credit: iStock/FatCamera

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.

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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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.

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You can typically use a debit card when traveling in another country as long as the merchant accepts transactions from the card issuer. Debit cards are especially useful when withdrawing cash from ATMs internationally, but cash and credit cards may make more sense for other purchases abroad.

In this guide, we’ll cover the ins and outs of this scenario, including:

•   Can you use a debit card internationally?

•   Are you charged fees when using a debit card internationally?

•   How can you safely use a debit card in another country?

•   Can you withdraw money at an international ATM?

•   What can you do if your debit card doesn’t work?

Can You Use a Debit Card Internationally?

Yes, you can use your debit card internationally, though you may incur foreign transaction fees. Depending on where you travel, you might find merchants that only accept cash — or may only accept cards from specific issuers — so it’s a good idea to have a mix of payment methods with you.

Visa and Mastercard are almost universally accepted anywhere you can pay with plastic. While Discover and American Express have historically been less accepted outside the United States, the two card issuers have made significant strides in recent years. To be safe, it’s a good idea to carry cards from more than one issuer, as well as cash, when traveling abroad. Just be sure you have details like the customer service phone numbers in case you were to lose your cards or be the unfortunate victim of a pickpocket (see more safety tips below).

Recommended: How to Travel on a Budget

Will I Face Fees If I Use My Debit Card Internationally?

While you can typically use a debit cards in another country, you may have to pay a foreign transaction fee. Though these fees vary by bank and card issuer, they are usually around 3% of any transaction abroad.

In addition, you may be given the option by a merchant to pay in local or U.S. currency. If you opt for the latter, it is known as dynamic currency conversion (DCC), and you will likely face an upcharge, possibly a steep one. It’s wise to decline this offer.

If you want to avoid foreign transaction fees, you may need to open an international credit card designed for travelers or find a bank account offering a debit card without these fees.

While you can use a debit card for purchases abroad, experts often recommend paying with cash or a credit card as it can offer better protection if a thief gets their hands on your plastic.

Instead, debit cards are ideal for taking cash out of an ATM. If your bank offers in-network ATMs in foreign countries, you can avoid ATM fees by withdrawing money from those specific ATMs — though you may still contend with foreign transaction fees.

What to Do Before You Travel to Another Country

Traveling to another country is exciting, but there’s a lot to do before you hop on that plane. You may have to find a pet sitter, book hotels, or renew your passport, but there are also a lot of important financial moves to make before traveling internationally:

•   Informing your bank: Banks and credit unions offer a wealth of services to prevent fraud. Unexpected transactions in foreign countries can be a red flag to your financial institution; in attempting to protect you from fraud, they may decline the transaction or freeze your card. It’s a good idea to let your bank and/or credit card issuer know where and when you’ll be traveling so there aren’t any interruptions to your banking service.

   It can also be wise to note customer service numbers for your bank and credit cards in a safe place but not in your wallet in case you were to lose your wallet or be robbed while traveling. You can then spring into action quickly to report losses.

•   Exchanging your money: You’ll want cash in the local currency for your trip, but it’s a good idea to exchange your money before setting out on your travels. Airport kiosks, hotels, and train stations have notoriously high exchange rates; you’ll likely get a better rate if you exchange in advance with a bank or credit union near you.

   That said, you don’t want to carry too much cash on you when traveling in another country, meaning you’ll need to exchange money as you go. You can avoid high exchange rates abroad by getting cash from an in-network ATM using your debit card and staying within your ATM withdrawal limits.

•   Getting travel insurance: If you’re paying for your travel with a rewards credit card, you may already carry special credit card travel insurance. But if cash and debit cards are your primary resources, you’ll likely want to find travel insurance through a third party. Travel insurance can help with the challenges and costs of trip cancellations, lost luggage, rental car issues, and even medical care in foreign countries.

•   Getting an international phone plan: Even the best laid plans can go wrong. If you get lost, want to use a translator, or need to call your bank to troubleshoot an issue with your debit card, you’ll want a call, text, and data plan from your phone provider. It’s a good idea to ask your provider in advance about their international plans and see if you can work it into your travel budget.

Recommended: How to Save Money on Hotels

Tips for Safely Using Your Debit Card Internationally

Taking your debit card with you abroad can be convenient, but it’s important to prioritize safety when spending money in another country. Here are a few tips for safely using your debit card internationally:

•   Wear a money belt: Pickpockets can ruin a vacation in a matter of seconds. Keep your valuables (wallet, passport, smartphone, etc.) safe by keeping them out of your pockets, and don’t lug around a purse on your shoulder, either. Instead, wear a money belt — a pouch on a belt that keeps your money securely attached to your person. You can store your debit cards, credit cards, and cash in the pouch.

•   Tell your bank you’re traveling: Avoid becoming stranded in another country without access to your funds by alerting your financial institution of your travels. This should prevent them from freezing your card because of unusual activity.

•   Bring multiple forms of payment: Because something can go wrong — lost or stolen funds, payment type not accepted, etc. — it’s wise to have multiple forms of payment with you when traveling internationally. Ideally, your money belt may have a credit card, a debit card (from a different issuer), and cash in the foreign currency.

•   Practice ATM safety: When using your debit card to withdraw funds at an ATM, there are a few things you can do to protect yourself and your money.

◦   Don’t use the ATM alone, if possible.

◦   Don’t use the ATM at night.

◦   Memorize your PIN (and make sure it’s unique); don’t write it down anywhere.

◦   Watch someone else use the ATM first; if they can successfully retrieve their card and their money, that’s a good sign that criminals haven’t tampered with the machine.

◦   Learn to check ATMs for card skimmers. If a machine looks like it’s been tampered with or has an extra bit of plastic around the card slot, don’t insert your card and find another source of cash.

Recommended: Renting a Car With or Without a Credit Card

Can You Withdraw Money at an International ATM?

If you’re wondering “Can I use my debit card internationally?” you may well be thinking about withdrawing money from an ATM while abroad. That is a top reason to bring your debit card with you when traveling overseas. Before traveling, you can research which ATMs are in your bank’s network in the country you’re visiting — and even make a list of their locations so you know where to go during your trip.

While using an in-network ATM may help you avoid ATM fees, some banks and card issuers may still charge foreign transaction fees. If you regularly travel abroad, it may be worth opening a checking account with a debit card that does not charge foreign transaction fees.

Pro Tip: If you are worried about ATM fees abroad, you may be able to use your debit card at a store and request cash back at the register. However, foreign transaction fees may apply.

What to Do If Your Debit Card Does Not Work?

If you’re in a foreign country and your debit card isn’t working, don’t panic. There are a few things you can do to ensure you can safely spend your money abroad, like:

•   Calling your financial institution. Making an international call might be expensive, but talking to someone at your bank can usually rectify any issue with your debit card. Also, some financial institutions have numbers to use when traveling internationally. It can be wise to note that information down in advance so it’s handy.

•   Using another form of payment. If you’re in the midst of a transaction, it might make sense (at least temporarily) to pay with a credit card or cash until you’re in a calmer place. Then, when you’re back at your hotel or another quiet place, you can resolve your debit card issues.

•   Finding a U.S. embassy. As a last resort, if you have no way of getting money and are stranded abroad, find a U.S. Embassy or Consulate. In emergencies, they may offer temporary loans to travelers.

Recommended: Credit Cards vs. Debit Cards

Banking With SoFi

If you’re planning on traveling internationally, you probably know that you may be hit with various foreign fees. Here’s some relief: When you bank with SoFi, you’ll have a debit card you can use without foreign transaction fees. That’s just one of the perks of opening an online bank account with SoFi. Our Checking and Savings account offers a competitive APY and no monthly fees, plus the convenience of spending and saving in one easy place.

FAQ

Is it better to use cash instead of a debit card internationally?

When traveling internationally, it’s a good idea to have a mix of payment methods: cash, credit cards, and debit cards. Some experts advise using credit cards and cash for purchases and relying on your debit card exclusively for ATM transactions.

Can I use my debit card in all countries?

In most cases, you can use your debit card in other countries, as long as the merchant takes credit cards and accepts cards with your logo. Visa and Mastercard are the most universally accepted, with Discover and American Express following closely behind. When you use your debit card abroad, you may have to pay foreign transaction fees and ATM fees.

Is it better to use a credit card or debit card internationally?

When traveling abroad, you may want to prioritize payment methods that do not charge foreign transaction fees, whether that’s a credit card or a debit card. However, it’s a good idea to carry both kinds of cards (plus cash). Experts recommend using a credit card or cash for purchases and utilizing a debit card to withdraw more money at ATMs as needed.

Photo credit: iStock/Anchiy

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 4.30% 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 4.30% 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 4.30% 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 10/8/2024. 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.

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.

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