SoFi

Many first-time visitors to Salt Lake City, Utah, find it to be an unexpected gem. The better-known sites of this state capital include Temple Square downtown — home to the headquarters of the Church of Jesus Christ of Latter-day Saints — the lake that gives the city its name, and the Uinta and Wasatch mountains in the distance.

What you may not know is that, in addition to all there is to do in town, there’s also an array of things to see and experience just outside the city. The other-worldly expanse of the Bonneville Salt Flats, sunsets with the bison on Antelope Island, world-class skiing, mountain botanical gardens, and unique historical experiences are just some of the fun things to do in Salt Lake City.

Here, you’ll learn more about why a trip to this city can make for a memorable getaway.

Best Times to Go to Salt Lake City

Salt Lake City’s weather is typically pleasant three out of four seasons. Summer travel in July and August will bring you a high average temperature of 90 degrees. Late spring, early summer, and early fall are typically around 70 degrees, which many people find just right for exploring outdoors.

If you’re looking for a skiing vacation, you’ll want to go between December and March. Ski resorts usually open in November and close in April, but it all depends on snow accumulation. Some years are drier than others.

Pro tip: There’s usually still snow in the nearby mountains in March — and sometimes April. That’s when you’ll find fewer crowds, more hotel availability, and lower prices. Timing your travel to take advantage of this window can be how families afford to travel.

Bad Times to Go to Salt Lake City

If you’re not a skier, winter will probably be the least desirable time to visit Salt Lake City. In January, for instance, the temperature will often be below freezing.

It’s also worth noting, especially for those with respiratory issues, that Salt Lake City is surrounded by mountains, which can cause what’s known as an inversion during the winter. Cold air traps warmer, more polluted air in the valley. If you do ski, however, the mountains above the inversion offer plenty of fresh air and powder.

Average Cost of a Salt Lake City Vacation

The average cost for a vacation to Salt Lake City is $197 per day, or $1,377 per week for each person, according to data compiled by Budget Your Trip, a website that tracks travel pricing. For a couple, that number jumps to $2,794. Some other costs include:

•   Average cost for meals: $40 per day

•   Average cost for a hotel: $190 per night

•   Average cost for transportation: $36 per day

•   Average cost for entertainment: $22 per day.

If you don’t know where to keep a travel fund to budget for these costs, consider a savings account, a CD, or a high-yield savings account (HYSA). Typically, online banks offer higher annual percentage yields (APYs) than traditional banks.

Pro tip: Plan to drive to or rent a car when you visit. The top things to do in Salt Lake City may not actually be in the city. Attractions tend to be spread out, so renting a car can make for a less stressful trip versus taking public transportation.

One other reason to rent a car: It can earn you credit card rewards, which might mean cash back to use on your next meal out or gas-station stop.

10 Fun Must-Dos in Salt Lake City

When visiting, consider this list of fun things to do in Salt Lake City based on recommendations from locals, and visitors who reviewed attractions on Google Travel.

Keep in mind the Salt Lake City metro area is quite spread out. Some of the best things to do may take you upwards of an hour (and sometimes more) away from the city center.

Recommended: Guide to Choosing Between Credit Card Miles vs Cash Back

1. Temple Square

Temple Square is at the heart of downtown. The complex includes a temple, tabernacle, assembly hall, visitor center, and administration buildings. It is the symbolic center of the Church of Jesus Christ of Latter-Day Saints (aka Mormons), the religion of the pioneers who settled the area. It’s a major architectural landmark surrounded by lush gardens, fountains, reflection pools, and art installations. Tours are free, and you can scan for your own genealogy in the Family Search Center. ChurchofJesusChrist.org/feature/templesquare?lang=eng

2. Bonneville Salt Flats

The Bonneville Salt Flats are almost two hours to the west of Salt Lake City, but most visitors find it’s worth the drive. The white, hardened salt creates a glistening expanse that stretches for miles. You may find yourself feeling as if you’re on another planet. At sunset, the whole sky may turn cotton-candy colors. If you happen to visit after there’s been some rain, you’ll see reflections that seem to stretch to the horizon. You’ll definitely want to spend some time taking photos, regardless of the time or the weather.

There’s no charge to visit the Salt Flats, and you can find a calendar of events (it’s a renowned racing venue) on the Bureau of Land Management’s website. BLM.gov/visit/bonneville-salt-flats

3. Lagoon Park

If you’re looking for things to do in Salt Lake City with kids, consider a visit to Lagoon Park. Lagoon is an amusement park located just 20 minutes north of downtown. Considered the area equivalent to Disneyland, it’s open from March to October.

It’s a pricey attraction, with adult day passes costing almost $100. If you have the right travel credit card, you may be able to offset some of these costs by redeeming credit card points or miles. LagoonPark.com/

4. Utah Olympic Park

One of the quirkier things to do in Salt Lake City is a bobsled run at the Utah Olympic Park. A professional driver takes you through the experience, which is available in winter and summer. Also in the summer, the Olympic Park turns into an adventure park with extreme tubing, alpine slides, airbag jumps, a drop tower, ziplines, and rope courses. UtahOlympicLegacy.org/location/utah-olympic-park/

With all this adventure, you may want to know how credit card travel insurance works. The same holds true if you are planning to do some vigorous hiking or climbing while visiting Utah. It’s good to know that you’re prepared for any unexpected issues while traveling.

5. Take a Hike

Hiking along one of the many trails in and around Salt Lake City can be one of the best things to do when visiting. Trails are well-groomed and easily accessible. The views can be stunning, and your time spent in nature can be a great mood booster. A few trails around Salt Lake City you might want to try:

•   Ensign Peak is a trail above the Utah State Capitol building that offers a bird’s eye view of the city. It’s a fairly short, easy hike and won’t take you away from the city.

•   Donut Falls Summer Trail is a 1.6 mile, easy, family-friendly hike up Big Cottonwood Canyon with a waterfall at the end. Plan for this hike to take an afternoon.

•   Cecret Lake Trail is another fairly easy hike that takes you to a beautiful alpine lake. Note: It’s popular and parking is limited, so you’ll want to plan accordingly. VisitUtah.com/places-to-go/cities-and-towns/salt-lake-city/trails

If you’re traveling with pets, be sure to research any hike ahead of time to make sure your pet is allowed on the trail.

6. Hit the Slopes

Salt Lake City ski resorts are world-class. The climate frequently produces the perfect conditions for snow skiing. The resorts are easy to access, and there’s a variety of accommodations for every budget. If you need to save money on hotels, you’ll likely find something that suits you if you book ahead. Family-friendly activities are everywhere. Ski resorts within an hour of Salt Lake City include:

•   Park City VisitParkCity.com/outdoors/skiing-snowboarding/

•   Deer Valley DeerValley.com/

•   Snowbird Snowbird.com/

•   Alta alta.com/

•   Brighton BrightonResort.com/

•   Solitude SolitudeMountain.com/

•   Sundance SundanceResort.com/

7. Natural History Museum

The Natural History Museum is one of the most highly-rated attractions in Utah, with an average 4.8 out of 5 stars on Google reviews. The exhibits offer a fascinating opportunity to learn about Utah’s eight federally recognized indigenous tribes, gems and minerals, and much more. There are plenty of interactive activities, perfect for families. The architecture of the building itself is fascinating: It’s a copper-clad eco-friendly structure tucked into the foothills above Salt Lake City. NHMU.utah.edu/

8. Sundance Festival

Want to rub shoulders with celebrities and watch pre-release films? The Sundance Film Festival might be your jam. The event takes place over 10 days in late January every year and is open to all who purchase a pass or ticket. Films are shown in theaters in Salt Lake City, Park City, and Sundance. You could be one of the first to see critically acclaimed films that go on to worldwide success. Sundance.org/festivals/sundance-film-festival/about/

9. Antelope Island

A drive over to Antelope Island is one of the best ways to experience the Great Salt Lake. The island is a state park with bison, mule deer, antelope, coyotes, and birds as its only residents. It’s an unspoiled jewel where you can take in views of the lake and wildlife. There are some basic facilities and trails for use. Sunsets here can be particularly spectacular. StateParks.utah.gov/parks/antelope-island/

10. Red Butte Garden

The Red Butte Garden is a botanical garden that sits high in the foothills directly to the east of downtown Salt Lake City. With nothing but the mountain in the background and an elevation that affords views of the Salt Lake Valley, the setting is a great break from the bustle of city life. Miles of trails along the manicured gardens are the perfect place for a walk. An amphitheater on the sloped hillside hosts a popular outdoor concert series. RedButteGarden.org

One Watch-out When Visiting Salt Lake City

Be mindful that you cannot consume alcoholic beverages in public places; so there’s no cracking open a cold beer after spending an afternoon on a trail. You may drink at bars and restaurants, however, following the establishment’s guidelines. Typically, restaurants require you to order food when consuming alcohol vs. serving just drinks.

The Takeaway

Travelers and locals agree that once you’ve been to Salt Lake City, you realize how much more there is to do than you imagined, from great museums to a lively downtown, from skiing in winter to exploring trails and outdoor experiences during the rest of the year. This state capital offers an incredible combination of convenient access to outdoor adventure along with urban entertainment.

SoFi Travel is a new service offered exclusively to SoFi members. Earn 2x rewards when booking with your SoFi Mastercard or debit card. Then apply those rewards to your next trip when you book through our travel portal. SoFi makes planning a getaway fast, easy, and convenient — perfect for people on the move.

FAQ

What is popular in Salt Lake City?

The most-visited attraction in Salt Lake City is its historic Temple Square, a large complex including the Temple, Tabernacle, gardens, and more.

What do people do on the Salt Lake?

It’s the biggest lake in the state of Utah, and you can go sailing, kayaking, and wildlife spotting. However, beware the brine flies. One of the best places to experience the Great Salt Lake is from Antelope Island, where you can get up close and personal with bison, birds, and other wildlife but fewer bugs. Sunset pictures from this location are stunning.

Is Salt Lake City good for tourists?

Yes. Salt Lake City has some interesting attractions and unique restaurants, and there are plenty of opportunities to enjoy the outdoors. Just up the canyons from Salt Lake, you’ll find excellent hiking, biking, and skiing.

Photo credit: iStock/DenisTangneyJr

¹See Rewards Details at SoFi.com/card/rewards.

**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.

Checking accounts are the foundation of personal finance and the way the majority of Americans conduct their daily finances. In fact, according to a recent survey, more than 91% of people in the U.S. have a checking account, the highest percentage among all types of accounts.

Opening a checking account can make good money sense. Without a checking account, it can be harder to pay bills, deposit your paycheck, and keep tabs on where your money is at all times. Having your money in a safe, secure account gives you peace of mind and more protection than keeping cash in your wallet.

Read on for 11 reasons why opening a checking account can be a game-changer.

Reasons for Opening a Checking Account

1. Depositing Checks with Ease

When you have a checking account, you can manage your finances in a more streamlined way. If you receive a check, you’ve not only got an instant home for it, but it’s often the fastest way to get access to the funds.

Your money should be available within a day or two if you deposit it before the bank’s cutoff time. A bank generally must make the first $225 of a deposit available at the start of the next day after the deposit was made. ​​The remaining money typically will be available the second business day.

Many banks and credit unions offer the convenience to deposit a check through their mobile app, saving you a trip to the bank or the ATM. Once you have the bank’s app, you can simply endorse the check, take a photo of both of its sides with your mobile device, and submit.

2. Streamlining (and Saving on) Payments

Another good reason to open a checking account is that it facilitates payments. You can arrange for timely bill payments and eliminate the need to sit, write out, and mail paper checks to utility and credit card payments, for example. You can sign up for automatic bill payment withdrawals, or send an electronic check (also known as an e-check) directly from your account. Whichever method you choose to pay your bills online, you need a checking account from which the money can be deducted.

By using your checking account to manage payments in this way, you may be able to save money. These actions can help you avoid pricey overdraft and NSF (non-sufficient funds) fees if you wind up in negative balance territory.

3. Accessing Your Money

These days most checking accounts come with a debit card linked to your account. Debit cards can be used to withdraw money from an ATM or swiped or tapped as a payment method virtually anywhere. The convenience and accessibility are major perks. You can get cash anytime and also deposit checks or cash at an ATM.

And, it’s becoming increasingly more common to be able to make a cardless withdrawal at an ATM if you don’t have your debit card. With a cardless transaction, you can use your phone or smartwatch to get your debit card information from the bank’s mobile app, or store your debit card information in a digital (electronic) wallet, option like Apple Pay, Google Pay, or Samsung Pay.

You’ll need to confirm the ATM you’re using can accommodate a cardless transaction. It’s likely you’ll pay a fee if you are using a machine operated by another bank or company, no matter what kind of transaction you are conducting. Another point to consider when using an ATM is whether or not your bank has an ATM withdrawal limit.

4. Your Money Is Safe and Insured

Here’s another reason to have a checking account: Stashing a lot of cash at home, even if it’s in a safe place, puts you at risk of theft and loss. Why tempt fate?

When you keep money at a bank insured by the Federal Deposit Insurance Corporation (FDIC), your cash is protected. The FDIC, an independent agency of the U.S. government, protects $250,000 per depositor, per ownership category, per insured institution in the rare event that a bank fails.

Using an insured credit union also offers the same type of protection. The National Credit Union Association (NCUA), also independent of the federal government, protects deposits at all federal credit unions and the vast majority of state-chartered credit unions. Like the FDIC, NCUA insurance covers $250,000 per depositor, per ownership category, per insured institution.

You can search for a FDIC-insured bank by using the FDIC BankFind Suite tool and find a NCUA credit union at mapping.ncua.gov .

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 checking account is more likely than brick-and-mortar to offer you the best rates.

5. Getting Paid Is Easier

Most employers use direct deposit as a way to pay their employees. This eliminates processing a paper check which can get lost or take more than a day to clear. Direct depositing your paycheck means it’s typically available to you on the morning of payday, and you don’t have to be bothered with depositing it yourself.

Automatic direct deposit isn’t only for employers. You can sign up to have your tax refund or other government payments such as Social Security or unemployment benefits automatically put into your checking account. Have a friend who owes you money for that theater ticket, or are you selling something and don’t want to deal with cash? You can receive payment directly deposited into your checking account through a mobile payment service such as Venmo, Cash App, or Zelle.

6. Creating a Record of Payments

A checking account gives you an automatic record of what money’s going in and what’s coming out. Your monthly bank statement spells it all out in black and white, so you can clearly track deposits, payments, or any other transactions like transferring your money from your checking account to a savings account. Basically, with a checking account, you’ve got proof of all these financial transactions in one place.

Having a record of transactions can be especially helpful if, for instance, a vendor claims you didn’t pay a bill on time or they never received it. You’ll also be able to see if someone has made a fraudulent purchase or if the bank made an error right there by scrolling through the list.

Many financial experts recommend people monitor their checking account often, say, once or twice a week. Not only can it help prevent any errors from slipping through the cracks, but it can also help you stay on top of expenses and avoid breaking your budget. You can get your paper statements mailed to you by the bank, or simply monitor your account online through the bank’s website or mobile app.

7. Building a Relationship with a Bank

Here’s another reason why you should have a checking account: It can help you establish a business relationship with a financial institution that can benefit you down the line. You can have access to a banking team that can answer questions and offer personalized service. For example, if you’re in need of a personal loan or want to apply for a mortgage with that bank, a bank officer can navigate you through the process and you might even get a better rate. Need to establish credit? Your bank may be able to issue you a credit card with their institution, offering a lower interest rate.

8. Earning Benefits and Rewards From Your Bank

Many banks offer some great incentives if you open a checking account with them. These bonuses can include zero or low fees, free overdraft protection, the ability to earn interest, and even receiving a sign-up bonus of a few hundred dollars or more.

One caveat: Many of the offers of cash bonuses come with qualifying requirements, such as needing to make a minimum opening deposit or have a direct deposit of $500 or more within a certain number of days.

9. Few or No Limits on Transactions

Checking accounts typically don’t limit the number of transactions you can make because these accounts are meant for day-to-day financial transactions. With a savings account, there may be more limits on how many transactions you can conduct, depending on the bank.

It can, however, be worthwhile to check the fine print when opening a checking account to see if there are transaction limits, including how much cash you can withdraw per day from an ATM or a daily dollar-amount ceiling on debit card use.

10. Saving You Money

Without a checking account to draw upon, your options for making payments and cashing checks can cost you. If you’ve got to pay a bill, you can get a money order or cashier’s check and mail in your payment or visit the bill payee’s payment location in person with cash. Both of these options mean shelling out extra money along with spending additional time making these stops. A money order can cost from $1 to $5 and a cashier’s check generally clocks in between $10 to $15.

If you have a checking account, you can write a check or set up autopay for those bills, saving you time and money.

A checking account can save you money when receiving funds, too. If you don’t have a checking account, you might either have to visit the bank where the check was issued and see if they will cash it or go to a check-cashing outlet. The latter usually charge a percentage-based fee, around two to 10% of the value of the check , or a flat fee which can be at least $3.

Recommended: Where to Cash a Check Without Paying a Fee

11. More Payment Options

Checking accounts can broaden your payment options. With this type of bank account, you can write checks, use a debit card for purchases and ATM cash withdrawals, make online payments, and electronically transfer money into another account, such as a savings account.

A note about saving: Once you’ve got a checking account, you can see how much money is sitting there and identify whether you can allocate some towards savings. It can be difficult to save money, but once you have a checking account, you can open a linked savings account (often even if it isn’t at the same bank) and start putting money away for the future.

Opening a Checking Account

Opening a checking account may take online minutes, especially in today’s world of online banking.

•   First step is to identify your needs. For instance, do you want to use a large bank with a vast network of branches and ATMs, or are you more interested in the higher interest rates and lower fees you might get at an online vs. traditional bank? Are you living paycheck to paycheck? You may want an account that doesn’t require you to have a minimum balance and doesn’t charge any monthly maintenance fees or for insufficient funds.

•   Shop around to find a financial institution that is a good match.

•   Complete an application, either online or in person at a bricks-and-mortar bank. You’ll usually need to have proof of your address (a lease or utility bill will work), plus valid photo identification such as driver’s license, passport, state or military ID.

Once you’re approved, you’ll receive documents with your new account number along with any other account details. You should then be able to make your first deposit .

Can You Have Two Checking Accounts at the Same Bank?

Yes, you can have two (or more) checking accounts at the same bank. Financial institutions typically allow you to open more than one checking account, which can be very convenient and help you keep finances organized.

There are multiple reasons why someone may want to have two checking accounts with the same bank. Perhaps you want your own individual checking account but also want a joint checking account with your partner. Parents may want to open a second checking account with their child to help teach them about money. Having a business or side hustle to keep earnings separate is another reason for possibly having a second checking account.

The Takeaway

A checking account allows you to keep your money in a safe, insured place and monitor your finances. It also provides convenience in terms of making payments, receiving funds, and having a debit card for purchases and accessing cash. What’s more, checking accounts can help you save money and, in some cases, even earn some. In a nutshell, it can serve as the hub of your financial life.

If you’re thinking of opening an online bank account, a SoFi Checking and Savings Account can be an excellent option. You’ll spend and save in one convenient place, and SoFi doesn’t charge any monthly fees, offers a competitive annual percentage yield (APY), and gives you access to more than 55,000 fee-free ATMs within the Allpoint® Network.

FAQ

What is the purpose of having a checking account?

A checking account gives you a secure, insured place to store and manage your money. It enables you to handle life’s everyday financial transactions, such as accessing cash, depositing money, paying bills, and receiving funds, without needing to buy money orders, get a cashier’s check, or visit a check-cashing outlet.

How much money should be kept in a checking account?

There’s no hard and fast rule, but the general rule of thumb is to aim to have at least one to two months of living expenses in at all times. At the very least, be sure to meet any minimum balance requirements; otherwise you could incur fees.

What do you need to open a checking account?

To open a checking account, you’ll need to fill out an application online or in person at the bank. You’ll likely need a valid photo ID (such as a driver’s license or passport), your Social Security number, proof of address, along with your contact information, date of birth, and any money required by the bank for an opening deposit.

Photo credit: iStock/Yaroslav Olieinikov

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.

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.

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.

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.

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.

SOBK0223029