SoFi

Nestled within a chain of islands bordering both the Atlantic Ocean and the Caribbean Sea, Puerto Rico is a popular vacation spot. Plus, U.S. citizens don’t even need a passport when visiting although it can feel as if you’ve been transported to the ultimate far-flung tropical beach vacation.

Yes, sand and sea are a big part of the allure. But if you’re wondering what are some cool things to do in Puerto Rico, you’ll likely be happy to know that parks, museums, shopping, and historical sites are all waiting.

Read on to learn about top spots and attractions across the island, plus the best times of the year to go and other important details. With this advice, you’ll be ready to have an amazing getaway when visiting Puerto Rico.

Best Times to Go to Puerto Rico

If you’re looking for warm weather without the threat of hurricanes, plan your Puerto Rico trip for the winter or spring months. Temperatures average in the 80s all year long, but you’re more likely to avoid crowded beaches and other tourist spots if you focus on these milder months during the school year.

In fact, ending your holiday season with a trip to Puerto Rico lets you take advantage of festivals held throughout the island marking the epiphany in early January. Larger street parades are held in San Juan, but you can also find charming events in smaller towns as well.

Bad Times to Go to Puerto Rico

There are a couple of times of year that are less than ideal for a Puerto Rican vacation. Because a large portion of the local population is Catholic, crowds tend to swell around Easter. That could mean more lines and higher prices.

Another relatively bad time to visit: Hurricane season, which technically lasts from June through November. The most severe weather activity occurs between the middle of August through the middle of October. If you do travel to Puerto Rico during these months, consider purchasing travel insurance through an insurance provider or accessing credit card travel insurance.

Recommended: What Is an Airline Credit Card?

Average Cost of a Puerto Rico Vacation

Before you figure out where to keep your travel fund, calculate how much it will likely cost you. Flight costs vary depending on where you live and what time of year you plan to go.

Once you’re on the island, here are some estimated costs: Food costs can total $39 a day, and local transportation to be about $18. The average nightly hotel cost is $277 for a couple and $139 per person, though there are certainly ways to save money on hotels.

You’ll likely have other incidental costs as well, but here’s how much a week-long Puerto Rico vacation could cost once you’re there.

•   One Person Total: $1,524

•   Couple Total: $3,048

Recommended: Credit Card Miles vs. Cash Back

10 Fun Must-Dos in Puerto Rico

No matter where you plan to stay, there are fun things to do in Puerto Rico across the entire island. The list you find here gathered intel from top-rated attractions on online review sites. In addition, travelers who have explored the island shared their knowledge. As a result, you’ll find a diverse range of activities for people of all ages and all types of groups, whether you’re going on a friends trip, a romantic getaway, or a family adventure.

1. Explore Old San Juan

When visiting Puerto Rico, a must-see is Old San Juan, the historic district of Puerto Rico’s capital city. The streets are lined with colorful buildings featuring Spanish colonial facades. You can take a guided walking tour if you’d love to know all the best historical facts and stories, or you can stroll on your own at no cost.

Be sure to include Fortaleza Street on your itinerary of things to see in San Juan, Puerto Rico. It has beautiful buildings as well as frequent modern art installations. There are plenty of shops and restaurants to try out in the neighborhood, as well as attractions like La Casa Blanca — the former home of Spanish explorer Ponce de Leon. nps.gov/nr/travel/american_latino_heritage/old_san_juan.html

2. Trek Through El Yunque National Forest

The only tropical national forest in the U.S., El Yunque is packed with natural excursions just outside of San Juan. It’s considered one of the top things to do in Puerto Rico. There are plenty of hiking trails, ponds, and a lagoon (complete with a rope swing so you can tap into your inner child).

There are more than 28,000 acres in El Yunque, and trails span 25 miles. You can create a plan for any level of exertion. If you’re staying in the San Juan area, definitely put this on your list of unique things to do in Puerto Rico. Admission is only $2, but make sure you have an advance reservation before you go. Bonus: If you are traveling with a pet, the trails are dog-friendly, though only service animals are allowed inside buildings. recreation.gov/ticket/facility/300017

3. Immerse Yourself in Art

Back in the city, get a dose of world-class art at the Museo de Arte de Puerto Rico. Open Thursdays through Sundays, this museum features permanent collections displaying the work of Puerto Rican artists dating from the 17th century to today.

Explore over 1,000 pieces that include paintings, prints, sculptures, photographs, and more. The museum, which is typically closed on Mondays and Tuesdays, is located in the Santurce neighborhood, which is about a 10-minute drive from Old San Juan. Tickets are $6 (not including taxes) per exhibition for adults; $3 for children. mapr.org/en

4. Get Glowing

One of the best things to do in Puerto Rico is to explore one of three bioluminescent bays, which have an otherworldly glow, thanks to microscopic organisms that light up. Seeing these bodies of water can be an amazing and memorable experience.

Mosquito Bay in Vieques is considered the world’s brightest bioluminescent bay. However, you’ll need to take a short flight or boat ride from San Juan to get there.

Alternatively, you can explore Laguna Grande in Fajardo (which is the closest option to San Juan) or La Parguera in Lajas, which is closer to Rincón. La Perguera is also the only place where you can swim rather than take a boat tour or kayak. The best time to go for any bioluminescent bay tour is December through April when there isn’t a lot of rainfall to cloud the water.

Tours can range from about $50 to $75 per person. This can be a good time to swipe with plastic when paying to earn credit card rewards.

5. Tour a Grand Historical Home

Museo Castilla Serrallés is a great thing to do in Puerto Rico if you love history and architecture. It’s the former home of the Serrallés family (of DonQ Rum), who built the extravagant tile-roofed Spanish Revival castle in the 1930s. It takes just under an hour and a half to drive from San Juan to Ponce where the property is, so you may want to think about getting a rental car.

Today, you can explore the home’s interior, as well as beautiful gardens outside. Learn about the history of rum through immersive exhibits, then stroll through the butterfly garden and Japanese gardens. The property is typically open from Wednesday through Sunday, and tickets cost $15 for adults. museocastilloserralles.com/

6. Get Wet

Located on the northwest corner of Puerto Rico, Aguadilla is about a two-hour drive from San Juan. It’s home to the pristine Crash Boat Beach, which is a great place to indulge in almost any kind of water activity you like, including swimming, snorkeling, and surfing (which is ideal during the summer travel season).

Crash Boat Beach is public, so add it to your list of free things to do in Puerto Rico. It definitely has a lively atmosphere, full of music and food to enjoy when you’re not in the water.

7. Stroll Through El Parterre Park

When you need a break from the beach, check out El Parterre in downtown Aguadilla. This beautifully landscaped park offers the perfect spot to casually stroll under mature trees, and there are plenty of benches for resting, reading, or picnicking, just like a local would. It’s also a good sunset watching spot.

El Parterre contains a natural water spring that has quite a bit of historical significance throughout the centuries. It was used as a water source by explorer Sir Francis Drake in the late 16th century and also by Spanish soldiers in later years.

8. Wander Into River Caves

Just an hour west of San Juan, Arecibo is a coastal location with diverse natural wonders to explore. One of the best things to do in Puerto Rico’s Arecibo area is to visit the Camuy River Cave Park. It’s one of the largest cave networks in the entire world.

Recently reopened in early 2023, you’ll walk through immense caverns that are estimated to be over 45 million years old. One of the most breathtaking spots is a sinkhole that shines in sunlight from hundreds of feet above. Tickets are $18 for adults, $13 for kids ages 4 to 12, with younger children admitted for free (which can help families afford to travel).

9. Surf at Domes Beach

Is surfing on your list of fun things to do in Puerto Rico? If so, check out Domes Beach in Rincón, located on the West Coast of the island (a little south from Aguadillo). Even if you don’t surf, you might enjoy catching a professional surfing competition throughout the year.

Domes Beach is also a great place to enjoy a sunset over the water. If you need a break from the waves, check out the Punta Higuero Lighthouse, a historic landmark originally built in 1892.

10. Venture to Vieques Beaches

A smaller island just to the east of the main Puerto Rican island, Vieques can only be reached by a short flight or ferry ride. Because of this, however, the beaches in Vieques are extremely tranquil and secluded. If you want a beach experience without large crowds or noise, this is an incredible option.

Plus, you can take one of the world’s best bioluminescent bay tours while you’re there.

The Takeaway

It’s easy to find dozens of things to do in Puerto Rico, whether San Juan or elsewhere. The hardest part is simply narrowing down your list of options to fit your time there. Whether you want a relaxed beach or an outdoor adventure, a historical home or a top-notch museum, you’ll find it all in Puerto Rico.

FAQ

Is Puerto Rico cheap for tourists?

It depends on your point of comparison. You’ll probably find it cheaper than large coastal cities on the U.S. mainland, but it also tends to be more expensive than other Caribbean island destinations.

What food is Puerto Rico known for?

Exploring traditional Puerto Rican cuisine is one of the best parts of visiting. Definitely check out mofongo, a mashed fried plantain side dish, as well as pasteles — similar to tamales but made with green banana masa and many options for fillings.

What can’t you bring back from Puerto Rico?

You can’t bring back fresh fruits or vegetables from Puerto Rico to the U.S. mainland. Cactus and citrus plants are also prohibited.

Photo credit: iStock/benedek

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

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.

SOCC0223027

Conventional loans are the most popular kind of mortgage, but a government-backed mortgage like an FHA loan is easier to qualify for and may have a lower interest rate. FHA home loans have attractive qualities, but borrowers should know that mortgage insurance usually tags along for the life of the loan.

As of March 2023, new FHA borrowers will pay less for insurance. The Biden-Harris Administration announced it was reducing premiums by .30 percentage points, lowering annual homeowner costs by $800 on average. The administration hopes the cuts will help offset rising interest rates.

What Is an FHA Loan?

The Federal Housing Administration has been insuring mortgages originated by approved private lenders for single-family and multifamily properties, as well as residential care facilities, since 1934.

The FHA backs a variety of loans that cater to the specific needs of a borrower, such as FHA reverse mortgages for people 62 and older and FHA Energy Efficient Mortgages for those looking to finance home improvements that will increase energy efficiency (and therefore lower housing costs).

But FHA loans are most popular among first-time homebuyers, in large part because of the relaxed credit requirements.

Recommended: Tips to Qualify for a Mortgage

FHA Loan Requirements

If you’re interested in an FHA home loan to buy a single-family home or an owner-occupied property with up to four units, here are the details on qualifying.

FHA Loan Credit Scores and Down Payments

Borrowers with FICO® credit scores of 580 or more may qualify for a down payment of 3.5% of the sales price or the appraised value, whichever is less.

Those with a poor credit score range of 500 to 579 are required to put 10% down.

The FHA allows your entire down payment to be a gift, from a family member, close friend, employer or labor union, charity, or government homebuyer program. The money will need to be documented with a mortgage gift letter.

FHA Loan DTI

Besides your credit score, lenders will look at your debt-to-income ratio, or monthly debt payments compared with your monthly gross income.

FHA loans allow a DTI ratio of up to 50% in some cases, vs. a typical 45% maximum for a conventional loan.

FHA Mortgage Insurance

FHA loans require an upfront mortgage insurance premium (MIP) of 1.75% of the base loan amount, which can be rolled into the loan. As of March 2023, monthly MIP for new homebuyers is 0.15% to .75% — most often 0.55%.

For a $300,000 mortgage balance, that’s upfront MIP of $5,250 and monthly MIP of $137.50 at the 0.55% rate.

That reality can be painful, but MIP becomes less expensive each year as the loan balance is paid off.

There’s no getting around mortgage insurance with an FHA home loan, no matter the down payment. And it’s usually only shed by refinancing to a conventional loan or selling the house.

FHA Loan Limits

In 2023, FHA loan limits in most of the country are as follows:

•   Single unit: $472,030

•   Duplex: $604,400

•   Three-unit property: $730,525

•   Four-unit property: $$907,900

The range in high-cost areas is $1,089,300 (for single unit) to $2,095,200 (four-unit property); for Alaska, Hawaii, Guam, and the U.S. Virgin Islands, the range is $1,633,950 (for single unit) to $3,142,800 (for four-unit property).

FHA Interest Rates

FHA loans usually have lower rates than comparable conventional loans.

The annual percentage rate (APR) — the annual cost of a loan to a borrower, including fees — may look higher on paper than the APR for a conventional loan because FHA rate estimates include MIP, whereas conventional rate estimates assume 20% down and no private mortgage insurance.

The APR will be similar, though, for an FHA loan with 3.5% down and a 3% down conventional loan.

FHA Income Requirements

There are none. High and low earners may apply for an FHA loan, but they must have at least two established credit accounts.

Recommended: How to Afford a Down Payment on Your First Home

Types of FHA Home Loans

Purchase

That’s the kind of loan that has been described.

FHA Simple Refinance

By refinancing, FHA loan borrowers can get out of an adjustable-rate mortgage or lower their interest rate.

They must qualify by credit score and income, and have an appraisal of the property. Closing costs and prepaids can usually be rolled into the new loan.

FHA Streamline Refinance

Homeowners who have an FHA loan also may lower their interest rate or opt for a fixed-rate FHA loan with an FHA Streamline Refinance. Living up to the name, this program does not require a home appraisal or verification of income or credit.

Note: SoFi does not offer FHA streamline refinance, FHA 203(k) loan, or FHA cash-out refinance at this time. However, SoFi does offer FHA loan options.

The new loan may carry an MIP discount, but you’ll pay the upfront MIP in addition to monthly premiums. An exception: The upfront MIP fee of 1.75% is refundable if you refinance into an FHA Streamline Refinance or FHA Cash-out Refinance within three years of closing on your FHA home loan.

Closing costs are involved with almost any refinance, and the FHA doesn’t allow lenders to roll them into a Streamline Refinance loan. If you see a no closing cost refinance for an FHA loan, that means that instead of closing costs, a lender will charge a higher interest rate on the new loan.

You’ll continue to pay MIP after refinancing unless you convert your FHA loan to a conventional mortgage.

FHA Cash-Out Refinance

You don’t need to have an FHA loan to apply for an FHA Cash-Out Refinance. Whatever kind of loan the current mortgage is, if the eligible borrower has 20% equity in the home, the refinanced loan, with cash back, becomes an FHA loan.

The good news: Homeowners with lower credit scores may be approved. The not-great news: They will have to pay mortgage insurance for 11 years.

Any cash-out refi can trigger mortgage insurance until a borrower is back below the 80% equity threshold.

FHA 203(k) Loan

In addition to its straightforward home loan program, the FHA offers FHA 203(k) loans, which help buyers of older residences finance both the home purchase and repairs with one mortgage.

An FHA 203(k) loan can be a 15- or 30-year fixed-rate or adjustable-rate mortgage.

Some homeowners take out an additional home improvement loan when the need arises.

FHA vs Conventional Loans

Is an FHA loan right for you? If your credit score is between 500 and 620, an FHA home loan could be your only option. But if your credit score is 620 or above, you might look into a conventional loan with a low down payment.

You can also buy more house with a conventional conforming loan than with an FHA loan. Conforming loan limits in 2023 are $726,200 for a one-unit property and $1,089,300 in high-cost areas.

Borrowers who put less than 20% down on a conventional loan may have to pay private mortgage insurance (PMI) until they reach 20% loan-to-value. But borrowers with at least very good credit scores may be able to avoid PMI by using a piggyback mortgage; others, by opting for lender-paid mortgage insurance.

One perk of an FHA loan is that it’s an assumable mortgage. That can be a draw to a buyer in a market with rising rates.

The Takeaway

An FHA home loan can secure housing when it otherwise could be out of reach, and FHA loans are available for refinancing and special purposes. But mortgage insurance often endures for the life of an FHA loan. The Biden-Harris Administration recently reduced monthly MIP for new homebuyers to help offset higher interest rates.

Some mortgage hunters might be surprised to learn that they qualify for a conventional purchase loan with finite mortgage insurance instead. And some FHA loan holders who have gained equity may want to convert to a conventional loan through mortgage refinancing.

SoFi offers conventional fixed-rate mortgages with competitive interest rates and cancellable PMI, as well as refinancing. Check out SoFi’s low rate home mortgages.

Qualifying first-time homebuyers can put as little as 3% down, and others, 5%.

SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.

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.

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.

SOHL0622007

If you have a savings goal that’s coming up in the not too distant future — such as the downpayment on a home, a bathroom reno, or plumping up an emergency fund — you may want to consider some good short-term savings options.

There isn’t a hard and fast definition of short-term savings, but it’s typically considered to be money you want to use in five years or less.

While there are a number of options for short-term savings, one of the best places to start stashing cash for a short-term goal can be a savings account. They can offer safety (so you shouldn’t lose any money), liquidity (allowing you to access money when needed), and growth (meaning they are interest-bearing).

But some of these accounts offer more liquidity and higher interest than others. With a little reading and research, you can start socking your cash away in the right place — and start moving closer to those short-term savings goals.

Should You Invest Short-Term Savings?

Depending on your short-term savings goals, a savings account may be a wise move. One significant downside to any cash savings account is that they tend to have relatively low-interest rates.

You might however wonder: Should I invest this money in stocks or a mutual fund in order to meet my short-term goals more quickly?

Generally speaking, for short-term money, your goal is not necessarily to maximize returns. It is to control the risk — to keep it safe — so that the money is available when it’s needed.

While everyone’s risk tolerance is different, the downside to investing in the market is that you might lose money in the short term. Investment returns start to “smooth out,” or return their average yield, over longer periods. Shorter periods tend to be volatile and unpredictable — especially in the stock market.

To invest in the short-term would require complete flexibility — if the market were to fall steeply, it would likely be best to wait it out and avoid realizing losses. Suddenly, you’re on the market’s timeline, not your own.

Because of this, these investments may be inappropriate for an emergency fund, which needs to be accessible at all times. The same goes for those financial goals with a hard deadline (such as wanting to use this money as a down payment in two years).

That said, there’s a trade-off. Many of the options for short-term savings may not keep up with increasing prices or inflation and its impact on cost of living. For money that isn’t needed for many years to come, it can be a smart idea to consider investing to grow beyond inflation.

If you’d prefer to avoid risk with your short-term savings, here are options to consider.

Recommended: 5 Types of Savings You Should Consider Having

Option 1: Online Savings Account

Online-only savings accounts, also sometimes referred to as high-yield savings accounts, are an increasingly popular option for short-term savings. As their name implies, these banks or financial institutions only operate online. Here’s the scoop:

•   That means no brick-and-mortar locations and no chatting up a banker face-to-face with employees. The upside: When you compare accounts offered by traditional banks vs. online banks, the latter typically pass the savings onto their clients in the form of a higher annual percentage yield (APY).

•   A potentially higher rate of interest isn’t the only reason to use online-only savings accounts. The websites and mobile apps for online accounts essentially serve as storefronts, so online financial institutions often devote lots of resources to make sure they’re optimized and easy to navigate.

•   Additionally, many online-only institutions don’t have monthly account fees, which can be a real burden for those at the start of their savings journey. (For example, some traditional banks might charge a fee when you balance drops below the minimum.)

•   Banking online doesn’t mean you have to forgo the conveniences of your neighborhood bank. You can typically still do all of the important banking duties, such as depositing checks (via mobile deposit, or snapping a picture of the check on your phone), moving money back and forth between accounts, and speaking with a customer service rep.

In the past, most online savings accounts were required by the Federal Reserve to limit withdrawals to six times per month. These rules are evolving; post-pandemic, some banks dropped this rule. Before you sign up, you’ll want to understand the rules for accessing your money.

Also, while online banking is now considered mainstream, it’s always smart to do a little background research before you open an online account. You may want to check, for instance, to make sure an institution has Federal Deposit Insurance Corp (FDIC) coverage, a government-guaranteed program that protects your money.

Option 2: Certificate of Deposit

A certificate of deposit (CD) is a savings account that holds a specific and fixed amount of money, and for a designated period of time, such as six months or three years. In exchange for the deposit, the bank pays a fixed rate of interest.

Generally, CDs with longer maturities offer higher interest rates. For example, a bank is typically going to be willing to pay more for a deposit that’s guaranteed for five years as compared to three months.
As a saver, you often get more rewards for the risk.

You may also want to keep in mind that the interest rate on a CD is locked in at the point of purchase, as opposed to the interest rate in a savings account (both traditional and online-only), which may fluctuate.
If you’re interested in locking in a certain rate, you may want to consider a CD. (Although be aware that you would be locking yourself into a lower rate, if rates rise.)

While savings accounts are designed to provide regular access to your money, CDs are not. Because CDs have a fixed timeframe, there may be a penalty to access the money before the period is over. And in exchange for the lock-up period, you may find that financial institutions pay slightly more interest than online-only savings accounts.

CDs can be a good option for people who don’t need to touch their short-term savings for a certain period of time. And they are typically FDIC-insured.

Option 3: Money Market Account

A money market account (MMA) is like a mix between a savings and a checking account.

These accounts, offered by banks and credit unions, can allow you to write checks (though you may be limited on how often) and may also have a debit card. (Savings accounts, whether online or at a traditional bank, typically do not allow for check-writing.

Returns on these accounts often beat those on traditional savings accounts. Depending on what’s happening in the economy overall, an MMA may be in line with that of an online-only bank account.

However, MMAs sometimes require higher minimum balances than other types of savings accounts. So, this might be a better option for those with more money to save.

MMAs are considered a safe choice since, like other types of savings accounts, they are typically covered by FDIC if held by a bank, and National Credit Union Administration (NCUA), if held by a credit union. (Although, it’s always a good idea to double-check insurance coverage to be sure.)

Keep in mind that MMAs differ from money market mutual funds, which are not FDIC- or NCUA-insured.

Option 4: Cash Management Account

A cash management account (CMA) is a cash account offered by a financial institution other than a bank or credit union. These accounts are designed to merge the services and features of checking, savings, and investment accounts, all into one offering.

While CMAs are typically offered by financial service providers that are not themselves technically classified as banks, they are still usually covered by FDIC deposit insurance like regular bank deposits — often through a partner bank.

Generally, CMAs function similarly to a traditional checking account, yet pay interest that is often higher than most savings accounts.

Some brokerage firms require a large minimum deposit to open a CMA, or may charge monthly fees for anyone under that minimum. Before opening a checking and savings account, it’s a good idea to ask about monthly fees and minimum balance requirements.

Also, since checking and savings account providers automatically “sweep” your unused cash into investments that pay dividends or interest (which maximizes the account’s profitability), you may want to make sure those sweep accounts are low-risk or FDIC-insured.

The Takeaway

Short-term savings is money that you likely will need in the not too-distant future, such as within two to five years.

There are a number of options for short-term savings, but some of the safest bets include online savings accounts and CDs, among others. These accounts tend to be low-risk, typically allow you to have access to your money when you need it, and can offer a higher return than a traditional savings or checking account.

If you’re saving for a large purchase (perhaps a wedding or a down payment on a home, consider signing up for a high yield bank account. SoFi’s Checks and Savings Account offers a competitive APY, charges no account fees, and let’s you spend and save in one convenient place.

Start working towards those short-terms savings goals today!

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

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

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

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

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

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

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

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

SOBK0523028U