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Known as the Home of the Blues, Memphis is a music lover’s paradise, but there are plenty of other reasons to visit this incredible city. You’ll be able to explore its deep history, both in terms of music and the heart of the Civil Rights Movement of the mid-20th century. Plus, there are museums, parks, and more waiting.

Here, you’ll learn more about the best things to do in Memphis, Tennessee, as well as discover ideal times of year to visit. In addition, you’ll get a good idea of the average trip costs so you can budget accordingly.

Best Times to Go to Memphis

Memphis is at its most comfortable during the spring and fall months, typically from late April through the beginning of June and again from late August to the middle of October. For instance, in April, you’ll find temperatures in the 70s during the day, and in October, you’ll experience similarly warm temperatures.

For music lovers, also consider visiting for the annual Beale Street Music Festival, which takes place each May. Some of music’s biggest names perform at this three-day event. 2022’s headliners included Megan Thee Stallion and Van Morrisson, so you know there’s something for everyone.

Recommended: Where to Find Book Now, Pay Later Travel

Bad Times to Go to Memphis

Summer and winter will be less crowded in Memphis, but the weather is less than ideal for many. Summer travel in Memphis can be hot and humid. The average high temperature in July is in the 80s to low 90s Fahrenheit, making that one of the worst times to visit Memphis. Late fall and early winter tend to be cloudy in Memphis, but there’s not a high chance of snow. Rainfall tends to peak in early December and mid-April.

Average Cost of a Memphis Vacation

Before you start making a list of the top things to do in Memphis, get an idea of how much a trip there will cost you once you arrive. According to Budget Your Trip, an individual spends an average of $34 on dining every day. Local transportation is actually more expensive at $47 per day, so you might want to look into renting a car to get around.

Hotels, however, can be reasonably priced at around $134 per night in Memphis, and perhaps even less if you try some hacks to save money on hotels.

Here’s how the costs break down if you plan to spend a week in the city; there will be some incidentals as well:

•   One Person Total: $1,172

•   Two Person Total: $2,343

One note: You may want to also budget for travel insurance in case the unexpected were to happen, or look into what kind of credit card travel insurance your issuer provides.

Recommended: Credit Card Miles vs. Cash Back

10 Fun Must-Dos in Memphis

As you plan a trip to this Tennessee city, you’ll likely want to map out an itinerary, even if just loosely, to make sure you hit the highlights. Here, culled from top online reviews and seasoned travelers, is advice on the 10 best things to do in Memphis.

1. Pay Homage to the King

We would be remiss to start off a list of best things to do in Memphis without mentioning Graceland, the home of iconic singer Elvis Presley. Open for tours on a daily basis, your ticket gives you access to 120 acres. Explore Elvis’s mansion (including the Jungle Room), his most iconic outfits, and the exterior grounds.

There are also on-site museums dedicated to the King of Rock ‘n Roll’s career and cars. If you really want to make the most out of your time at Graceland, you can also stay at a hotel on the grounds. If staying in the city, consider a rental car or shuttle for the 20-minute drive. Ticket prices range from $28 to $215 for the Ultimate VIP Tour. (If you’re buying the top of the line tickets, you may want to swipe with plastic when paying to earn credit card rewards.) graceland.com/

2. Visit the National Civil Rights Museum

Memphis is also known for another King — civil rights legend Dr. Martin Luther King, Jr., was assassinated at the city’s Lorraine Motel in 1968. Now the location has been transformed into the National Civil Rights Museum with interactive exhibits, films, and oral histories cataloging centuries of the quest for freedom and equality in America.

Exhibit material starts with the struggle against slavery in the early 1600s and moves forward through today’s continuing Civil Rights Movement. Walk through a recreation of the Montgomery Bus Boycotts of the 1950s, the Memphis Sanitation Strikes, and more. The museum is closed on Tuesdays so plan your visit in advance. civilrightsmuseum.org/

3. Stroll Down Beale Street

This nearly two-mile stretch of road in downtown Memphis is a celebration of all things music. Considered the official Home of the Blues, you’ll find clubs and restaurants to satisfy any music lover’s thirst for live entertainment.

There’s always something going on at Beale Street. Just show up to explore on your own, or download the official app to create a plan. Note that a security checkpoint goes up on Friday and Saturday nights. Those under 21 must be accompanied by an adult after 9 p.m., and the street is strictly 21+ after 11 p.m. In other words, weekend nights on Beale Street are on the list for fun things to do in Memphis for adults but not kids. bealestreet.com/

4. March with the Peabody Ducks

One of the best things to do in Memphis with kids is to head to the downtown Peabody Hotel for the daily Duck March. Occurring at 11 a.m. and 5 p.m. each day, this decades-long tradition involves five North American mallards who live at the hotel. Each group of ducks lives at the hotel for three months before returning to farm life outside the city.

They’re brought down from their Royal Duck Palace on the rooftop to swim in the lobby fountain. Participants must be at least five years old, and the hotel recommends arriving 30 minutes early to get a seat. Seeing the Peabody Ducks is definitely an affordable family travel option. peabodymemphis.com/peabody-ducks

5. Tour the Belz Museum

What started out as a private art collection has turned into five permanent exhibits displaying Asian and Judaic art, as well as the Holocaust Memorial Gallery. The Belz Museum also brings in special exhibits twice a year.

One of the most comprehensive collections at the museum is the Chinese art exhibit, which is known as the largest such collection in the southeast United States. You’ll see many pieces from the Qing dynasty, which lasted from the mid-1600s through the early 1900s. The Belz Museum is closed Monday and Tuesday.

6. Take in Some Thrilling Basketball

Love basketball? Check out an NBA game at FedExForum, which is home to the Memphis Grizzlies (nba.com/grizzlies/tickets). The season runs from October to April. The stadium also hosts University of Memphis men’s basketball, which is a NCAA Division I. You can also check out the Division I women’s team on campus at the Elma Roane Fieldhouse.

7. Marvel at the Mighty Lights

Put this on your list of free things to do in Memphis: the nightly Mighty Lights on the downtown waterfront. Every evening, the city’s two iconic bridges (the Hernando de Soto and Harahan) are lit up in a huge display of LED lights. You’ll see the show at the hourly and 30-minute marks starting at sundown, followed by a grand final at 10:30 p.m.

Scout out a spot to watch along the Mississippi riverfront parks, or scope out an aerial view in the city. The Fourth Bluff and Mud Island are both good options to check out. mightylights.com/

8. Snap Selfies at Mud Island River Park

Tap into your inner river rat at Mud Island River Park. It takes just a few minutes to walk to it from downtown Memphis, and you’ll enjoy lounging on this Mississippi River island. It’s also a perfect spot for some social media selfies thanks to the huge Memphis sign, which spans 50 feet.

This 52-acre park also features a scale model of the Mississippi River to give you a sense of the true breadth of the world’s third largest river basin. Traveling with pets? Mud Island is also a great location for a long walk with your dog. memphisparks.com/park/mud-island-park/

9. Drop into the Stax Museum of American Soul Music

Not only is Memphis home to the blues and rock ‘n roll, it has also played a pivotal role in America’s soul music scene. The Stax Museum is the original home of the legendary Stax recording studio, which was the recording label of iconic artists like Otis Redding, Isaac Hayes, Shirley Brown, and many others.

Explore the rich history of the studio through exhibits and artifacts. You’ll even get the chance to see Isaac Hayes’ custom Cadillac Eldorado, decked out in 24-karat gold trim with a mini-fridge and television on the inside. The Stax Museum is closed on Mondays; tickets are $13 for adults and $10 for kids 9-12; children 8 and under are free. staxmuseum.com/

10. Wander Through Meeman-Shelby Forest

Needa dose of nature? Memphis has that, too! Head 20 minutes outside of downtown Memphis for the enchanting Meeman-Shelby Forest. You can explore 13,000 acres of wilderness that is home to a diverse range of ecosystems. Discover sandy beaches and swamplands (home to the Bald Cypress tree).

There are plenty of recreational activities to enjoy, including trails, a nature center, and a disc golf course. tnstateparks.com/parks/meeman-shelby

The Takeaway

From a huge music scene to pivotal moments in history, from parks to nightly light shows, Memphis has attractions worth exploring for all ages. It doesn’t matter if you have a few days or a full week — it’s easy to fill your schedule with tons of fun things to do in Memphis on any budget.

FAQ

Is Beale Street worth a visit?

Beale Street is considered a must-visit if you’re visiting Memphis, whether it’s your first time or you’ve vacationed there before. Home of blues music, you’ll get a truly unique flavor of entertainment any time of day or night.

What is the best month to visit Memphis?

If you have a completely open calendar and are ready to head to Memphis at the perfect time of year, consider going either in mid-spring or mid-fall. You’ll miss the heat of summer and clouds of winter, so you can explore the top things to do in Memphis, Tennessee, in the best possible weather.

What is Memphis most popular for?

Memphis is best known for its music scene, both historically and today. It’s considered the home of the blues as well as the hometown of rock ‘n roll (Elvis Presley’s Graceland is there), so you’re sure to find something to enjoy.

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.

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Understanding the average salary of a profession can help you make a variety of important decisions, from what field you want to enter to where you want to live and work. In California, the average physician makes more than $200,000 per year. Knowing that, medical students have a better idea of what they could make when they get out of school. Likewise, physicians looking to relocate to a new state have a better sense of how their salary can change based on where they decide to move.

Here’s a closer look at how much medical doctors make a year in California, regional differences in salary, and the top-paying medical specialities in the state.

What Is the Average Salary for a Medical Doctor in California?

The average salary of a physician in the state of California is $229,420 per year, according to data from the U.S. Bureau of Labor Statistics (BLS). This figure doesn’t account for a physician sign on bonus, which some doctors receive. Interestingly, California is squarely in the middle when it comes to average physicians’ salaries, along with Oregon, Texas, Maryland, and New York. The average salary in California lags more than half of states, including Arizona, Florida, Wyoming, Kentucky, and South Carolina.

Though many consider anything more than $100,000 a good salary, California’s relatively low pay may come as a surprise to some. However, there are some possible explanations. For one, California spends the most on Medicaid among U.S. states. Medicaid — and Medicare, for that matter — both reimburse physicians at rates lower than their usual fees. Doctors who are seeing a lot of elderly or low-income individuals may see their incomes reduced.

Note that early in your career as a doctor, while you’re in your residency or fellowship, you’ll likely make considerably less than you will later in your career. Explore ways to get by on a medical resident’s salary.

You may also want to consider using a spending app, which can help you set financial goals and a budget and track where your money goes.

Recommended: Budgeting as a New Doctor

How to Become a Doctor in California

Doctors are health care professionals who are charged with meeting with patients, diagnosing their conditions, and managing their care plans. They perform tests and prescribe medications. And they must coordinate with a range of other health care professionals, including other doctors, nurses, and emergency medical technicians.
That’s a lot of responsibility, and as a result, it takes a lot of training to become a doctor.

First, you’ll need to complete a bachelor’s degree in a field that relates to medicine, such as pre medicine, biology, or biochemistry.

Next, you’ll need to go to medical school, where you will receive classroom and practical training to advance your knowledge in the medical field. Medical school is typically a four-year program. While in school, you’ll complete the first and second parts of the U.S. Medical Licensing Examination (USMLE). The average cost of medical school can be high, running more than $50,000 a year at private institutions.

When you graduate from medical school, you’ll enter a residency program that helps you choose a medical specialty. These programs usually last three years, and under the supervision of an experienced physician, you’ll work full time as a resident doctor. You’ll complete your residency by passing the third and final part of the USMLE.

After your residency, you can choose to complete a fellowship that gives you further training in the specialty you’ve chosen. Though fellows tend to make more than residents, their salary isn’t as high as new doctors. The good news is, there are ways to budget on a medical fellowship salary.

Finally, you’ll need to obtain a California medical license from the Medical Board of California. You can renew your license every two years, which requires 50 hours of continuing medical education.

Recommended: What Is the Average Medical School Debt?

Reasons to Become a Doctor

Becoming a doctor can involve a lot of challenges, but it can also be immensely rewarding work. Here are a few reasons you might become a doctor:

•   To help others: Doctors diagnose and treat medical conditions, helping to save and improve patients’ lives. They are often involved in ongoing treatment, ushering patients down the path to recovery. Being a physician is a people-centric profession that involves working closely with patients and their families to explain medical conditions and treatment options.

•   To work in the sciences: If you’re interested in a variety of scientific fields, from biology to chemistry to anatomy to pharmacology, being a doctor is a way to explore these subjects while also helping others.

•   To find purpose: The responsibility toward patients and coworkers and the ability to better people’s health and well-being often provide doctors with a sense of satisfaction and meaning in their work.

•   To become a teacher: Becoming a doctor requires a lot of schooling and ongoing training. Doctors may pass on this knowledge by educating patients on how to lead healthier lives, educating medical students in teaching hospitals, and supervising residents.

•   To have job security: The job outlook for physicians is relatively low, with the field expected to grow 3% through 2031. That said, there are still 23,800 openings for physicians projected each year, according to BLS data.

•   To make a good salary: The annual average wage for all workers in the United States is $58,260, according to the BLS — quite a bit lower than the $229,420 average annual pay for physicians in California.

Best-Paying Medical Doctor Jobs in California

The medical speciality you pursue in California will have a big impact on your salary. According to BLS data, here are some of the highest-paid physicians in California:

Psychiatrist

Psychiatrists help diagnose and treat mental disorders. Unlike psychologists, they are allowed to prescribe drugs for medical treatment.

Average salary: $305,290

Obstetricians and Gynecologists

OBGYNs provide medical care related to childbirth and diagnose and treat diseases of the female reproductive organs. They also specialize in women’s health issues like hormone problems, infertility, and menopause.

Average salary: $309,610

Anesthesiologist

Before, during, or after surgery, anesthesiologists administer anesthetics (which reduce sensitivity to pain) and analgesics (which act as pain relievers).

Average salary: $318,030

Cardiologists

Cardiologists diagnose and treat conditions of the cardiovascular system.

Average salary: $343,370

Radiologists

Radiologists use medical imaging techniques, such as x-rays, MRIs, and ultrasounds to diagnose and treat diseases and injuries.

Average salary: $345,100

Pathologists

A pathologist helps diagnose diseases by running tests on organs, tissue, and bodily fluids, such as blood.

Average salary: $350,980

Surgeons

Surgeons are medical doctors that may have to perform surgery, a procedure that physically changes a patient’s body.

Average salary: $351,580

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The Takeaway

Being a doctor can be fulfilling, as it allows you to help people through work in the medical sciences. It can also be monetarily rewarding, and understanding average salaries can help you make decisions about where you want to live and what you want to specialize in. Though income varies by speciality, the average salary for physicians in California is $229,420 per year.

As you build your practice and earn a salary, a money tracker app can help you get your financial house in order. The SoFi app connects all of your accounts in one convenient dashboard. From there, you can see all of your balances, spending breakdowns, and credit score monitoring, plus you can get other valuable financial insights.

Stay up to date on your finances by seeing exactly how your money comes and goes.

FAQ

What is a doctor’s yearly salary in California?

In California, a doctor can expect to make $229,420 per year on average, according to data from the U.S. Bureau of Labor Statistics.

What is the highest-paying medical specialty?

Among the highest-paid doctors in California are pathologists, surgeons, and radiologists.

Who earns more: a dentist or a doctor?

In California, doctors tend to make more than dentists, who earn ​​$165,950 per year on average.

Photo credit: iStock/Drazen Zigic

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

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

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

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

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Investors need a brokerage account to buy and sell securities, but they can also take advantage of a cash management account (CMA), which is offered by a brokerage firm. It can be easy to confuse the two types of accounts, even though they are quite different.

To provide some clarity about the difference between a brokerage account vs. cash management, this article will examine some of the pros and cons of each. Let’s start with some definitions.

What Is a Cash Management Account?

Cash management accounts can offer similar features as the traditional checking or savings accounts that banks offer. CMAs allow you to deposit money and earn a set interest rate. Most provide access to your money via debit cards, in addition to checks.

What Is a Brokerage Account?

Brokerage accounts allow customers to deposit money which can then be used to buy and sell investments such as stocks, bonds, mutual funds, exchange-traded funds (ETFs), and other securities.

There are three main types of brokerage accounts.

•   A full-service brokerage firm usually provides a range of financial services including financial advice and automated investing.

•   A discount brokerage offers lower fees in exchange for fewer financial planning services.

•   Online brokerages allow you to trade via the internet and often charge the lowest fees.

Recommended: How Does a Brokerage Account Work?

Similarities Between a Cash Management Account and Brokerage Account

Although brokerage and CMA accounts work in different ways, there are some similarities.

Both Offered by Brokerages

Both types of accounts are offered by brokerage firms. When you open a brokerage account and link it to a CMA at the same firm, it can provide a convenient way for customers to transfer assets from one account to another when they buy and sell securities.

The Potential to Earn Returns

When considering a brokerage account vs a cash management, remember that they both offer customers the potential to earn money on deposits or investments.

In a self-directed brokerage account you have the potential to earn returns from your investments, although you also face the risk of loss that likewise comes with investing in stocks, bonds, and other securities.

A cash management account is generally a safer place to keep your money. The risk of losing money is lower than putting your money into securities, and you’ll earn interest on your deposits. But those rates are generally lower than the gains you might see from other investments.

The Brokerage Account vs Cash Management: What Are the Differences?

Cash management accounts and brokerage accounts work in different ways. CMAs mirror traditional savings and checking accounts and brokerage accounts are strictly for investments. Here are the details:

Earnings Come From Different Places

In a brokerage account, potential earnings come from the gains you might see when investing in stocks, bonds, and other investments. Investing in securities also comes with the risk of losses.

Earnings in cash management accounts come from the interest rate paid on your balance. Usually, these rates are similar to the rates paid in traditional savings accounts.

CMAs also act like traditional checking accounts because you can use checks or a debit card for purchases. But traditional checking accounts don’t usually pay interest, or if they do the rate is often lower than a CMA.

Earnings on Brokerage Accounts Are Potentially Higher Over Time

Over time, the average return of the stock market has substantially outperformed what you can earn from interest in a savings account. With those potential earnings comes market risk, meaning you may experience losses too, especially in the short-term.

To manage a brokerage account or work with a broker, you need to take into account your tolerance for market risk and what combination of stocks and bonds is right for your financial goals.

Insurance Is Provided by Different Sources

When you open a new bank account, up to $250,000 of your cash deposits are covered by the Federal Deposit Insurance Corporation (FDIC). Some banks, however, participate in programs that extend the FDIC insurance¹ to cover millions.

Most brokerage accounts, however, are insured by the Securities Investor Protection Corporation (SIPC) in the event of theft, fraud, or if the broker fails. The SIPC offers up to $500,000 of coverage total, per person, if such a loss were to occur. The SIPC does not cover investment losses.

Cash management accounts have so-called sweep accounts, which are insured by the FDIC. Here’s how it works: CMAs sweep funds into a variety of FDIC-insured banks. If you make a $200,000 deposit, for example, your money may be split into four $50,000 deposits in four different bank accounts. (The CMA provider manages this process — you only see your total CMA balance.)

Before your money is moved into the different accounts, your deposit is protected by SIPC insurance if the brokerage is an SIPC member.

What Money in These Accounts Can Be Used for

Because CMA accounts have checking and/or debit cards, you can use that money for purchases or bill paying or ATM withdrawals.

Money kept in a brokerage account is strictly used for trading securities. But by linking a CMA to your brokerage account, you can easily transfer cash from one to the other, for investing purposes.

The Takeaway

When considering a brokerage account vs. cash management, it helps to know what makes these accounts different, and how they can work together. While a brokerage account is for trading securities, and comes with the risks associated with investing in securities, a cash management account (CMA) is similar to a traditional checking or savings account. There’s almost no risk of losing money, and your deposits can earn interest. Because both are offered at brokerage firms, you can have both, and use your cash management account as a place to keep funds you don’t wish to invest.

To determine which account is right for you or if you should have both, it’s best to look closely at your financial goals and determine what type of returns and account features suit your aims.

SoFi Checking and Savings is an all-in-one account that blends the features of checking and savings accounts. With the special “vaults” feature, you can separate your savings from your spending, earn competitive interest on your total balance, and pay no account fees or monthly fees.

Create a SoFi Banking account today and bank better.

FAQ

Are brokerage accounts and cash management accounts the same?

No. Brokerage accounts are used to buy and sell securities. Cash management accounts act more like traditional bank savings and checking accounts, but are provided by brokerage and other non-bank financial institutions. Sometimes the accounts may be linked. But the accounts earn money from different sources.

Can you keep cash in a brokerage account?

No. You can use cash deposits in your brokerage account only to purchase securities. A cash management account, on the other hand, is similar to a traditional savings or checking account, so cash balances are welcome (and earn interest).

Do cash management accounts and brokerage accounts work together?

In most cases, yes. If you have a CMA and a brokerage account at the same brokerage firm and the accounts are linked, you can use your CMA to move cash into your brokerage account in order to execute trades. You can also transfer the money from sales of securities into your CMA for safekeeping. The combination gives you the ability to purchase stocks, bonds, mutual funds and other securities, but also offers the flexibility, liquidity and interest earnings of traditional bank accounts.

Photo credit: iStock/Aja Koska

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

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

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

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

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

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

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

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

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

Exchange Traded Funds (ETFs): Investors should carefully consider the information contained in the prospectus, which contains the Fund’s investment objectives, risks, charges, expenses, and other relevant information. You may obtain a prospectus from the Fund company’s website or by email customer service at https://sofi.app.link/investchat. Please read the prospectus carefully prior to investing.
Shares of ETFs must be bought and sold at market price, which can vary significantly from the Fund’s net asset value (NAV). Investment returns are subject to market volatility and shares may be worth more or less their original value when redeemed. The diversification of an ETF will not protect against loss. An ETF may not achieve its stated investment objective. Rebalancing and other activities within the fund may be subject to tax consequences.
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