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Judging from the latest statistics, the most lucrative work-from-home job in America may be Con Artist. Fraudsters are utilizing texts, social media, fake websites, apps, emails, and old-fashioned voice calls to separate Americans from their money — billions every year. They play on our greed, or charity, or desperation. And they take all forms of payment.

The best way to fight back against fraud is to be aware of current schemes so you don’t fall victim in the first place. Below we share the top financial shakedowns, with enough details to help you recognize red flags, and statistics that will blow your mind. Read on to learn how to avoid getting fleeced (and how to report it if you are).

Identity Theft and Credit Card Fraud Trends

If you’ve been the victim of identity theft or credit card fraud, you’re hardly alone.

According to the Federal Trade Commission (FTC), there were 552,000 reported cases of identity theft through the first half of 2024. At this rate, the year is on track to surpass the number of reported cases in 2023.

Meanwhile, there were 214,607 reported cases of credit card fraud by mid-year, up 6% from the previous six months.
The impact of both crimes can be substantial. In 2023 alone, some 2.6 million consumers collectively lost more than $10 billion to fraud — a 14% increase from 2022.

There are several potential reasons for the surge. More people are turning to digital tools to handle everyday tasks, like shopping and banking. At the same time, scam email messages — no, that’s not the U.S. Post Office — have also spiked in recent years. And finally, the rise of crypto seems to play a role: The FTC has warned consumers that no reputable utility or creditor will demand payment only in crypto.

If you’re a victim of credit card fraud, it’s important to report it ASAP. You can get your credit report and find out your credit score for free at AnnualCreditReport.com®.

You can also enlist the help of a money tracker app, which allows you to manage all of your finances from one convenient dashboard.

Recommended: What Credit Score Is Needed to Buy a Car?

33 Identity Theft and Credit Card Fraud Stats

Below we do a deep dive into the most common types of fraud: imposters, online shopping scams, fake prizes and sweepstakes, false job opportunities, fictional charities, investment swindles, and more. All numbers quoted below are from 2023 FTC data.

1 Imposters: Reports Filed

The total reports filed in this one category came to 853,935, with 21% of filers admitting losses. An imposter is a person who pretends to be someone else to steal your personal information or money. They might call, text, or email you and may pose as someone you know. (“I’m on vacation in London and lost my wallet! Can you send me some cash?”).

2 Imposters: Losses

The median loss suffered by victims was $800. The total dollar amount of imposter scam losses was $2.668 billion.

3 Imposters: Scenarios

The most common way imposters approached targets was via email, and victims often paid via credit card.

4 Imposters: Top States Affected

Oregon led with 2,640.7 reports per million people. Washington and Colorado followed close behind.

Recommended: What Is a Tri-Merge Credit Report?

5 Online Shopping: Reports Filed

Total reports filed came to 369,469, with 53% claiming losses. In an online shopping scam, someone pretends to have a legitimate business by creating a phony website or posting fake ads on a real retailer’s site.

(Another form of this fraud is when scammers create and post fake negative reviews of small businesses and then tell owners that they’ll remove the reviews in exchange for digital gift cards.)

6 Online Shopping: Losses

The median loss suffered by victims was $125. The total dollar amount of online shopping scam losses totaled $392 million.

7 Online Shopping: Scenarios

Victims are most often taken in by websites or apps — not surprising, given the nature of this fraud — and are asked to pay via gift card.

8 Online Shopping: Top States Affected

Delaware led with 1,183.4 reports. New Hampshire and Colorado placed second and third.

9 Prizes & Sweepstakes: Reports Filed

Total reports filed came to 157,520, with 13% reporting losses. “Great news!,” a voice over the phone gushes. “You’ve won money or valuable prizes!” All the winner needs to do is provide their bank account information or pay a processing fee.

10 Prizes & Sweepstakes: Losses

The median loss suffered by victims was $878. Total losses equaled $338 million.

11 Prizes & Sweepstakes: Scenarios

Phone calls, texts, and emails are the most common contact method. Gift cards were of the top payment types.

12 Prizes & Sweepstakes: Top States Affected

West Virginia topped the list with 781.2 reports. Delaware and Alabama placed and showed.

13 Internet Services: Reports Filed

Total reports filed equaled 125,118, with 7% admitting losses. This category includes the use of fake messages or copycat sites — ostensibly from someone’s internet service provider — as part of a phishing or spoofing scam used to commit identity theft. It also includes theft of personal information: debit card PINs, credit card and bank account numbers, and passwords.

14 Internet Services: Losses

The median loss suffered was $250. Total losses came to $36 million.

15 Internet Services: Scenarios

Typically, individuals are contacted via social media and send money via payment app.

16 Internet Services: Top States Affected

Delaware was first in line with 418.6 reports per million people. Nevada and Florida came close on its heels.

17 Job Opportunities: Reports Filed

Total reports filed were 110,364, with 32% reporting a loss. Scammers post genuine-looking want ads and business opportunities in print and online. The catch? There is no job. They just want your personal information and your money. As just one example, a “work-from-home career” starts after the target pays for training, certifications, and/or starter kits.

Recommended: Should I Sell My House Now or Wait?

18 Job Opportunities: Losses

Consumers experienced a median loss of $2,137. Total losses reached $491 million.

19 Job Opportunities: Scenarios

People are most often connected by text and pay the scammers via cryptocurrency.

20 Job Opportunities: Top States Affected

Nevada was again the top contender, with 408.3 reports per million people. Arizona and Georgia achieved second and third place.

21 Advance Payments: Reports Filed

Total reports came to 29,878, with 35% of them suffering a financial loss. Advance payments, as the name implies, refer to a consumer pre-paying for a service. Credit service businesses purport to sell information that will allow the consumer to create a new credit file — perhaps after an identity theft occurred.

22 Advance Payments: Losses

The median loss of each victim was $638. The total amount lost was $75 million.

23 Advance Payments: Scenarios

Fraudsters typically communicate with potential victims via websites and apps for this kind of scam, and request wire transfers to collect the money.

24 Advance Payments: Top States Affected

Mississippi is number one this time, with 152.3 reports per million people. Georgia and Florida follow as numbers two and three.

25 Fake Charities: Reports Files

Total reports came to 9,809, with 27% reporting a monetary loss. Scammers pretend to be from a real or fake charity and ask you to make a donation right then for, say, a natural disaster that just occurred.

26 Fake Charities: Losses

The median loss was $392. The total amount lost was $22.5 million. Asking people to support a heartwarming cause has, unfortunately, been quite successful.

27 Fake Charities: Scenarios

Messages go out via social media, and have the potential to go viral. Scammers most often collect their money through a payment app.

28 Fake Charities: Top States Affected

Alaska led the way with 38.0 reports per million people. Georgia and Nebraska came in second and third place.

29 Investments: Reports Filed

Total reports came to 107,699, with 75% claiming a financial loss. With investment fraud, a scammer tries to get you to invest: in stocks, bonds, real estate, whatever. They may provide false information about a real investment or make something up entirely.

30 Investments: Losses

The median loss was $7,768. Total losses equaled $4.642 billion.

31 Investments: Scenarios

These so-called investment opportunities are described on social media platforms, with cryptocurrency being the top payment method.

32 Investments: Top States Affected

Nevada (again!) leads the way, with 289.9 reports per million people. Florida and Arizona trail behind in terms of percentage of population, but are way ahead in absolute numbers: Washingtonians filed 1,074 reports; Californians, 5,349 reports.

33 Bonus Stat: Tax Prep

A missing refund is one sign that someone else may have filed a fake tax return in your name. Here’s more information about what to do when you don’t receive a tax refund.

The FTC notes that 5,949 reports about tax preparation fraud were filed in 2023, with 10% of people reporting a monetary loss. The total loss was $1.9 million with a median loss of $500.

How to Avoid Credit Card Fraud

As these numbers show, there are plenty of scammers out there. Here are some ways to protect yourself against money scammers:

•   Avoid using debit cards, which are directly connected to your bank account. Credit cards and payment apps tend to be safer. Check your banking and credit card statements regularly, watching for errors and suspicious charges.

•   If your bank offers free transaction alerts, sign up now. For example, you can get an alert whenever a large payment (you choose the number) hits your account. Find out more about different types of bank fraud.

•   If you get a call from a company asking for payment data or other personal information, hang up. If it’s a company you normally deal with, call them back directly to see if the call was genuine.

•   Use password protection on your smartphone and computer devices. Keep your browsers up-to-date, and use reputable anti-virus software downloaded from the app store (not an ad, email or website). Avoid using public WiFi.

•   Shop at reputable retailers only, including but not limited to the ones you use online. If you have questions about a store, check them out on the Better Business Bureau website.

•   When pumping gas or using an ATM, watch out for skimmers: devices that capture your account information for fraudulent purposes. If anything looks odd, let the establishment know.

•   Be cautious about clicking on links from unknown sources, checking to make sure that an email or text message really came from the place it claims and is a reputable organization.

•   Monitor your credit report and watch for inaccuracies. What qualifies as credit monitoring varies, so look for services that send alerts whenever something new hits your report. You may also be able to sign up for free credit monitoring.

How to Report Credit Card Fraud

The first step is to file a dispute with your credit card company. Then you can contact your police station or sheriff’s office. You can also report the fraud to your state’s attorney general (get their contact info from https://www.naag.org/find-my-ag/) You can also submit an online claim with the FTC at https://reportfraud.ftc.gov/#/

The Takeaway

Scammers are reaching out via text, social media, fake websites, apps, emails, and old-fashioned voice calls to separate you from your money. Their stories play on your greed, or charity, or desperation. And they take all forms of payment — but they especially like gift cards and crypto. By learning to recognize the top schemes, you can help protect yourself from getting swindled. More pro tips: Monitor your transactions, avoid using debit cards for purchases, and don’t ever give out your personal or financial info unless you’re 100% sure of who you’re dealing with.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

FAQ

What are some common credit card scams?

Scammers can be pretty creative. Phishing is when a con artist tries to get you to share personal info or credit card information on the phone, by email, or text. Fake online websites can be built to steal credit card info. Skimmers can be set up on ATMs and credit card readers. And people with ill intent can monitor public WiFi for credit card info. And these are just some of the types of financial fraud out there.

How do credit card scams happen?

Sometimes, your physical credit card can be stolen. More often, someone gets your credit card data without having the actual card. Identity thieves can also steal personal information, set up credit cards in your name, and start spending.

How can you spot credit card fraud?

As you monitor bank statements, credit card statements, and your credit report, you may spot information that just isn’t right. Although this isn’t always because of credit card fraud, that’s a common cause. Proactively investigate when something looks suspicious. You can also set up alerts with your bank to flag certain kinds of transactions.

Photo credit: iStock/SaskiaAcht

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.

SORL-Q324-038

For many of us, a car is the second-biggest purchase we’ll make, next to a home. The average price a buyer paid for a new car in June 2024 was $48,644, according to Kelley Blue Book. But sticker price isn’t the only thing to consider when budgeting for new wheels. There’s also insurance, maintenance, gas, and depreciation.

Depreciation may not be front of mind for many car buyers. But in fact it’s a major factor in determining how to finance a new car. We’ll explain why, review different loan options, and recommend steps you can take to help you get a great deal.

How To Assess the Value of a Car

You may already know what you want in a new car: the gas mileage, capacity, features. Just as important, you know what you can afford. Or do you? Before heading to a dealership, you’ll want to extensively research the cars you’re interested in.

Once you have an idea of the makes and models you want to test drive, there are a number of services that can offer a baseline estimate for the car’s worth. Edmunds offers a True Market Value (TMV®) guide; Kelley Blue Book provides suggested price ranges based on things like year, model, condition, and mileage (particularly useful for used cars). The National Automobile Dealers Association’s guide focuses on dealers’ sticker prices, and Consumer Reports provides detailed reviews and reports about specific cars.

None of these resources will necessarily tell you the exact price you’ll get, but they can give you some context. It may be helpful to look at listed prices for similar cars in your area. You can even call around for price quotes from dealerships and private sellers, so you’re better equipped by the time you walk onto the car lot.

Got a car to trade in? Here’s how to find out how much your car is worth.

How the Value of Your Car Changes Over Time

A car’s value changes almost from the moment you purchase it: This is called depreciation. The first year is generally the biggest hit, with cars losing around 20% or more of their original value. The loss goes on from there. New cars lose roughly 60% of their purchase price over the first five years of ownership.

Some models depreciate more than others. For instance, cars typically depreciate faster than trucks, and midsize cars depreciate more quickly than smaller cars. It’s smart to research the projected depreciation on the makes and models you’re interested in. Lower depreciation could become a deciding factor when all else is equal.

Recommended: How Much Should I Spend on a Car?

Car Financing Options

One of the biggest car-related costs is the loan itself. Car loans can come either from a traditional bank, online lender, or through a dealership. Here are a few car financing options:

Car Loan

Car loans can be offered directly from a bank, credit union, or online lender, or can be arranged through the car dealer. The average loan rate for a new car for borrowers with good credit is 7.24%, as of July 2024. If you have excellent credit, you may qualify for a lower rate; if you have fair or bad credit, you may pay more. Learn how to check out your credit score for free.

Car loans are “secured” by the car, which means that the car is used as collateral on the loan. Until it’s paid off in full, you don’t own the car outright. So if you default, the lender can seize the car. The qualification process for a car loan can be more difficult than getting an unsecured personal loan, since banks must verify the collateral (think: more paperwork).

Dealer-Arranged Financing

When getting a loan through the dealership, the dealer typically collects your information and offers financing via a finance company owned by the car manufacturer, the dealership, or a third party. Car dealerships are good at helping customers get a car loan quickly, sometimes even without great credit. You may be able to sign a loan and drive off in your new car the same day.

Auto Loan from a Private Lender

Banks, on the other hand, may offer more competitive interest rates or more favorable terms when applying with them directly. However, the application process can be more involved and take longer. Usually, borrowers getting financing from a bank or credit union will get preapproved for a car loan prior to heading to the dealer.

Personal Loan

Another option is to skip car loans entirely and take out an unsecured personal loan. Common uses for personal loans include home repairs, debt consolidation, and other large purchases. On the flip side, a car loan can only be used to pay for a car.

Usually, buying a car with a personal loan is not the best course of action. But there are rare circumstances where it may make sense, such as if you plan on restoring an old car as a passion project. Cars in need of repair can be difficult to finance with a traditional auto loan.

For most car buyers, however, interest rates on any type of personal loan are typically higher than on car loans. Another thing to consider is the repayment period. In general, car loans extend over seven years, whereas a personal loan is typically repaid in three to five years.

Getting your personal loan approved can take time, but prequalification is available. Many people get prequalified before going into the dealership, so they have an idea of how much buying power they have.

Strategies for Getting a Car Loan

As you look for a car loan that meets your needs, here are some strategies that can help.

Do Some Research

Before heading to the dealer, shop around for loans to see the interest rates and terms you may qualify for. Lenders review factors like a borrower’s credit score and financial history to inform their borrowing decisions. So part of your research will go into understanding your credit.

Recommended: What Credit Score Do You Need to Buy a Car?

Prepare a Down Payment

A larger down payment can save you money on your loan. Down payments reduce the amount you have to borrow, which reduces what you spend on interest over time. Trading in a vehicle of substantial value accomplishes the same thing, while reducing the down payment you need to put up.

A higher down payment is helpful for another reason: It can help you avoid a situation down the road where, due to depreciation, the balance of your loan is greater than the value of your car. This is variously called negative equity, being underwater, or an upside-down loan. To avoid this situation, run the numbers to make sure your down payment (or trade-in) is high enough to offset the expected depreciation on your vehicle.

That said, negative equity isn’t usually a bad thing. It only becomes a problem if your car is stolen or totaled, and the payout from your insurance company isn’t enough to pay off your loan balance. (Gap insurance is designed to cover your remaining debt.) Some drivers are comfortable with being upside-down for a short period, while others prefer not to take a chance.

Consider Getting Prequalified for a Loan

Getting prequalified for a car loan helps the borrower understand what kind of car payment they can afford. Prequalification can also be used as a tool in negotiations with the dealer. In some cases, the dealer may be willing to offer a more competitive financing option.

Just keep in mind that prequalification isn’t a done deal: The loan offer is still subject to change.

The Takeaway

For many people, buying a car outright with cash isn’t an option. With an auto loan, the car acts as collateral to secure the loan. A higher down payment can save you money on interest over the life of the loan. It can also help you avoid “negative equity” down the road — where the value of the car is less than the balance of your loan. However, this is only a problem if your car is stolen or totaled, and your insurance company’s payout doesn’t cover your loan obligation. In some circumstances, it’s possible to use an unsecured personal loan to purchase a car, such as when you’re looking for a vintage car to fix up as a passion project.

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.

SOPL-Q324-032

Some days off are meant for purely relaxing. Others are meant for checking things off our to-do lists that we can’t get done during the course of the work week.

If you’re looking for productive things to do on your day off — including ideas that may improve your money mindset and financial fitness — we have 21 good ways to get started.

How Staying Productive Can Improve Your Money Mindset

If you have a lazy day off, it might wind up costing you. The temptation to spend when bored is real. When you have nothing to do, you may turn to online shopping, dining out, or other pricey leisure activities to fill your time.

There is of course a time and place for spending on leisure, but there’s a big question to ask yourself before spending that money. Specifically, are you plunking down that cash because you will get something out of the experience or purchase or are you simply doing so because you’re bored?

Staying productive on days off can be a form of financial self-care. It can help you avoid unnecessary spending which, in turn, can make other leisure time feel even more enjoyable.

Productive Things to Do on Your Day Off

Not sure what to do on a day off? Consider checking one or more of these positive activities off your to-do list. Any of them can help you feel more organized and in control of your life.

1. Planning a Vacation

Instead of going out and spending money, consider staying home and planning your next vacation. The money you save can go towards your upcoming trip. Not only that,, research and advance planning can help you spend less on your vacation and make sure everything goes smoothly. You might even open a travel fund account and begin saving.

2. Checking Your Credit Card Statements

If you get paperless statements, you may not regularly look closely at your credit card spending. This can be a smart thing to check off on your day off. Simply Log into account and scan your recent statements. Make sure all charges are accurate and see if your spending is in line with your budget. If you’re carrying a balance, you might hatch a plan to pay it off.

3. Taking Quality Time for Yourself

“Qualify time” means different things to different people. For you, taking time for yourself might mean pursuing a hobby like painting, reading a good book, going for a long run, or taking a long bath. There are plenty of relaxing activities to enjoy that don’t cost any money and recharge you for the work days ahead.

Recommended: 30 Fun and Inexpensive Hobbies

4. Reviewing Your Career Goals

While it may not sound fun to sit down and think about work outside of working hours, there’s a lot of value to be found in peaceful reflection. Spending time reviewing career goals when there are no Monday-to-Friday stressors or distractions can make it easier to find clarity.

5. Starting a Side Hustle

Whether you could use some extra income or you’re thinking about changing careers, you might use some of your day off to investigate freelance opportunities and other types of side hustles. Look into options that you might enjoy that also provide the opportunity to learn new skills.

6. Catching Up on Important Errands

Running errands isn’t always fun, but not having them hanging over our heads almost always feels good. If you have a day off, you might want to use a couple of hours in the morning to tackle errands — this can leave the rest of the day wonderfully free. Plus, you’ll get that “I’ve got this!” boost from knowing you’re in control of those to-do’s.

7. Exercising

Getting in a workout — or just some physical activity — can boost your mood and energy level and lead to a happier and more productive day off.

8. Mapping Out Your Money Goals

Similar to setting career goals, a day off can be the perfect time to think about your money goals. Consider what you’d like to accomplish in the next several years — such as buying a car, going to Europe, or putting a down payment on a home. Then figure out how much you’ll need to save each month to do it. You might even open a high-yield saving account and set up an automated monthly transfer to help accomplish your goal.

9. Getting a Haircut

A fresh haircut can put a bit of pep in anyone’s step — a definite self-esteem booster for most of us.

10. Volunteering

Giving back to your community can be a great way to spend free time. There are so many different causes worth getting involved in, from food banks to animal shelters to park cleanups. Volunteering can also expand your network and help you learn new skills, which could pay off in other ways down the line.

11. Updating Your Online Resume

If you’re looking for a new job, the weekend can be a great time to update any resumes you have posted on social media platforms or job searching websites. There are loads of templates online that can help you spiff up your resume, too.

12. Reading a New Book

With so many distractions on busy days, it’s hard to find the time to read. Why not make reading a new book (or an old favorite) a priority on your next day off? There’s nothing like the escape of a good story, whether it’s historical fiction, a murder mystery, or whatever else catches your attention.

13. Taking an Online Class

Whether you want to learn a new work-related skill or explore a personal interest, there’s likely an online class out there that can help you productively use your time off. From coding to cooking, almost any topic is available these days.

Recommended: Can You Take Online Classes While Working?

14. Spending Time With Loved Ones

Productivity can mean a lot of different things, including spending time with loved ones. Maintaining connections with the people you care about most can help you build a support system and provide personal gratification.

15. Unsubscribing From Unwanted Emails

Have half an hour to kill before meeting up with friends? Chip away at unsubscribing from all those unwanted emails. The lack of digital clutter can be super freeing, even if you don’t achieve “inbox zero” just yet.

16. Updating Your To-Do List

Want to get things done on a day off, but don’t know where to start? Sit down with a pen and some paper (or your phone or laptop) and write an updated to-do list. Of course, it’s not necessary to tackle the entire list in one day, but do try to schedule when you’ll tackle each item on your list.

17. Checking How You’re Doing With Your Budget

Budgets only work if you check in periodically to see how well you’re sticking to the plan. Every few months, it’s a good idea to look at your bank statements and make sure your spending and saving aligns with your goals. You can also use a budgeting app to simplify the process.

Recommended: Guide to Emergency Funds

18. Planning for Next Week

Another good use of free time is to get organized for the week ahead so it feels less stressful and intimidating. Do meal prep, clean up the house, organize your bills, and make sure all work clothes are washed and ready to wear.

19. Finding Networking Opportunities

Nowadays, you can do a lot of professional networking from home online. If you have some downtime, consider hopping on LinkedIn, checking your notifications, and sending some connection requests or messages to help broaden your network.

20. Adjusting Your Tax-Withholding if It’s Not Right

Sick of owing taxes each year? Check your tax withholdings to make sure the correct amount is being deducted from your paychecks. Adjust it accordingly if needed. That quick move could save you some money headaches when tax season rolls around.

21. Cleaning Your House

A good cleaning session can help make your home more comfortable, efficient, and enjoyable to live in. Imagine your place freshly vacuumed or the bathroom scrubbed as motivation.

The Practical And Financial Benefits of Being Productive

We all need downtime, but being productive on a day off also has numerous benefits, including feeling happier, less stressed, and more in control over your life. It can also have a positive impact on your finances. For one, being productive can help beat the boredom that can lead to filling your time with shopping or other expensive activities. And if you use your free time to organize and stay on top of your finances, it can help you make the most of your money and reach your financial goals.

Banking With SoFI

As you can see from this list, there’s no shortage of productive things to do on your day off. Whether you choose to spend your free hours taking an online class, reviewing your budget, or outside running, putting your time to good use can leave you feeling less stressed and more in control over your personal, professional, and financial life.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

FAQ

What is considered wasting time on your day off?

When deciding what things to do on a day off, only you can decide what’s a waste of time or what’s not. For one person, organizing their receipts is a waste of time; for another, it’s productive. The same holds true for reading a book. The key is to find a way to balance productivity and relaxation as you define them.

How can I productively treat myself on my day off?

There are numerous ways you can treat yourself on a day off while also being productive. Examples include going for a hike, listening to a podcast, reading a new book, or taking a class online. All of these options have positive benefits in terms of self-care and fun but don’t cost much (if anything).

Is traveling considered productive?

Traveling and gaining new experiences and insights beyond your local community can indeed be productive. Travel can help us learn, grow, relax, and return home with a new, refreshed perspective.

Photo credit: iStock/MesquitaFMS

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SoFi members with Eligible Direct Deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Eligible 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 (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below).

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning 3.80% APY, we encourage you to check your APY Details page the day after your Eligible Direct Deposit arrives. If your APY is not showing as 3.80%, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning 3.80% APY from the date you contact SoFi for the rest of the current 30-day Evaluation Period. You will also be eligible for 3.80% APY on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider 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 Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi members with Eligible Direct Deposit are eligible for other SoFi Plus benefits.

As an alternative to Direct Deposit, SoFi members with Qualifying Deposits can earn 3.80% 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 Eligible 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 an Eligible Direct Deposit or receipt of $5,000 in Qualifying Deposits to your account, you will begin earning 3.80% 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 Eligible 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 Eligible 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 Eligible 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 Eligible Direct Deposit or Qualifying Deposits until SoFi Bank recognizes Eligible Direct Deposit activity or receives $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Eligible Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Eligible Direct Deposit.

Separately, SoFi members who enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days can also earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. For additional details, see the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

Members without either Eligible Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, or who do not enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days, will earn 1.00% 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 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
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