Commitment Headlines Innovative Package to Mitigate Economic Uncertainty
SAN FRANCISCO, CALIF. – August 7, 2020 – As Congress continues to hammer out an extended stimulus package, and with little certainty as to when the process will end, let alone when the funds will reach American’s bank accounts, SoFi announced that it has launched a program to offer $200 towards emergency savings to all who open an account with SoFi Money. This program headlines a pandemic-relief package that also includes enhanced cash-back benefits on “quarantine-essential” purchases and services including 10% back on groceries, food delivery, streaming video and live sports channels, as well as unlimited complimentary access to career coaching and financial planning sessions.
“At SoFi, our mission is to help people achieve financial independence to realize their mission,” said Anthony Noto, CEO of SoFi. “This pandemic marks the first time many of our members have seen their income halved or disappear entirely overnight through no fault of their own. We have a responsibility to work tirelessly to find new ways to alleviate these financial pressures at an unprecedented time, at an urgent pace, for those who do not have the luxury of waiting for the government to extend and disburse benefits. We are here to remind our members: It is never too late to start getting your money right, and we will help you every step of the way.”
SoFi Money is a hybrid account offering a 6x higher interest rate relative to the national average of transactional accounts, zero account fees, no-fee in-network ATM withdrawals, and the ability to spend, pay, and save directly from the SoFi mobile app. SoFi Money features include free person-to-person (P2P) payments, electronic bill pay, mobile check deposits, debit card functionality, and mobile payment integrations. SoFi maintains industry-standard administrative, technical and physical safeguards to protect user information, and deposits with SoFi Money are FDIC insured up to $1.5 million.
This program is just the latest initiative SoFi has undertaken during this national crisis to help meet the full breadth of its members financial needs. From facilitating the distribution of Paycheck Protection Program funds to providing complimentary college-planning and estate-planning tools, SoFi has been committed to being responsive to members’ needs all throughout the pandemic, to supplement an already extensive array of financial-wellness tools and live advice. Through it all, SoFi is and has been actively involved with policy leaders to find additional ways to help society at large during these challenging times.
The $200 Emergency Savings vault is available to all who open an account now through August 14th, 2020.
About SoFi
SoFi helps people achieve financial independence to realize their ambitions. Our products for borrowing, saving, spending, investing, and protecting give our more than one million members fast access to tools to get their money right. SoFi membership comes with the key essentials for getting ahead, including career advisors and connection to a thriving community of like-minded, ambitious people. SoFi is also the naming rights partner of SoFi Stadium, home of the Los Angeles Chargers and the Los Angeles Rams. For more information, visit SoFi.com.
Contacts
Disclosures:
SoFi Money® is a cash management account, which is a brokerage product, offered by SoFi Securities LLC. Member FINRA/SIPC. Neither SoFi nor its affiliates are a bank.
The SoFi Money® World Debit Mastercard® is issued by The Bancorp Bank.
We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
Each business day, cash deposits in SoFi Money cash management accounts are swept to one or more sweep program banks where it earns a variable interest rate and is eligible for FDIC insurance. FDIC Insurance does not immediately apply. Coverage begins when funds arrive at a program bank, usually within two business days of deposit. There are currently six banks available to accept these deposits, making customers eligible for up to $1,500,000 of FDIC insurance (six banks, $250,000 per bank). If the number of available banks changes, or you elect not to use, and/or have existing assets at, one or more of the available banks, the actual amount could be lower. For more information on FDIC insurance coverage, please visit www.FDIC.gov. Customers are responsible for monitoring their total assets at each Program Banks to determine the extent of available FDIC insurance coverage in accordance with FDIC rules. The deposits in SoFi Money or at Program Banks are not covered by SIPC.
At account opening, all SoFi Money accounts will earn interest at 0.25% APY. On the monthly anniversary date of account opening, your account activity for the preceding 30 days will be reviewed. Accounts which: (a) made deposits totaling $500 or more in the preceding 30 days, or (b) used their SoFi Money® World Debit Mastercard® Card for at least 10 transactions (excluding ATM transactions) in the preceding 30 days, will continue to earn interest at 0.25%. Accounts which did not meet either of these targets in the preceding 30 days, will earn interest at 0.01%. Interest rates are variable and subject to change at our discretion at any time. Accounts opened prior to 6/9/2020 qualify for benefits automatically regardless of inflows to the account or transaction count.
The following describes the terms that apply to participation in the SoFi Money account funding offer (“Offer”) offered by SoFi Securities LLC (“SoFi”).
To receive the bonus offer, participants must first apply and successfully open a SoFi Money cash management account. To receive the promotional balance, deposit(s) of $100 or more must be made in the new account by the new SoFi Money member; additionally, the $100 minimum balance needs to stay in the new member’s account for 90 days in order for the new member to qualify for a $125 bonus. Within 3 business days of such a deposit, qualifying participants will receive a $125 deposit into their SoFi Money account. This offer is limited to one per account. This is a limited time offer that will expire on 8/14/2020 at 5pm ET. SoFi reserves the right to expire the offer at any time. The deposit of $100 or more must be made into the new account prior to offer expiry. Participants must comply with the SoFi Money terms of use. Any fraudulent or returned funding will result in disqualification. Bonus amounts of $600 or greater in a single calendar year may be reported to the Internal Revenue Service (IRS) as miscellaneous income to the recipient on Form 1099-MISC in the year received by applicable law. Recipient is responsible for any applicable federal, state or local taxes associated with receiving the bonus offer, consult your tax advisor to determine applicable tax consequences. SoFi reserves the right to change or terminate the offer at any time or without notice.
The following describes the terms that apply to participation in the SoFi Money $200 Stimulus offer (“Stimulus Offer”) offered by SoFi Securities LLC (“SoFi”). Stimulus Offer consists of two separate offers – a $125 Funding Offer and a $75 Direct Deposit Promotional Program with separate terms described below – and cannot be combined with any other offers not explicitly described below.
The following describes the terms that apply to participation in the SoFi Money account $125 funding offer (“Funding Offer”) offered by SoFi Securities LLC (“SoFi”).
To receive the Funding Offer, participants must first apply and successfully open a SoFi Money cash management account. To receive the $125 promotional balance, deposit(s) of $100 or more must be made in the new account by the new SoFi Money member; additionally, the $100 minimum balance needs to stay in the new member’s account for 90 days in order for the new member to qualify for a $125 bonus. Within 3 business days of such a deposit, qualifying participants will receive a $125 deposit into their SoFi Money account. This offer is limited to one per account. This is a limited time offer that will expire on 8/14/2020 at 5pm ET. SoFi reserves the right to expire the offer at any time. The deposit of $100 or more must be made into the new account prior to offer expiry. Participants must comply with the SoFi Money terms of use. Any fraudulent or returned funding will result in disqualification. Bonus amounts of $600 or greater in a single calendar year may be reported to the Internal Revenue Service (IRS) as miscellaneous income to the recipient on Form 1099-MISC in the year received by applicable law. Recipient is responsible for any applicable federal, state or local taxes associated with receiving the bonus offer, consult your tax advisor to determine applicable tax consequences. SoFi reserves the right to change or terminate the offer at any time or without notice.
The following describes the terms that apply to participation in the SoFi Money direct deposit $75 promotional program (“Program”) offered by SoFi Securities LLC (“SoFi”).
Eligible Participants: All new and existing SoFi Members without a prior history of Direct Deposit transactions (“Direct Deposit”) to their SoFi Money account are eligible for the Program.
Enrollment period: Enrollment in the Program will be available from 8/4/2020 12:01AM ET to 9/30/2020 12:00PM ET. New SoFi Money members who open their account within the enrollment period are automatically enrolled in the Program with the account open date acting as the effective enrollment date. Existing members without a prior history of Direct Deposit transactions (“Direct Deposit”) are automatically enrolled in the Program at the start of the enrollment period.
Promotion Period: Enrolled members have until 11/30/20 at 12:00AM EST in order to qualify for the $75 bonus.
Bonus Terms: In order to qualify for the $75 bonus an enrolled member must have $500 or more in total qualifying Direct Deposit transactions within the promotion period. Qualifying Direct Deposits must be made from the enrolled member’s employer, payroll, or benefits provider via ACH deposit. Deposits that are not from an employer (such as check deposits; P2P transfers such as from PayPal or Venmo, etc.; merchant transactions such as from PayPal, Stripe, Square, etc.; and bank ACH transfers not from employers) do not qualify for this promotion.
SoFi will credit members who meet the qualification criteria stated above with a one-time cash bonus of $75 deposited into their SoFi Money account within two weeks of qualification. Bonuses are considered miscellaneous income, and may be reportable to the IRS on Form 1099-MISC (or Form 1042-S, if applicable).
SoFi reserves the right to exclude any Members from participating in the Program for any reason, including suspected fraud, misuse, or if suspicious activities are observed. SoFi also reserves the right to stop or make changes to the Program at any time.