SoFi Checking and Savings is offered through SoFi Bank, N.A.. 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. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
*SoFi Checking and Savings Balance Rewards Offer:
Eligibility: Members who opened a SoFi Checking and Savings account prior to February 1, 2023 and received this offer directly from SoFi are eligible for the Program. This offer is limited to one per account. Members must click-to-enroll on the link by June 30, 2023 provided by SoFi in order to participate in the Program.
Balance Growth Period: Earn Bonus Rewards Points (as defined below) when you add funds into an active SoFi Checking and Savings account (an “Account”) between March 31, 2023 at 11:59pm ET and April 30, 2023 at 11:59pm ET (the “Transfer Period”). Bonus Reward Points are based on the total net dollar amount (i.e. incoming funds less outgoing funds) of settled transfers during the Balance Growth Period (“Balance Growth Amount”). Please note that transfers of funds between existing SoFi Checking and Savings accounts do not qualify for the Bonus Payout under this Promotion. Transaction limits may apply.
Maintenance Period: To remain eligible for the Bonus Reward Points, you must maintain the total balance in the Account through 11:59pm ET on June 30, 2023 (“Maintenance Period”). If the total balance in your Account as of June 30, 2023 at 11:59pm ET falls below the total balance in the Account as of April 30, 2023 at 11:59pm ET, your Balance Growth Amount will be recalculated and the total Bonus Reward Points for which you are eligible may change. Your Balance Growth Amount can be held in either your Checking or Savings Account during the Maintenance Period.
Bonus Payout: On July 1, 2023, SoFi will calculate the final Balance Growth Amount and will determine the Bonus Reward Points that you will earn based on the table below. If your Account remains open and in good standing, your Bonus Reward Points will be added to your SoFi Rewards points balance by July 31, 2023.
A maximum of 100,000 Bonus Rewards Points, corresponding to a maximum value of $1,000, can be earned from this limited-time offer. 100,000 Bonus Rewards Points are equal in value to $1,000 when redeemed into SoFi Checking and Savings, SoFi Invest, SoFi Personal, SoFi Student or Student Loan Refinance loans and are equal in value to $500 when redeemed as a SoFi Credit Card statement credit.
|Balance Growth Amount||Bonus Rewards Points||Cash value of Bonus Rewards Points when redeemed into SoFi Checking & Savings|
|$10,000 – $24,999||10,000||$100|
|$25,000 – $74,999||25,000||$250|
|$75,000 – $149,999||50,000||$500|
SoFi and its affiliates have an obligation to meet its tax reporting requirements. Per applicable law, bonus amounts of $600 or greater in a single calendar year will be reported to the Internal Revenue Service (IRS) as other income to the recipient on Form 1099-MISC in the year received. The tax reporting threshold of $600 or greater is applied on a consolidated basis across all products. 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 without notice.
SoFi members with direct deposit activity can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government 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, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.
SoFi members with Qualifying Deposits can earn 4.50% 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 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 4.50% 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 8/9/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
†Our account fee policy is subject to change at any time.
‡Early access to direct deposit funds is based on the timing in which we receive notice of impending payment, which is typically up to two days before the scheduled payment date.
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