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SoFi Plus: SoFi Plus is a premium membership that gives members access to our best rewards, benefits, and more when they pay the SoFi Plus Subscription Fee. Benefits are subject to change and may not be available to everyone. All terms and conditions applicable to the use of SoFi Plus apply. To learn more about SoFi Plus and available benefits and terms, please see the SoFi Plus page.
1When you open a SoFi Savings Account, SoFi Bank will also automatically open a SoFi Checking Account in your name. See the SoFi Bank Deposit Account Agreement for details.
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New SoFi Checking and Savings members can earn up to 4.00% Annual Percentage Yield (APY) with a limited-time 0.70% APY Boost to the current Savings APY of 3.30% available with Eligible Direct Deposit or Qualifying Deposits (rate current as of 3/31/2026). Rates are variable and subject to change.
SoFi Boost APY Promotion Terms
The following terms and conditions (the “Terms”) apply to the SoFi APY Boost limited-time Promotion (the “Promotion”), which allows Eligible Members (as defined below) to receive a 0.70% annual percentage yield (“APY”) boost to the APY earned on one SoFi Savings account (the “0.70% APY Boost”) for up to six months by completing the qualifying activities described below. If you have already received this Boost on one account, you are not eligible to receive the 0.70% APY Boost on a subsequent account. The 0.70% APY Boost cannot be added to balances earning 4.50% APY pursuant to the SoFi Plus terms and conditions.
Promotion Period:
March 31, 2026 at 12:00 a.m. E.T. - December 31, 2026 at 11:59 p.m. E.T.
Who is eligible for the Promotion?
Members who are new to SoFi Checking and Savings are eligible for this promotion (“Eligible Members”). Members who have previously opened a SoFi Checking and Savings account are not eligible. Eligible Members must complete the qualifying activities described below in order to receive the 0.70% APY Boost.
What qualifying activities do I need to complete to earn the 0.70% APY Boost?
In order to receive the 0.70% APY Boost, you must complete all qualifying activities described below.
Steps to qualify:
1. Open your first SoFi Checking and Savings account between 3/31/2026 and 12/31/2026; AND
2. Complete one of the following activities within 60 days after opening your SoFi Checking and Savings account:
a. Receive an Eligible Direct Deposit into your SoFi Checking or Savings account; OR
b. Receive $5,000 in Qualifying Deposits into your SoFi Checking and Savings account.
You must maintain your Eligible Direct Deposit OR $5,000 in Qualifying Deposits every 31 days to continue receiving the APY Boost for up to six months.
What is an Eligible Direct Deposit?
Eligible: 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 every 31 calendar days.
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 the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, 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 the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.
Not Eligible: Deposits that are not from an employer, payroll or benefits provider or government agency and deposits that are non-recurring in nature are not eligible. Examples of deposits that are not eligible include check deposits, peer-to-peer transfers (e.g., transfers from Zelle, PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), bank ACH funds transfers, wire transfers from external accounts, and IRS tax refunds. SoFi Bank shall, in its sole discretion, assess your Eligible Direct Deposit activity to determine eligibility and may require additional documentation to complete this verification.
What is a Qualifying Deposit?
Eligible: Qualifying Deposits means one or more deposits that, in aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings accounts (“Qualifying Deposits”) every 31 calendar days. 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, Wise, 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.
SoFi Bank shall, in its sole discretion, assess each account holder’s Qualifying Deposits to determine the eligibility for the Promotion and may request additional documentation for verification of eligibility.
Not Eligible: Qualifying Deposits do not include: (i) transfers between an account holder’s SoFi Checking account, SoFi savings account, SoFi Invest accounts and/or SoFi vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or, (iv) credits, reversals, and refunds from SoFi Bank or from a merchant.
When and where will I begin earning the 0.70% APY Boost?
• If you receive $5,000 or more in Qualifying Deposits, you will begin receiving the 0.70% APY Boost on one SoFi Savings account by the following business day.
• If you set up an Eligible Direct Deposit, you will begin receiving the 0.70% APY Boost on one SoFi Savings account within one business day after SoFi recognizes your Eligible Direct Deposit.
• If you have both an individual account and a joint account, the APY Boost will apply to only balances in your individual SoFi Savings account, unless a joint account is your only account.
How long will I earn the 0.70% APY Boost?
You will continue to receive the 0.70% APY Boost for a period of up to six (6) months ("Boost Period"). The Boost Period begins on the date you first begin earning the 0.70% APY Boost and ends six (6) months from that date, provided that you receive an Eligible Direct Deposit or $5,000 in Qualifying Deposits every 31 days.
During the Boost Period, if you do not receive an Eligible Direct Deposit or $5,000 in Qualifying Deposits every 31 days, you will not earn the 0.70% APY Boost for that period. Your rates will revert to the standard rates set forth on the SoFi Bank Rate Sheet at https://www.sofi.com/legal/banking-rate-sheet. However, you will be eligible to receive the 0.70% APY Boost again during the remainder of the Boost Period by reestablishing your Eligible Direct Deposit OR $5,000 in Qualifying Deposits every 31 days.
Additional Important Terms:
Only one promotional APY offer may apply at any time. The 0.70% APY Boost may not be combined with other promotional rates. The 0.70% APY Boost may not be added to any SoFi Plus Savings balances earning 4.50% APY in accordance with SoFi Plus terms at https://www.sofi.com/terms-of-use/#sofi-plus.
The 0.70% APY Boost will be applied to one SoFi Savings account per member. If a member has both an individual and a joint SoFi Savings account, the 0.70% APY Boost will be applied to the member’s individual SoFi Savings account only. If an eligible member completes a qualifying activity using a joint SoFi Checking or Savings account, the 0.70% APY Boost, if earned, will be applied to the member’s individual SoFi Savings account if such an account exists, otherwise it will be applied to the joint SoFi Savings account. Only one 0.70% APY Boost may be applied to an account.
Promotion is non-transferable and limited to one 0.70% APY Boost per member. Any subsequent accounts opened by the member will not receive the 0.70% APY Boost.
SoFi reserves the right to modify, suspend, or terminate the Promotion at any time without notice.
Standard rates are variable and subject to change at any time. There is no minimum balance requirement. Fees may reduce earnings. For current rates and additional disclosures, please see: https://www.sofi.com/legal/banking-rate-sheet.
SoFi Bank, N.A., Member FDIC
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No Account Fees
We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at SoFi.com/legal/banking-fees/.
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Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 3/31/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet.
SoFi Bank assesses Eligible Direct Deposit or Qualifying Deposits based on a rolling 31-calendar day period and may request additional information for verification of eligibility. A rolling 31-calendar day period means that each time you receive an Eligible Direct Deposit or $5,000 in Qualifying Deposits, a new 31-day period begins, during which you will earn the interest rates and APYs for account holders with Eligible Direct Deposit or Qualifying Deposits. If you receive another Eligible Direct Deposit or $5,000 in Qualifying Deposits during the current 31-day period, the period will reset, and a new 31-day period will begin from the date the criteria are met. You can view the end date of your current 31-day period, based on your most recent deposit activity, by visiting the APY details page within your account.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Eligible Direct Deposit or Qualifying Deposit activity before adjusting interest rates and APYs. 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 within a rolling 31-day period, and, if applicable, the grace period, then you will begin earning the interest rates and APYs earned by members without Eligible Direct Deposit or $5,000 in Qualifying Deposits.
As long as you receive an Eligible Direct Deposit or $5,000 in Qualifying Deposits every 31 calendar days, you will continue earning the interest rates and APYs earned by account holders with Eligible Direct Deposit or $5,000 in Qualifying Deposits. See additional details at https://www.sofi.com/legal/banking-rate-sheet.
5SoFi 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 the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
6Comparison rates may vary by state and do not account for bonus, special or promotional APYs. National Average is based on the FDIC monthly savings account rate as of March 16, 2026. Comparison bank rates are current as of [December 23, 2025]. SoFi members who complete one of the following, as determined by SoFi Bank, N.A, can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances: (1) Receive eligible Direct Deposit into your SoFi Checking and Savings account every 31 days, (2) Receive $5,000 in Qualifying Deposits into your SoFi Checking and Savings account every 31 days. There is no minimum direct deposit amount required to qualify for the 3.30% APY for savings balances (including Vaults). Members without Eligible Direct Deposit or $5,000 in Qualifying Deposits as determined by SoFi Bank, N.A. will earn 1.00% APY on savings balances (including Vaults). All members earn 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 3/31/26. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.
7Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
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Who is eligible for a Direct Deposit Bonus?
New and existing SoFi members who have never set up direct deposit with SoFi are eligible for the Direct Deposit Bonus. Bonuses are limited to one bonus per SoFi member. In the case of a joint account, direct deposit activity will only be counted towards the primary account holder’s eligibility for the bonus (the primary account holder is the member who opened the joint account first).
How do I earn the Direct Deposit Bonus?
1. Set up your first Eligible Direct Deposit. SoFi must receive it on or before 12/31/26.
2. Once SoFi receives and recognizes your first Eligible Direct Deposit of $1 or more, we will add up the Total Eligible Direct Deposits received over the next 25 calendar days. This total will determine the bonus amount.
| Total Eligible Direct Deposit | Bonus Amount | Timing |
|---|---|---|
| $1.00 - $999.99 | $0 | To determine your bonus amount, SoFi will add up all your Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. |
| $1,000.00 - $4,999.99 | $50 | |
| $5,000.00 or more | $400 |
3. You will receive the bonus amount in your SoFi Checking account within 7 business days of completing all requirements listed above. You are only eligible to receive one bonus amount. You must have an open SoFi Checking account in good standing at the time of the bonus payment.
What is an Eligible Direct Deposit?
Eligible: Recurring ACH deposit of regular income to your SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by your employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”).
Not Eligible: Deposits that are not from an employer, payroll or benefits provider or government agency and deposits that are non-recurring in nature are not eligible. Examples of deposits that are not eligible include check deposits, peer-to-peer transfers (e.g., transfers from Zelle®, PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), bank ACH funds transfers, wire transfers from external accounts, and IRS tax refunds. SoFi Bank shall, in its sole discretion, assess your Eligible Direct Deposit activity to determine eligibility and may require additional documentation to complete this verification.
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. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your initial Eligible Direct Deposit. After SoFi validates the details of your Eligible Direct Deposit, your Direct Deposit Bonus amount will be based on the amount of Eligible Direct Deposits received within 25 days of your initial Eligible Direct Deposit of $1 or more.
What else is important to know?
This promotion is available between 12/7/2023 at 12:01AM ET and 12/31/2026 at 11:59PM ET. SoFi reserves the right to modify or end the promotion at any time without notice. The terms of this promotion take precedence over the terms of any prior Direct Deposit promotion.
SoFi reserves the right to exclude any members from participating in this promotion for any reason, such as suspected fraud, misuse, or suspicious activity.
SoFi members with Eligible Direct Deposit activity can earn 3.30% annual percentage yield (APY) on savings balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet.
Bonuses are considered miscellaneous income, and may be reportable to the IRS on Form 1099-MISC (or Form 1042-S, if applicable). SoFi is required to do this reporting in compliance with the applicable federal and state reporting requirements. Recipient is responsible for any applicable federal, state or local taxes associated with receiving the bonus offer; consult with your tax advisor to determine applicable tax consequences.
This promotion is offered by SoFi Bank, N.A, Member FDIC (“SoFi”).
9Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at sofi.com/legal/banking-rate-sheet. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website.