Level Up: SoFi Checking & Savings Raises APY for All Members
Today, SoFi Checking & Savings is thrilled to help people earn more off their hard-earned money by raising our annual percentage yield (APY) for all members. Members with direct deposit will now earn 1.25% APY¹ on their balances, which is 41 times the current national average². For members without direct deposit, all balances will now earn a competitive 0.70%, 23x the national average³.
For SoFi direct deposit members, they will now earn more in interest in 9 days at SoFi than they would at other banks in an entire year. Notably, SoFi allows members to earn interest on their funds whether they are sitting in a checking account for upcoming bills or tucked away in savings for a rainy day. Additionally, SoFi has removed the $50,000 cap on account balances, which means that members can earn 1.25% APY on every dollar in their checking and savings accounts.
To help people kick start funding their accounts, SoFi is offering a $300 cash bonus for new members who sign up and set up direct deposit or existing members who set up direct deposit before May 31, 2022⁴.
1 SoFi members with direct deposit can earn up to 1.25% annual percentage yield (APY) interest on all account balances in their Checking and Savings accounts (including Vaults). Members without direct deposit will earn 0.70% APY on all account balances in Checking and Savings (including Vaults). Interest rates are variable and subject to change at any time. Rate of 1.25% APY is current as of 04/05/2022. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet
2 41x based on FDIC monthly interest checking rate as of March 21, 2022.
3 23x based on FDIC monthly interest checking rate as of March 21, 2022.
4 The following describes the terms that apply to participation in the SoFi the SoFi Checking and Savings direct deposit program (“Program”) offered by SoFi Bank, N.A Member FDIC(“SoFi”).
Eligible Participants: All new members who open a SoFi Checking and Savings account during the Promotion Period and all existing SoFi Checkings and Savings customers who have not previously set up Direct Deposit transactions (“Direct Deposit”) into their SoFi Checking and Savings account as of the beginning of the Promotion Period are eligible for the Program.
Promotion Period: The Program will be available from 4/5/22 12:01AM ET to 5/31/22 11:59PM ET.
Bonus Terms: In order to qualify for eligibility for a bonus, SoFi must receive at least one Qualifying Direct Deposit from an Eligible Participant during the Promotion Period. Qualifying Direct Deposits are defined as deposits from 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. The amount of the bonus, if any, is described below. No bonuses shall be paid for qualifying Direct Deposits of less than $1,000 during the Evaluation Period (defined below).
Evaluation Period: The bonus amount will vary based on the total amount of Qualifying Direct Deposits received during the Evaluation Period. The Evaluation Period is defined as 30 days from the date your first Qualifying Direct Deposit is received. For example, if you receive $1,000-$1,999 in Qualifying Direct Deposits in the Evaluation Period, you will receive a cash bonus of $50. A member may only qualify for one bonus tier and will not be eligible for future bonus payments if inflows subsequently increase beyond the Evaluation Period.
|Total Qualifying Direct Deposit amount in 30-day Evaluation Period||Cash bonus|
|$1,000 – $1,999||$50|
|$2,000 – $4,999||$100|
|$5,000 or more||$300|
Payment timeline: SoFi will credit members who meet qualification criteria within 14 days of the end of the Evaluation Period.
This offer cannot be combined with the SoFi Checking and Savings Direct Deposit rate discount on a SoFi personal loan. 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.