Introducing The SoFi Product Drop

SoFi is always working hard to make our products work harder for you and work better together, to make sure you can get your money right. So we’re introducing the SoFi Product Drop — a regular series where we dive into new features and updates from across our platform designed to improve your experience.

Check out what’s new for you from the last month:

SoFi Checking & Savings’¹ APY increased to 2.00%² for direct deposit members. We want to ensure our members are getting the most out of their hard-earned money, and in the current interest rate environment, we’re thrilled to increase the APY (Annual Percentage Yield) rate on all your money in SoFi Checking and Savings from 1.80% to 2.00% for direct deposit members, 66x the national average³. For members without direct deposit, the APY is an industry-leading 1.00%, 33x the national average⁴.

If you don’t have a direct deposit setup already, sign up here. And if you aren’t already getting better banking with SoFi, open an account here. 

SoFi Invest⁵ launched two new ETFs, as well as extended trading hours and a new, redesigned trading experience. SoFi ETFs already-robust ETF lineup welcomed  SoFi Web 3.0 (NASDAQ: TWEB) and SoFi Smart Energy (NYSE: ENRG)⁶, new funds designed to make it easier than ever for people to invest in two of the world’s fastest-growing industries and put their dollars into the causes and technology they are most excited about. As part of this launch, SoFi is now also offering two new educational hubs: the Sustainable Investing Guide for Beginners and Web 3 Guide for Beginners, designed to help you better understand investing in these sectors, no matter your investment experience level.

We launched Extended Trading Hours⁷ with SoFi Invest, widening the trading window to 9 AM through 8 PM ET, an additional 4.5 hours. This change empowers members to execute their investing ideas in a larger window and more when it suits their needs, wherever they are.

We also updated the overall SoFi invest experience to give members more visibility into their order selection, buying power, price and confirmation in a streamlined experience across devices (also available in dark mode!). Update your SoFi App to get the full experience > (Apple / Google)

SoFi rewards points can now be used to pay down your eligible SoFi  loans⁸. You can now redeem your SoFi Points to pay down your SoFi student loan, student loan refinance, personal loan or even credit card balance. Earning points is as easy as logging into the SoFi app, setting up direct deposit, checking your credit score, and more. See all the ways you can redeem >

SoFi launched the SoFi Real Estate Center, powered by HomeStory⁹. We’re giving members the ability to manage the home-buying and -selling process all in one place. You could earn a real estate commission rebate on your home purchase/sale when you use a HomeStory network real estate agent, discover homes on market & connect with local agents. Oh, and did we mention our On-Time Close Guarantee ¹⁰ ? See what’s new >

HomeStory is a digital and virtual real estate company that matches consumers with agents and lending solutions best suited for their home-buying needs. The SoFi Real Estate Center, powered by HomeStory, is a one-stop real estate experience designed to help you navigate your home-buying journey with access to robust market insights, analytics, and a prescreened local agent through the HomeStory network. Learn more here and at HomeStory Privacy Policy.

This is just a taste of all the things we’re doing to make SoFi a better experience and make sure your money works harder for you. Stay tuned for the next update, we have a lot cooking for you in the next month!

 

Disclosures

1. ©2022 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.

 

2. SoFi members with direct deposit can earn up to 2.00% annual percentage yield (APY) interest on all account balances in their Checking and Savings accounts (including Vaults). Members without direct deposit will earn 1.00% APY on all account balances in Checking and Savings (including Vaults). Interest rates are variable and subject to change at any time. Rate of 2.00% APY is current as of 08/12/22. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet

 

3. 66x based on FDIC monthly interest checking rate as of August 10, 2022.

 

4. 33x based on FDIC monthly interest checking rate as of August 10, 2022.

 

5. SoFi Invest refers to the three investment and trading platforms operated by Social Finance, Inc. and its affiliates (described below). Individual customer accounts may be subject to the terms applicable to one or more of the platforms below.

 

1) Automated Investing and advisory services are provided by SoFi Wealth LLC, an SEC-Registered Investment Adviser (“Sofi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC.

 

2) Active Investing and brokerage services are provided by SoFi Securities LLC, Member FINRA(www.finra.org)/SIPC(www.sipc.org), (“Sofi Securities”). Clearing and custody of all securities are provided by APEX Clearing Corporation.

 

3) SoFi Crypto is offered by SoFi Digital Assets, LLC, a FinCEN registered Money Service Business.

 

For additional disclosures related to the SoFi Invest platforms described above, including state licensure of SoFi Digital Assets, LLC, please visit SoFi.com/legal.

 

Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform. Information related to lending products contained herein should not be construed as an offer or pre-qualification for any loan product offered by SoFi Bank, N.A., or SoFi Lending Corp.

 

6. IMPORTANT INFORMATION

Before investing you should carefully consider a Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus. A prospectus may be obtained by going to https://www.sofi.com/invest/etfs/. Please read the prospectus carefully before you invest. There is no guarantee a Fund’s investment strategy will be successful and you can lose money on your investment in the fund. Shares may trade at a premium or discount to their NAV in the secondary market.

TWEB Risks: Big Data & AI Risks. Companies that develop or support the development of Big Data analytics systems and AI systems may have limited product lines, markets, financial resources or personnel. These companies typically face intense competition and potentially rapid product obsolescence. These companies are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. Blockchain Technology Risk. Blockchain technology is a relatively new and untested technology which operates as a distributed ledger. The risk associated with the blockchain technology may not emerge until the technology is widely used. Blockchain systems could be vulnerable to fraud, particularly if a significant minority of participants colluded to defraud the rest. Cybersecurity Risk. With increased use of technologies such as the internet to conduct business, the Fund is susceptible to operational, information security, and related risks. Metaverse Risk. Metaverse companies provide internet navigation services and reference guide information and publish, provide or present proprietary advertising and/or third party content. In addition, they often derive a large portion of their revenues from advertising, and a reduction in spending by or loss of advertisers could seriously harm their business. Models and Data Risk. The composition of the index is heavily dependent on proprietary quantitative models as well as information and data supplied by third parties (“Models and Data”). NFT & Tokenization Industry Risk. The NFT and tokenization industries are rapidly evolving and intensely competitive, and are subject to changing technologies, shifting user needs, and frequent introductions of new products and services. If the NFT marketplace fails to continue to grow, firms that support NFT marketplaces may lose money or go out of business. Foreign Securities Risk. Investments in securities or other instruments of non U.S. issuers involve certain risk not involved in domestic investments and may experience more rapid and extreme changes in value than investments in securities of U.S. Passive Investment Risk. The Fund invests in the securities included in, or representative of, its Index regardless of its investment merit.

As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions. Because the Fund is “non-diversified”, it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

ENRG Risks. An investment in the Fund is subject to numerous risks including the possible loss of principal. There can be no assurance that the Fund will achieve its investment objective. Equity securities, such as common stocks, are subject to market, economic and business risks that may cause their prices to fluctuate. As with all ETFs, Fund shares may be bought and sold in the secondary market at market prices. The market price normally should approximate the Fund’s NAV per share (but the market price sometimes may be higher or lower than the NAV. The Fund is new with a limited operating history. There are a limited number of financial institutions authorized to buy and sell shares directly with the Fund, and there may be a limited number of other liquidity providers in the marketplace. There is no assurance that Fund shares will trade at any volume, or at all, on any stock exchange. Low trading activity may result in shares trading at a material discount to NAV. Please see the prospectus and summary prospectus for a complete description of principal risks. Models and Data Risk: The composition of the Index is heavily dependent on proprietary quantitative models as well as information and data supplied by third parties (“Models and Data”). Non Diversification Risk: Because the Fund is “non diversified”, it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

The Fund’s investments will be concentrated in an industry or group of industries to the extent the Index is so concentrated. In such event, the value of Shares may rise and fall more than the value of shares that invest in securities of companies in a broader range of industries. Investments in securities or other instruments of foreign securities involve certain risks not involved in domestic investments and may experience more rapid and extreme changes in value than investments in securities of U.S. companies. Distributed Energy Companies typically face intense competition, short product lifecycles and potentially rapid product obsolescence. These companies may be significantly affected by fluctuations in energy prices and in the supply and demand of renewable energy, tax incentives, subsidies and other governmental regulations and policies.

SoFi ETFs are distributed by Foreside Fund Services.

7. Extended hours are from 9 AM – 9:30 AM and 4 PM – 8 PM ET Monday to Friday. Only limit orders can be placed during extended hours. Orders placed after 4 PM ET that and not filled by 8 PM ET will be canceled. Trading during extended hours involves greater risk including lower liquidity and greater volatility

 

8. Terms and conditions apply. Learn more at SoFi.com/rewards

 

SoFi Mortgage Loans: Terms, conditions, and state restrictions apply. Before you apply for a SoFi Mortgage, please note that not all products are offered in all states, and all loans are subject to eligibility restrictions and limitations, including requirements related to loan applicant’s credit, income, property, and loan amount. SoFi Mortgages may be available for primary or second home residences or investment properties. Lowest rates are reserved for the most creditworthy borrowers. Products, rates, benefits, terms, and conditions are subject to change without notice. Learn more at SoFi.com/eligibility-criteria. Information current as of 9/9/22.

 

SoFi Mortgages may be originated through SoFi Bank, N.A., NMLS #696891 (Member FDIC) or through SoFi Lending Corp., NMLS #1121636. SoFi Lending Corp. is licensed by the Department of Financial Protection and Innovation under the California Financing Law (License #6054612) and by other states. For more information on SoFi Lending Corp. licenses, see Licenses. Equal Housing Lender.

 

9. ^HomeStory Rewards is offered by HomeStory Real Estate Services, a licensed real estate broker. HomeStory Real Estate Services is not affiliated with SoFi Lending Corp. or SoFi Bank, N.A. (SoFi). SoFi is not responsible for the program provided by HomeStory Real Estate Services. Obtaining a mortgage from SoFi is optional and not required to participate in the program offered by HomeStory Real Estate Services. The borrower may arrange for financing with any lender. Rebate amount based on home sale price, see table[KH12]  for details.

 

Qualifying for the reward requires using a real estate agent that participates in HomeStory’s broker to broker agreement to complete the real estate buy and/or sell transaction. You retain the right to negotiate buyer and or seller representation agreements. Upon successful close of the transaction, the Real Estate Agent pays a fee to HomeStory Real Estate Services. All Agents have been independently vetted by HomeStory to meet performance expectations required to participate in the program. If you are currently working with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®. A reward is not available where prohibited by state law, including Alaska, Iowa, Louisiana and Missouri. A reduced agent commission may be available for sellers in lieu of the reward in Mississippi, New Jersey, Oklahoma, and Oregon and should be discussed with the agent upon enrollment. No reward will be available for buyers in Mississippi, Oklahoma, and Oregon. A commission credit may be available for buyers in lieu of the reward in New Jersey and must be discussed with the agent upon enrollment and included in a Buyer Agency Agreement with Rebate Provision. Rewards in Kansas and Tennessee are required to be delivered by gift card.

 

HomeStory will issue the reward using the payment option you select and will be sent to the client enrolled in the program within 45 days of HomeStory Real Estate Services receipt of settlement statements and any other documentation reasonably required to calculate the applicable reward amount. Real estate agent fees and commissions still apply. Short sale transactions do not qualify for the reward. Depending on state regulations highlighted above, reward amount is based on sale price of the home purchased and/or sold and cannot exceed $9,500 per buy or sell transaction. Employer-sponsored relocations may preclude participation in the reward program offering. SoFi is not responsible for the reward.

 

SoFi Lending Corp. (NMLS #1121636) and SoFi Bank, N.A. (NMLS #696891) do not perform any activity that is or could be construed as unlicensed real estate activity, and SoFi is not licensed as a real estate broker. Agents of SoFi are not authorized to perform real estate activity.

 

If your property is currently listed with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®.

 

Reward is valid for 18 months from date of enrollment. After 18 months, you must re-enroll to be eligible for a reward.

 

SoFi loans subject to credit approval. Offer subject to change or cancellation without notice.

 

The trademarks, logos and names of other companies, products and services are the property of their respective owners.

10. SoFi On-Time Close Guarantee: If all conditions of the Guarantee are met, and your loan does not close on or before the closing date on your purchase contract accepted by SoFi, and the delay is due to SoFi, SoFi will provide you $2,000.* Terms and conditions apply. This Guarantee is available only for loan applications submitted after 6/16/22 for the purchase of a primary residence. Please discuss terms of this Guarantee with your loan officer. The property must be owner-occupied, single-family residence (no condos), and the loan amount must meet the Fannie Mae conventional guidelines. No bank-owned or short-sale transactions. To qualify for the Guarantee, you must: (1) Have employment income supported by W-2, (2) Receive written approval by SoFi for the loan and lock the rate, (3) Submit an executed purchase contract on an eligible property at least 30 days prior to the closing date in the purchase contract, (4) Provide to SoFi (by upload) all required documentation within 24 hours of SoFi requesting your documentation and upload any follow-up required documents within 36 hours of the request, and (5) Pay for and schedule an appraisal within 48 hours of the appraiser first contacting you by phone or email. The Guarantee will be void and not paid if any delays to closing are due to factors outside of SoFi control, including delays scheduling or completing the appraisal appointment, appraised value disputes, completing a property inspection, making repairs to the property by any party, addressing possible title defects, natural disasters, further negotiation of or changes to the purchase contract, changes to the loan terms, or changes in borrower’s eligibility for the loan (e.g., changes in credit profile or employment), or if property purchase does not occur. SoFi may change or terminate this offer at any time without notice to you.

*To redeem the Guarantee if conditions met, see documentation provided by loan officer.