The SoFi Product Drop: September 2022
Welcome to the SoFi Product Drop — our regular series where we dive into new features and updates from across our platform designed to improve your experience. SoFi is constantly working to make every product work harder for you and work better together.
Check out what’s new for you from the last month:
SoFi kicked off the football season with better-than-ever member perks at SoFi Stadium. With the start of the NFL Season, we’re rolling out the red carpet for all of our members to get the best experience possible for game days at SoFi Stadium, home to Los Angeles Chargers and World Champions the Los Angeles Rams. SoFi members exclusive, on-site game day perks include:
• Access to the SoFi Member-only Lounge & Bar
• Express entry in the stadium and complimentary bag check
In September, we also announced our new partnership with Los Angeles Chargers Quarterback and SoFi member Justin Herbert. To kick off our new partnership, you can enter the Game Plan Sweepstakes² for a chance to win an epic grand prize of $50K and tickets in a VIP suite at SoFi Stadium and other weekly giveaways. See more about how to score big at SoFi Stadium>
SoFi Insights, a financial tracking tool, introduced Vehicle and Property tracking³’⁴. With SoFi Insights, you can track all of your money, all in one place. In addition to credit score monitoring, spending breakdowns, and financial insights, now you can also track the value of your home property and vehicles – all in one place. With inflation still hitting bills hard and the holidays right around the corner, there is no better time to ensure you have a complete picture of all your finances. Get started >
SoFi Personal Loans introduced same day funding⁵. No matter what you need a personal loan for—like paying down high-interest debt, making a major purchase or an emergency—we want to make sure you get what you need fast. In addition to low fixed rates and no fees required, now you can get your funds as quickly as the same day your loan is approved. We introduced same day funding to make life a little easier whenever you need it. Explore a personal loan>
SoFi Checking & Savings’ APY increased to 2.50% for direct deposit members⁶. 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 2.00% to 2.50% for direct deposit members, 62x the national average⁷. For members without direct deposit, the APY is 1.20%, 30x⁸ the national average.
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!
1. New and existing SoFi Checking and Savings® Debit Card and Samsung Money by SoFi members can earn 25% cash back on all eligible purchases at SoFi Stadium until 3/31/2023 11:59 PT. A maximum of $50 cash back, corresponding to a maximum spend of $200, can be earned from this limited-time offer. Game tickets, event tickets, purchases made outside of SoFi Stadium, and purchases at traveling merchants not affiliated with SoFi Stadium such as food trucks or traveling merchandise vendors are not eligible for this promotion. 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. No opt in required. SoFi Checking and Savings: SoFi Checking and Savings® is a checking and savings account, which is a brokerage product, offered by SoFi Securities LLC. Member FINRA/SIPC. SoFi Securities LLC is an affiliate of SoFi Bank, N.A. SoFi Checking and Savings Debit Card issued by The Bancorp Bank.
New and existing SoFi Credit Card members can earn 25% cash back on all eligible purchases at SoFi Stadium until 3/31/2023 11:59PM PT. Cash back is earned in the form of rewards points. Game tickets, event tickets, purchases made outside of SoFi Stadium, and purchases at traveling merchants not affiliated with SoFi Stadium such as food trucks or traveling merchandise vendors are not eligible for this promotion. 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. No opt in required. All purchases on food, beverage, or merchandise on your SoFi Credit Card while you are inside the stadium qualify to earn 25% cash back. A maximum of 12,500 rewards points, corresponding to a maximum spend of $500, can be earned from this limited-time offer. After the promotional period or once you have earned the maximum points offered by this promotion, your cash back earning rate will revert back to 2%. 12,500 rewards points are worth $125 when redeemed into SoFi Checking and Savings®, SoFi Invest, Crypto, SoFi Personal or Student Loan Refinance loans and are worth $62.50 when redeemed as a SoFi Credit Card statement credit
2. No purchase or account funding necessary to enter or win. Ends: 11/29/22. Only legal residents 18+ of 50 US + DC. Visit sofi.com/justin to view official rules for details, including eligibility & entry requirements plus weekly entry deadline dates. Void where prohibited by law.
3. SoFi’s Insights tool offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc’s service. Vehicle Identification Number is confirmed by LexisNexis and car values are provided by J.D. Power. Auto Tracker is provided on an “as-is, as-available” basis with all faults and defects, with no warranty, express or implied. The values shown on this page are a rough estimate based on your car’s year, make, and model, but don’t take into account things such as your mileage, accident history, or car condition.
4. About Property Tracking shows market value data on a specific property for use by the owner to help monitor your investment. Value estimations are provided monthly by our partner, Kukun, and are based on application of valuation models to available property data from other similar nearby properties, local data and market conditions. Unreported home improvements may not be reflected in your home value estimations. [Property Tracking][Insights] is provided on an “as is, as available” basis with all faults and defects, with no warranty, express or implied. Estimated values provided by Relay should not replace appraisals or other professionally provided estimates, and are not for resale or commercial use.
5. Same-Day Personal Loan Funding: 86% of typical SoFi Personal Loan applications, excluding Direct Pay Personal Loans and Personal Loan refinance, from January 1, 2021 to December 1, 2021 that were signed before 7pm ET on a business day were funded the same day.
6. SoFi members with direct deposit can earn up to 2.50% annual percentage yield (APY) on all account balances in their Checking and Savings accounts (including Vaults). There is no minimum direct deposit amount required to qualify for 2.50% APY. Members without direct deposit will earn 1.20% APY on all account balances in Checking and Savings (including Vaults). Interest rates are variable and subject to change at any time. Rate of 2.50% APY is current as of 09/30/2022. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet
7. 62x based on FDIC monthly interest checking rate as of September 30, 2022.
8. 30x based on FDIC monthly interest checking rate as of September 30, 2022.