Mail-In Rebate Guide: How to Submit & Extra Savings Tips

Mail-In Rebate Guide: How to Submit & Extra Savings Tips

Mail-in rebates sound simple: To submit one, you purchase a qualifying product, fill out its rebate form, and mail the form – and its requested proof of purchase – back to the product manufacturer. If accepted, you should receive a refund in roughly two to four months.

This kind of incentive has become quite popular. You’ve probably seen them in-store (say, an offer of $5 off a purchase of shaving cream) and online, where pop-ups may promise $100 back after buying a smartphone.

It sounds like the path to easy money, but the truth is, many rebates never get claimed. To avoid that scenario, here’s how to claim your savings via a rebate.

What Exactly Is a Mail-in Rebate?

A mail-in rebate is an offer for a full or partial refund on a product purchase in exchange for providing proof that you bought the item. Rebates are offered directly from manufacturers for any number of reasons. They may be conducting market research, enticing the sale of a pricey item, or looking to empty their inventory of a product that hasn’t captured the consumer’s imagination.

Whatever the motivation is, it gives consumers the opportunity to purchase items at a lower cost if they invest a bit of time and effort. That can mean some extra money to put into your checking account.

How Do You Submit a Mail-in Rebate?

The concept of mail-in rebates has been around for years, and the process of applying for them largely remains the same. Following these five simple steps can help you successfully submit your rebates.

Step 1: Look in the Right Places

A rebate can appear in many forms. Tear-off pads on product displays or sticker tabs directly on products that say “rebate” are some of the most obvious. Others can be found in the coupon section of a newspaper, on couponing websites, and even the direct websites of the manufacturers. Sometimes, they will come inside the box along with something you’ve ordered or as a tear-off section at the bottom of your receipt. Knowing how to spot them is the first step toward claiming them. But of course, you don’t want to buy something just because it offers a rebate. Many of us are trying to cut back on spending, so only snap up products that you really need.

Step 2: Purchase the Right Product

Rebate offers are very specific about the products to which they apply. This means that when purchasing a product, you should double-check (maybe even triple-check!) that it matches the item specified on the rebate form. If a product is simply the wrong color or size, you run the risk of your rebate being rejected by a manufacturer.

When purchasing a product for rebate, carefully check details such as the brand name, style, color, model number, quantity, and even weight or size against the details on the rebate form to make sure they match.

Step 3: Complete the Rebate Form

The rebate form itself is what outlines the specific parameters of the rebate offer, but it is also where contact information must be provided so that the rebate can be issued upon acceptance. Expect to include contact details such a full name, address, and a phone number in order to fully submit a rebate claim.

Step 4: Collect the Proof of Purchase

The crux of rebate submissions relies on being able to prove that a product was purchased. Rebate forms will specifically outline which forms of proof they require to be submitted, and they can vary from product to product. Two of the most common forms of proof are the purchase receipt and the UPC barcode from the product’s packaging. Be sure to gather the specific proof requested for each product before submitting a rebate.

Step 5: Mail and Wait

After filling out a rebate form and collecting the proof of purchase, the rebate can be mailed to the manufacturer. Use the specific address outlined on the rebate form, and prepare to wait anywhere from 6 to 12 weeks (or even longer) to receive your rebate upon its approval. Processing times vary widely across manufacturers but the fine print on a rebate form will outline what return date to expect for that specific product.

Rebates are submitted by countless people worldwide, so the process can take time. Often, when your rebate does arrive, it will be in the form of a check or a prepaid debit card loaded with the amount of the rebate.

Recommended: Understanding the Different Types of Bank Accounts

Earn up to 4.20% APY with a high-yield savings account from SoFi.

No account or monthly fees. No minimum balance.

9x the national average savings account rate.

Up to $2M of additional FDIC insurance.

Sort savings into Vaults, auto save with Roundups.


Mail-in Rebate Tips

Even though the process for submitting a mail-in rebate is fairly simple and straightforward, there are few things to know that can help make the process even easier to manage.

1. Always Get a Receipt

More often than not, a rebate will require a receipt as a proof of purchase. Opting for a receipt with every purchase can help ensure you always have one when you need it. Bonus: Keeping track of receipts and spending can go a long way towards helping you create a budget and stick to a budget.

2. Take Note of Expiration Dates

Always check the expiration date on the rebate form, and aim to mail the rebate at least a week prior to the date. This tactic can help ensure that the rebate arrives to the manufacturer on time. Otherwise, your effort to submit will be in vain, and you’ll wind up “leaving money on the table,” as the saying goes.

3. Don’t Consolidate Purchases

It’s common to find multiple product rebates in a single shopping trip, and purchasing them in the same transaction would seem like common sense. However, in the case of multiple rebates, it’s wise to process each rebate in its own separate transaction, whether you pay in cash or with a credit card. Because rebate requirements can differ and each submission will require its own proof of purchase, collecting a unique receipt for each product purchased will help avoid any confusion. You don’t want to be stuck with a single proof of purchase that needs to be sent to multiple locations.

4. Keep the Packaging

Proof of purchase requirements for product rebates can vary, but they all require the product to be in possession of the buyer. The UPC barcode is one of the most commonly requested details, and it’s not uncommon for the manufacturer to request that the barcode be cut out and physically submitted. Depending on the packaging, the UPC barcode can appear on inner or outer product packaging, and without paying attention, it can be easy to discard the packaging altogether without collecting it.

Keeping product packaging until all mail-in-rebate requirements have been collected and submitted can help avoid any mishaps during the process. Once you’ve filed your rebate (or, better still, received your money back), go ahead and declutter.

5. Prepare to Follow Up

Though rebate refunds typically take six to eight weeks to arrive, it’s not uncommon for that time to stretch to 12 weeks or longer, if they arrive at all. It can be wise to put a reminder in your calendar to see if the rebate has arrived when expected so you can plunk it into your bank account, and, if not, to follow up.

Also, make sure to keep copies of everything that has been mailed off — the receipt, the UPC code, and anything else you sent. When contacting a manufacturer for a rebate status, having a detailed tracker and copies of your rebate materials to reference will help the process of claiming your rebate run more smoothly. Yes, it’s an extra (possibly annoying) step, but if you’ve made the effort to get money back, you do want to follow through!

Recommended: 7 Tips for Managing a Checking Account

The Takeaway

Mail-in rebates provide great opportunities to save money on everyday products, but they do require a bit of effort to redeem. With a little attention to detail, your diligence could result in a moderate stash of savings that could be used toward other financial goals.

That said, rebates will only get you so far! Opening a new bank account can help you store those savings and snag you some interest.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.


Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.20% APY on SoFi Checking and Savings.

FAQ

How do I send mail-in rebates?

Sending in a rebate typically requires getting a rebate form, purchasing the right product, filling out the rebate form, including your proof of purchase, and mailing all the required documents in.

Is a mail-in rebate worth it?

A mail-in rebate can take some time and effort to complete, but in return, you can get part of your purchase price returned. Not completing a rebate is akin to “leaving money on the table.”

Why do companies do mail-in rebates?

Companies may do mail-in rebates to entice consumers to buy an item, introduce a new item, or clear out an item that is being discontinued.


Photo credit: iStock/AndreiDavid

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2024 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
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.


SoFi members with direct deposit activity can earn 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. 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 (“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, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.20% 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 members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

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 4.20% 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 10/31/2024. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

SOBNK-Q324-058

Read more
How to Spot Good Car Value Estimates vs Bad Car Price Estimates

How to Spot Good Car Value Estimates vs Bad Car Price Estimates

Good car value estimates will factor in as many as a dozen data points, including geographic and economic influences. Less precise tools base estimates only on make, model, year, and mileage. If you’re looking to sell your car, or you’re in the market for a used vehicle, it’s important to familiarize yourself with how automobile valuations work.

Here’s what you need to know to help you increase your chances of getting the best deal.

What to Know About Instant Dealer Trade-In Quotes

A number of dealerships and websites — such as Carvana, Truecar and Kelley Blue Book — offer instant cash or instant dealer trade-in quotes for your car. Often, all you have to do is share a few details, such as the vehicle identification number (VIN) or license plate number, and the company will come back to you with a cash offer for your vehicle.

Though a lot of companies make it sound like the process is as simple as that, know that there is likely an in-person review of your vehicle before anyone will cut you a check.

Track your credit score with SoFi

Check your credit score for free. Sign up and get $10.*


What Do Dealers Base Their Car Estimates On?

Instant quotes and valuations usually look at a few quick measures, such as year, make and model, and mileage. This information is enough to provide a rough estimate of value. However, other factors will also come into play. Here’s a closer look.

(Keep in mind, these terms apply only to cars you own outright; different calculations go into valuing a leased car.)

Make and Model

You can think of the make and model of a car as the brand and the specific product on offer. For example, Toyota is a make of vehicle, while the Corolla is a model. Some makes and models are more popular, which helps them hold their value longer. For example, a certain make and model might be known for fuel efficiency or to be safer or more reliable.

There may be numbers or letters next to a car’s make and model that further delineate different features or trim level. Generally speaking, the higher a vehicle’s trim level — the more features it has — the more valuable the car will be.

Style

A vehicle’s body style is its shape. It might be a minivan, hatchback, or pickup truck. Information about a vehicle style is contained in its make and model. And certain styles are more valuable than others. For example, trucks tend to retain their value better than other car styles. In other words, they depreciate more slowly.

Condition

Your vehicle’s condition means both cosmetic issues like scratches, dents, and wear to upholstery, and also the wear and tear on the engine and other components. The better condition a car is in and the fewer impending repairs needed, the more valuable it will be.

Mileage

Mileage is an important factor to consider because it serves as shorthand for potential wear and tear. The more a car has been driven, the more likely it needs repair or will soon. As a result, cars with smaller odometer readings are worth more.

Accident History

Accidents big and small will hurt the value of a vehicle. Even if a car was in a minor accident and shows no outward signs of damage, value can decrease. Buyers can look up vehicle history reports on sites such as Carfax and AutoCheck, using a car’s VIN.

Car Add-ons

When you buy a car new, you may be offered a series of add-ons, such as splash guards, alarm systems, and tinted windows. While these are often pricey to add to a new vehicle, that doesn’t always translate into increased value for used cars. In fact, according to some experts, once a car is two or three years old, add-ons have little effect on its value. Condition, mileage, and accident history often matter much more to the average used car buyer.

Number of Previous Owners

Used cars that have been owned by only one person may be seen as preferable because the vehicle will have had a consistent driving history and maintenance schedule. Multiple owners will not necessarily hurt the value of a car, but it may raise a red flag if there have been many owners in a short period of time.

Warranties

If a car is still under warranty and that warranty is transferable to a new buyer, it can add value.

Location

Geography can have an effect on car value. For example, the harsh winters and salted roads of the Northeast can take a toll, causing more wear and tear than a warm, dry climate.

Additionally, some types of vehicles may be in higher demand in certain areas, driving up price. For example, you might have an easier time selling a pickup truck in a suburban or rural area than in a big city.

Timeline

The less time an individual has to sell their vehicle, the more likely it is that they may have to accept an offer that’s less than the fair market value, especially in areas where there is not much demand.

The Economy

The value of used vehicles can fluctuate with changes in the economy. For example, a softer-than-expected labor market and a slowdown in economic growth in 2024 drove down the price of new and used vehicles. As of August 2024, the average price of used cars was $25,251 — down from $28,000 in 2022, according to CarEdge.

Rising interest rates can also make borrowing to buy a vehicle more expensive, putting downward pressure on demand, as can a struggling stock market or a recession.

Recommended: What Credit Score Is Needed to Buy a Car?

What Buyers Are Looking For

Ultimately, supply and demand drive the value of used vehicles. If buyers are looking for hybrid vehicles over gasoline-only cars, value for hybrids increases. If a certain color falls out of favor, a car may end up being worth less than an otherwise identical model in a different hue.

How to Prepare Your Car and Your Expectations

Prepare your car for the highest valuation by tackling as many repairs as you can, from fixing a broken brake light to replacing worn out brake pads. A budget planner app can help you figure out how much you have to spend on the fixes. Before an in-person valuation, you’ll also want to have your car washed and detailed to make sure it looks like it’s in the best condition possible.

Manage your expectations for values by doing a bit of research. If you’re looking to sell your car, check out valuation estimates from multiple sources, including Edmunds, Kelley Blue Book, and online dealers. You may even want to bring your car to a local dealership to see what price you might get there.

Similarly, if you’re looking to buy a new or used car, you can look up the value of various makes and models to help you understand whether the price you’re quoted is close to fair market value.

Recommended: Does Net Worth Include Home Equity?

The Takeaway

Good car value estimates will factor in as many as a dozen data points, including geographic and economic influences. Tracking your car’s value is especially important as you plan your budget and save up to buy a used or new car. The reason: Your current car’s value can have a big impact on what you can afford.

SoFi’s money tracker app now has an Auto Tracker feature that can give you a better understanding of your net worth and help you identify good times to sell.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

See exactly how your money comes and goes at a glance.

FAQ

What is the best way to determine the value of a car?

Find out the value of a car through trusted online resources such as Kelley Blue Book or Edmunds. Enter the VIN, license plate number, or the year, make, model, and mileage of your car or truck to get an idea of what it may be worth.

Which car value estimator is most accurate?

Kelley Blue Book and Edmunds are two of the most trusted car value estimators.

How do you know if a car deal is too good to be true?

Red flags that may suggest a car deal is too good to be true include a seller who is rushing you, a seller who won’t give you an accident report, signs of rust or disrepair, and a price that is much too low compared to fair market price.


Photo credit: iStock/Talaj

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SORL-Q324-017

Read more
What Are Money Affirmations? Do They Actually Work?

Guide to Money Affirmations

Money affirmations are phrases you repeat aloud or write down to help promote positive thinking and good financial habits. Some people find these mantras to be a helpful tool in reducing money stress. That can be a good thing: In one 2024 survey, 88% of respondents said they were experiencing financial stress, with 65% noting that money was their single biggest source of worry.

Here, learn about what money affirmations are and how you might find them useful.

Key Points

•   Money affirmations are phrases repeated aloud or written down to promote positive thinking and good financial habits.

•   Money affirmations are based on the premise that by envisioning what you want, you can guide your thoughts and behaviors to achieve it.

•   Affirmations may help reduce money stress and encourage a positive attitude.

•   Repeating affirmations may help avoid impulsive or unwise money decisions.

•   The effectiveness of money affirmations is subjective and varies from person to person.

What Are Money Affirmations?

Affirmations about money are positive statements about personal finances, from the dollars that pass through your hands (or are growing in your savings account) daily to long-term goals. Some people value these as being a step towards visualizing and achieving financial success. Some points to know:

•   An affirmation can be as simple as “My finances will get better.” That can be a motivating and calming message if, say, you are a recent graduate who is struggling to find a job. Looking on the bright side in this way can encourage a positive attitude as you learn how to become financially independent.

•   Fans of finance affirmations say that repeating them can help you believe in and actualize (or manifest) them. By keeping such thoughts top of mind, you might avoid impulsive or unwise money decisions, such as splurging on a vacation when it isn’t in your budget. 

That said, others may not believe in money affirmations and question if there’s proof that this kind of positive thinking works. It’s a very personal decision whether to implement these affirmations or not.

Recommended: Personal Finance Basics for Beginners

What Is the Law of Attraction?

When exploring money affirmations (or any kind of affirmation, for that matter), you may hear the phrase “law of attraction” used. This principle says that by focusing on what you want to attract into your life, you can help yourself actually attain those goals. To put it another way, by envisioning what you want, you can guide your thoughts and behaviors to achieve that vs. dwelling on what you don’t have. 

For instance, if you want to retire by age 50, you would push away negative thoughts of “I’ll never have enough money to do that.” Instead, you might regularly conjure up the image of leaving your job to pursue your passions at age 50 and say, “I am on a path to save enough money to retire early.” That could perhaps help you pass up impulse buys and instead save money to help you realize your dream. That can be a valuable step on the path to financial freedom.

Get up to $300 when you bank with SoFi.

No account or overdraft fees. No minimum balance.

Up to 4.20% APY on savings balances.

Up to 2-day-early paycheck.

Up to $2M of additional
FDIC insurance.


25 Money Affirmations

If you want to give affirmations about money a try, here are 25 examples you can try out (whether you say them aloud, internally, or write them down) to hopefully build a more positive approach to your finances.

1.      I control money; money doesn’t control me.

2.      I can become financially free.

3.      I have the power to be financially successful.

4.      My income will exceed my expenses.

5.      My hard work will bring in more money.

6.      I am worthy of making more money.

7.      I am a magnet for prosperity, and it flows toward me effortlessly.

8.      I deserve the money coming to me.

9.      I have more than enough money.

10.      My finances will get better.

11.      I accept financial success.

12.      I will achieve my financial goals.

13.      I deserve financial success and happiness.

14.      I will use the money I earn for good.

15.      I am wise with my money.

16.      I can make smart financial decisions.

17.      I have the ability to overcome reckless spending.

18.      I can make my dreams a reality.

19.      My future self will thank me for being wise with money.

20.      Having wealth is integral for life.

21.      I can achieve my financial goals and more.

22.      Debt will not stop me from reaching my financial goals.

23.      Saving money is a challenge I can accomplish.

24.      My investments will pay off.

Do Money Affirmations Actually Work?

There’s no guarantee that if you repeat money affirmations, your financial well-being will improve. No matter what you see online, read in books, or watch on YouTube, no one knows 100% whether money affirmations, even if repeated 100 times, will truly improve finances and build wealth. 

That said, proponents believe in them, so whether to use money affirmations is your call. One note in favor of money affirmations: They might help you focus on the positive and alleviate some money stress, which can be a good thing. 

One recent survey found that almost half of respondents (47%) said money negatively impacted their mental health, and that included causing stress. Reinforcing positive self-talk with money mantras might relieve worry and result in a calmer, steadier, more productive financial mindset

Money Affirmations vs Money Mantras

The phrases “money affirmations” and “money mantras” are typically used interchangeably. They are also sometimes called “abundance affirmations” or “wealth affirmations.” Occasionally, a money affirmation may be distinguished as being a sentence vs. a money mantra being just a phrase (like “less spending, more success”). 

Whatever you call them, money affirmations for financial abundance may be a way to boost your positivity when it comes to managing your cash. The words are meant to help you stay the course in reaching your financial goals.

Recommended: Tips for Overcoming Bad Financial Decisions

How to Choose and Write Your Money Affirmations

To choose and write your money affirmations, first identify negative beliefs about money that may be holding you back. Perhaps you see yourself as an impulse shopper, incapable of resisting sales or making frugal decisions. Maybe you’ll decide that “I am wise with my money” would be a good affirmation to try because it could counteract negative money self-talk.

You can also write a money mantra based on your personal challenges to state your goals as if it is already true. For example:

•   If your checking account is often lower than you’d like and you’re tightening your budget, the negative statement, “I will not order food delivery ever this year” may be discouraging and hard to live up to. 

•   A better affirmation might be a positive phrase, like, “I will budget well and spend my grocery money mindfully.” That way, when you do order the occasional pizza, you will likely have planned for it and can feel good. 

Your money mantra can help you focus on the positive.

How Do You Use Money Affirmations?

Those who believe in affirmations suggest using them in whichever way feels comfortable and meaningful. 

•   You might say them aloud or to yourself. 

•   You could jot them on a sticky note to post on your computer, mirror, fridge, and/or car dashboard. 

•   Some people like to put the words on their phone lock screen.

•   Others may prefer to write their phases (whether that’s “I am working to increase my bank account” or “Abundance is flowing my way”) in a notebook or journal.

Saying or writing your money affirmation daily can be a good practice, but it’s up to you to set the cadence that works best for you. The goal is to repeat the affirmations often enough to impact your outlook, enabling you to visualize financial security and move towards it.

Recommended: 7 Tips for Improving Your Financial Health

The Takeaway

Money affirmations, aka money mantras or abundance affirmations, are sayings that people can repeat to replace a negative money mindset with a positive one. They can express a financial goal or good habit. Some believe that saying or writing these words can help banish negative self-talk and instead create an optimistic outlook that can encourage good money management and financial wellness.

Another aspect of financial health is choosing the right banking partner. 

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.


Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.20% APY on SoFi Checking and Savings.

FAQ

How do I choose the best money affirmation for me?

Choosing the right money affirmation is a very personal decision. You may want to opt for (or write) a money affirmation that counteracts negative thoughts. So if you often tell yourself, “I will always be in debt,” a good money affirmation might be, “Every day, I am moving towards eliminating debt.” 

What is the affirmation number for money?

Each person can decide if they believe in affirmation numbers (or “lucky numbers”) for money and, if so, what it might be. Some think the number eight is associated with building wealth (say, in numerology), though it’s unlikely to find scientific proof of such a connection.

How often do I need to say my money affirmations?

Money (or wealth) affirmation fans say you should repeat the phrases as often as you need to so that you believe in them and they can help guide your financial habits. That could mean saying your money mantra daily perhaps. If you choose to write down your money mantras, the general advice is to post your affirmations where you will see and read them often. A couple of good spots might be on the refrigerator or mirror. 

When is a good time to repeat money affirmations?

An ideal time to repeat money affirmations can be when you’re feeling overwhelmed or stressed about your finances. For instance, if your credit card payment is late, rather than sinking back into negative self-talk, you could repeat your money mantra. Doing so might help you accept your current burden and refocus on your goals. Other people may find they like to repeat money mantras in the morning, to encourage a positive money mindset all day.


Photo credit: iStock/s-cphoto

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2024 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
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.


SoFi members with direct deposit activity can earn 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. 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 (“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, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.20% 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 members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

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 4.20% 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 10/31/2024. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

SOBNK-Q324-090

Read more
How Much Does Paying Off a Car Loan Help Credit

Does Paying Off a Car Loan Help Your Credit?

Paying off a car loan can help your credit profile by reducing your debt-to-income ratio. But closing out a loan can also have several negative effects on your credit history. And paying off a loan early isn’t the best decision when there are better ways you can use that money — or save it for an emergency.

We’ll discuss how much paying off a car loan helps your credit and when paying it off early really does pay off.

How Credit Scores Are Calculated

The fact that you got a car loan means you know a little something about your credit score. But it’s always helpful to learn more about how those scores are calculated. According to FICO®, your credit rating is made up of five parts:

•   Payment history (timely payments): 35%

•   Amounts owed (credit utilization): 30%

•   Length of credit history: 15%

•   New credit requests: 10%

•   Credit mix (installment versus revolving): 10%

Whether you’re applying for a personal loan or a car loan, the same factors are used to determine your creditworthiness.

Recommended: What Credit Score Is Needed to Buy a Car?

Check your score with SoFi

Track your credit score for free. Sign up and get $10.*


Does Paying Off a Credit Card Help Your Credit?

For the sake of comparison, let’s say you buy a car with a credit card. (In real life, this is usually a bad idea because credit card interest rates are considerably higher than for auto loans.) How would paying off the credit card balance affect your credit score?

No matter what you’ve heard, maintaining a credit card balance doesn’t help your score. That’s because the amount you owe, also called credit utilization, accounts for 30% of your score. To calculate your credit utilization, add up the credit limits on your cards. Then divide that figure by your outstanding balance(s).

Let’s say your credit limit is $20,000. If you buy a used car for $10,000, you’re utilizing 50% of your available credit. So paying down your balance — or paying off the whole $20K — will improve your credit utilization factor.

But there’s a key difference between paying off a credit card and paying off a car loan. After you pay off the credit card balance, the account remains open (unless you take action to close it). This is called revolving credit: You can repeatedly use the funds up to your credit limit, as long as you continue to make payments.

How Paying Off Your Car Loan Early May Affect Your Credit Score

A car loan is considered an installment loan, one with a starting balance that’s paid down each time you make a monthly payment. According to credit reporting agency Experian, paying off an installment loan can briefly cause your score to dip.

That’s because the loan is no longer “active,” so your timely payment history is no longer contributing to your overall credit score. Paying off an installment loan can also affect a person’s credit mix and the average age of their open accounts.

How To Decide Whether to Pay Off Your Car Loan Early

There’s no one answer that fits every borrower. See which pros and cons below apply to your situation.

When It’s a Good Idea to Pay Off Your Car Loan Early

If any of these statements resonate with you, paying off your car loan early is likely the right decision.

•   You have trouble juggling your monthly bills and would be glad to have one fewer to deal with.

•   You hate the idea of continuing to pay interest on the loan.

•   The money you free up can be used to pay down another debt, add to your savings, or spend on pursuits you’re passionate about.

•   You’re considering taking out another loan, and paying off this one could help you qualify.

But wait! Check out the drawbacks to paying off a loan below before you decide.

When It’s Better to Keep the Loan

Even if you’re eager to pay down some debt, sometimes you’re better off financially keeping a loan. See if any of these disadvantages affect your cost-benefit analysis.

•   Instead of paying off the loan, investing the lump sum might net you more profits than you’ll save in loan interest.

•   If you’re using savings to pay off the loan, you may find yourself short in an emergency.

•   Some loans come with prepayment penalties. Make sure you won’t be charged for paying off your loan ahead of schedule.

•   As noted above, paying off an installment loan can have a negative impact on your credit mix, payment history, and length of credit history.

Recommended: Does Net Worth Include Home Equity?

About to Make Your Last Scheduled Loan Payment?

Now is the perfect time to test how much paying off the loan will impact your credit score. You may be able to find your credit score for free through various channels, such as banks, credit card companies, and credit counselors. Check your score before you make your final payment and again a few months later.

Or you can sign up for a service that monitors your credit score for you. What qualifies as credit score monitoring varies from service to service. Look for one that will alert you whenever your score changes.

You’ll also want to decide how you’re going to use those funds going forward. You may decide to pay off other debts (especially credit cards), build your savings, or invest the funds. A money tracker app can give you a helpful overview of your finances.

Paying off a car loan can sometimes lower your auto insurance premium. Check with your insurance carrier, and shop around to make sure you’re getting the best deal.

The Takeaway

The reality is that paying off a car loan may cause your credit score to dip. But it can still be the right decision if you have plenty of savings to cover the balance due. After all, you’ll save money on interest, lower your debt-to-income ratio, and have one fewer monthly bill to juggle. Whether you should pay off a car loan early depends on your financial circumstances and if you have other, higher-interest debt that should be paid off first.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

FAQ

How much will my credit score go up if I pay off my car?

Your credit score may actually dip after paying off a car, but it depends on your specific financial situation. That’s because paying off an installment loan can have a negative impact on your credit mix, payment history, and length of credit history.

Will paying off a car loan early improve credit?

Each situation is unique. Paying off a loan will improve your debt-to-income ratio, which lenders look at to determine your creditworthiness. However, it can also have a negative impact on your credit mix, payment history, and length of credit history.

Why did my credit score drop when I paid off my car early?

Credit score algorithms are complex, and every borrower’s situation is different. If your car loan was your only installment loan, closing it reduces your credit mix, which accounts for 10% of your score. Paying off a loan can also reduce the overall length of your open credit accounts, another factor used to calculate your score.


Photo credit: iStock/Pofuduk Images

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SORL-Q324-037

Read more
How Long Does It Take to Open a Bank Account?

How Long Does It Take to Open a Bank Account?

Depending on whether you are opening an account online or in person, this process can take anywhere from a few minutes to an hour. Whether you are opening a checking account or a savings account can also make a difference in how much time you will need to spend. 

Read on to learn what to expect when you open a new bank account, plus tips to help you accomplish this important financial task as quickly as possible. 

What to Do Before Opening a Bank Account

To begin opening a new bank account, you’ll need to make two key decisions: where you’ll open the account and the type of account you want. Options about where to park your funds typically include the following:

•   Banks: When people use the term bank, they are usually referring to brick-and-mortar ones, including the large national chains as well as smaller, local banks. You can physically visit them, typically through a lobby or drive-through, and they offer a range of savings and lending services.

•   Credit unions, on the other hand, are a different kind of financial institution (usually brick and mortar as well). With this structure, account holders are members. Some credit unions are national; others are more regional in terms of their reach and their branches. Members usually need to meet certain guidelines to join, perhaps related to their job or geography, and they can often benefit from lower loan rates and higher interest when saving.

•   Online banks offer services that are likely to be similar to brick-and-mortar banks. However, account holders will bank through a website and/or mobile app. Because online banks don’t have the expense of physical locations to maintain, they can typically offer better interest rates and charge fewer fees than traditional banks.

Once you have made a decision about whether traditional or online banking or a credit union feels like the right fit for you, you’re ready to move ahead to the next step. The second key decision is what kind of account to open.

•   Checking account: The account holder opens a checking account by depositing money into this account, whether in person, online, or through direct deposit. They then have the ability to write checks, use a debit card, or use an online payment system (like PayPal) to make purchases, pay bills, and so forth. Sometimes, the money in the account may earn interest.

•   Savings account: With this kind of account, once the money is deposited, the goal is usually for it to grow, perhaps as an emergency savings account or one designed to save up for a larger purchase. Financial institutions will differ in the interest rates they’ll pay, so you may want to shop around and see where you can get the best deals, noting whether there are minimum balance requirements and other qualifications required.

•   Money market accounts: These are another fairly common option. These are typically used to hold money that the account holder doesn’t intend to spend right away. Many money market accounts also come with convenient check-writing/debit-card features if you do want to tap the funds you’ve deposited. This type of account earns interest. 

Note: Opening an investment account is another option to explore if you are seeking an account that will grow your money as you save toward a longer-term goal. However, unlike the other accounts we have mentioned, these will not be insured by the Federal Deposit Insurance Corporation (FDIC), so consider how much risk of loss you can tolerate.

How Long Does It Take to Open a Bank Account?

If time is of the essence — say, you’ve just moved to a new town and need to get your banking set up, or you are a recent grad who’s just starting on “adulting,” you may wonder how long it takes to make a bank account. 

Various kinds of financial institutions have different processes and timelines for creating a bank account. Completing the steps to open an account may be faster online than in person.

Online

Online applications typically have fields where you can quickly enter information or check a particular box. So, you may be able to complete the information in 15 minutes, especially if you have all of your personal data at hand.

Physically

It may take a bit longer to physically apply at a brick-and-mortar because you may need to wait in a line to see a teller and you may need to fill in the application by hand. Then, in general, figure that a bank may take a couple of days to verify your information and respond. Plus, if checks and/or a debit card are involved, those will usually be physically mailed to you, which can take a week to 10 days till receipt.

Get up to $300 when you bank with SoFi.

No account or overdraft fees. No minimum balance.

Up to 4.20% APY on savings balances.

Up to 2-day-early paycheck.

Up to $2M of additional
FDIC insurance.


How to Open a Bank Account

Here are the steps to follow to open a bank account:

•   Once you know the type of account you want to open and where, you can go to a physical location during banking hours or open the account yourself online, anytime and anywhere. Be prepared with government forms of ID, which can include a driver’s license, state ID, military ID, or passport. Also have your Social Security number handy.

•   Financial institutions will ask for personal information, including your name, address, telephone number, date of birth, and Social Security number to verify your identity. (Opening an account without IDs is possible, but will take some additional steps.)

•   The financial institution may check your credit before opening up the bank account. Usually, if they do, it is what’s known as a soft pull or soft credit inquiry that won’t appear on your credit report’s history. What’s more, the prospective account holder typically doesn’t need to have stellar credit to qualify; it’s just a checkpoint as the bank gets to know you and understand if you pose a risk in terms of keeping your account in good shape. If you’re concerned about this step for any reason, ask about the bank’s policy before proceeding.

•   Once an account is approved, you’ll need to agree to terms and conditions, perhaps by signing a physical document at a brick-and-mortar location or by checking an “I agree” button online. Then, you can make a deposit of funds that’s at least enough to meet the financial institution’s minimum requirement.

Recommended: What Do I Need to Open a Bank Account?

What to Do If You Cannot Open a Bank Account

If you’re turned down for a bank account (yes, unfortunately; it does happen), the first step can be to check the rejection letter for a reason. If that isn’t clear, then ask the financial institution why the account couldn’t be opened right now. 

Also ask about the timeframe to remedy the situation and/or reapply. How long does it take to get a bank account approved after a rejection? It’s possible that the solution is simple, perhaps requiring more information or a clarification.

If banking history is an issue, you can work on fixing that. In the meantime, you could try other financial institutions with different guidelines. It may be easier to be approved by an online bank. Also, some banks have products, like what’s known as a second chance account, specifically designed for people who are trying to build or repair their credit. They may come with more restrictions but can serve as a bridge between now and when you can qualify for other bank accounts.

The Takeaway

If you’re ready to open a bank account, whether it’s a checking or a savings account, you’ll have choices of doing so at a brick-and-mortar bank, an online bank, or a credit union. Typically, working with an online bank will be your quickest option, with an account potentially being set up in just a few minutes. The same process at a physical bank can take an hour (not including travel time), and you will possibly then need to wait for approval of your application. 

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.


Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.20% APY on SoFi Checking and Savings.

FAQ

What do I need to open a bank account?

Financial institutions will typically want to see government forms of ID, such as your driver’s license, state ID, passport, or military ID. You’ll need to share personal information, such as your name, address, phone, and email address, along with your date of birth and Social Security number. Also, you often need to make an initial deposit of funds, although specifics vary by bank.

How much money do you need to open a bank account?

It depends! Financial institutions vary in terms of how much they require as a minimum deposit amount, with some not having one at all. Sometimes, banks will charge a fee if you don’t maintain a certain balance in your account, so compare financial institution policies to find one that works well for you.

How fast can I open a bank account?

If you’re referring to the actual process of applying, it can be as fast as 15 minutes or so. Approvals, however, may take anywhere from an instant to a couple days, especially at brick-and-mortar banks. Also, it can take a week or more to get physical checks and/or a debit card by snail mail.


Photo credit: iStock/Vladimir Sukhachev

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2024 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
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.


SoFi members with direct deposit activity can earn 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. 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 (“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, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.20% 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 members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

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 4.20% 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 10/31/2024. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

SOBNK-Q324-059

Read more
TLS 1.2 Encrypted
Equal Housing Lender