SoFi

Taxes are due April 15, but many taxpayers wait until the last minute to file. If that sounds familiar, don’t worry — you’re not alone. And rest assured that it’s still possible to file accurately and on time. All you need is the right approach.

These last-minute tax filing tips can help you get your return in before it’s too late — all while maximizing tax breaks and planning for taxes owed. Whether you’re filing taxes on your own or working with a professional tax service, getting started now brings you closer to crossing this task off your list.

Tip 1: Know Your Tax Deadlines and Extensions

Federal taxes are usually due on April 15 (11:59 p.m. local time). If that day falls on a weekend or legal holiday, the deadline to file taxes moves to the following business day.

State income tax deadlines can vary. While many fall on April 15 in line with the federal due date, others have different deadlines. Check with your state revenue department for specifics.

The Internal Revenue Service (IRS) does offer a six-month tax extension deadline for federal returns, which can help if you need a little more time. This extension gives you until October 15 to file. However, even with the extension, you still need to pay any taxes you owe by the April 15 deadline. The IRS could penalize you if you don’t.

And if you’re self-employed or own a business, you may owe estimated taxes. These are generally due every quarter — April 15, June 15, September 15, and January 15 of the following year.

Tip 2: Organize Your Documents

Being organized is key to successfully filing your taxes on time, especially at the last minute. Here are some common tax forms you might need:

•   W-2s from your employer

•   1099-K (payment card and online marketplace payments)

•   1099-G (government payments)

•   1099-INT (interest earned from bank accounts or brokers)

•   1099-DIV (dividends and distributions)

•   1099-NEC (freelance or independent contractor income)

•   1099-R (pensions, annuities, or retirement plan distributions)

•   1099-MISC (other miscellaneous income)

•   1098-E (student loan interest tax deduction)

•   1095-A (health insurance marketplace statement)

•   SSA-1099 (Social Security benefits)

If you’re looking to maximize credits or deductions, you may also need supporting documentation for things like:

•   Health savings account contributions

•   Retirement contributions

•   Child care expenses

•   Health care expenses

•   Mortgage interest and property tax payments

•   Tuition or student loan interest payments

Getting all your documents together upfront can save you time and cut down on filing errors. This means less stress for you.

If you’re missing any specific forms, you can request them from your employer, financial institution, loan service provider, or other relevant entity. Many organizations offer online access to these documents via your account dashboard.

A tax professional or DIY tax prep software can guide you toward the forms you need for a smoother filing experience. Some platforms even auto-import your forms.

Tip 3: Plan for Owed Taxes

Even if you’re filing taxes at the last minute, it’s good to have an idea of what you owe ahead of time. That way you won’t be blindsided by a tax bill or run the risk of owing penalties on unpaid taxes.

If you’re employed and have taxes withheld from your paycheck, checking last year’s tax return can provide a baseline for what this year’s tax bill might be. Circumstances may have changed, but you can use your income, deductions, and credits to get a ballpark number.

If you receive income without withholding, such as self-employment earnings, you can use IRS Form 1040-ES to calculate your quarterly estimated taxes.

Whatever your tax situation, be sure to pay on time, even if you’re filing an extension. Otherwise, you could get hit with a 0.5% to 25% failure-to-pay penalty on your unpaid taxes.

Payment options include:

•  IRS Direct Pay with your bank account

•  Certified mail (send Form 1040-ES)

•  IRS2Go app

•  Debit card or credit card

•  Electronic Federal Tax Payment System (you must enroll first)

•  Individual IRS account online

Tip 4: Plan for HSA Deductions

Did you contribute to a health savings account (HSA) last year? If so, you could qualify for deductions that reduce your taxable income. HSAs offer a 1-2-3 punch of tax-deductible contributions, tax-free growth, and tax-free withdrawals for qualified medical expenses.

Contributions made in 2024 max out at $4,150 to your account and $8,300 if you have family coverage. For the 2025 tax year, you can contribute up to $4,300 or $8,550, respectively.

To qualify for an HSA, you must:

•  Have a high-deductible health plan (HDHP)

•  Not be enrolled in Medicare

•  Not be a dependent on someone else’s tax return

•  Not have other health coverage (in most cases)

If you weren’t able to take tax-advantaged account deductions like these in 2024, keep them in mind for future tax seasons to help get the most tax breaks possible.

Tip 5: Maximize Your IRA Contributions

Traditional IRA contributions can reduce your taxable income for the previous year if made before the April 15 tax filing deadline. Contributions may be fully or partially tax deductible, depending on your income and tax filing status.

For the 2024 tax year, the IRA contribution limit is $7,000 ($8,000 if you’re 50 or older). Maxing out your contributions can significantly lower your taxable income. These contributions can apply to the prior tax year if made before the filing deadline. (For example, contributions made before April 15, 2025, can apply to the 2024 tax year.)

You could get a full deduction up to the 2024 contribution limit amount if any of the following criteria apply:

•  You’re single, head of household, or a qualifying widow(er) and not covered by a retirement plan at work.

•  You’re married filing jointly or separately, and your spouse isn’t covered by a workplace retirement plan.

•  You’re married filing jointly, your spouse is covered by a workplace retirement plan, and your modified adjusted gross income (AGI) is $230,000 or less.

Other taxpayers may be able to claim a partial deduction. Those who earn above a certain income threshold don’t qualify for a deduction.

Maxing out your traditional IRA contributions could mean reducing your taxable income for that year. Depending on your current income, it might even put you in a lower federal tax bracket.

Tip 6: Choose a Reliable Tax Preparer or Tax Software

Choosing a trusted tax preparer or software can make last-minute tax filing easier. The right software (or tax professional) could help you prepare and file your taxes accurately and quickly, potentially even getting you a faster refund.

If you go with tax software, look for features like deduction finders, audit support, and refund estimators. If you have a complicated tax situation, find one that offers hands-on expert support or consider using a tax professional. Be sure to check reviews when choosing tax software (this goes for tax preparers as well).

If your AGI is $84,000 or less, you can also do your taxes for free using IRS Free File. This software can guide you through the tax filing process to ensure you’re getting your taxes done quickly and securely, according to the IRS.

Tip 7: Review Deductions and Credits for Missed Opportunities

Another last-minute tax tip? Look for tax breaks.

It’s all too easy to overlook common deductions and credits when you’re on a tight deadline. But this could result in some major missed savings opportunities.

Every taxpayer’s situation is different, but common tax breaks include:

•  Earned Income Tax Credit (EITC): Claim up to $7,830 (for the 2024 tax year) based on your income, filing status, and number of dependents.

•  Education credits: If you, your spouse, or a dependent pays qualified higher education expenses and is enrolled in an eligible academic institution, you could qualify for the American Opportunity Tax Credit (up to $2,500 per eligible student) or the Lifetime Learning credit (up to $2,000 per tax return).

•  Energy-efficient home improvement credit: Did you make qualifying energy-efficient home improvements in 2023 or beyond? If so, you could be eligible for up to $3,200.

•  Health care expense deduction: You may be able to deduct medical and dental expenses that exceed 7.5% of your AGI for the tax year.

•  Mortgage interest deduction: If you paid home mortgage interest, you could potentially deduct the full amount when you file taxes.

•  Home office deduction: If you used part of your home for business-related activities, you may be able to deduct certain home expenses.

You may need to itemize deductions to claim certain tax breaks. Restrictions and limitations may also apply.

Don’t Forget About Student Loans

Did you pay interest on qualified student loans last year? If so, you could be eligible for a student loan interest deduction.

This tax break lets you deduct up to $2,500 or the amount of interest paid, whichever is less. You can claim the full amount if your modified adjusted gross income (MAGI) is less than $80,000. If you earn between $80,000 and $95,000 ($165,000 and $195,000 for joint filers), the deduction amount gradually decreases.

If you paid at least $600 in interest last year, you should receive Form 1098-E (Student Loan Interest Statement). If you don’t, request or download it from your student loan servicer.

Tip 8: Set Up Direct Deposit for Fast Access

If you’ve never filed a return before, you may be wondering how long it takes to receive your refund after filing taxes.

It depends, but the process is typically much faster when done online (and with direct deposit set up). According to the IRS, it usually takes 21 days or less to process electronically filed individual tax returns and issue a refund.

Speed isn’t the only benefit of direct deposit. It also reduces the risk of lost, stolen, or damaged checks. Plus, you can track your refund using the Where’s My Refund tool.

You can use a checking account or other financial account to set up direct deposit with the IRS. Here’s how to do it:

•   With tax software: Simply choose “direct deposit” as your refund method. You’ll need to include your account number and routing number.

•   With a tax preparer: Tell your preparer you want to use direct deposit, and they’ll help you set it up.

Tip 9: Review Last Year’s Taxes and What Has Changed

You can reference last year’s tax return to get a better idea of your various income sources and tax breaks. Just know that major life changes — like divorce, marriage, job change, or a new child — can have a major impact on your taxes.

For example, getting married (or divorced) will likely change your filing status. It could also affect your income tax bracket and deductions.
Meanwhile, having a child could potentially qualify you for a $2,000 child tax credit. Other common tax credits include the Additional Child Tax Credit and the Credit for Other Dependents.

Check your filing status before finalizing this year’s tax return, especially if you’ve gone through a major life change. A different filing status could mean you qualify for a new standard deduction amount or income tax bracket. And it might affect your eligibility for other tax breaks.

Tip 10: Use Spending and Savings Tools

As of the end of February 2025, the average refund amount is $3,382. If you’re due a refund — regardless of how much — now might be a good time to use it to reset your financial goals.

Rather than spend your refund, it may be better to save it, invest it, or use it to pay down debt. You can also put it in a high-yield savings account (HYSA), where it can accrue interest.

Using spending or savings tools can also help you spend your money wisely or reach your financial goals. For example, you could:

•  Use a free budgeting app that lets you track and reduce your expenses.

•  Set up automatic savings with your bank.

•  Use an income and expense tracker to monitor income and tax spending.

Tip: Check out SoFi’s savings calculator, which shows how much money in a HYSA account may grow over time.

The Takeaway

Staying organized, using a reliable tax software or preparer, and knowing your tax breaks can make last-minute tax filing a little less stressful. It can also help you get ahead of next year’s deadline to file taxes — and avoid potential tax penalties.
In the meantime, why not get your finances in order? SoFi offers financial products and tools you may want to explore, including high-yield savings accounts, debt repayment tools, budgeting, and spending tools.

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 3.60% APY on SoFi Checking and Savings with eligible direct deposit.

---

photo credit: iStock/LaylaBird
SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. 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.

3.60% APY
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, 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 Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details 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.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

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.

Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

SOBNK-Q225-001

Read more

Shopping for auto insurance or dealing with an insurance claim? It’s common to hit a few potholes on the way to understanding car insurance.

Auto insurance terminology can be difficult to navigate, so this glossary may help you find your way.

Car Insurance Terminology

Here are basic auto insurance terms explained:

Accident Forgiveness

Accident forgiveness is a benefit that can be added to a car insurance policy to prevent a driver’s premium from increasing after their first at-fault accident.

Each insurer’s definition of accident forgiveness may vary, and it isn’t available in every state. Some insurers include it at no charge, or it may be an add-on, which means it could be earned or purchased.

Actual Cash Value

Actual cash value is the term used to describe what a vehicle was worth before it was damaged or stolen, taking depreciation into consideration. The amount is calculated by the insurer.

Adjuster

An adjuster is an employee who evaluates claims for an insurance company. The adjuster investigates the claim and is expected to make a fair and informed decision regarding how much the insurance company should pay.

Agent or Broker

Both agents and brokers help consumers obtain auto insurance, but there are differences in their roles. An agent represents an insurance company (or companies) and sells insurance to and performs services for policyholders.

A broker represents the consumer and may evaluate several companies to find a policy that best suits that individual, family, or organization’s needs.

Both agents and brokers are licensed and regulated by state laws, and both may be paid commissions from insurance companies.

At Fault

Drivers are considered “at fault” in an accident when it’s determined something they did or didn’t do caused the collision to occur. A driver may still be considered at fault even if no ticket was issued or if the insurance company divides the blame between the parties involved in the accident.

In some states, drivers can’t receive an insurance payout if they are found to be more than 50% at fault.

Casualty Insurance

Casualty insurance protects a driver who is legally responsible for another person’s injuries or property damage in a car accident.

Claim

When an insured person asks their insurance company to cover a loss, it’s called a claim.

Claimant

A claimant is a person who submits an insurance claim.

Collision Coverage

Collision coverage helps pay for damage to an insured driver’s car if the driver causes a crash with another car, hits an object (a mailbox or fence, for example), or causes a rollover.

It also may help if another driver is responsible for the accident but doesn’t have any insurance or enough insurance to cover the costs.

Collision coverage is usually required with an auto loan. Learn more about smarter ways to get a car loan.

Comprehensive Coverage

Comprehensive coverage pays for damage that’s caused by hitting an animal on the road, as well as specified noncollision events, such as car theft, a fire, or a falling object. It is usually required with an auto loan.

Recommended: How Much Auto Insurance Do I Really Need?

Damage Appraisal

When a car is in an accident, an insurance company’s claims adjuster may appraise the damage, and/or the car owner may get repair estimates from one or two body shops that can do the repairs.

Policyholders can appeal an appraisal if it seems low and they have some backup to prove it.

Declarations Page

This page in an insurance policy includes its most significant details, including who is insured, information about the vehicle that’s covered, types of coverage, and coverage limits.

Deductible

This is the predetermined amount the policyholder will pay for repairs before insurance coverage kicks in. Generally, the higher the deductible, the lower the monthly premium.

Depreciation

Depreciation is the value lost from a vehicle’s original price due to age, mileage, overall condition, and other factors. Depreciation is used to determine the actual cash value of a car when the insurer decides it’s a total loss.

Effective Date

This is the exact date that an auto insurance policy starts to cover a vehicle.

Endorsement

An endorsement, or rider, is a written agreement that adds or modifies the coverage provided by an insurance policy.

Exclusion

Exclusions are things that aren’t covered by an auto insurance policy. (Some common exclusions are wear and tear, mechanical breakdowns, and having an accident while racing.)

Full Coverage

Full coverage usually refers to a car insurance policy that includes liability, collision, and comprehensive coverage.

GAP Coverage

Guaranteed asset protection insurance is optional coverage that helps pay off an auto loan if a car is destroyed or stolen and the insured person owes more than the car’s depreciated value. It covers the difference, or gap, between what is owed and what the insurance company would pay on the claim.

Indemnity

Indemnity is the insurance company’s promise to help return policyholders to the position they were in before a covered incident caused a loss. The insurer “indemnifies” the policyholder from losses by taking on some of the financial responsibility.

Liability Insurance

If you’re at fault in an accident, your liability coverage pays for the other driver’s (or drivers’) car repairs and medical bills.

Coverage limits are often expressed in three numbers. For example, if a policy is written as 25/50/15, it means coverage of up to $25,000 for each person injured in an accident and $50,000 for the entire accident and $15,000 worth of property damage.

The cost of liability-only car insurance varies by state, as does the required minimum level of liability insurance.

Limit

This is the maximum amount a car insurance policy will pay for a particular incident. Coverage limits can vary greatly from one policy to the next.

Medical Payments Coverage

Medical payments coverage (or medical expense coverage, or MedPay) is optional coverage that can help pay medical expenses related to a vehicle accident.

It covers the insured driver, their passengers, and any pedestrians who are injured when there’s an accident, regardless of who caused it.

It also may cover the policyholder when that person is a passenger in another vehicle or is injured by a vehicle when walking, riding a bike, or riding public transportation. This coverage is not available in all states.

No-Fault Insurance

Several states have no-fault laws, which generally means that when there’s a car accident, everyone involved files a claim with their own insurance company, regardless of fault.

Also known as personal injury protection, no-fault insurance covers medical expenses regardless of who’s at fault. It doesn’t mean, however, that fault won’t be determined. No-fault insurance refers to injuries and medical bills. If a person’s car is damaged in an accident and they were not at fault, the at-fault driver’s insurance company will be responsible for the repairs.

Optional Coverage

Optional coverage refers to any car insurance coverage that is not required by law.

Personal Injury Protection

Several states require personal injury protection (PIP) coverage to help pay for medical expenses that an insured driver and any passengers suffer in an accident, regardless of who’s at fault.

PIP also may cover loss of income, funeral expenses, and other costs. PIP is the basic coverage required by no-fault insurance states.

Primary (and Secondary) Driver

The person who drives an insured car the most often is considered its primary driver. Typically, the primary driver is the person who owns or leases the vehicle. If spouses share an insurance policy, they may both be listed as primary drivers on a car or cars.

A car may have multiple secondary, or occasional, drivers. These are generally licensed drivers who live in the same household (children, grandparents, roommates, nannies, etc.) and may use the insured car occasionally but are not the car’s primary driver.

Recommended: Cost of Car Insurance for Young Drivers

Primary Use

This term refers to how a vehicle will most often be used — for commuting to work, for business, for farming, or for pleasure.

Premium

A premium is the amount a person pays for auto insurance. Premiums may be paid monthly, quarterly, twice a year, or annually, depending on personal choice and what the provider allows.

Replacement Cost

Some insurance companies offer replacement cost coverage for newer vehicles. This means that if a car is damaged or stolen, the insurer will pay to replace it with the same vehicle.

Coverage varies by company, and not every insurance company offers replacement coverage.

State-Required Minimum

Every state has different legal minimum requirements for the types and amounts of insurance coverage drivers must have. The limits are usually low. Lenders may require more coverage for those who are buying or leasing a car.

Total Loss or ‘Totaled’

If a car is severely damaged, the insurer may determine that it is a total loss. That usually means the car is so badly damaged that it either can’t be safely repaired or its market value is less than the price of putting it back together.

If a state has a total-loss threshold, an insurer considers the car a total loss when the cost of the damage exceeds the limit set by the state.

Underwriting

The underwriting process involves evaluating the risks (and determining appropriate rates) in insuring a particular driver.

Insurance underwriting these days is often done with a computer program. But if a case is unusual, a professional may step in to further assess the situation.

Uninsured and Underinsured Motorist Coverage

Uninsured motorist and underinsured motorist coverage protects drivers and their passengers who are involved in an accident with a motorist who has little or no insurance. Some states require this coverage, but the limits vary.

Some states require this coverage, but the limits vary.

Uninsured/underinsured motorist bodily injury insurance covers medical costs. Uninsured/underinsured motorist property damage pays to repair a vehicle.

The Takeaway

Understanding car insurance basics is important for drivers. Knowing auto insurance terms, coverage your state or lender may require, and what other types of coverage could further safeguard your finances can make you a more informed consumer.

When you’re ready to shop for auto insurance, SoFi can help. Our online auto insurance comparison tool lets you see quotes from a network of top insurance providers within minutes, saving you time and hassle.

SoFi brings you real rates, with no bait and switch.

---

Auto Insurance: Must have a valid driver’s license. Not available in all states.
Home and Renters Insurance: Insurance not available in all states.
Experian is a registered trademark of Experian.
SoFi Insurance Agency, LLC. (“”SoFi””) is compensated by Experian for each customer who purchases a policy through the SoFi-Experian partnership.

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.

SOPRO-Q225-012

Read more

Anyone can use a money order to send or receive money. While money orders aren’t the most common tool, they’re usually simple to obtain and cash. To cash a money order at no charge, visit your local post office branch and present your money order at the window.

In this article, we outline where to cash postal money orders and what the process looks like.

What Is a Postal Money Order?

A postal money order is a type of financial certificate issued on paper by the post office. Similar to a paper check, the document is worth the amount of money determined by the person or company that purchased it. While you can obtain a regular money order from almost any bank, only the United States Postal Service (USPS) issues postal money orders.

Unlike a check, a postal money order is prepaid by the party sending it, so it can’t bounce. Money orders also never expire. A receipt is provided to the purchaser in case the money order is lost, stolen, or damaged. As a result, you can use a postal money order to securely send a payment through the mail.

Another advantage of money orders is that they are difficult to counterfeit. You can make a payment of up to $1,000 with a single order.

To send a money order, you must pay for it ahead of time using cash, a debit card, or a traveler’s check. Although it is possible to buy a regular money order with a credit card, you cannot put postal money orders on a credit card.

Recommended: What Is a Niche Bank?

How to Cash a Postal Money Order Step by Step

If you receive a postal money order, you can redeem its face value by cashing it. There is no advantage in keeping a postal money order long-term, since it doesn’t earn interest and cannot be used directly to make a purchase.

Here’s how to cash a money order at the post office for free:

1.    Bring the money order and a photo ID to a post office service counter.

2.    Sign the money order in view of the postal worker (do not sign it ahead of time).

3.    You will immediately receive the cash value of the money order.

Where to Cash a Postal Money Order

You can cash a postal money order in certain places outside the post office. Many banks will cash postal money orders, as long as you have an account there. Some grocery stores and retailers will cash money orders, too.

Because proof of ID is required, you cannot deposit money orders via a mobile banking app.

List of Places That Cash Money Orders

Here are some locations that may cash a postal money order:

•   Most banks. Check with your local branch.

•   Check-cashing retailer. Consumers without a bank account or nearby post office may cash money orders here for a fee.

•   International postal office. The post office offers special international money orders that can be cashed at banks and post offices in some other countries.

•   Rural mail carrier. Some mail carriers may cash money orders for rural customers if they have enough cash on hand.

•   Some supermarkets and major retailers. Search online for “places to cash a money order near me.”

Recommended: Alternative to Traditional Banks

How to Identify a Fake Postal Money Order

You’ll want to examine your money order before attempting to deposit it in order to ensure it’s authentic. Here are a few ways to spot a fraudulent postal money order:

•   Look closely at the paper. Valid postal money orders have special markings and designs to prevent fraud. Visit USPS.com to view a sample money order.

•   Review sum amount. If the dollar amount is faded, too large, or not printed twice on the paper, it could be fraudulent. All postal money orders must be under $1,000 and have the sum printed twice on the paper. International postal money orders cannot exceed $700, or $500 for El Salvador and Guyana.

If you think your postal money order is fake, contact the U.S. Postal Inspection Service at 1-877-876-2455.

Recommended: 7 Ways to Cash a Check Without a Bank Account

The Takeaway

Cashing a USPS money order is a straightforward process. Your local post office can cash a postal money order at no cost to you. You may also be able to cash a postal money order at a bank branch if you have an account there, or at your local supermarket.

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

Can you mobile deposit a USPS money order?

Unfortunately, you cannot use mobile deposit for USPS money orders. Instead, you must deposit it in person with a valid ID.

Where can I cash a money order for free?

You can cash a postal money order for free at your local post office. You may also be able to cash it at your local bank branch.

Can you cash a money order online?

Since you need proof of ID to deposit a postal money order, you usually can’t deposit it online.

---

About the author

---

Photo credit: iStock/Delpixart

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.

*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

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.

SORL-Q224-1945540-V1

Read more

Annual percentage rate, or APY, is the rate of interest earned on a savings or investment account in one year, including compound interest (the interest you earn on interest). Unlike the nominal interest rate, which does not consider the impact of interest compounding, APY provides a more accurate picture of how much you’ll earn in an account over the course of one year. This allows you to compare different financial products and make informed decisions about where to put your money for the best returns.

Read on to learn the basic APY meaning, how to calculate annual percentage yield, and some of the limitations of APY.

What Is APY?

An abbreviation for annual percentage yield, APY indicates how much interest a bank account, such as a high-yield savings account or certificate of deposit (CD), earns in one year, expressed as a percentage.

An APY includes the effect of compounding interest, which is when you earn interest on both the money you’ve saved (principal) and the interest you earn. Depending on the bank and type of account, interest on an account can compound (i.e., get calculated and added) yearly, monthly, quarterly, or daily. The more frequently an account compounds, generally, the more the account will earn.

That’s why it’s important to consider APY — and not just the interest rate — when looking for a bank account. Comparing APYs helps you compare financial products as apples to apples by letting you know the real return on the account. Almost all savings accounts, and some checking accounts, have an APY.

Simple Interest vs Compound Interest

Understanding APY involves knowing the difference between simple and compound interest. With simple interest, an account holder earns interest only on the principal, or the initial amount of money they deposited. With compound interest, on the other hand, an account holder earns interest on the principal along with the accrued interest.

Compound interest helps your money grow faster, as you’ll earn interest on your interest. The frequency of compounding is important; the more often your interest compounds, the more money you’ll generally earn. An account may compound interest daily, monthly, quarterly or annually.

When it comes to savings and investment accounts, simple interest is less common than compound interest.

Recommended: Difference Between APY vs Interest Rate

Calculating APY

There is a specific formula for calculating APY. To use it, you’ll need to know your interest rate and how frequently the interest compounds.

APY = (1 + r/n)^n – 1

Where:

•   ^ = to the power of

•   r = the nominal interest rate

•   n = the number of compounding periods per year

APY Calculation Examples

To see how much compounding frequency can affect your APY, let’s look at four examples with the same interest rate but four different compounding periods (annually, quarterly, monthly, and daily).

•   Annual compounding interest: n = 1

•   Quarterly compounding interest: n = 4

•   Monthly compounding interest: n = 12

•   Daily compounding interest: n = 365

Assume a nominal interest rate (r) of 5.00%.

Annual compounding interest:

APY = (1 + .05/1)^1 – 1

APY = 5.00%

Quarterly compounding interest:

APY = (1 + .05/4)^4 – 1

APY = 5.09%

Monthly compounding interest:

APY = (1 + .05/12)^12 – 1

APY = 5.12%

Daily compounding interest:

APY = (1 + .05/365)^365 – 1

APY = 5.13%

As you can see, the more often interest is compounded, the higher the APY is. Choosing an account or investment that compounds daily will yield a higher amount earned from interest at the end of the year.

Fortunately, you don’t have to do any fancy calculations to learn the APY of a bank account. To help people compare accounts and accurately estimate possible earnings, banks are required to display account APYs.

Recommended: Use this APY calculator to start comparing APY.

Fixed vs Variable APY

Another factor to consider with APY is whether it is fixed or variable. Savings accounts, checking accounts, and money market accounts are typically variable rate accounts. This means the APY can change over time depending on market conditions.

Fixed rate accounts, on the other hand, have an APY that does not change during the term of the account. For example, a certificate of deposit (CD) account usually has a fixed APY for the term of the CD. No matter what happens to market rates, the APY will stay the same.

Both types of APYs have pros and cons. Locking in a fixed APY can be beneficial if market rates go down after you open the account. However, it could be a negative should market rates go up, since you won’t benefit from the increase.

Recommended: What Is a High-Yield Checking Account?

Limitations and Considerations of APY

Knowing the APY for an account or investment can tell you a lot, but there are other factors to consider when choosing where to put your money. Here are a few other things to keep in mind.

•   Fees and penalties: Some financial products come with monthly and incidental fees or penalties that can impact the effective return. APY calculations typically do not account for these additional costs, so it’s a good idea to consider them when evaluating the overall profitability of a deposit account or investment.

•   Liquidity: While CDs often have higher, fixed APYs compared to traditional savings accounts, your money is tied up until the maturity date. That means you can’t access that money in the event of an emergency if you want to earn the interest you were promised upon investing.

•   Fixed vs. variable: A high-yield savings account may advertise a high APY right now, but it is likely variable. This means that as the market changes, the interest rate could go down. It’s a good idea to routinely check how much interest your savings account (or checking account or money market account) is earning. If the APY has significantly dropped, you may want to consider opening a bank account with a higher APY elsewhere.

•   Inflation: Inflation erodes the purchasing power of money over time. While APY provides a return rate, it does not account for inflation. To understand the real rate of return on any type of account or investment, it’s important to adjust an APY for inflation.

•   Taxes: Interest earned on savings accounts is typically subject to taxes. The APY does not consider the impact of taxes on the effective return. So it’s important to factor in tax obligations when evaluating the net return on an investment.

The Takeaway

Understanding and calculating APY is essential for making informed financial decisions. Whether you’re evaluating savings accounts or investment products, APY provides a clear picture of the true return, accounting for the effects of compounding interest. By comparing APYs, you can see how different savings vehicles stack up against each other. This can help you choose the most profitable options and optimize your financial growth.

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 3.60% APY on SoFi Checking and Savings with eligible direct deposit.

FAQ

What is the difference between APY and APR?

APY stands for annual percentage yield and tells you how much interest you’ll earn on a deposit or investment account over the course of one year, including compounding interest (which is when your interest also earns interest). APR stands for annual percentage rate and represents the annual cost of borrowing money. It includes the interest rate plus any fees and costs associated with the loan or line of credit to reflect the real cost of borrowing.

How do you calculate the APY for a savings account or investment?

To calculate the annual percentage yield (APY) for a savings account or investment, you can use this formula:

APY = (1 + r/n)^n – 1

Where:

•   ^ = to the power of

•   r = the nominal interest rate

•   n = the number of compounding periods per year

Banks and credit unions are required to display the APY of their financial products, so you generally don’t need to do any calculations. If you know the APY and how much you’ll be depositing, you can use an online APY calculator to determine how much interest you’ll earn by the end of the year.

What factors can affect the APY of a financial product?

The main factors that affect the annual percentage yield (APY) of a financial product are the nominal interest rate and how often the interest compounds (meaning gets calculated and added to the account). Generally, the higher the interest rate and the more often it compounds, the higher the APY.

---

About the author

---

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, 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 Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. 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.

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.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

*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.

SOBK-Q224-1890757-V1

Read more

A financial plan is a document used for managing your money and investments to help you achieve your goals. Having this kind of document allows you to map out the actions you need to take as you work toward important milestones, like paying down debt or saving for retirement.

You can create a financial plan yourself or with the help of a financial planner or advisor. Anyone can benefit from creating a financial plan, regardless of their age, net worth, or goals.

Understanding Financial Plans

While the exact meaning will vary among individuals, typically, the definition of financial plan might go something like this:

•  A financial plan is a roadmap or blueprint for your financial life. It includes your most important financial goals and priorities, the action steps you’ll take to meet them, and guidelines for how to track your progress.

With that in mind, here’s a closer look at financial plans and how they work.

Purpose and Importance

Simply put, financial planning is designed to help you make the most of your income and assets so you can achieve specific objectives with your money.

It can be harder to do that if you’re not in touch with your money. If you don’t know how much you’re bringing in vs. what you’re spending, for instance, you might find it difficult to save anything. Worse, you may be incurring debt on credit cards to cover the gap between income and expenses.

A financial plan means you don’t have to guess about where your money goes. Instead, you can use your plan as a guide to save and invest strategically to make your money work harder for you.

Components of a Financial Plan

Financial plans, regardless of who is creating them or why, usually have some common elements:

•  Specific, measurable goals or objectives

•  A breakdown of income and spending

•  Detailed information about your assets and liabilities (debts)

•  Information about your personal risk tolerance and time horizon

Some financial plans are more complex than others. For example, if you’re 30 years old and only a few years into your career, your goals, income, debt, and net worth are likely to look very different from someone who’s in their early 60s heading into retirement.

Types of Financial Plans

Financial planning can be divided into different categories, based on your purpose for creating the plan. Examples of financial plan uses include:

•  Cash flow planning and budgeting

•  Insurance planning

•  Investment planning

•  Tax planning

•  Retirement planning

•  Estate planning

•  College planning, if you have children (this could also apply to those going back to school for a degree or certificate)

You may also create a succession financial plan if you run a family-owned business that you’d like to eventually pass on to someone else. Financial advisors may offer planning in all of these areas or specialize in just one or two. For example, you might work with an advisor who only assists with estate and tax planning.

Creating a Financial Plan

Approximately 53% of Americans say they work with a financial planner, according to the CFP® Board. You don’t need to have a financial planner or advisor to make your plan, though it can help to have that added expertise and a second set of eyes.

That being said, here’s how to put together a financial plan yourself.

Assessing Your Current Situation

To make a financial plan you’ll need to know where you’re starting from. Here are some of the most important things that will shape your plan.

Income and Expenses

The first step in making a financial plan is knowing how much you make and how much you spend. If you don’t have a budget yet, this is a great time to make one.

•  Determine how much you make each month from a full-time job, part-time job, self-employment,

side gigs, and/or passive income

•  Add up all of your necessary expenses, meaning bills you have to pay each month to survive (e.g., housing, groceries, utilities, insurance, minimum payments on loans and lines of credit, etc.)

•  Add up what you spend on your wants (or discretionary expenses), such as dining out, entertainment, travel, etc.

•  Add up amounts that you send to savings or additional debt payments

Once you know what you spend, subtract it from what you make. This will tell you if you’re starting your financial plan in the red (meaning you are in debt, or living beyond your means) or the black (defined as accumulating wealth).

If you’re not sure how to track income or expenses, there’s a simple fix. First, see what your banking app or website offers in terms of tracking. You may be able to categorize and review your transaction history, including deposits of income and withdrawals for purchases or bills. Or you might use a third-party app to do this.

Recommended: Online Banking vs. Traditional Banking: What’s Your Best Option?

Assets and Liabilities

Now it’s time to look at what you own and what you owe. Make a list of your assets and their value, including:

•  Your home

•  Vehicles

•  Checking accounts

•  Savings accounts and CDs

•  Items of value, such as artwork or jewelry

Now, list out your debts. This can include:

•  Credit card balances

•  Student loans

•  Mortgage

•  Medical bills

•  Personal loans

•  Any other debts, such as money borrowed from a relative or a home equity loan

You’ll need this information to shape your goals and calculate your net worth.

Recommended: What Is a High-Yield Checking Account?

Investments and Retirement Accounts

If you have money in investment or retirement accounts, you’re already a step ahead. Make a list of all your investment and retirement accounts and their value. Include your:

•  401(k) (or 403(b), 457 plan, etc.

•  Individual Retirement Accounts (IRAs)

•  Brokerage accounts

Here’s a tip: Look for “lost” or “forgotten” retirement accounts. If you’ve changed jobs a few times, you may have some old 401(k)s floating around that you could add to the pile.

If you’re thinking of working with a financial planner, check their credentials. Some financial planners are certified by the CFP Board, meaning they’re held to the highest ethical standards. Others are registered with the Securities and Exchange Commission (SEC) as investment advisors. They’re fiduciaries, meaning they’re obligated to act in your best interest at all times.3

Working with a credentialed financial planner can ensure that the advice you’re getting is backed by expertise, knowledge, and a strong code of ethics.

Key Elements of a Financial Plan

Your financial plan should be tailored to your situation. That being said, the most important elements in a financial plan include:

•  A personal budget

•  Debt management strategies (if you have credit cards, student loans, or other debt)

•  Emergency fund savings

•  Insurance planning, including life insurance and property insurance

•  Tax planning

•  Estate planning

Your plan should reflect your goals in each of these areas. For example, when you’re talking about budgeting, your goal may simply be to stick to a budget month after month. If you’re planning for emergency fund savings, then you might set a specific target of saving $15,000 in 12 months. (Experts usually say to aim for three to six months’ worth of living expenses.)

Financial plans are not set-it-and-forget-it. It’s important to adjust your plan as you go through life changes. For example, changing jobs, getting married or divorced, or having a child can impact your financial goals and the steps you need to take to reach them. Also, if you are investing, your risk tolerance may change as you approach retirement. You might want to play it safer to protect your nest egg from, say, market fluctuations.

Benefits of Having a Financial Plan

Can you manage money without a structured financial plan? Certainly, but there are some benefits to creating one. Financial planning can help you to:

•  Identify what’s most important to you financially

•  Set realistic goals to help you create the life that you want

•  Stay motivated as you work toward the goals you most want to achieve

•  Be better prepared for life changes or unexpected events that might affect you financially

•  Feel more confident in your financial decision-making

•  Experience less stress over money or the future

According to one recent survey, 87% of Americans say they feel stress at least once a week surrounding their finances. Rather than hiding out from your checking account balance, you could implement a financial plan to help you feel more in control over your money and getting where you want to go.

Financial Plan Examples

Financial plans can help you manage a variety of goals from starting a business to retirement planning to saving for education. You could also use your plan to account for windfalls, either expected or unexpected.

For example, say your parents plan to leave you the entirety of their estate when they pass away, which is valued at $1.5 million. Your financial plan should reflect how you go about managing an inheritance of that size, including:

•  Where your parents’ assets are held (e.g., 401(k) plans, IRAs, savings accounts, etc.)

•  Whether any special restrictions or requirements limit what you can do with the inheritance

•  What your tax obligations will be and what strategies, if any, you can employ to minimize taxes owed on an inheritance

•  How you plan to put the assets you’re inheriting to work and what your goals are for their performance

•  Who you would like to inherit your assets when the time comes

By mapping out different scenarios in a plan and tracking how this inheritance could best be utilized, you can be prepared for the future. As noted above, you might want to work with a financial professional to guide your thinking.

Another scenario might be planning how you will achieve saving for both your child’s college education and your own retirement. If you are feeling as if hitting those two goals is both necessary and extremely challenging on your current income, planning can help you explore and utilize different techniques to attain your aspirations.

The Takeaway

Financial planning can give you clarity on your money situation and help you decide what you need to do to realize your goals. There are different kinds of financial planning for different needs, but at its most basic, it involves assessing your current financial status, your money goals, and how you could reach them. If you don’t have a financial plan yet, it’s never too late to create one, whether on your own or with a financial professional.

One part of smart financial planning can be to find a banking partner that helps you grow your money. See how SoFi can work with you.

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 3.60% APY on SoFi Checking and Savings with eligible direct deposit.

FAQ

When should I create a financial plan?

There’s no set time at which you need to create a plan, though sooner is usually better than later. If you’re making money and spending it, then you can benefit from having a financial plan even if you don’t have a lot of assets yet. Also, many people find pivotal life moments, such as getting married or divorced, or changing careers, to be a good moment to reflect on their financial status and goals.

How often should I review and update my financial plan?

Reviewing your financial plan at least once a year is a good way to track the progress you’ve made over the last 12 months. You could also institute biannual or quarterly reviews if you have some big goals you’re working on, like paying down $40,000 in student loans or saving $50,000 toward a down payment on a home. Also, life events like the birth of a child or buying a home may be a good time to reassess your financial plan.

Can I create a financial plan on my own?

You can create a financial plan on your own; an advisor is not required. You’ll need to know how much you’re making and how much you’re spending, what you owe to debt, what assets you have, and how much you have invested. Then you can identify your current outlook and your goals and develop an action plan. That said, working with a financial planner can allow you to access deep professional knowledge as well as provide support as you work toward your goals.

---

About the author

---

Photo credit: iStock/FG Trade

SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. 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.

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, 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 Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details 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.

Advisory services are offered through SoFi Wealth LLC, an SEC-registered investment adviser. Information about SoFi Wealth’s advisory operations, services, and fees is set forth in SoFi Wealth’s current Form ADV Part 2 (Brochure), a copy of which is available upon request and at adviserinfo.sec.gov .

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.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

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-Q324-117

Read more