14 Side Hustles for Couples Who Want to Make Extra Income

If you and your significant other are interested in making some extra cash without sacrificing time together, you might consider a joint business venture. Side hustles for couples allow you to meld forces and level up your earning power. It can also strengthen your relationship and help you achieve your shared financial goals.

Whether you’re looking to save for a special occasion or a major purchase, or just want to increase your cash flow, here’s a look at 14 of the best side hustles for couples.

Benefits of a Side Hustle

There are a number of advantages to starting a side hustle as a couple versus pursuing your own solo gigs. Working together allows you to:

•   Combine resources to cover the startup costs like equipment, materials, and supplies

•   Potentially earn twice (or more) than you could alone

•   Work nights and weekends without sacrificing time together

•   Tap into complementary skills and talents

•   Discover new things about your partner

•   Ease the stress of managing a business

•   Balance the workload

•   Increase your ability to communicate and work together

•   Test the waters on a passion that could potentially lead to a larger couple’s business venture

💡 Quick Tip: An online bank account with SoFi can help your money earn more — up to 4.60% APY, with no minimum balance required.

Get up to $300 when you bank with SoFi.

Open a SoFi Checking and Savings Account with direct deposit and get up to a $300 cash bonus. Plus, get up to 4.60% APY on your cash!


14 Side Hustles for Couples

To get started with a couple’s side hustle, you’ll want to consider your combined interests, passions, skills, resources, and availability. To help you brainstorm ideas, here’s a look at sidelines that can work well for couples looking to combine forces.

1. Investing in Real Estate

If you and your mate are interested in real estate and understand the market, you might team up to invest in rental properties, which can generate passive income.

Partnering up to invest in real estate gives you more capital to work with. Plus, if you are co-borrowers on a mortgage, it could potentially help you get a loan with a better interest rate if it lowers your debt-to-income ratio. Once you invest in real estate together, you can divide up property management, maintenance, and repair tasks based on your skills and availability.

2. Reselling Items

A relatively simple way to earn extra income as a couple is by reselling items you already own and no longer need, or things you snag for low prices at estate sales, yard sales, or through online marketplaces. Working as a team can be useful with reselling, especially if you buy and sell larger items locally. To maximize your earning potential, you may want to zero in on a specific type of item you want to resell, such as clothing, furniture, or collectibles.

3. Pet-Sitting

Is one of you a people person and the other more of an animal lover? You might combine forces with an in-home pet-sitting business. One partner can focus on bringing in business, communicating with clients, and scheduling, while the other can take charge of providing personalized care, feeding, walking, and attention to your furry clients.

If having pets in your home doesn’t appeal, you might start a neighborhood dog-walking service. This will allow you to get some exercise and spend time together, while also bringing in some extra income.

Recommended: 19 Tips to Save Money on Pets

4. Rent Out Your Car

If you each have a car and one sits idle most of the time, you might consider monetizing it by listing it on a car sharing marketplace, such as Turo or HyreCar. These peer-to-peer car-sharing services make it easy to rent out your car when you’re not using it to make some extra income. Turo claims that the average annual income generated by renting out one car is $10,516.

Before signing up, however, you’ll want to make sure you understand all the legal details, such as protection plans, auto insurance coverage, liability insurance, and rental service agreements.

5. Cleaning and Home Improvement

If you and your mate enjoy maintaining and fixing up your home, you might consider offering your services to others. Perhaps you’re handy around the house while your partner excels at housekeeping tasks or interior painting. You might combine forces by offering a range of services. You can get clients by advertising in your local area or could list your services with a platform like TaskRabbit, Thumbtack, or Care.com (though known for babysitting, the site now also includes housekeeping).

6. Babysitting

Babysitting can be another lucrative side hustle for couples, especially since there is currently a childcare shortage. If you and your partner enjoy children, you might offer to look after kids in the evenings or weekends to allow parents to catch up with chores or errands. If you’re considering the prospect of starting a family in the near future, babysitting can give you experience while earning some extra cash.

To get clients, you might post your services on a local parent group or sign up with a platform like Care.com or Sittercity. To charge a higher rate, consider getting certified in CPR or offering special activities for the kids.

7. Starting a Food Truck

Are you and your partner big foodies? Maybe one (or both) of you loves to cook and you’ve always dreamed of owning your own food business together. If so, a food truck might be a good place to start. It requires lower overhead costs than opening a restaurant and allows you to travel to where the crowds are, rather than waiting for them to come to you.

You’ll need a fair amount of capital to get going (for the truck, equipment, supplies, POS machine, etc.). And since you’re serving food and beverage, you’ll also need to get the necessary permits and adhere to regulations. But the time and money you invest could pay into a lucrative side business.

Recommended: How Much Does It Cost to Start a Business?

8. Blogging

If you and your mate enjoy writing and have expertise in a particular area (such as travel, food, interior design, or fashion), you might consider starting a blog together. You can tap your shared passions and knowledge to produce engaging content, collaborate on articles, and expand your audience together.

While it won’t provide a revenue stream overnight, blogging is a low-cost side hustle that may become lucrative if you can build up a large following. Bloggers generally earn money through ads (which pay per view or click) or affiliate sales (if you promote a product or service and a visitor clicks on the link and completes a purchase, you get paid a commission).

9. Becoming Virtual Assistants

If you both have strong organizational skills and are looking for a way to make extra money while working from home, you might look into becoming virtual assistants. This sideline involves providing administrative support to businesses remotely, such as email management, scheduling, data entry, and booking travel. If you each have different strengths, you might divide up the tasks based on skill/preference, or each pick different types of clients.

To get started, you may want to use a virtual assistant app, such as Fiverr and Upwork; these platforms can help you market your services and manage gigs and payments. But because apps often take a considerable cut, you may want to eventually break out on your own and create a website that markets your virtual admin services.

10. Delivering Items to People

Side hustling by way of delivering food and groceries allows you and your significant other to work your own hours and make money just by driving. Working as a delivery duo also enables you to pick up and deliver items more efficiently than working solo (no parking necessary for quick pick-ups and drop-offs).

You might deliver groceries using a platform like Instacart or Shipt or deliver food via DoorDash or UberEats. Generally all you need to get started is to have a driver’s license and a car, download the app, and set up an account. Once you’re approved, the apps will alert you to new delivery jobs and you can and your partner can choose to work when you want to.

11. Renting Your Home Out to Others

If you have a spare room, basement, or guest house, or you travel often, you might consider renting part or all of your home to travelers as a couple. You can easily make extra monthly income this way by booking through Airbnb. How much will depend on your location, size of your home, and amenities.

To start your side hustle as an Airbnb host, you’ll need to create a profile and listing on the site and have it verified. You and your partner can then collaborate on guest communication, cleaning, and ensuring a comfortable, and welcoming experience for your guests.

12. Charging Public Scooters

If you live in an area that has public scooters, you might be able to earn extra cash as a couple by charging them. Many companies (such as Lime, Bird, and Spin) hire independent contractors to collect, charge, and distribute their electric scooters in different areas around the city. If you and your honey are game, you’ll need to sign up on the app and complete a short training session. Once approved, you will receive a charger kit with all the necessary tools and equipment to get started.

Recommended: How to Earn Residual Income

13. Social Media Monetizing

Similar to blogging, monetizing your social media can be a lucrative couple side hustle, depending on the number of followers you have and their level of engagement. If you and your partner have managed to establish yourself as social media influencers, you may be able to earn money running ads before and after your video content and/or through brand partnerships and affiliate links.

Popular couple accounts include couples working on a major home renovation project, building a business together, sharing their journey to reach a certain goal or overcome a struggle, or spreading positive messaging. You can also offer information and useful tips around a particular topic.

Recommended: How To Make Money Even With No Job

14. Offering Lessons

If you and your mate have a particular skill or talent, such as academic, musical, sports, gardening, or fine arts expertise, you might consider starting a tutoring or personal instruction business together. This is a flexible side hustle since you can offer in-person or virtual lessons, market your services to children and/or adults, and choose to work daytime or evenings. Plus, the start-up costs are typically minimal. Apps like Wyzant, Skooli, and TakeLessons.com can help you market your services and manage gigs and payments.

The Takeaway

By brainstorming side hustle ideas with your significant other, you may be able to find synergies that can take your freelance business to the next level. Combining forces also allows you to work together toward your shared financial goals.

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 up to 4.60% APY on SoFi Checking and Savings.

FAQ

Is it beneficial to have a side hustle with your significant other?

Starting a side hustle with your significant other offers multiple benefits. These include combining your resources to cover the startup costs, sharing responsibilities, increasing your potential profits, and allowing you to spend time together while also working nights and weekends.

Are there any drawbacks to starting a side hustle as a couple?

A potential drawback to starting a side hustle as a couple is that it can put added stress on your relationship. It can also lead to arguments over how to run the business and divvy up responsibilities.

How can I choose the right side hustle?

The right side hustle for you depends on your interests, goals, and availability. You also want to factor in what you’re qualified to do, and if you have any skills, experience, tools or equipment that could give you a competitive advantage.

Once you’ve narrowed down the side hustles that match your interests, skills, and resources, you can examine the costs and profit potential to find the best fit for you.


Photo credit: iStock/PeopleImages

SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government 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, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

SoFi members with Qualifying Deposits can earn 4.60% 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 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 4.60% 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 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.


SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 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.


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.

SOBK0124060

Read more

The Most Important Components of a Successful Budget

Financial gurus, your money-savvy friend, and personal finance books and articles all say the same thing: You need a budget. Why? Because without any guardrails to guide your spending decisions, you can end up overspending (and, in turn, running up debt). You may also find it difficult to reach important financial goals, such as building an emergency fund, going on vacation, or buying a home.

The main characteristics of any budget are estimates of how much money you’ll make and how much you’ll spend over a certain period of time, typically a month. Trouble is, it can be hard to predict every expense that may come up in a given month. That can make it hard to know what to include in your budget. But don’t give up — read on. What follows are eight key components of a successful and realistic budget.

The Importance of Budgeting

While a budget may sound restrictive, it’s really nothing more than a plan for how you will spend your money. Why bother making one? Here’s a look at some of the benefits of putting together a basic budget:

•   Lets you know if you’re spending more than, less than, or about the same as you’re earning each month.

•   Gives you a birds-eye view at where exactly your money is going each month.

•   Helps you avoid spending more than you have or want to spend.

•   Alerts you to subscriptions or services you’re paying for but may no longer need.

•   Ensures you stay on top of debt payments.

•   Allows you to make adjustments in your spending and saving so you can align your financial habits to reach your goals.

•   Can prevent you from going into debt should there be an unexpected, emergency expense or if you get laid off

•   Helps you feel more secures and less stressed about money

💡 Quick Tip: Want to save more, spend smarter? Let your bank manage the basics. It’s surprisingly easy, and secure, when you open an online bank account.

Get up to $300 when you bank with SoFi.

Open a SoFi Checking and Savings Account with direct deposit and get up to a $300 cash bonus. Plus, get up to 4.60% APY on your cash!


Key Characteristics That Make a Budget Successful

While there are many ways you can approach managing your money, all budgeting styles share some of the same key elements. Let’s take a look at the main characteristics of a budget that can help you stay on track and boost your overall financial wellbeing.

Emergency Funds

The bedrock of any type of budget is an emergency fund. Without a cash reserve set aside specifically for unplanned expenses or financial emergencies, any bump in the road — say a car repair, trip to the ER, or a loss of income — can force you to run up credit card debt. This can lead to a debt spiral that can take months, potentially years, to recover from.

A general rule of thumb is to keep three to six months’ worth of basic living expenses in a separate savings account earmarked for emergencies. If you’re self-employed or work seasonally, however, you might want to aim for six or 12 months of expenses to feel secure and protected.

Recommended: Where to Keep Emergency Funds

Irregular Expenses

When creating a budget, you likely won’t overlook your recurring monthly expenses, such as rent, utility bills, and food. What’s easy to forget about are your one-off and irregular expenses.

To set up an accurate budget, you’ll want to be sure to jot down any annual or seasonal expenses you anticipate, such as membership dues, holiday gifts, insurance payments, car and registration fees, or kid’s camp expenses. Scanning through your monthly checking account statements for a year should help you suss out your irregular expenses.

To adequately account for these expenses, determine the annual cost, divide by 12, and build that amount into your monthly budget. You may want to transfer that money into a separate account so you can pay those expenses when they’re due.

Recommended: What Are the Average Monthly Expenses for One Person?

Repaying Debt

For a budget to be successful, you want to make sure you’re accounting for debt repayment, including minimum monthly payments and (if you’re carrying high-interest debt) additional payments. The 50/30/20 budgeting rule, for example, recommends putting 50% of your money take-home income toward needs (including minimum debt payments), 30% toward wants, and 20% toward savings and debt repayment beyond the minimum.

Once you’ve paid off your balances, the money you were spending on debt/interest each month can now go towards other goals, such as a vacation, large-ticket purchase, or down payment on a house.

Monthly Savings

Even if you tend to live paycheck to paycheck, a key element of a budget is putting at least something into savings each month. For example, with the “pay yourself first” approach to budgeting, you set up a recurring transfer from your checking account into your savings account on the same day each month, ideally right after you get paid.

Once you’ve fully funded your emergency saving account, you can funnel this extra money into a high-yield savings account to work towards your short-term savings goals.

And it’s fine to start small. If you save $20 a week, in a year you’ll have accumulated $1,040. If you commit to the 52-week savings challenge, where you save $1 the first week, $2 the second week, and so forth for an entire year, you’ll have stashed away $1,378 by week 52.

💡 Quick Tip: Most savings accounts only earn a fraction of a percentage in interest. Not at SoFi. Our high-yield savings account can help you make meaningful progress towards your financial goals.

Accurate Monthly Income

Without knowing exactly how much money hits your bank account each month, you won’t be able to allocate your funds accordingly and create an accurate budget. Besides your paycheck, you’ll want to factor in any other income streams, such as freelance work, government benefits, alimony, or child support.

If you’re self-employed and your income varies from month to month, determining your monthly income can be a bit trickier. One solution is to use your lowest monthly income over the past year as your baseline income (minus any taxes you will owe). This gives you a margin of safety, since you will likely make more than that.

Money for Vacations and Free Time

While it’s important to save for an emergency fund and pay off your debt, a key component of budgeting is money for fun and leisure. Without it, you likely won’t stick to your budget at all.

Think about what activities bring you the most joy and offer the most value in your life. What hobbies would you like to invest more time, energy, and resources in? Where would you like to vacation next? From there, you can set some “fun” savings goals. Consider how much you will need and when you want to reach your goal to determine how much to set aside for fun each month.

Recommended: 15 Creative Ways to Save Money

Retirement

Retirement might seem far off but failing to start saving early can put you in a tough predicament later on. Thanks to compound interest — the interest earned on your initial savings and the reinvested earnings — it’s much easier to amass a comfortable nest egg when you start early. Even if you’re still paying off your student loans, retirement is an important element of a budget that can make a huge difference in your future.

If you work for a traditional employer, you likely have a company 401(k) you are eligible to participate in. If your employer offers a company match, it’s wise to contribute at least up to match — otherwise you’re leaving free money on the table.

Realistic Goals

While many people don’t write down specific goals when creating a budget, this is actually an important element of budgeting. By setting realistic goals, such as building an emergency fund, saving for a downpayment on a car or a home, getting out of debt, or saving for retirement, you can begin to find ways to save for those goals and track your progress towards achieving them.

Having specific and realistic money goals can give you the motivation to take control of your spending. It also gives all the money that comes into your account a purpose.

Keep in mind, though, that goals and budgets are ever-evolving. When changes arise in your situation, you can tweak your goals accordingly. For instance, maybe you suffered a financial setback. In that case, you might want to put your foot off the pedal on aggressively paying off debt, and focus on replenishing your emergency fund.

Tips on Starting a Budget

If the idea of creating a budget feels overwhelming, here are some stimple steps that help jump start the process.

•   Determine your after-tax income. If you get a regular paycheck, the amount you receive is probably just that, but if you have automatic deductions, such as 401(k) contributions or health and life insurance, you’ll want to add those back in to give yourself an accurate picture of your earnings.

•   Tally your monthly expenses. You can scan your bank and credit card statements for the past three to six months to get an idea of what you typically spend each month and on what. You can then make a list of spending categories, how much (on average) you spend on each per month, and then break down those expenses into two main categories: “needs” and “wants.”

•   Make adjustments. If your average monthly income is less than your average monthly spending (meaning you are going backwards) or is about the same (meaning you aren’t saving anything), you’ll want to look for places to cut back. You likely find it easier to cut back spending in your “wants” categories, such as cooking a few more times a week (and getting take-out less often) or cutting the cord on cable and opting for cheaper streaming services.

•   Choose a budgeting plan. Once you’ve done the basics, you can take it a step further by selecting a budgeting plan. Any budget must cover all of your needs, some of your wants and — this is key — savings for emergencies and the future. The 50/30/20 budget (mentioned above) often works well for beginners. But there are many different types of budget — including the envelope system and zero-based budget. You might choose a budgeting app, such as YNAB or Goodbudget, to automate the process.

Banking With SoFi

Knowing exactly what elements go into a successful budget can help you create a spending plan that’s in step with your goals and help you do a lot more with the money you have.

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 up to 4.60% APY on SoFi Checking and Savings.

FAQ

How do I stick to a budget?

The best way to stick to a budget is to never spend more than you have. Running up high-interest debt can be a vicious cycle that is tough to get out of. You also end up spending a lot more on your purchases than if you have held off and saved up.

If you can’t afford something you want right now, it’s generally a good idea to put it off until you can. If you want to go on vacation or buy new furniture, for example, plan for it and save regularly so it doesn’t throw off your budget.

What is the best budgeting method?

The best budgeting method is the one you’re most likely to stick with. If you prefer to not worry so much about where you’re spending each dollar, you might prefer the 50/30/20 budget. If you like to get granular with your spending, then a zero-sum budget might be a good choice.

What are the benefits of budgeting?

Budgeting is a tool that helps ensure you’re spending your money in a way that aligns with your priorities. If you simply spend here and there without any type of plan, you can end up spending on things you don’t care all that much about, and never saving up enough for the things that you do — such as buying a car, going on vacation, or putting a downpayment on home.

Budgeting also helps ensure you can pay all your bills, have a cushion for the unexpected, and avoid running up expensive debt.


Photo credit: iStock/AndreyPopov

SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government 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, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

SoFi members with Qualifying Deposits can earn 4.60% 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 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 4.60% 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 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.


SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 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.


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.

SOBK0124056

Read more

Helpful Tips on Recovering From Being Scammed

You might associate scams with far-fetched ruses about foreign “princes” or emails, full of misspellings, that claim to be from your bank. And you might think you would never fall for those ploys. Scams, however, have grown more convincing over time, as evidenced by a growing amount of consumer dollars lost to fraud each year. And no, internet-savvy younger folk aren’t immune. In fact, according to data collated by the Federal Trade Commission (FTC), those between the ages of 30 and 39 were the most likely to get scammed in 2023.

Fortunately, there are ways to recover from the financially and emotionally draining experience of being scammed — and to avoid falling victim to scams in the first place. Read on for wise advice on how to rebound from being scammed, plus what to look out for so you don’t become a future scam statistic.

How Many People Are Scammed Every Year?

The short answer: Lots. The FTC states they received fraud reports from 2.4 million consumers in 2022 — and chances are not everyone who was scammed followed through on filing a report about it. (If you have been scammed, though, you should; the FTC’s data can help law enforcement build cases against scammers and stop the problem from happening to others.)

Recommended: Different Types of Bank Account Fraud to Look Out For

Common Scams in the United States

Scams come in a wide variety of shapes, sizes, and styles, but here are some of the most common scams reported in the US.

Imposter Scams

In imposter scams, the fraudster acts as if they’re a person or business entity you already know and trust to swindle you out of your money. This is by far the most common type of scam in the US, and it can be perpetrated in a variety of different ways.

•   You might get an email that looks like it’s from your bank (but is not) and prompts you to enter your login information. This however allows the fraudster to get access to your login credentials, which they can then use to drain your checking account.

•   Imposter scams also include romance scams, wherein someone often woos you online from afar and asks you to wire them money to help them through some emergency.

•   Scammers might even impersonate someone you already know, like a friend or relative. They could hack someone’s online accounts and then send messages that they need money for an emergency, help buying gift cards or some other scam.

Prize and Sweepstakes Scams

As their name implies, prize and sweepstake scams trick consumers into believing they’ve won something. They take a person’s sensitive information under the pretense of giving them the prize, only to wrest away their hard-earned money.

Job Opportunity Scams

It’s pretty cruel to target people who are looking for job opportunities, but scammers can do just that. You might find their ads in the exact same places you’d find legitimate employment opportunities, but instead of offering a position, they’re really in the business of getting your private information — and using it to steal from you.

Many people have fallen victim to overpayment scams this way, in which a person is told they are hired and is sent money to buy home officer equipment. However, the check was for a higher amount than needed, and the unwitting scam victim sends back the overage. By then, the funds they received from their supposed new employer? That check bounces ultimately, and they are out of cash and still without a job.

Investment-Related Scams

A smart investment can be a great way to make money… but when scammers use the guise of an investment opportunity to get your cash up front, the return never comes. According to the FTC, among the most common investment scams are those related to financial markets, real estate, or precious metals and coins.

Be extremely careful about individuals or companies you invest with. Some fraudsters create very official-looking websites that can fool people out of a lot of their money. These ”get rich quick” schemes can sound very believable.

Get up to $300 when you bank with SoFi.

Open a SoFi Checking and Savings Account with direct deposit and get up to a $300 cash bonus. Plus, get up to 4.60% APY on your cash!


What Can You Do if You Have Been Scammed?

If you’ve been scammed, don’t panic: You have options. And in many cases, you may be able to recoup some or all of your lost funds. Here’s advice on how to recover from being scammed.

Tell Your Bank That You Have Been Scammed

Here’s what to do after being scammed: If a fraudster got hold of your bank account information, let your bank know ASAP. After all, the sooner they can change your checking and savings account numbers, the sooner you can stop any theft. While FDIC insurance does not cover money lost due to theft, fraud, or scams, many banks will reimburse you money you’ve lost in a fraudulent transaction. It’s not a guarantee, but it’s definitely worth a try.

Request a New Debit or Credit Card

If a scammer got hold of your debit card or credit card information, immediately call the issuer to report that the card was stolen so they can hook you up with a brand new card and account number. Again, many credit card issuers will refund you for charges that were unauthorized or fraudulent transactions, so it’s critical to reach out to them pronto.

Remember the Details

If you suspect you’ve been the victim of a scam, you should immediately write down everything you can remember about the interaction: the details of how the scam was carried out, how much money or which pieces of information were stolen, the time of day, the payment and communication methods, and where you were. All of these details could help law enforcement catch the perpetrator and ensure your case is solid if it gets taken to court.

File a Complaint With the FTC

As discussed above, another step to take after being scammed is filing a complaint with the FTC. This can help track down and stop fraudsters. The FTC can also provide you with valuable information to help you protect yourself from future scams, too.

Tips on Protecting Yourself From Being Scammed Again

There are steps you can take to help ensure you don’t become victimized by a scam for a second time. These can also be good moves to make to avoid being scammed in the first place.

Use Two-Factor Authentication

Chances are, you’re already familiar with two-factor authentication: It’s the process where a website or platform verifies your identity with both a password and a second form of authentication, like a code texted to your cell phone or using facial recognition. Use these tools to secure as many of your accounts as you can.

Reset Your Passwords

Whether or not you’ve been scammed in the recent past, it’s always worthwhile to reset your passwords regularly.

•   Use strong, distinct passwords for each account you have. No reusing!

•   To keep all your accounts straight, you may want to consider utilizing a password manager, which can also help you generate stronger passwords and remind you to change your passwords from time to time.

Be Wary of Suspicious Emails and Phone Numbers

If you get an email or phone call that promises you a lot of money very quickly — or says there’s a problem you have to pay to fix very quickly — be suspicious. If you’re not totally sure you’re dealing with the person or entity who says they’re on the other side of the interaction, hang up or click delete and reach out yourself (say, directly to your bank, Apple, or whatever company is allegedly contacting you).

It’s also worth looking for tiny typos in email addresses or slightly “off” logos. In all cases, be very wary before you offer sensitive information over email or the phone. It’s highly unlikely you will be asked to “verify your account immediately” by text message, for instance.

Recognize Sometimes Things May Be Too Good to Be True

If someone calls you promising you a prize of thousands of dollars as soon as you provide your Social Security number or says they have the investment of a lifetime if you just cough up $1,000 to start, think twice. If something sounds too good to be true, there’s a good chance it’s just that.

Order Credit Reports

Keeping an eye on your credit report is one of the best ways to stay ahead of any fraud you may fall victim to without otherwise knowing. You’re entitled to one free credit report each year from each of the big three credit bureaus via annualcreditreport.com.

You can also sign up for ongoing credit monitoring with a variety of service providers, though this may be a paid service. You can also consider whether you want to activate a fraud alert or security freeze on your credit files with the credit bureaus. This can help prevent new accounts from being opened without your permission.

The Takeaway

Scams are getting more sophisticated these days, which can mean they can be harder to detect and avoid. Popular ploys are romance and job opportunity scams. Staying vigilant and immediately reporting any fraudulent transactions can help minimize your losses — and possibly recoup lost funds.

Check with your financial institution to see what tools they offer to help you monitor and protect your accounts.

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 up to 4.60% APY on SoFi Checking and Savings.

FAQ

How do I report a fraud to the FTC?

The FTC makes it easy to file a fraud report online. Just navigate to the FTC’s website at reportfraud.ftc.gov, and hit “Report Now,” and follow the online prompts. While the FTC can’t help investigate or solve your individual fraud case, your report can be used to help track down fraudsters at large and stop future fraud from happening to others.

What do I do if I do not remember all details of the scam?

If you don’t remember all the details of a scam, be sure to write down the details you do remember and file them in your report or claim. Writing down information can help you remember it for longer.

Will I get any money back if I get scammed?

Many banks are willing to reimburse some or all of the money you transferred in a fraudulent transaction, depending on the circumstances. Credit card companies, too, may cover you for unauthorized charges. It’s worthwhile to ask for details.


Photo credit: iStock/Delmaine Donson

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 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 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government 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, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

SoFi members with Qualifying Deposits can earn 4.60% 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 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 4.60% 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 10/24/2023. 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.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

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.

SOBK0124055 Read more

Buyer’s Remorse Explained: What It Is and Tips for Avoiding It

You know that feeling when you are excited to buy something, be it a cross-continent vacation or a slamming pair of boots, and very soon after are overwhelmed with regret? Welcome to the world of buyer’s remorse.

Maybe you are disappointed with your purchase, feel you have blown your budget, or both. Buyer’s remorse can rear its head for small and large purchases alike. You can feel it when you’ve swiped your card on a whim or even after researching your purchase for hours.

Fortunately, with a little bit of time, practice, and patience, you can learn to ditch the spending habits that most commonly lead to buyer’s remorse — so you can look forward to only those happy post-purchase feelings going forward. Keep reading to learn the full story.

What Is Buyer’s Remorse?

Buyer’s remorse is, quite simply, the feeling of regretting a purchase. It may be that you spent too much (i.e., the feeling you get in January when you review your holiday expenses) or because what you bought wasn’t quite as awesome as you thought (i.e., the feeling you get when your new boots give you blisters).

Buyer’s remorse is usually the effect of a certain level of cognitive dissonance, which is what happens when you have two competing and incompatible thoughts at the same time. For example, if you really want a new pair of headphones, and the ones you like are on sale, but you know you’ve already gone over budget for this month and simply can’t afford them, no matter how good the price is. That can be an example of cognitive dissonance. If you go ahead and purchase the item, there’s a good chance that you’ll experience buyer’s remorse.

💡 Quick Tip: Make money easy. Open a bank account online so you can manage bills, deposits, transfers — all from one convenient app.

Examples of Buyer’s Remorse

Buyer’s remorse can show up in a variety of different ways, and the feelings themselves can be slightly different, too. Here are some examples of buyer’s remorse:

•   Booking a trip to Europe on your credit card and then realizing you’ll have to dip into your emergency savings to fund your vacation

•   Buying a cashmere V-neck sweater on sale — only to remember, when you get home, that you have one in excellent condition tucked in your drawer

•   Purchasing a new suitcase and realizing, when you first try to pack it up, that it’s too small to hold everything you need and wishing you’d bought a larger one.

Buyer’s remorse can occur for tiny purchases (a coffee you didn’t need, and now you’ve got the caffeine jitters) or huge ones (some homeowners, unfortunately, experience buyer’s remorse after they move in). The basic common denominator, though, is simple: You wish you hadn’t bought what you did.

Get up to $300 when you bank with SoFi.

Open a SoFi Checking and Savings Account with direct deposit and get up to a $300 cash bonus. Plus, get up to 4.60% APY on your cash!


Types of Buyer’s Remorse

While buyer’s remorse can happen for a wide range of purchases, it can generally be broken down into two different categories: outcome regret and process regret.

Outcome Regret

As its name suggests, outcome regret refers to buyer’s remorse you experience when the outcome of your purchase doesn’t meet your original expectations. This might happen because you realize something else would have been a better purchase to suit your needs or because the thing you bought doesn’t meet your expectations — or both (as in the suitcase example above).

Process Regret

Process regret, on the other hand, indicates that you regret the purchase process more than the outcome itself. For example, if you think you should have spent a longer time researching before making a purchase decision (or, in some cases, less time) you’re likely feeling process regret.

Perhaps you spent a whole weekend choosing a hotel for a trip and then weren’t satisfied with the place you stayed. Or maybe you made an impulse purchase while at a furniture store and realize you should have spent more time and measured more carefully because your new coffee table is too big.

Signs of Buyer’s Remorse

Buyer’s regret shows up as an emotional reaction. You may feel anxious, angry, annoyed, scared, or sad about your purchase. You may notice that this feeling starts to show itself shortly after the purchase is made.

If you’ve ordered something online, for example, maybe before it even shows up at your doorstep. Or you may buy yourself a new watch and, the second you walk out of the store, start panicking about what the purchase will do to your credit card debt or checking account balance.

What Do You Do if You Have Buyer’s Remorse?

If you have buyer’s remorse, take heart: there are usually steps you can take to rectify it.

•   Return the item. If you’re feeling buyer’s remorse over a purchase, like a new sweater, you may be able to simply return the item for a refund. (Similarly, if you’ve booked travel you’re now regretting, you might see what the cancellation policy states.)

•   See if you can find ways to increase your satisfaction with your purchase. If you’re experiencing buyer’s remorse over a larger purchase, like a home or car, it might not be as simple as a quick return. However, you may be able to find ways to increase your satisfaction with the purchase. For example, you might decorate your home in a way that feels good to you, or outfit your car with a bike rack to increase its storage capacity.

•   Use the opportunity to change your spending. If you’re stuck with the purchase you made, now might be a good time to review your spending habits and come up with some new ones. While it won’t cure your current buyer’s remorse, it may keep you from feeling it again in the future.

For instance, you might realize that you shop when bored and find other ways to spend your free time versus strolling through your favorite stores.

How Long Does Buyer’s Remorse Last?

Depending on the size of the purchase, buyer’s remorse might be brief or long-standing. For instance, it could linger for just a few moments — for example, if you order way more sushi than you can actually eat — or for several months or longer (say, if you discover you really are unhappy with the neighborhood in which you purchased a home).

In any event, going through and combatting buyer’s remorse is an emotional experience, so it’s important to be gentle with yourself. Do what you can to minimize its impact, and learn from the experience.

Tips for Avoiding Buyer’s Remorse

The best way to deal with buyer’s remorse? To avoid feeling it in the first place. Here are some ideas to help dodge that post-purchase sinking in your stomach again.

Budget

A budget can give your spending some guardrails. Making a budget can help you work out to cover all your necessary expenses and to prioritize which discretionary expenses are most important. Sticking to a budget can be a great way to avoid buyer’s remorse from the start because you know what you have to spend. Follow the guidelines, and you likely won’t regret blowing too much on a purchase.

Practice Patience

Sometimes, the main culprit behind buyer’s remorse is impulse buying: If you’d just given yourself a day or two to really think through that purchase, you might have decided you didn’t need it in the first place. By practicing patience and forcing yourself to take time to think through your purchases, you may be less likely to experience buyer’s remorse.

Some people find that waiting a couple of weeks or even a month before making a big, unplanned purchase can help escape buyer’s regret as well. It gives you time to decide whether or not that new item or experience is actually worth it.

Try the 30-Day No-Spend Challenge

After experiencing buyer’s remorse, you may decide you want to take a temporary break from non-essential spending, sometimes known as a no-spend challenge. You could start with as little as a week, but extending your no-spend challenge to 30 days will give you a chance to understand how often you make impulse purchases. (Be sure to write out a clear list of exceptions to the rule, including regular bills, groceries, and pre-planned one-time expenses such as regular car maintenance.)

This exercise can help give you a new perspective on spending and be more mindful with your money going forward.

Ask the Right Questions

Say there’s a jacket you like that is on sale, reduced from $300 to $189. You’re about to snap it up, but wait a moment. Ask yourself: How long did you have to work to earn enough (after taxes) to afford the price tag? How many jackets do you have at home, and are they in good condition? Do you really need another? How will you feel if you buy the new jacket and see it hanging unworn in your closet six months from now?

Hold yourself accountable for the impact a purchase will have on your financial situation and whether you really need it or it’s just another nice thing you might own. Instead of shopping, could your money do more for your finances if deposited in a savings account?

Do Research Before You Buy

While it’s possible to feel buyer’s remorse after a well-researched purchase vs. an impulse buy, it’s less likely. Usually, the more information you have before you pull the trigger, the more likely you are to get what you want. So consider amping up the amount of time you spend researching your purchases before you make them.

Write a List of What You Need and Stick to It

If you tend to make impulse buys while you’re meandering the grocery store, for example, it might be time to employ a shopping list. That way, as tempted as you might be to grab that package of pistachios, Pop-Tarts, and some fancy flavored seltzer, you’ll have that list to hopefully keep you in line and on track with your spending.

Set Shopping Boundaries

Like any other part of life, establishing boundaries around shopping is critical to ensuring your wellbeing and success. Some examples of boundaries: Decide you won’t shop alone, online after 10 pm, or while you’re feeling sad or angry.

Bring Cash Over Your Credit Card to Avoid Overspending

Money is money, but tapping your card at the terminal can feel a lot easier than parting with cold, hard cash — too easy, in fact. Plus, credit makes it easy to spend more than you can actually afford to, and buyer’s remorse can just be compounded when it also leads to having to pay down debt.

The Takeaway: Saving Money with SoFi

What is buyer’s remorse? It’s the feeling that occurs when you regret making a purchase, whether it’s that cappuccino en route to brunch or booking a beach trip that’s way out of your budget. You can avoid this uncomfortable and potentially budget-busting sensation with some careful consideration and new shopping habits. Your bank account may thank 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 up to 4.60% APY on SoFi Checking and Savings.

FAQ

What are some questions to ask yourself before you make a purchase?

To avoid buyer’s remorse, consider asking yourself questions like: Do I really need this item, or just want it? Will I still want it in two days? Two weeks? How much time and effort did it take me to earn the money I am about to spend? What else could I purchase with that money if I made a different decision?

What should I do if an item is limited in stock and won’t restock after?

Sometimes, buyers make impulsive purchase decisions because an item is in limited supply or on sale for a limited time. While these external factors can make a purchase seem more urgent, it’s still worth taking the time to decide whether or not you truly need the item — or if you’re likely to feel buyer’s remorse over it. A new pair of boots you didn’t need can still feel like a waste of money, whether you spent $200 or $139 on sale for them.

What are common items that people have buyer’s remorse about?

This is a very personal situation. People commonly feel buyer’s remorse over large expenses like huge weddings, vacations, boats, or expensive cars. However, you can also feel buyer’s remorse over smaller purchases like unnecessary clothing, restaurant meals, makeup, or anything that you simply don’t need.


Photo credit: iStock/Anawat_s

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 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 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government 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, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

SoFi members with Qualifying Deposits can earn 4.60% 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 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 4.60% 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 10/24/2023. 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.

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.

SOBK0124054

Read more

How Long Does ACH Transfer Take? Complete Guide

ACH transfers typically take between one and three days, but that’s only part of the story. The Automated Clearing House (ACH) is a network of interconnected banks that allow for transfers between customers with accounts at different banks. You can send money to another person, as well as receive funds from them, even if you don’t share a bank.

ACH transfers usually take up to two business days to happen, although it’s possible that it can take a longer or shorter time. Financial institutions can pay for same-day transfer, although not all banks may offer this service to their customers. Because ACH transfers generally take a few days to transfer, if you need to transfer money sooner, you may want to explore other options.

Read on to learn more about ACH transfers.

What Is an ACH Transfer?

An ACH transfer is a way to electronically transfer money to or from another person who may have a checking or savings account at a different bank from you. One way to think about the ACH transfer system is that it’s the electronic version of writing a paper check.

When you send an ACH transfer, the money will generally be debited from your account when you make the transfer. The money may take one to three business days to go to the recipient’s bank account. The ACH transfer time is often quoted as taking two days; the transactions are processed in batches, which can help explain why they are not instantaneous.

💡 Quick Tip: Help your money earn more money! Opening a bank account online often gets you higher-than-average rates.

Types of ACH Transfers

The ACH system classifies a few different internal routing and transaction codes, but most customers can think of two distinct types of ACH transfers: ACH debits (money coming out of your account) and ACH credits (money going into your account, or an ACH payment). Here’s a look at those two types of ACH transfers:

ACH Debit Transactions

An ACH debit transaction is where money is taken from your account and sent to an account at another bank. Common examples of ACH debit transactions might be recurring payments, online subscriptions or mortgage payments. When your account receives an ACH debit, your savings or checking account balance will decrease.

ACH Credit Transactions

An ACH credit transaction is the opposite of an ACH debit transaction. An ACH credit transaction is when another person or company sends money to your account. There are a variety of different scenarios where you might receive an ACH payment or credit.

•   You might get an ACH credit when you receive your direct deposit from your employer.

•   Social Security and certain other government payments can be ACH credits to your account.

•   An ACH credit will increase your bank account balance when you receive one.

Get up to $300 when you bank with SoFi.

Open a SoFi Checking and Savings Account with direct deposit and get up to a $300 cash bonus. Plus, get up to 4.60% APY on your cash!


How Long Does an ACH Transfer Take?

The ACH network processes ACH transfers several times a day, but it’s common that ACH transfers take one to two business days, or sometimes three. If you are scheduling an ACH debit to make an online bill payment, you’ll want to make sure to allow enough time before your bill is due.

You’ll also want to be aware of this processing time when receiving an ACH credit. Knowing that the credit will take that amount of time to clear can help you manage your account balance. It’s wise to be aware that ACH transfer time isn’t instantaneous, so you don’t risk drawing on funds that aren’t yet available. Otherwise, you could end up overdrafting your account.

Recommended: Guide to ACH Routing Numbers

Expediting ACH Transfers: Same-Day ACH Transactions

While most ACH transfers take a few business days, it is possible to expedite the process. Banks can pay an additional fee to process an ACH transaction on the same day. Your bank may or may not support a same-day ACH transaction. Additionally, it will depend on the financial institution and whether or not they pass that banking fee on to you.

Ask your bank’s customer service rep or check their details online or in their app to see what’s possible and if you need to pay a surcharge for this service.

Recommended: How to Stop or Reverse ACH Payments

The Takeaway

How long does an ACH transfer take? These electronic transfers, which allow money to be sent and received between customers at different banks, typically take around two days. ACH transfers make for a convenient way to send and receive money as compared to sending paper checks. It may be possible to pay for an expedited ACH transfer if you don’t want to wait a couple of days.

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 up to 4.60% APY on SoFi Checking and Savings.

FAQ

What are the restrictions to external funds transfers?

Restrictions on external funds transfers may vary depending on your bank. Some banks may limit external transactions to $5,000 per transaction, $10,000 per day, and $50,000 per month, as one example. Check with your bank to see what restrictions might be in place for you.

What does ACH transfer cost?

Every financial institution that sends or receives ACH transfers must pay a fee to the National Automated Clearing House Association, which is the organization that governs and manages the ACH system. Depending on the bank, they may or may not pass these fees on to the customers who receive or send ACH transfers. Check with your bank to see how much an ACH transfer might cost you, especially same-day transactions.

Why is an ACH transfer not an instant transfer of funds?

Although it may be possible to pay for an expedited (same-day) ACH transfer, transfers do not happen instantaneously. The answer to “How long do ACH transfers take?” is usually a couple of days. Typically, ACH transactions are processed in batches vs. right away, which can explain the timing.


Photo credit: iStock/MStudioImages

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 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 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government 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, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

SoFi members with Qualifying Deposits can earn 4.60% 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 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 4.60% 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 10/24/2023. 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.

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.

SOBK0124045

Read more
TLS 1.2 Encrypted
Equal Housing Lender