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Coupons have been around for a while and by the thousand (if not million) for good reason: They can help people like you save money at the supermarket, drug store, clothings shop, movie theater, and other popular locations.

Not only can you find coupons in the newspaper and your mailbox, you can likely download them from websites and social media accounts as well.

If you’re ready to save some dough, here are simple tips on finding, using, and maximizing your money with coupons.

Where to Find Coupons

A great way to begin couponing is to scan your kitchen pantry and bathroom cabinet and make a list of the products and brands that you purchase regularly.

You can then start looking specifically for coupons for as many of those items as you can. Here are some key places to look.

Newspapers

Even in today’s digital world, it’s still worthwhile to go old-school and check out the Sunday newspaper coupon inserts.

What makes newspapers such a rich source of savings is the fact that they offer a wide variety of different types of coupons, including product coupons, manufacturer coupons and competitor’s coupons.

If this week’s paper has a lot of good coupons, consider buying extra copies. Dollar stores often sell papers at a discount and can be a good place to stock up. But even if you have to pay full price, it could still be worth it.

💡 Quick Tip: Typically, checking accounts don’t earn interest. However, some accounts do, and online banks are more likely than brick-and-mortar banks to offer you the best rates.

Magazines

Magazines are still around, and can be a great source of coupons, particularly manufacturer coupons. You may want to flip through some of the magazines stocked at the checkout aisle next time you’re waiting in line at the supermarket.

Some women’s magazines even put together an index of all the coupons that each issue includes.

To up the odds of finding coupons for products you enjoy, consider browsing magazines that reflect your lifestyle.

Based on what you find, you might decide that getting a subscription (which is usually low cost, and a better deal than buying single issues) could be worthwhile.

Websites

If clipping isn’t your cup of tea, you can print coupons from websites that aggregate coupons, such as coupons.com , retailmenot , and valpak . These sites make it easy to search for and find deals.

Another online resource is P&G Everyday . This site offers printable coupons exclusively for Procter & Gamble brands (e.g., Crest, Pampers, Tide). You will need to create an account before you can print coupons.

You may also want to look at the list of items you typically stock in your home and head to the manufacturers’ websites.

Many companies have coupons you can print from their site. Some also reward you with coupons if you sign up for their e-newsletter.

Store sites are also worth checking out. Many grocery and drug store websites offer both manufacturer and store-specific coupons.

You may even be able to download these coupons directly to your store loyalty card, and redeem them simply by presenting your store card at checkout or possibly when ordering online.

Some department store sites also offer printable coupons and savings passes you can use that same day in store, and you may also be able to sign up to have coupons emailed to you directly.

Inside Stores

Many grocery stores, drug stores and supercenters provide coupons in circulars and flyers available inside the store. These can be a great place to find coupons that you’ll actually use.

You can also often find printable coupons in the red kiosks situated through the store, as well as coupons on the products themselves (which you can clip at home and use next time). You may also want to check for coupons at the bottom or back of your receipts.

Recommended: Tips on Saving Money Daily

Coupon Apps

Some stores, such as Target, have their own app that you can download to your phone and then show at checkout for discounts on items you are buying that day. These offers can often be combined with manufacturer and store coupons to create really good deals.

There are also cashback apps, such as ibotta and Checkout51 , which allow you to earn cash back on many of the products you buy.

All you have to do is link your loyalty card to the app or snap a picture of your receipts. Once you earn a certain amount (such as $20), you can redeem your cash back.

💡 Quick Tip: If you’re creating a budget, try the 50/30/20 budget rule. Allocate 50% of your after-tax income to the “needs” of life, like living expenses and debt. Spend 30% on wants, and then save the remaining 20% towards saving for your long-term goals.

Keeping Coupons Organized

Coupons aren’t worth anything if you don’t have them on you or you can’t find them when you need them.

If you use paper coupons, a good first step is to find a way to contain the chaos, such as using zip-lock bags, a binder, a coupon wallet, a recipe box, or any other storage container.

The idea is to simply have a single landing spot for all coupons. If possible, it’s wise to file them away as you get them, so you don’t have a big mess to deal with all at once.

You may also want to come up with a filing system, such as grouping coupons by grocery category (e..g, dairy, produce, frozen foods), or by aisle, or by coupon expiration date.

It’s also a good idea to go through and edit your collection periodically. Stores typically don’t take expired coupons, so it’s best not to let them eat up space in your filing system. Consider setting a certain day each or month to go through and purge.

If you use coupons via an app or other electronic means, it’s wise to have the app downloaded and open when you are ready to shop to make the experience as smooth as possible.

Recommended: Types of Savings Accounts

Maximizing Your Coupon Savings

Shaving off just a little here and a little can be nice, but may not make a major change in your buying habits, but the real savings that comes with couponing is when you combine coupons with other coupons, as well as other sales offers.

Here are some tricks:

Matching Coupons to Sales

In order to really save money with coupons, you ideally only want to use them on sale items that won’t make you blow your budget.

You can hold onto a coupon until the item goes on sale, or if you see that a store is having a sale on something you buy regularly, you can then check the store circular, manufacturer’s websites, or your app to see if you can find a manufacturer’s coupon for it.

💡 Quick Tip: When you feel the urge to buy something that isn’t in your budget, try the 30-day rule. Make a note of the item in your calendar for 30 days into the future. When the date rolls around, there’s a good chance the “gotta have it” feeling will have subsided.

Stacking Coupons

This means using more than one coupon for the same item. For example, you can significantly increase your savings by combining a manufacturer coupon with a store coupon for the same item. You might be able to then amp up savings even more by using a cashback app.

Keep in mind that not all stores allow coupon stacking. You may want to review each store’s coupon policy to see where you can employ this trick.

Using Competitor’s Coupons

Lots of stores accept competitor coupons. It’s a good idea to find out which ones in your area do, and then work those coupons and sales to your advantage.

The Takeaway

Using coupons can be a great way to save money on the products you love, and help keep your everyday spending in line with your budget. You can often find useful coupons in Sunday newspaper circulars, magazines, coupon websites, as well as store and manufacturers’ websites. Coupon apps can also help you find coupons for your favorite products quickly.

To really rack up savings with couponing, it pays to go beyond just using a coupon here and there. Consider combining a manufacturer’s coupon with a store coupon, a sale, and a cashback or coupon app.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.60% APY on SoFi Checking and Savings.

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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.

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Most states require licensed drivers to carry auto liability insurance — and for good reason. Liability coverage helps pay for the damages to other people involved in a car accident if it’s determined you were responsible.

State law may leave it up to the individual to decide if they want to carry the kind of insurance that will help pay to repair their own wrecked car or injured body. But in most cases, drivers won’t have an option when it comes to liability coverage.

Since your automobile could cause physical or material harm to others, you’ll generally be expected to carry enough insurance to cover those potential costs or, in some states, provide proof of financial responsibility.

What Is Liability Car Insurance?

If you’re found at fault — or “liable” — for an accident, liability insurance helps pay the other driver’s expenses.

There are several other types of car insurance coverage available to drivers, so it’s easy to get them confused. Collision coverage, for example, pays to repair damage to your own car after an accident. And comprehensive coverage helps pay for damage to your car that’s caused by other factors, such as hail, a fire, or theft.

Auto liability insurance is all about the other guy. It’s not there to cover your costs or the costs of anyone who was riding in your car when the accident occurred.

Recommended: How Much Auto Insurance Do I Really Need?

What Costs Does Liability Insurance Cover?

In general, there are two types of liability insurance offered on most standard policies:

Bodily Injury

This type of liability coverage protects the at-fault driver by paying for the other person’s emergency and continuing medical expenses related to the accident. It also might cover loss of income or funeral costs, or legal fees if there’s a lawsuit.

Property Damage

Property damage liability coverage helps pay for repairs to the other person’s car or other property (their home, a business, a fence, a bicycle, etc.) when the policyholder causes an accident.

Are There Limits on What an Insurer Will Pay?

Yes. The amount an insurer will pay for a claim depends on the coverage limits a policyholder chooses. Note that the amount of coverage you’re required to carry varies from state to state, and you might choose to purchase a higher level of coverage than your state mandates.

Coverage caps are usually broken down into three categories:

Bodily Injury Liability Limit Per Person

This is the maximum amount an insurer will pay out for each individual who is injured in a car accident (other than the at-fault driver who is the policyholder).

Bodily Injury Liability Limit Per Accident

This is the maximum amount an insurer will pay overall for medical expenses if multiple people are hurt in an accident. Again, it does not include medical costs for the at-fault policyholder.

Property Damage Liability Limit

This is the maximum amount an insurer will pay to repair any damage a policyholder caused to another person’s property. Any amount over that limit will likely be the responsibility of the policyholder.

How Much Liability Insurance Should a Driver Have?

You cannot buy less than the minimum amount of liability insurance your state legally requires. But some states require significantly less coverage than others.

For example, the minimum liability insurance requirements in California are $15,000 for injury/death to one person, $30,000 for injury/death to more than one person, and $5,000 for damage to property.

But the minimum requirements in Maine are more than twice those amounts: $50,000 per person for bodily injury, $100,000 per accident for bodily injury, and $25,000 for property damage. (A combined single limit of $125,000 will also satisfy the minimum limit requirement in Maine.)

General recommendations from the insurance industry suggest consumers purchase at least $100,000 of bodily injury liability per person and $300,000 per accident.

Keep in mind that when you’re shopping, you may not be able to choose standalone limits for each category of liability coverage. Most insurers set their coverage limits as part of a package, and you may have to make your purchase from those pre-established plans.

For example, a 25/50/10 policy would set the bodily injury limit per person at $25,000, the bodily injury limit per accident at $50,000, and the property damage limit at $10,000. Any costs that exceed those set amounts would be the responsibility of the policyholder.

Some people also consider purchasing an “umbrella” policy that would cover any excess costs if liability limits are exhausted. This type of policy can help protect you from large liability claims or judgments if you’re sued. And your umbrella policy may cover you as well as other members of your family or household.

According to the Insurance Information Institute, the average cost of a claim after a private passenger car accident in 2020 was $20,235 for bodily injury and $4,711 in property damage. But a claim could go much higher, if there are multiple victims, for example, or if there are serious injuries or someone is killed.

Recommended: What Is the Average Monthly Cost of Car Insurance by Age in the U.S.?

What’s the Difference Between Full Coverage and Liability Only?

An auto insurance policy that includes liability, collision, and comprehensive coverage is sometimes called “full coverage,” because it covers both your costs and the costs of others involved in an accident.

Most states require liability coverage. But if your car is paid off, your state may not require collision (which helps to repair or replace a car that’s damaged in an accident) or comprehensive (which pays if the car is stolen or damaged by fire, vandalism or some other non-collision scenario).

And if your car isn’t worth much, you might decide to forgo one or both when purchasing car insurance. If your car is financed, however, the lender could require full coverage even if the state doesn’t.

Some states also may require other types of coverage:

•   Uninsured motorist and underinsured motorist coverage can help cover your medical expenses if you’re in an accident with a driver who has little or no insurance.
•   Uninsured motorist property damage coverage can help repair damage to your car if you are hit by an uninsured motorist.
•   Personal Injury Protection (PIP) and/or Medical Payments (MedPay) can offer protection if you or your passengers are hurt or killed in an accident.

Do You Need Liability Coverage If You Live in a No-Fault State?

A dozen states have instituted “no-fault” laws for drivers. Coverage rules and limits may vary from state to state, so you should be clear on the specifics of what your state requires.

Generally, when you live in a no-fault state and you’re in a car accident, everyone involved files a bodily injury claim with their own insurance company, regardless of who was at fault. Still, every no-fault state requires some level of liability coverage.

Drivers in no-fault states also typically must have Personal Injury Protection (PIP) insurance included in their car insurance policy to cover their own potential medical bills and expenses. PIP plans cover medical expenses for the car’s driver and passengers, which can include hospital bills, medication, rehabilitation, and other injury-related costs.

PIP insurance doesn’t replace bodily liability coverage in every state, and it doesn’t cover property damages. Your insurance company pays for repairs to your car if you have collision coverage. Or you may have to make a property damage claim against the at-fault driver’s insurance.

What If You Have an Accident in Another State?

Ready for a road trip? If you have an accident, your liability insurance may increase to match the minimum limits in whatever state you’re in, and in Canada. But you may want to check with your insurance company if you like to travel, especially if you have a bare-bones policy.

What’s Covered If Someone Else Is Driving Your Car?

The short answer is that the auto insurance covering the vehicle, not the person driving, is usually considered the primary insurance. So if you let someone else drive your car and that person causes an accident, your insurance company probably would be responsible for paying the claim.

Your liability coverage wouldn’t pay the medical bills of the person driving your car or the repairs to your car, although those costs may be covered by other parts of your policy. But it likely would be your liability insurance that pays for the driver of the other car’s medical bills and property damage.

Again, state laws may affect who is responsible in this situation, so it can help to know the rules before letting someone else drive your car.

How Much Does Liability Coverage Cost?

The price you’ll pay for liability coverage could be based on several factors, including how much you buy and where you live. Your age may also play a factor — younger drivers may pay more for coverage, for instance. You can do a little online shopping to search the best rates for your area.

But a better question might be “How much will it cost to bump up my liability insurance beyond the state-mandated minimums?” Getting twice as much coverage won’t necessarily cost twice as much. If the price fits your budget, you may want to consider carrying more coverage than the law requires.

Upping coverage might increase your comfort level, considering the expenses that might be involved in a major accident, even if you have insurance. The extra coverage may cost more, but if you’re a safe driver you may qualify for better rates. You can research car insurance online and compare quotes to find one that fits your budget.

The extra coverage may cost more, but if you’re a safe driver you may qualify for better rates.

The Takeaway

If you’re held responsible for a car accident, liability insurance will help pay the expenses of the others involved. Most states mandate this coverage, including “no-fault” states. But the amount of coverage you must carry may vary from state to state, so when you’re researching automobile insurance, it can be useful to know your state’s rules.

Shopping around for insurance in your area can help you figure out how much coverage you really need and what your premium might be. SoFi’s online auto insurance comparison tool lets you see quotes from a network of insurance providers within minutes, saving you time and hassle.

Compare quotes from top car insurance carriers.

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Insurance not available in all states.
Gabi is a registered service mark of Gabi Personal Insurance Agency, Inc.
SoFi is compensated by Gabi for each customer who completes an application through the SoFi-Gabi 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.

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There’s no denying that a Disney World vacation is at the top of many a travel bucket list. But Orlando’s ultimate amusement park can also be expensive, especially if you’re traveling with the whole family. While some costs are unavoidable, there are ways to save money at Disney World.

It can be challenging to get discounts on park tickets themselves, but there are a few tricks you can use to cut costs overall. Read on for the full rundown on how to save money at Disney World.

Tips for Saving Money at Disney World

For many kids and adults, a trip to Disney World is a once-in-a-lifetime dream vacation. Many parents look forward to the day they can take their kids to Disney just to see the looks on their faces when they walk into the Magic Kingdom.

Here are a few ways that you can save money at Disney World.

Taking Advantage of a Free Disney Dining Plan

One of your biggest expenses at Disney World is meals. Food can be quite expensive in the park, since they know that you’re a captive audience.

You can bring your own food to Disney World, but it usually isn’t a great option for many people. Occasionally, Disney runs sales where a Disney Dining Plan is included in the cost of your ticket. While it may not make sense for every situation, it’s worth checking out in order to save money on food.

Travel Off-Season

The cost of Disney World park tickets is the same no matter when you go, but hotel rates vary throughout the year. Your Disney World hotel cost will depend on a number of factors, but a good rule of thumb is that the more popular times (spring break, summer vacation, holidays) also come with higher prices. Consider staying during the off-season or during shoulder season, when prices may be lower and there may be smaller crowds.

Another option is using credit card rewards to pay for hotels. Some hotel credit cards offer a signup bonus that can provide enough points to pay for most or even all of your Disney World trip.

Stick to Your Budget

It’s a smart idea to set a budget in advance for your Disney World vacation and to create a separate travel fund. Not only can this help you save the money to afford your trip, it can also keep you from splurging too much while you’re there.

Saving money on a trip to Disney World doesn’t have to mean cutting down on the fun. Just make sure you budget appropriately and identify what is and is not important to you. This will help you stick to the important credit card rule of keeping your balance in check.

Choose Low-Cost Souvenirs

Like in-park food, souvenirs are another area where you’ll pay for convenience. If you have extra days in Orlando, consider shopping off-property for Disney souvenirs — like at the official Disney’s Character Warehouse store. If you’re traveling with kids, consider giving them an upfront “souvenir budget” and letting them choose how they want to spend it.

Recommended: 6 Souvenirs You Won’t Regret Buying (and 5 You Might)

Buy Discounted Disney World Park Tickets

Because Disney World park tickets are usually in such high demand, there aren’t a lot of opportunities to buy them at a discount. To snag Disney World savings in this area, one option is to use cash back rewards toward the cost of Disney park tickets.

Another option is to look for stores that sell Disney gift cards. You can use Disney gift cards for almost anything at Disney World, and some stores will occasionally discount them. Even if you pay full price for a gift card, you might be able to get credit card rewards or credit card points with your gift card purchase.

Use Travel Rewards on a Disney World Vacation

Applying for a rewards credit card that offers credit card miles or cash back rewards can subsidize your Disney World budget.

The two areas where travel rewards can help you save are flights and hotels. If you apply for an airline credit card, the miles you get might help cover your flights. Similarly, the hotel points you earn from a hotel credit card can help pay for your lodging while on a Disney World vacation.

The Takeaway

A Disney World vacation can be quite expensive, especially if you’re traveling with a family. This makes it important to learn all the tips you can to save money at Disney World. Look to use your credit card travel rewards toward flights and lodging costs, and consider a cash back credit card to help cover the other costs like park tickets, souvenirs, and food during your vacation.

One opportunity for saving money at Disney World is to use credit card rewards to help pay for your vacation with a cash back credit card. With the SoFi credit card, you can earn unlimited 2% cash back rewards. Cardholders earn 1% cash back rewards when redeemed for a statement credit.¹ Plus, you can earn even more when you set up direct deposit on your SoFi Checking and Savings account.

The SoFi Credit Card offers unlimited 2% cash back on all eligible purchases. There are no spending categories or reward caps to worry about.¹

Take advantage of this offer by applying for a SoFi credit card today.

FAQ

How can I spend less at Disney World?

There’s no denying that Disney World is an expensive place, but you have a couple of options if you’re trying to spend less at Disney World. One is to use your credit card points to help offset the cost. The other is to set a budget for the necessary costs that are important to you. Having a budget can help prepare you mentally to spend less.

How can I get airline miles to cover my flights to Disney World?

Airline credit cards are great for earning airline miles to help pay for flights. Look at the cost of airline tickets to Orlando from where you live, and see how many airline miles it would take to fly there. Then, look at signing up for an airline credit card to help get you the miles that you need.

When is the best time of the year to visit Disney World?

There isn’t only one set time of year that is the best to visit Disney World — it will depend on your specific situation and how flexible you can be with your travel plans. Typically, Disney World will be more crowded (and hotels more expensive) during peak travel periods like summer, spring break, and holidays. Conversely, you may experience smaller crowds and lower prices if you travel in the off-season.

How can I save on souvenirs at Disney World?

If you’re buying souvenirs inside the parks themselves, there’s no denying that the prices will be expensive. One way to overcome the souvenir sticker shock is to determine what kind of souvenirs are important to you and set a budget to cover that amount. You can also consider buying some Disney souvenirs at the Disney outlet store (Disney’s Character Warehouse).

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Photo credit: iStock/miniseries

¹See Rewards Details at SoFi.com/card/rewards.

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.

The SoFi Credit Card 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.

¹Members earn 2 rewards points for every dollar spent on purchases. No rewards points will be earned with respect to reversed transactions, returned purchases, or other similar transactions. When you elect to redeem rewards points into your SoFi Checking or Savings account, SoFi Money® account, SoFi Active Invest account, SoFi Credit Card account, or SoFi Personal, Private Student, or Student Loan Refinance, your rewards points will redeem at a rate of 1 cent per every point. For more details please visit the Rewards page. Brokerage and Active investing products offered through SoFi Securities LLC, member FINRA/SIPC. SoFi Securities LLC is an affiliate of SoFi Bank, N.A.

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.

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Most businesses report information to the credit bureaus every 30 to 45 days. Each on-time payment you make may barely affect your score, while a missed payment can have a significant effect.

But how often does your credit score update? Let’s find that answer, and learn how to keep an eye on your credit history and credit score.

Recommended: How to Build Credit Over Time

When Do Credit Reports Update?

Whenever consumers take some sort of action relating to their credit, their score, usually a number between 300 and 850, will fluctuate.

For instance, if they apply for a loan or miss a credit card payment, their score could change.

There is no set date for a credit score update because a lender or creditor may send information to the three main credit bureaus at different times: Experian one day, Equifax five days after that, and TransUnion a week later.

An update, though, will occur at least every 45 days.

Rather than constantly checking for updates, you might want to focus on long-term goals like paying off debt, always sending payments on time, and ensuring that your scores are going in an upward direction.

Recommended: Which Credit Bureau Is Used Most?

What Is a Good Credit Score?

Lenders most often use FICO® Score, but the credit bureaus introduced the VantageScore® in 2006 to provide a score that was more consistent among the three credit agencies.

This is how the FICO Score 8 and the latest VantageScore models break down:

FICO	VantageScore
Exceptional 800-850	Excellent 781-850
Very Good 740-799	Good 661-780
Good 670-739	Fair 601-660
Fair 580-669	Poor 500-600
Poor 300-579	Very Poor 300-499

People with high scores typically have access to higher lines of credit and lower interest rates. Those with low credit scores may not be approved for certain credit cards and loans. And if approved for, say, a mortgage, they will usually pay a much higher mortgage interest rate.

(That said, a conventional mortgage lender is free to set its own requirements when it comes to credit scores. Government-backed loans still have credit score requirements, even if they’re lower.)

How to Check a Credit Report

Under federal law, consumers are entitled to one free copy of their credit report every 12 months from each of the main credit reporting agencies, TransUnion, Experian, and Equifax.

AnnualCreditReport.com is the only authorized website for free credit reports, according to the Federal Trade Commission.

Consumers can also call 1-877-322-8228 and provide their name, address, Social Security number, and date of birth to verify their identity.

If you want to check your credit history more than once a year, you can ask one or all three credit reporting bureaus, for a small charge, for another copy.

Why check your credit report periodically? Mainly:

•   To make sure the information is accurate and up to date before you apply for a car or home loan, buy insurance, or apply for a job.
•   To help guard against identity theft.

Recommended: How To Read A Credit Report

How to Check a Credit Score

The free annual credit reports do not include your credit score — or more accurately, scores. Your credit score from each of the credit bureaus will vary based on the information each has. Lenders also use slightly different credit scores for different kinds of loans.

How to get your credit scores then? Here are a few ways:

•   Buy a score directly from the credit reporting companies or from myfico.com.
•   Look at a loan statement or a credit card statement. Some financial companies provide credit scores for customers as a perk.
•   Use a credit score checker. Some services give consumers access to their credit scores but charge for premium services like checking a score daily. Other sites may require that you sign up for a credit monitoring service with a monthly subscription fee in order to get your “free” score.
•   Sign up for an app like SoFi, which provides free weekly updates on your credit score and tracks all of your money in one place.

When signing up for credit score checking websites, it’s important for consumers to look at the terms of service and ensure they’re not being charged for premium services they do not want.

Also, it’s best to avoid an “educational” credit score vs. a score that a lender would use. For some, there will be a meaningful difference, the Consumer Financial Protection Bureau says.

What Makes Up a Credit Score?

Learning about what factors make up a credit score can help consumers raise their scores. Main factors that contribute to the score, in order:

•  Payment history (35-40%)
•  Credit utilization
•  Length of credit history
•  New credit
•  Credit mix

In terms of payment history, the most important factor when calculating a score, it’s critical to always repay debts on time.

The credit utilization ratio is the amount that is owed in relation to how much credit a person has overall. Keeping your credit utilization ratio below 30% is commonly recommended.

For the length of the credit history, consumers can increase their score by not closing cards. The longer someone’s credit history is, the better.

Applying for new credit cards and loans that require a hard inquiry into a credit report could bring down a score, even if the result is approval. However, if a score does go down, it shouldn’t take long for it to go back up. It’s multiple hard inquiries on a credit report in a short period that can cause damage. Then again, if someone is shopping for a mortgage or auto loan, both FICO and VantageScore account for multiple hard inquiries in a grace period of 14 to 45 days.

Credit mix refers to credit cards, student loans, auto loans, personal loans, and mortgages. By having a mix, consumers show that they can manage all kinds of debt.

Recommended: What Credit Score is Needed to Buy a Car

Why Credit Scores Matter

Having a high score can help consumers in a number of scenarios.

They will save money, and potentially a great deal of money if they gain access to lower interest rates.

The higher a score is, the more credit someone will be able to access as well.

Consumers can reach their financial goals quicker and utilize better products. For example, they may get approved for a credit card that offers perks like bonus travel rewards or a high cash-back rewards rate. They might also be able to use a card with a 0% introductory APR or 0% balance transfer rate for a certain period.

People with a high score may be able to rent a better apartment or home since landlords will check prospective tenants’ credit.

They may gain access to better car insurance rates and be able to avoid paying deposits to utility companies and cellphone providers.

Improving a credit score could take time, but it’s worth it because in the long run, consumers will save money and potentially reach their financial goals that much faster.

Recommended: Should I Sell My House Now or Wait

The Takeaway

How often does your credit score update? All the time, really, but once a month is a good barometer. You can order a free credit report every year, or you can see updates in your credit score for free or for a fee.

SoFi’s money-tracking tool offers a host of benefits at no charge:

•  Get weekly updates on your credit score.
•  See changes to key factors contributing to your credit score.
•  Link your checking, savings, investment, and retirement accounts as well as credit cards, student loans, and mortgages. Manually add an account or asset to see your entire net worth.

To take control of your credit score and financial future, sign up for SoFi today.

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*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.

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

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

Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

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.

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.

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The death of a spouse can be one of the hardest things a person ever has to go through. It can be extremely difficult to process how we feel during such a difficult time. In addition, losing a spouse can also cause financial strain.

Depending on the circumstances, it could mean a loss of income or a bigger tax bill. Fortunately, there are certain steps you can take to avoid the worst impacts of an already precarious situation.

Here. you’ll learn 11 financial steps to take after a spouse’s death. This insight can help as you move through a deeply challenging time.

The Difficulty of Losing a Spouse

As you navigate this difficult and uncertain time, it’s important to surround yourself with the right people. A spouse can be someone’s biggest source of emotional support, and you may need someone to provide that support where your spouse would have in the past.

Who that person might be won’t be the same for everyone. Perhaps you have a relative or a close friend who will be there for you. If necessary and if you have the means, you could also consider working with a professional therapist. For many people, the best solution will be to talk to a few people.

During this time of tremendous grief and stress, it can be wise to remember to take care of yourself. While there will be a lot to manage during this time, it’s important to get the rest, good nutrition, and the other forms of self-care that you need.

11 Financial Steps to Take After Losing a Spouse

Taking the right steps after losing a spouse can help you avoid financial stress later. You should ensure you have documents in order, update records, and submit applications as necessary.

Here are 11 steps that will help with this endeavor and can provide a form of financial self-care as you get these matters under control.

1. Organize Documents

One of your first steps should be to gather and organize documents. You may need several documents, such as a birth certificate, death certificate, and marriage license. You will likely want to order or make several copies of each, as you might need them multiple times as you work through the steps ahead.

2. Update Financial Accounts

You may have several financial accounts that need updating, especially if you and your spouse had joint finances. For example, you might have checking, savings, and investment accounts with both names. You might also have credit cards in both names. Contact the financial institution for each account and let them know it needs updating.

3. Review Your Spouse’s Estate and Will

Review your spouse’s estate and will to see how their assets should be handled. Their planning documents, such as a will, are usually filed with an attorney or held in a safety deposit box. Contact the attorney with whom your spouse filed the documents to find the paperwork if necessary.

If they didn’t already have a will or estate plan, you can work with an attorney to determine next steps. State law will likely play a role in determining how assets are managed. Working with a lawyer skilled in this area can be an important aspect of financial planning after the death of a spouse.

4. Review Retirement Accounts

Your spouse may have left retirement accounts, such as a 401(k) or individual retirement account (IRA). Check whether you are the beneficiary of your spouse’s retirement accounts. If you are the beneficiary of any of them, you will need to establish that with the institution holding the account. When that’s settled, it will likely be up to you to determine how to handle the funds.

While it is possible to transfer all of the money to your accounts, that isn’t always the best move. For instance, if you roll a 401(k) into your IRA and need the money before age 59½, there will be a 10% penalty on the withdrawal. There may be tax consequences, too.

In some cases, the best choice may be to leave the money where it is until you reach retirement age, if you haven’t already.

5. Consider Your Tax Situation

A spouse’s death can also create tax complications. For example, the tax brackets when filing as an individual are lower than those for married couples filing jointly. If you are still working, you might find yourself suddenly in a higher tax bracket, especially if you are the breadwinner. As a result, you might decide to reduce your taxable income by putting more money in a traditional IRA or 401(k).

6. Review Social Security Benefits

Another financial step to take after a spouse’s death: Review Social Security benefits if your partner was already receiving them. If you’re working with a funeral director, check if they notified the Social Security Administration of your spouse’s passing; if not, you may take steps to do so by calling 800-772-1213.

If you were both receiving benefits, you might be able to receive a higher benefit in the future. Which option makes the most sense depends on each of your incomes.

For instance, if your spouse made significantly more, you might opt for a survivor benefit.

Recommended: 9 Common Social Security Myths

7. Apply for Survivor Benefits

Survivor benefits let you claim an amount as much as 100% of your spouse’s Social Security benefit. For instance, if you are a widow or widower and are at your full retirement age, you can claim 100% of the deceased worker’s benefit. Another option is to apply for a survivor benefits now and receive the other, higher benefit later.

You can learn more about survivors benefits on the Social Security website.

8. Review Your Budget

If you had joint finances with your spouse, you should revise your budget. Chances are, both your expenses and your income have changed. While you may have lost the income your spouse earned, your Social Security benefits may have increased.

Your revised budget should reflect all these changes and reflect how to make ends meet in your new situation. This kind of financial planning after the death of the spouse can be invaluable as you move forward.

9. Downsize if Necessary

As you review your budget, you may realize your living expenses will be too much to cover without your spouse’s income. Maybe you want a fresh start, or maybe you decide the big house you owned together is too much space these days. You might move into a smaller house and sell a car you no longer need.

Whatever the case, downsizing your life can be a way to not only lower costs but also simplify things as you enter this new phase. Financial planning for widows

10. File a Life Insurance Claim

If your spouse had a life insurance policy with you as the beneficiary, now is the time to file a claim. It might include a life insurance death benefit. You can start by contacting your insurance agent or company. Life insurance claims can sometimes take time to process, so it’s best to submit the claim as soon as possible.

Your spouse might have had multiple policies as well, such as an individual policy and a group policy through work. You might have to do some research and file multiple claims as a result. And, once you receive a life insurance benefit, you will need to make a decision about the best place for that money.

11. Meet With a Financial Advisor

These steps might be a lot to process, and you might feel overwhelmed thinking about everything you must do. And you may not know the best way to handle the myriad decisions — benefits, retirement accounts, investments, etc. You likely don’t want to make an unwise decision, nor wind up raising your taxes.

Fortunately, some financial advisors specialize in this very situation. It can be worth meeting with one at this moment in your life, at least for a consultation. They can help you decide how to handle your assets as you move forward and help you do some financial planning for widows. That can help to both reduce your money stress and set you up for a more secure future.

The Takeaway

For many people, there is nothing more emotionally challenging than losing a spouse. It can also be a financially challenging time as well. As you navigate this difficult time, there is no shame in seeking a helping hand. By taking steps like reviewing estate plans, filing a life insurance claim, and applying for survivor benefits, you can take control of your finances as you move into this new stage of life.

3 Money Tips

1.    If you’re saving for a short-term goal — whether it’s a vacation, a wedding, or the down payment on a house — consider opening a high-yield savings account. The higher APY that you’ll earn will help your money grow faster, but the funds stay liquid, so they are easy to access when you reach your goal

2.    When you feel the urge to buy something that isn’t in your budget, try the 30-day rule. Make a note of the item in your calendar for 30 days into the future. When the date rolls around, there’s a good chance the “gotta have it” feeling will have subsided.

3.    When you overdraft your checking account, you’ll likely pay a non-sufficient fund fee of, say, $35. Look into linking a savings account to your checking account as a backup to avoid that, or shop around for a bank that doesn’t charge you for overdrafting.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.60% APY on SoFi Checking and Savings.

FAQ

Which is the most important financial step to take after a spouse’s death?

There isn’t one single step that is most important. However, filing insurance claims, reviewing your spouse’s will, applying for any survivor benefits, and updating financial accounts are among some of the important moves to make.

How can I help a widow financially?

How you can help a widow depends on your expertise and how long it has been since the widow lost their spouse. If the death happened recently, they might still need help submitting documents and updating accounts. However, they might need emotional support long after that process is done.

Are there any tax breaks for widows?

Widows may qualify for certain tax breaks, such as state property tax credits. Check with your state’s department of revenue to find out what tax breaks are available, if any.

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Photo credit: iStock/martin-dm

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.

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.

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