Current Mortgage Rates in Alabama Today
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Compare mortgage rates in Alabama.
Key Points
• Mortgage rates in Alabama are influenced by the Federal Reserve, economic conditions, and inflation.
• Borrowers can secure a competitive mortgage rate by comparing lenders, improving their credit score, and making a larger down payment.
• Available mortgage types include fixed-rate, adjustable-rate, FHA, VA, and USDA loans.
• Closing costs in Alabama range from 2% to 5% of the home’s purchase price.
• Refinancing options include FHA Streamline, VA Refinance, and cash-out refinances to lower rates or access home equity.
Introduction to Mortgage Rates
Your mortgage interest rate is the fee you pay a lender for the privilege of borrowing money needed to purchase your home. Even during times of low rates, interest can accumulate significantly over the length of a mortgage term. Therefore, it’s crucial for homebuyers in Alabama to secure the lowest possible mortgage rate.
To get the best rate for your unique situation, it can help to understand how mortgage rates are set. Home loan interest rates can vary based on the type of mortgage, the borrower’s credit score, and the current economic climate. Here’s a brief rundown of mortgage rate factors:
Where Do Mortgage Rates Come From?
Alabama mortgage rates are influenced by a variety of personal and economic variables, including:
• The Federal Reserve: The Fed is the central bank of the United States that sets monetary policy, which can impact mortgage rates. When the Federal Reserve raises their interest rates, mortgage rates tend to follow suit.
• The economy: The overall health of the economy can affect mortgage rates. When the economy is strong, mortgage rates tend to be lower. When the economy is weak, mortgage rates tend to be higher.
• Inflation Inflation is the rate at which the prices of goods and services increase over time. When inflation is high, mortgage rates tend to be higher. When inflation is low, mortgage rates tend to be lower.
• Supply and demand: The supply of and demand for mortgages can also affect mortgage rates. When there is a high demand for mortgages, mortgage rates tend to be higher. When there is a low demand for mortgages, mortgage rates tend to be lower.
How Interest Rates Affect Home Affordability
Alabama mortgage interest rates play a significant role in determining the affordability of a home. The higher the interest rate, the more expensive the monthly mortgage payments will be. For example, a $200,000 loan with a 3.00% interest rate will have a monthly payment of $843. The same loan with a 6.00% interest rate will have a monthly payment of $1,199. That’s 42% higher for the same home.
Should Homebuyers Wait for Interest Rates to Drop?
Whether or not you should wait for interest rates to drop is a personal decision. There is no guarantee that interest rates will drop in the future, although the Fed has indicated it will lower rates into 2025. And if you’re buying your first home, you may find that there’s never a perfect time to enter the housing market.
When you find a home that checks all the boxes and you can afford the monthly payments, you may decide to lock in a mortgage rate rather than waiting for rates to drop.
Alabama Mortgage Rate Trends
Mortgage rates in Alabama have trended upward in recent years. The average 30-year fixed mortgage rate nationwide was 3.15% in 2021. It increased to 5.53% in 2022 and 7.00% in 2023. In 2024, however, rates began falling, landing at 6.20% in mid September, according to Freddie Mac data.
Mortgage rates in Alabama tend to be higher in the spring and summer months, and lower in the fall and winter months. That’s because there is more demand for mortgages during the spring and summer months.
Below you’ll find the average annual interest rate for Alabama and the United States for 2000 through 2018. (The FHFA stopped reporting the data in 2018.)
Historical Interest Rates in Alabama
| Year | Alabama Rate | U.S. Rate |
|---|---|---|
| 2000 | 8.08 | 8.14 |
| 2001 | 6.93 | 7.03 |
| 2002 | 6.54 | 6.62 |
| 2003 | 5.75 | 5.83 |
| 2004 | 5.89 | 5.95 |
| 2005 | 5.98 | 6.00 |
| 2006 | 6.73 | 6.60 |
| 2007 | 6.54 | 6.44 |
| 2008 | 6.02 | 6.09 |
| 2009 | 4.93 | 5.06 |
| 2010 | 4.78 | 4.84 |
| 2011 | 4.51 | 4.66 |
| 2012 | 3.64 | 3.74 |
| 2013 | 3.89 | 3.92 |
| 2014 | 4.23 | 4.24 |
| 2015 | 3.96 | 3.91 |
| 2016 | 3.81 | 3.72 |
| 2017 | 4.19 | 4.03 |
| 2018 | 4.71 | 4.57 |
| Source: Federal House Finance Agency | ||
Historical U.S. Mortgage Rates
Factors Affecting Mortgage Rates in Alabama
In addition to the factors that affect mortgage rates nationwide, there are also state-specific factors that can influence mortgage rates in Alabama. These include:
Economic Factors
The overall health of the Alabama economy can impact mortgage rates. When the Alabama economy is strong, mortgage rates tend to be lower. When the Alabama economy is weak, mortgage rates tend to be higher.
Consumer Factors
A borrower’s credit score and down payment can also affect mortgage rates in Alabama. Borrowers with higher credit scores and larger down payments tend to receive lower mortgage rates.
Types of Mortgages Available in Alabama
There are a variety of mortgage types available in Alabama, each with its own unique features and benefits. These include:
Fixed Rate Mortgage
Fixed-rate mortgages offer a consistent interest rate for the entire life of the loan. This can provide stability and predictability for borrowers, as they will know exactly how much their monthly mortgage payments will be.
Adjustable Rate Mortgage (ARM)
Adjustable-rate mortgages (ARMs) offer a lower initial interest rate than fixed-rate mortgages. However, the interest rate on an ARM can adjust up or down periodically. ARMs are therefore more risky than fixed-rate mortgages, but can also save borrowers money if interest rates decrease.
FHA Loan
FHA loans are insured by the Federal Housing Administration (FHA) and are designed for borrowers with lower credit scores and smaller down payments. FHA loans typically have higher fees than conventional loans, but they can make it possible for borrowers to purchase a home who would not otherwise be able to.
VA Loans
VA loans are available to veterans, active-duty military members, and some reserve and National Guard members. VA loans do not require a down payment and typically offer lower interest rates and fees than conventional loans.
USDA Loans
USDA loans are available to low-income borrowers who are purchasing a home in a rural area. USDA loans do not require a down payment and typically offer lower interest rates than conventional loans.
Jumbo Loans
Jumbo loans are available for borrowers who need to borrow more than the conforming loan limit, which is $832,750 for a single unit in Alabama. Jumbo loans typically have higher interest rates than conforming loans, but they can allow borrowers to purchase more expensive homes.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Popular Places to Get a Mortgage in Alabama
There are many great places to get a mortgage in Alabama. Some of the most popular cities still have a lower cost of living than the national average.
Cost of living refers to the average monthly expenses for one person, not counting extras like entertainment and dining out.
Mobile
The median home price is $193,806, and the cost of living is 84.3% of the cost of living in the U.S.
Birmingham
The median home price is $131,435, and the cost of living is 91.9% of the national average.
Montgomery
The median home price is $193,806, and the cost of living is 87.3% of the national average.
Athens
The median home price is $306,400, and the cost of living is 86% of the national average.
Huntsville
The median home price is $281,798, and the cost of living is 91.5% of the national average.
Recommended: Best Affordable Places in the U.S.
6 Tips for Securing a Competitive Mortgage Rate in Alabama
There are a number of things that you can do to secure a competitive mortgage rate in Alabama. These include:
1. Compare interest rates and fees: It’s important to compare interest rates and fees from multiple lenders before choosing a mortgage. This can help you save money over the life of your loan.
2. Get preapproved: Getting preapproved for a mortgage can help strengthen your offer when you are buying a home. It can also help you lock in a mortgage rate. The mortgage preapproval process does take some time to complete, but it’s well worth it.
3. Grow your credit score: Having a higher credit score can help you qualify for a lower mortgage rate. You can grow your credit score by paying your bills on time, reducing credit card debt, and avoiding taking on new debt.
4. Make a larger down payment: A larger down payment can help you lower your loan-to-value ratio (LTV), which can lead to a lower mortgage rate. The LTV is the ratio of the loan amount to the appraised value of the home.
5. Lower your debt-to-income ratio (DTI): Your debt-to-income ratio (DTI) is the sum of your monthly debt payments divided by your gross monthly income. Lenders typically want a DTI no higher than 36%. The lower your DTI, the better.
6. Purchase discount points: Discount points are fees that borrowers can pay to reduce the interest rate on their mortgage. Each discount point typically costs 1% of the loan amount and can reduce the interest rate by 0.25%.
Alabama Home-Buying Assistance Resources
There are a number of resources available to help you get a mortgage in Alabama. These include first-time homebuyer and down payment assistance programs.
To qualify as a first-time homebuyer, you must not have owned or co-owned a primary residence within the past three years.
Here are a few available programs in Alabama:
• Step Up is the flagship homeownership program of Alabama housing. It’s open to first-time and repeat homebuyers, and provides down payment assistance of up to 4% of the home’s sales price, up to $10,000, in the form of a second mortgage packaged with a 30-year, fixed-rate first mortgage.
• The Affordable Income Subsidy Grant provides low-income borrowers with a percentage of their total loan amount to assist with closing costs. The grant is available to first-time and repeat homebuyers with a credit score of 620 or higher.
• A mortgage credit certificate allows borrowers to reduce their federal tax liability by a percentage of their annual mortgage interest paid, up to $2,000, for the life of the loan. You must be a first-time homebuyer or buying in a target area and using any 30-year fixed-rate mortgage offered by an AHFA participating lender.
For more details, see our page on Alabama First-Time Home Buying Assistance Programs.
Tools & Calculators
There are a number of tools and calculators available to help you calculate your mortgage payments and compare different mortgage options. These tools can help you make informed decisions about your mortgage:
Run the numbers on your home loan.
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Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
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Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
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Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Refinancing Options in Alabama
If you already have a mortgage, you may be able to refinance it to get a lower interest rate. A mortgage refinance can save you money over the life of your loan or lower your monthly payments by extending your loan term.
Homeowners can refinance their homes multiple times, although some lenders require a waiting period of six to 12 months between refinances. Be sure to compare the costs and benefits of refinancing before you make a decision. Refinancing typically takes 30 to 45 days, but can be delayed by appraisals, inspections, and financing issues.
Here are a few specialized refinancing options you may not be aware of:
FHA Streamline Refinance: FHA Streamline Refinances are available to FHA-insured homeowners. These refinances offer minimal hassle and can help you get a lower interest rate.
VA Refinance Loan: Interest-rate reduction refinance loans (IRRRL) are available to VA loan holders who want to reduce their monthly payments. These loans offer lower APRs and can help you save money over the life of your loan.
Cash-Out Refinance: A cash-out refinance can allow you to borrow money against the equity in your home. This money can be used for a variety of purposes, such as home repairs, debt consolidation, or education expenses.
How to Get Preapproved
Getting preapproved for a mortgage strengthens your position as a buyer and allows you to move quickly when you find the right property. If you’re worried about interest rates rising, you can pay a fee to the lender to lock in your rate for up to 90 days.
Closing Costs, Taxes, and Fees in Alabama
When you buy a home in Alabama, you will need to pay closing costs. These costs can include:
• Loan origination fee: This is a fee charged by the lender for processing your loan application.
• Appraisal fee: Charged by the appraiser for determining the value of the home.
• Credit report fee: Charged by the credit bureau for providing your credit report to the lender.
• Title insurance: This is insurance that protects the lender against losses if there is a problem with the title to the home.
• Recording fee: The county charges a fee for recording the deed to the home.
• Transfer tax: The state charges a fee for transferring ownership of the home.
The total closing costs in Alabama are 2% to 5% of the purchase price of the home. That means, for a home priced at $375,000, the closing costs could range from $7,500 to $18,750.
Buyers can use an online closing cost calculator or obtain estimates from lenders to predict their closing costs. Be sure to compare the closing costs from multiple institutions before you choose a lender.
The Takeaway
Mortgage rates in Alabama vary depending on several factors, including economic conditions, consumer financial history, and government policies. Different mortgage types offer specialized characteristics and benefits. Borrowers can secure a competitive mortgage rate by comparing interest rates and fees among several lenders, improving their credit score, making a larger down payment, and applying for preapproval. Buyers in Alabama can expect to pay between 2%-5% of the home’s purchase price in closing costs.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
What is a mortgage rate?
A mortgage rate is the interest rate that a lender charges on a mortgage loan. This rate can vary depending on factors such as the borrower’s credit score, the loan amount, and the type of loan.
Will mortgage rates drop in Alabama?
It is difficult to predict if mortgage rates will drop in Alabama specifically, as they are affected by national and local economic factors. Mortgage rates in Alabama have been close to the historical average in recent years.
Will mortgage rates ever go back to normal?
What is considered a “normal” rate varies over time. In the past, mortgage rates have typically fluctuated between 4% and 6%, but it is impossible to predict if and when rates will return to this range.
Will Alabama home prices ever drop?
It is difficult to predict with certainty if Alabama home prices will drop in the future. However, real estate market trends and economic factors can give some insight into potential changes in home prices. For example, if there is an oversupply of homes on the market, prices may drop as sellers compete for buyers. Additionally, changes in interest rates or the overall economy can also impact housing prices.
Is it a good time to buy a house in Alabama?
The decision to buy a house in Alabama (or any location) ultimately depends on individual circumstances and personal preferences. However, there are some factors to consider when determining if it is a good time to buy a house in Alabama. These include the current housing market trends, interest rates, and personal financial stability. It may be beneficial to consult with a real estate agent or financial advisor for personalized advice.
How to lock in a mortgage rate?
To lock in a mortgage rate, you will need to work with a lender. Once you have found a mortgage rate that you are satisfied with, you can request to lock in that rate. This typically involves signing a contract or agreement with the lender, which will specify the terms and duration of the rate lock. It is important to note that some lenders may charge a fee for locking in a rate, so be sure to clarify any potential costs before proceeding.
How do mortgage interest rates work?
Mortgage interest is the cost of borrowing money from a lender to purchase a home. These rates can vary depending on the borrower’s credit score, down payment, loan type, and current market conditions. Mortgage interest rates can be either fixed or adjustable. Fixed rates remain the same throughout the life of the loan, while adjustable rates can change over time based on market conditions.
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SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
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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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More home loan resources.
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First-Time Homebuyer Guide
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First-Time Homebuyer Programs and Loans
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Mortgage Preapproval Process
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Read moreCompound Interest Calculator
Compound Interest Calculator
By Pam O’Brien | Updated Sept 6, 2024
Use our compound interest calculator to see how your savings can grow faster by earning interest on both your initial deposit and the accumulated interest over time.
*Actual interest credited by your financial institution may vary based on institution-specific calculation methodology.
Calculator Definitions
Before using a compound interest calculator, it’s important to understand the different metrics you’ll need to fill in. They are:
• Initial Deposit: The amount of money you first put into your interest earning account. It represents the starting point of your investment journey. The larger it is, the more you can earn from interest. In addition, some financial institutions require a specific dollar amount for your first deposit to open the account or secure a higher interest rate.
• Monthly Contribution: The amount of money you expect to add to the account each month.
• Time to Grow: The number of years and months you plan to save the money in the account so it can grow
• Expected Rate of Return: What you estimate the interest rate for the account will be.
• Compound Frequency: The number of times per year that the interest will be calculated and compounded on the account. Depending on the account, interest might be compounded daily, monthly, quarterly, or annually, for instance.
• Interest Earned: The total amount of interest that accumulates on your initial deposit and any additional contributions over the specified time period. You can calculate this figure with the estimated rate of return, the compounding frequency, and the time elapsed. Higher interest rates create more earnings.
• Total Contributions: Total contributions represent the sum of your initial deposit and all the monthly contributions made over the specified time period. It gives you a clear picture of how much money you have contributed to the account.
What Is Compound Interest?
There are key differences between compound interest vs. simple interest. Simple interest is the interest that accrues on an initial amount of money deposited in a savings account (aka the principal). If you multiply the principal by the interest rate earned on the money over a year, you get the simple interest amount. If you deposited $1,000 in a savings account that has an interest rate of 1%, in a year you would earn $10 in simple interest.
By comparison, compound interest is a method in which interest is added to the principal and interest is earned on the principal plus that added interest. For example, if you deposited $1,000 in a savings account and it earned $10 of interest in the first month, you’d have $1,010 in the account. (That’s the same amount of money it took you a full year to earn with simple interest.) For the next month you would earn interest on that new higher amount of money. As your savings continued to grow monthly, you would be earning interest on the new higher amounts.
With compound interest, your money can grow faster over time. And the sooner you begin saving with compound interest, the longer you can benefit.
Dive Deeper: Simple vs Compound Interest
Compound Interest Formula
There is a specific formula to determine compound interest. The formula is:
A = P(1 + rn)n*t
Where:
• A represents the final amount of money you’ll get.
• P stands for the principal, or original amount deposited.
• r is the interest rate expressed as a decimal, such as 0.3 for 3% and 0.5 for 5%.
• n is the number of times the interest compounds each year.
• t is the number of years the interest will be compounding.
How often interest gets compounded (the “n” above) is instrumental. If the interest is compounded monthly instead of annually, for example, your savings may grow much faster. That’s because the more often your money compounds, generally, the more potential it has to grow.
Compound Interest Example Calculation
To calculate compound interest, you can use the compound interest formula above.
The formula is typically used to calculate compound interest based on the principal (the amount of money you initially deposited), the interest rate, number of times the interest compounds per year, and the length of time the interest will be compounding.
To see how compound interest works, in the example below, $5,000 is deposited in a savings account in which the 5% interest is compounded monthly for 10 years. Here’s what that looks like:
| Year | Account Balance | Interest Earned (5%) | New Balance |
|---|---|---|---|
| 1 | $5,000.00 | $255.81 | $5,255.81 |
| 2 | $5,255.81 | $268.90 | $5,524.71 |
| 3 | $5,524.71 | $282.65 | $5,807.36 |
| 4 | $5,807.36 | $297.12 | $6,104.48 |
| 5 | $6,104.48 | $312.32 | $6,416.79 |
| 6 | $6,416.79 | $328.30 | $6,745.09 |
| 7 | $6,745.09 | $345.09 | $7,090.18 |
| 8 | $7,090.18 | $362.75 | $7,452.93 |
| 9 | $7,452.93 | $381.31 | $7,834.23 |
| 10 | $7,834.23 | $400.81 | $8,235.05 |
At the end of 10 years, your savings will be worth $8,235.05 — thanks to the $3,235.05 of compound interest you earned.
As you can see, the amounts can add up quickly. You can use a compound interest calculator to plug in different initial savings amounts, interest rates, and length of time the interest will be compounded.
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With a SoFi high yield savings account, get up to 3.60% APY1, no account fees2, and up to $300 with direct deposit†.
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Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.
Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.
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We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
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How do I earn the Direct Deposit Bonus?
3. You will receive the bonus amount in your SoFi Checking account within 7 business days of completing all requirements listed above. You are only eligible to receive one bonus amount. You must have an open SoFi Checking account in good standing at the time of the bonus payment.
What is an Eligible Direct Deposit?
Not Eligible Deposits that are not from an employer, payroll or benefits provider or government agency and deposits that are non-recurring in nature are not eligible. Examples of deposits that are not eligible include check deposits, peer-to-peer transfers (e.g., transfers from Zelle, PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), bank ACH funds transfers, wire transfers from external accounts, and IRS tax refunds. SoFi Bank shall, in its sole discretion, assess your Eligible Direct Deposit activity to determine eligibility and may require additional documentation to complete this verification.
Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your initial Eligible Direct Deposit. After SoFi validates the details of your Eligible Direct Deposit, your Direct Deposit Bonus will be based on the date we received your initial Eligible Direct Deposit.
What else is important to know?
New and existing SoFi members who have never set up direct deposit with SoFi are eligible for the Direct Deposit Bonus. Bonuses are limited to one bonus per SoFi member. In the case of a joint account, direct deposit activity will only be counted towards the primary account holder’s eligibility for the bonus (the primary account holder is the member who opened the joint account first).
1. Set up your first Eligible Direct Deposit. SoFi must receive it on or before 1/31/26.
2. Once SoFi receives and recognizes your first Eligible Direct Deposit, we will add up the Total Eligible Direct Deposits received over the next 25 calendar days. This total will determine the bonus amount.
Total Eligible Direct Deposit
Bonus Amount
Timing
$1.00 - $999.99
$0
To determine your bonus amount, SoFi will add up all your Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit.
$1,000.00 - $4,999.99
$50
$5,000.00 or more
$300
Eligible: Recurring ACH deposit of regular income to your SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by your employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”)
•This promotion is available between 12/7/2023 at 12:01AM ET and 1/31/2026 at 11:59PM ET. SoFi reserves the right to modify or end the promotion at any time without notice. The terms of this promotion take precedence over the terms of any prior Direct Deposit promotion.
•SoFi reserves the right to exclude any members from participating in this promotion for any reason, such as suspected fraud, misuse, or suspicious activity.
•SoFi members with Eligible Direct Deposit activity can earn 3.60% annual percentage yield (APY) on savings balances. Interest rates are variable and subject to change at any time. These rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at http://www.sofi.com/legal/banking-rate-sheet.
•Bonuses are considered miscellaneous income, and may be reportable to the IRS on Form 1099-MISC (or Form 1042-S, if applicable). SoFi is required to do this reporting in compliance with the applicable federal and state reporting requirements. Recipient is responsible for any applicable federal, state or local taxes associated with receiving the bonus offer; consult with your tax advisor to determine applicable tax consequences.
•This promotion is offered by SoFi Bank, N.A, Member FDIC (“SoFi”)
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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