SoFi Blog

Get your money, members: SoFi Checking & Savings is raising the APY for all members. Members with direct deposit will now earn 2.50% APY¹ on their balances, 62 times² the current national average. For members without direct deposit, all balances will now earn 1.20%, 30 times³ the national average.

SoFi allows all members to earn interest on both their checking and savings balances, making sure you get the absolute most for your hard-earned money. With nearly half of SoFi members reporting feeling stressed over their finances recently⁴, as well as spending on average 10-20% more due to inflation, SoFi’s new rate is designed to help make putting more money in your pocket as easy and stress-free as possible.

Even better, SoFi is offering some more ways to get more for your money right now:

•   Earn $250 for just signing up or adding direct deposit⁵: SoFi is also offering a $250 cash bonus for new members who sign up and set up qualifying direct deposits—or existing members who set up qualifying direct deposits before September 30, 2022.

•   Earn up to 3% cashback on the SoFi Credit Card⁶: Members that open a new SoFi Credit Card and also have Checking and Savings account with a qualifying direct deposit or existing credit card members who set up a new direct deposit to SoFi Checking & Savings for the first time can start earning 3% cash back on all eligible credit card purchases for 365 days. Apply for a credit card here.⁷

Interested in earning more? Sign up for SoFi Checking & Savings. Already a member? Set up your SoFi direct deposit to make sure you get the most out of your money.

¹SoFi members with direct deposit can earn up to 2.50% annual percentage yield (APY) on all account balances in their Checking and Savings accounts (including Vaults). There is no minimum direct deposit amount required to qualify for 2.50% APY. Members without direct deposit will earn 1.20% APY on all account balances in Checking and Savings (including Vaults). Interest rates are variable and subject to change at any time. Rate of 2.50% APY is current as of 09/30/2022. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible Participants: All new members who apply and get approved for the SoFi Credit Card, open a SoFi Checking and Savings account, and set up Direct Deposit transactions (“Direct Deposit”) into their SoFi Checking and Savings account during the promotion period are eligible. All existing SoFi Credit Card members who set up Direct Deposit into a SoFi Checking & Savings account during the promotion period are eligible. All existing SoFi members who have already enrolled in Direct Deposit into a SoFi Checking & Savings account prior to the promotion period, and who apply and get approved for a SoFi Credit Card during the promotion period are eligible. Existing SoFi members who already have the SoFi Credit Card and previously set up Direct Deposit through SoFi Money or SoFi Checking & Savings are not eligible for this promotion.

⁷Accounts subject to additional credit approval. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS PROSPECTIVELY BASED ON MARKET CONDITIONS AND BORROWER ELIGIBILITY. Your eligibility for a SoFi Credit Card Account or a subsequently offered product or service is subject to the final determination 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. Please allow up to 30 days from date of submission to process your application. The card offer referenced in this communication is only available to individuals who are at least 18 years of age (or of legal age in your state of residence), and who reside in the United States.

For over two years, online prices have been steadily rising. That’s starting to change, due to a variety of factors.

Emissions and Energy Incentives

Over the weekend, the Senate passed a 755-page $430 billion spending bill along party lines. It includes funding for efforts aimed at combating climate change and expanding health care coverage. The bill’s supporters say it will be paid for by reducing the amount Medicare spends on prescription drugs while increasing the amount of taxes on corporations.

Most of the bill’s spending focuses on the issue of climate change and the goal of boosting clean energy production. The legislation would also launch the National Climate Bank, which would invest in energy efficiency and clean energy technologies. It includes incentives for farmers and ranchers to reduce methane emissions, as well as an extension of the electric vehicle tax credit.

Corporate Taxes

The spending bill includes a series of changes to the tax code. One notable example is a new 15% minimum tax on large corporations. Accelerated depreciation would be exempted, however, referring to the fact depreciation expenses could be higher when assets are newer. Arizona Democrat Senator Kyrsten Sinema, a key swing vote, reportedly held out for that exemption.

Senator Sinema was also a driving force behind the eliminated “carried interest tax loophole.” It is considered beneficial to hedge fund managers as well as real estate and private equity investors. In essence, the loophole allows income earned from investments to be taxed at a lower rate, similar to income from wages. A 1% tax on stock buybacks is included instead. It must be paid when corporations decide to purchase outstanding shares.

Electric Vehicles and Lithium

If the bill passes the House of Representatives and is signed into law by President Joe Biden, some analysts say electric vehicle companies could stand to benefit. That’s because the $7,500 consumer income tax credit for the purchase of a new EV has been extended. A $4,000 credit for purchasing a used EV has been added.

Some industry observers are excited about what the bill could mean for lithium miners, given the metal is vital for battery production. If passed, it would require 40% of EV battery components be sourced from US factories or free trade partners, while all batteries must be US made by 2029.

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Adviser
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.
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Workers are frustrated by stagnating wages and are increasingly seeking union representation to address the issue.

The High Cost of Housing

It seems it doesn’t matter if you are in the market to rent or to buy — housing prices are through the roof. According to real estate brokerage firm HouseCanary, the national average cost of a single-family rental rose to $2,495 during the first six months of 2022. That’s up 13.4% from the prior year.

You’d need to tack on nearly $2,000 more to live in the most popular locales, due to their desirable climates. For example, the average single-family rental in Los Angeles goes for $4,664. On the flipside, homes in Canton, Ohio are going for around $1,300 a month.

Beware the Expense Seesaw

The remote work trend ignited by the pandemic has allowed some Americans to untether where they live from their job’s location. This has some people entertaining the idea of moving somewhere to achieve a lower cost of living. Market observers caution that a holistic view should be taken before packing up, with the potential savings in housing costs evaluated within the context of the whole budget.

Advisors suggest considering new expenses that may be associated with a big move. For example, you may want to take into account travel costs that could increase with frequent trips to visit family left behind, as well as the potential for higher airfare prices out of smaller cities. Another consideration might be the cost of losing the support system that provided for free things like childcare and pet sitting.

Tips and Timing

If you do decide to move, there are a few things you can do to keep costs down. Moving company Movinglabor.com says peak moving season runs from April to September. During this time, competition is likely to be stiff. Moving in the winter could potentially put you in a better position to negotiate lower moving costs.

Another tactic is to gain a clear understanding of what your rent covers so you can identify any potential add-on costs up front. These include expenses like childcare and parking. Know before you sign and try to negotiate these fees. Opting for a longer rental term could possibly snag you a lower monthly rent, and ensure against a potential nearer-term increase.

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Adviser
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.
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