SoFi Blog

Tips and news—
for your financial moves.

Nov
16
2022

Prescreen Balance Transfer

By | 1_Web_CreditCard | Comments Off on Prescreen Balance Transfer

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You’re pre-selected1 for the SoFi Credit Card.

Get 0% intro APR on balance transfers for 12 months.*

17.24% – 29.24% APR after that, based on creditworthiness. Plus, earn unlimited 2% cash back rewards^ and a welcome bonus between $10 and $10K in rewards points.† All that from a card with no annual fee.‡


Get started

‡See Pricing, Terms & Conditions
See Rewards Details

1You can choose to stop receiving “prescreened” offers of credit from this and other companies by calling toll-free 1-888-5-OPTOUT (1-888-567-8688). See PRESCREEN AND OPT-OUT NOTICE BELOW for more information about prescreened offers.

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Nov
10
2022

AW Refi 2000 Swap

By | Uncategorized | Comments Off on AW Refi 2000 Swap


Refinance Student Loans

Fixed interest rates
start
at 4.24% APR* (with autopay) and a $2000 welcome bonus for SoFi at Work partners.

Refinancing your student loan^ could help save you a ton of money, and you can get an additional $20001 welcome bonus when you refinance your student loan using this page.


View my rate




 
Checking your rate will not affect your credit score.✝︎

Choose from low fixed or variable rates.

Fixed

4.24% – 9.99% APR*

with autopay

Variable

5.99% – 9.99% APR*

with autopay



See payment examples

Why SoFi?


View my rate

Serious savings

Save thousands of dollars thanks to flexible terms and low fixed or variable rates.

Fast, easy, and all online

Simple online application and access to live customer support 7 days a week.

No hidden fees, no catch

No application or origination fees. No pre-payment penalties.

Access to member benefits

SoFi members get financial advice and more—all at no cost.


View my rate

We know student loans.

$47 billion+
in refinanced student loans

550,000+
members have refinanced their student loans

98%
of surveyed members would recommend SoFi to a friend 3

How it works

Get pre-qualified online.

We’ll let you know if you’re qualified before you complete the full application.

Select your rate and term.

Choose between saving on your monthly payment or saving on total student loan interest.

Get your new loan.

Upload screenshots of your information, then sign your paperwork electronically. Then we’ll pay off your servicer(s) and issue you one new student loan.


View my rate

FAQs



Who should refinance?


Refinancing is a great solution for working graduates who have high-interest, unsubsidized Direct Loans, Graduate PLUS loans, and/or private loans. Federal loans do carry some special benefits, for example, public service forgiveness and economic hardship programs, that may not be accessible to you after you refinance. Check out this blog post that provide more information: When to Consolidate Federal and Private Loans by Refinancing. Or, call us for a free consultation about your particular situation.



Can I refinance both federal and private student loans?


Yes, SoFi will consolidate all qualified education loans.



Am I a good candidate to refinance my student loans with SoFi?


SoFi aims to revolutionize financial services—ultimately improving the system for everyone. Today, we’re able to offer significant savings and flexibility to US citizens or permanent residents who have graduated from a selection of Title IV accredited university or graduate programs, are employed, has a sufficient income from other sources, or hold a job offer with a start date within 90 days, have a responsible financial history, and a strong monthly cash flow.



What is the difference between consolidating and refinancing?


Student loan consolidation is when you combine multiple loans into one single loan. Student loan refinancing, on the other hand, is when you get a new loan at a new interest rate and/or a new term. You can refinance both federal and private loans. Learn more here.



What’s the difference between fixed and variable rate loans?

Fixed rate loans are loans that have an interest rate that does not change over the life of a loan, which means you pay the same amount each month. It also means you know with certainty the total interest that you’ll pay over the life of the loan. Fixed rate is a general term that can apply to different types of loans with a variety of uses, including student loans, mortgages, auto loans, and unsecured personal loans.

Variable rate loans are loans that have an interest rate that will fluctuate over time in line with prevailing interest rates. They generally have lower starting interest rates than fixed rate loans, but the interest rate and payment amounts can change over time. Sometimes they are also known as floating rate loans.

Learn more at https://www.sofi.com/fixed-vs-variable-rate-loans/




Where can I find more information about student loans in general?


Deciding how to best handle your student loan obligations can be an intimidating process. That’s why we’ve put together our Student Loan Help Center to give you guidance on payments, refinancing, budgeting, and common terminology so you can feel more confident in your journey to becoming debt free.


See all FAQs

More student loan refi resources







View your rate in just two minutes.


View my rate


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Nov
09
2022

SoFi Checking

By | 1_Web_Banking | Comments Off on SoFi Checking

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Online Checking Account

A checking account that works for you.
No fees, no hassle.

Open an online checking account1 with no account fees2 or minimum balances, and earn 0.50% APY3 on your checking balances.


Open an account

1When you open a SoFi Checking Account, SoFi Bank will also automatically open a SoFi Savings Account in your name. See the SoFi Bank Deposit Account Agreement for details.

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  • No account fees

    Say goodbye to fees. Pay no monthly, overdraft, or minimum balance fees.2

    1

  • Up to 2-day early paycheck

    Get paid up to two days early4 – just set up direct deposit.

    2

  • 24/7 banking security

    Around-the-clock fraud monitoring and zero liability protection keep your money safe.

    3

  • Earn $50 or $300 with eligible direct deposit

    Just open your account and set up eligible direct deposit of $1,000 or more. See terms.

    4

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A smarter way
to manage your
checking account on the go.

Manage your checking account anytime with online and mobile banking. Use smart tools to help save, send, and secure your money with ease.

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Security & Control

Stay safe with:

✓ Real-time alerts
✓ Two-factor authentication
✓ Card controls
✓ Access additional FDIC insurance up to $3M6

All from the mobile app for enhanced banking security.


Explore banking security


Mobile Deposit

Skip the trip to the bank. Just snap a photo of your check
with mobile deposit and securely add funds
to your account anytime, anywhere.


Explore mobile deposit


*

*NO PURCHASE NECESSARY. 50 US/DC, 18+. Void where prohibited by law. Sweepstakes ends at 11:59 pm ET on 1/31/25. Includes 2 Entry Periods – Entry Period #1 ends 10/31/24. Subject to Official Rules, including alternate methods of entry, limits, prizes, and odds, click here. Sponsor: Social Finance LLC


Zelle®

Easily send, request and receive money
using Zelle® – all in just a few taps.7


Explore Zelle®


Manage the Essentials

Stay on top of your account by:

✓ Checking your balance
✓ Viewing statements
✓ Tracking transactions
✓ Transferring funds, and more.


Explore Mobile Banking


A debit card built for security, ease, and everyday spending.

Automatically get a SoFi debit card at no cost when you open your checking account.

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  • $0 fraud liability

    With the World Debit Mastercard, you’re protected from unauthorized transactions online, in-store, by phone, and at ATMs.

    1



  • Access 55,000+ fee-free ATMs

    Conveniently access cash from 55,000+ no-fee ATMs within the Allpoint® Network.8 Find an ATM near you.

    2



  • Instant digital wallet

    Instantly start using your checking account by linking your debit card to your digital wallet so you can make secure purchases right away.

    3



  • Contactless payments

    Just tap your chip debit card at checkout for a quick, encrypted transaction without swiping or inserting.

    4

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What sets our checking account apart?
We’re glad you asked.

Earn more with 0.50% APY3.

Most checking accounts pay little to no interest – not here. Earn 7x the national checking rate9 with no balance tiers or requirements.

No-fee overdraft coverage.

Overspent by accident? No problem. You’ll be covered up to $50 with no overdraft fees with direct deposit of at least $1,000.10

FDIC-insured, plus more.

Your deposits are protected up to $250,000 per member, with free access to up to $3M in FDIC coverage6 for even greater security.

Savings account integration.

Earn up to 3.60% APY3 with your integrated savings account. Plus, tools like Vaults and Roundups help you reach your savings goals faster.


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Unlike big banks,11 SoFi checking charges no account fees.

With a SoFi checking account, enjoy zero monthly fees2, no minimum balance requirements, and no overdraft charges10. Plus, access over 55,000 fee-free ATMs in the Allpoint® network.8

11Competitive bank fees are current as of 02/04/2025.


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*Interest earned is calculated over 3-years using a monthly compound rate. Actual interest credited by your financial institution may vary based on institution-specific calculation methodology.
Rates may vary by state and do not account for bonus, special or promotional APYs.
Traditional bank rates are in comparison to Chase and Bank of America and current as of January 22, 2025.
National Average is based on the FDIC monthly savings account rate as of December 16, 2024.

Earn 7x the national average checking rate.9

Unlock the full potential of your checking account with 0.50% APY3 – no balance tiers, no qualifying requirements, just a great rate. Unlike other banks, you earn more without jumping through hoops. Use this calculator to see how our rate compares to other checking accounts.


Open an account


Apply for a checking account online:1

Opening a checking account1 is quick, secure, and hassle-free. Get started in minutes.



  1. Apply online

    Provide basic information and complete a quick, secure application in minutes.

    1


  2. Fund your account

    Add money to your account to
    start earning 0.50% APY.3

    2


  3. Start banking

    Access your checking account right away with our mobile app and digital wallet.

    3


Open an account


Get up to a $300 cash bonus with direct deposit.5

Earn a $50 or $300 cash bonus with direct deposit5 and unlock getting paid up to two days early. See terms.


Open an account


Checking that fits your life.

No matter where you are in life, our checking account is designed to work for you.

  • Joint bank accounts

    Managing money together has never been easier.
    Our joint bank account offers shared access, real-time transaction tracking, and easy bill payments.


    Explore joint accounts

  • Student banking offer

    Banking that fits your college life. With no monthly fees, mobile banking, and a $30 cash bonus,12 you can manage your money confidently while staying focused on what matters most.


    View student offer

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FAQs


What do I need to open a checking account?

To open a checking account with SoFi, you’ll need the following:

• Personal info: Name, date of birth, Social Security Number (SSN) or Individual Identification Number (ITIN), primary home address, email address, and phone number
• Age requirement: At least 18 years old
• Minimum deposit: $0

In some cases, you may need to provide a government-issued ID (driver’s license, state ID, passport).


How do I open a checking account online? How long does it take?

Opening a SoFi checking account online is a simple process that only takes a few minutes. Just provide some basic personal information, such as your name, home address, and SSN/ITIN. Once you’re approved, you can immediately start using your debit card online and in person by linking it to a digital wallet of your choice.


Are there any monthly fees for checking accounts?

No. SoFi checking account holders don’t pay any overdraft fees10, minimum balance fees, or monthly service fees.2


Are there are any fees if I overdraw my account?

Nope! If you overdraw your SoFi checking account, you won’t be charged any overdraft fees as long as you receive $1,000 or more in total monthly direct deposits.10 SoFi’s Overdraft Coverage will cover you up to $50, and the amount you ‘borrow’ will be deducted from your next deposit.


What is the APY on SoFi’s checking account?

SoFi account holders earn 0.50% APY3 on their checking balances, which is 7x times the national average checking rate.9


Are SoFi checking accounts FDIC-insured?

Absolutely! SoFi checking accounts are protected by the standard FDIC insurance up to $250,000 per member (joint accounts are insured up to $500,000). Plus, you get free access to additional FDIC coverage up to $3 million.6


Do I get a debit card when I open a checking account?

You bet! When you open a SoFi checking account, you’ll automatically be sent a Mastercard debit card. It usually takes 7-10 business days to arrive, and activating it is a breeze—just use the SoFi mobile app.



How do I set up Direct Deposit?

Simply download this pre-filled form, sign it, and submit it to your employer’s payroll department. It’s that simple! Alternatively, if your employer has an HR portal where you can set up direct deposit, you can find your account number and routing number here.


How do I withdraw money from my SoFi checking account?

You can use any one of the 55,000+ Allpoint ATMs to withdraw money from your SoFi checking account, fee-free.8


How do I access my checking account online?

Accessing your SoFi checking account online is simple! You can log in to your account through the SoFi website or use the SoFi mobile app. Both options let you check your balance, view transaction history, transfer funds, and more.


Where can I find my account and routing numbers?

You can find your SoFi account and routing numbers online or using your physical check:

• Online: Log in to your SoFi account through the website or mobile app and navigate to the “Banking” tab, then click “More”
• Paper check: Using your physical check, look at the bottom. The routing number is the first set of numbers (usually 9 digits), and the account number is the second set of numbers.



Does the checking account come with a savings account?

Yes! Every online checking account also comes with a savings account that has an up to 3.60% APY.3 We don’t currently offer standalone checking or savings accounts.


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More resources about checking accounts








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It’s time to bank smarter.
Open a checking account online today.1


Open an account


SoFi > Banking > Online Checking Account

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Nov
08
2022

Financial Insights – Peacock Partnership

By | Uncategorized | Comments Off on Financial Insights – Peacock Partnership


Peacock

Watch binge-
worthy shows
and
your credit score.

Unlock three months of Peacock Premium when you sign up for free credit score monitoring.


Sign up now

Ready to watch?
Here’s how it works.



  • Sign up for credit score monitoring.

    Setup is easy—with no effect to your credit score.



  • Check your email for your Peacock promo code.

    You’ll need that to redeem the promotion.



  • Follow the steps in your email to unlock
    three months of Peacock Premium!

    Your subscription will auto-renew at $5.99/mo or then-current retail price (+tax), unless you cancel.


Sign up now

Monitor your credit score and Get Your Money Right®

Sign up for credit score monitoring in under a minute and begin getting insights into your financial health.

Monitor your credit score.

Track your credit score at no cost, with weekly updates to help you stay on top of when your score changes.

Get insights on your credit

Understand the factors that drive your credit score and what you can do to influence them.

Manage your credit utilization

Link your credit & loan accounts to to actively monitor your utilization and payment progress.

Get financial advice from an expert

Access SoFi Member benefits like personalized advice from a credentialed financial planner for no cost.

Don’t miss out.
Start streaming.


Sign up now

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SoFi Daily

Stay up to date on the latest business news and stock market happenings.

Learn more

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, years of professional experience, income, and a variety of other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp. or an affiliate, NMLS # 696891. (www.nmlsconsumeraccess.org)

✝︎ To check the rates and terms you 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.

INVESTMENTS: NOT FDIC INSURED • HAVE NO GUARANTEE • MAY LOSE VALUE. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. The SoFi Wealth platform is operated and maintained by SoFi Wealth LLC, an SEC Registered Investment Advisor. Brokerage services are provided to clients of SoFi Wealth LLC by SoFi Securities LLC, an affiliated broker-dealer registered with the Securities and Exchange Commission and a member of FINRA /SIPC . Clearing and custody of all securities are provided by APEX Clearing Corporation. For more information, please see SoFi Wealth LLC’s Form ADV Part 2 by clicking here for SoFi's Wealth Form ADV Part 2 A&B or by visiting www.adviserinfo.sec.gov .
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