SoFi Plus Membership Benefits Guide

What Is SoFi Plus?

SoFi Plus is a membership program that gives SoFi customers access to premium banking services. It has a monthly subscription fee of $10.

This membership can add value across several products and services, including saving, spending, investing, borrowing, financial planning, and member experiences. A SoFi Plus membership currently comes with more than 20 benefits and over $1,000 in potential annual value, though your actual value depends on how you use it.

You can visit the SoFi Plus page for details on specific membership and promotional offerings.

Benefits of SoFi Plus

SoFi Plus provides you with access to premium banking services with more than 20 benefits across savings, investment accounts, loans, and more. Here are some of the most valuable ones:

•   Enhanced APY on savings: A SoFi Bank savings account can earn 4.70% APY on the first $20,000 and 3.30% after that on all other savings balances

•   Unlimited investing match: SoFi Plus also provides investment benefits to its users, including a 1% match on eligible deposits into non-retirement SoFi Invest Accounts.

•   Boost on cash back rewards rates: The SoFi Unlimited 2% Credit Card offers 2% cash back rewards on all your purchases, but you can get a 10% boost on that rate if you’re a SoFi Plus member. If a purchase would have earned 100 points, for example, it would earn 110 for SoFi Plus members. You’ll also get 5% cash back rewards points on SoFi Travel (except for airfare) and 2x rewards points on qualifying account activity.

•   Unlimited financial planning: You may book individual sessions with SoFi Wealth Financial Planners — as many as you need, at no extra cost.

•   Special discounts on SoFi loans: SoFi Plus members can get a discount on various SoFi loans, including lower fees on new parent student loans, personal loans, and student loan refinancing, a $200 discount on home equity loans, and $500 off a home mortgage loan.

•   Various other perks: Some additional perks include exclusive SoFi experiences, preferred access to IPOs, and discounts on products and services through SoFi’s partner companies.

SoFi Plus Product Features

A SoFi Plus membership offers special benefits on various financial products and services.

Unlimited Financial Planners

As a SoFi Plus member, you can get unlimited access to SoFi Wealth Financial Planners. This is one-on-one guidance from certified professionals about your financial portfolio. They’ll work with you to help build customized strategies for saving for retirement, buying a home, paying off debt, budgeting, or working toward your other financial goals.

Credit Card Cash Back Boost

If you have the SoFi Unlimited 2% Credit Card, you’ll get a 10% boost on your cash back rewards rate on all your purchases as a SoFi Plus member. You’ll also get 5% cash back rewards points on bookings through SoFi Travel (except for airfare) and 2x rewards points on qualifying account activity. You can redeem your rewards as statement credits or distribute them to other SoFi accounts, like SoFi Checking & Savings, Active Invest, Automated Invest, and eligible loans.

APY Boost

With SoFi Plus, your APY on a SoFi Bank savings account goes up to 4.70% on up to $20,000, with a rate of 3.30% on remaining savings balances above that amount. If you have $20,000 in that SoFi Bank savings, that rate would earn you $900 after one year. Keep in mind that APYs are variable and can go up or down periodically with market conditions.

Ways to Maximize SoFi Plus Benefits

You can get the most value out of a SoFi Plus membership by maximizing the available benefits. Here’s how:

•   Funnel your savings into a SoFi savings account: The higher APY of 4.70% on up to $20,000 can help your savings grow.

•   Claim your unlimited 1% investing match: By setting up recurring investment deposits in an eligible SoFi account, you’ll see that 1% match add up over time.

•   Use the SoFi Credit Card for everyday spending: If you apply for the credit card or already have it in your wallet, you’ll get a boost in rewards that you can redeem for credit card statements, cash back, loan repayment, or deposits into other eligible SoFi accounts. Just make sure you don’t spend past your budget to earn rewards points, as credit cards can come with high interest rates.

•   Schedule regular check-ins with SoFi Wealth Financial Planners: Unlimited financial planning is included, so make the most of it. You’ll get personalized guidance for setting and achieving your financial goals.

•   Explore SoFi loans if you need to borrow: You may find more attractive discounts than you would with competitors thanks to the discounts included in your SoFi Plus subscription.

•   Check out other discounts and perks: SoFi Plus comes with benefits like 20% off TurboTax, 10% off tickets with Vivid Seats, a $50 Rakuten welcome bonus, and exclusive SoFi Plus experiences. Check out the full list for products and services that are relevant to you.

Calculate SoFi Plus Value Potential

You can get a clearer sense of the value of a SoFi Plus membership with our SoFi Plus Membership Rewards Calculator. This calculator adds up your potential annual rewards based on your savings and other financial habits.

To use this rewards calculator, fill in your:

•   Savings balance

•   Monthly invest deposits

•   Monthly credit card spend

•   Whether you intend to meet with a financial planner

Then you’ll get an estimate of how much value you could get annually as a SoFi Plus member. You can compare that value to the $10 per month subscription fee ($120 annually) to determine if the value of a SoFi Plus membership would outweigh the cost.

How to Sign Up for a SoFi Plus Subscription

It’s easy to sign up for a SoFi Plus subscription within your account. Here are the steps you can take:

•   Sign in to your SoFi account

•   Click on Profile

•   Select Membership & Rewards

•   Click on Upgrade to SoFi Plus

You’ll enter your payment information for the $10 per month fee, whether that’s a credit card, debit card, or SoFi Checking or Savings account. Then you’ll gain access to SoFi Plus benefits right away. If you later decide to opt out, you can cancel your membership at any time without penalty.

SoFi Plus Tips

Before upgrading to SoFi Plus, here are a few tips to keep in mind:

•   Do the math: Use the membership rewards calculator to estimate how much value you’ll get based on your individual banking habits. This also helps you ensure the value of the perks outweighs the $10 monthly cost.

•   Delve into the benefits: SoFi Plus offers over 20 benefits, so review the full list so you don’t miss any. You might find unexpected discounts and services from companies you already use.

•   Keep an eye on savings rates: Savings APYs are variable and can change with market conditions, so check in periodically to confirm your current rate.

•   Consider which benefits you’ll use: Consider your spending, savings balance, and financial habits to see whether a SoFi Plus membership would be worthwhile for you.

The Takeaway

If you’re a SoFi customer, upgrading to SoFi Plus could be a valuable investment. Along with enhanced rates on the SoFi Savings account and 2% Unlimited Credit Card, you’ll also get an unlimited 1% match on eligible investment deposits, unlimited financial planning, discounts on SoFi loans, and a slew of other valuable perks. Since the benefits span various products and services, upgrading to SoFi Plus is probably most valuable if you use multiple SoFi products. Using the SoFi Plus Membership Rewards Calculator can help you determine just how much value a SoFi Plus membership could offer to you.

SoFi Plus is America’s most rewarding financial membership—all in one app.* Unlock extra savings, rewards, discounts, and more.

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