SoFi Product Drop: December 2022

The SoFi Product Drop – Our regular series where we dive into new features and updates through our platform designed to improve your experience. SoFi is constantly working to make every product work harder for you and work better together.

Check out what’s new for you from the past month:

SoFi does not launch fee options trading¹. It is now easier than ever to do all your trading in the same app where you manage all your money. SoFi offers second level trading, allowing members to buy options calls or puts once they have been approved for trading. A call option gives the owner the right to buy an underlying asset, such as a stock, at a set price, also called the strike price. A put option gives the holder the right to sell an underlying asset at the strike price.

On SoFi, options trading will be fee-free, with no commissions or contractual fees. We’ve worked hard to simplify your experience to make trading options a seamless experience, whether through our app or on our website, and to provide investors with all the educational tools they need to invest and achieve their financial goals. Learn more about options trading with SoFi here.

SoFi Plus is now available to all eligible members. SoFi Plus is our first-of-its-kind premium membership product, which aims to ensure members get the most for their money at every turn. SoFi Plus provides you with the best value for using all of SoFi’s products and services together, giving you confidence that you can turn to SoFi for all of your financial needs.

SoFi Plus perks include Double SoFi Rewards Points on qualifying activities² and preferred access to IPOs³, plus welcome offers like 3% cash back on eligible SoFi credit card purchases⁴.

More benefits for SoFi Plus members:

– 3.50% APY on all savings balances⁵, 14x the average national savings account rate

– 2.50% APY on checking balances, 62 times the national rate

Overdraft coverage free of charge

– Early pay check up to two days

– Low rates for personal loans¹⁰

Learn more about how to unlock SoFi Plus here.

Expanded insurance coverage for our members to include electronic insurance. In addition to offering members auto, life, home, and renters insurance, SoFi has partnered with Blink℠ by Chubb® to offer members electronic insuranceⁱ¹.

Cybersecurity can help prevent hackers from picking at your digital pockets — including protection against fraud, identity theft, phishing scams, and more. It’s easy to get a quote online here.

SoFi Check & Savings APY increased to 3.5% on savings balances for direct deposit members. With holiday shopping in full swing, we’re thrilled to increase the APY (annual return) on SoFi savings accounts from 3.25% to 3.50% for direct deposit members, 14 times the national average savings account⁶. Members will continue to earn 2.50% on their checking balances. For members with no direct deposit, the APY is 1.20%, 30 times the national check average².

If you don’t already have direct deposit set up, sign up here. And if you’re not already getting better banking with SoFi, open an account here.



Investments are not FDIC insured – not bank guaranteed – may lose value

Active brokerage and investment products offered through SoFi Securities LLC, member FINRA ( / SIPC (

Options involve risks, including the risk of significant loss and the possibility that the investor will lose the entire amount invested in a short period of time. Before an investor starts trading options, he should familiarize himself with the characteristics and risks of Standard Options[HYPERLINK:[HYPERLINK:][HYPERLINK:[HYPERLINK: The tax considerations with options transactions are so unique, investors should consult with their tax advisor to understand the impact on their taxes.

2. Terms: 2x Rewards Points on Qualifying Activity: Monthly award of Rewards Points under the SoFi Rewards Program (please see the “How to Earn Points” page in your app for additional details) during periods when the Plus Member has enabled qualifying direct deposits. The exact number of Reward Points is subject to change at any time and can be found here. SoFi Plus members can also earn twice as many points as stated in SoFi Member Rewards “Earn the Wall” for eligible earning incentives (see app for more recent fact source) with the following exceptions: credit or debit card spend paid in rewards points, welcome bonus paid in points Bonuses (including any referral bonuses paid in bonus points), points for recurring direct deposits, and selected incentive campaigns paid in bonus points when indicated.

3. Investing in an initial public offering (IPO) involves significant risks, including the risk of loss. Furthermore, there are a variety of risk factors to consider when investing in an IPO, including but not limited to unproven management, significant debt, and a lack of operating history. For a comprehensive discussion of these risks, please refer to SoFi Securities’ IPO Risk Disclosure Statement. IPOs offered through SoFi Securities are not a recommendation and investors should read the prospectus carefully to determine if the offer is compatible with their investment objectives, risk tolerance and financial condition.

4. 3% Cash Back on SoFi Credit Card Purchases for 12 Months on Your SoFi Credit Card: You will need to maintain an eligible direct deposit each month with SoFi Checking and Saving in order to continue receiving this promotional cash back rate. Qualified direct deposits are defined as deposits from a registered member’s employer, payroll, or benefits provider via an ACH deposit. Non-employer deposits (such as check deposits, P2P transfers such as PayPal or Venmo, etc.; merchant transactions such as PayPal, Stripe, Square, etc.; non-employer ACH bank transfers) are not eligible for this promotion. It can take up to 90 days for your eligible direct deposit to be recognized, after which you will start earning 3% cashback. If you do not see the 3% cash back feature after 90 days, please contact our Help Center. A maximum of 36,000 reward points can be earned from this limited time offer. After the promotional period ends or once you have earned the maximum points offered by this promotion, your cash back earning rate will revert to 2%. 36,000 reward points are worth $360 when redeemed at SoFi Checking and Savings, SoFi Money, SoFi Invest, Crypto, SoFi Personal Loan, SoFi Private Student Loan, or Student Loan Refinancing and are worth $180 when redeemed as a SoFi Credit Card statement balance.

PROMOTION PERIOD: The program will be available from 4/5/22 12:01 AM ET to 12/31/23 11:59 PM ET. SoFi reserves the right to exclude any Member from participation in the Program for any reason, including suspected fraud or abuse, or if suspicious activities are observed. SoFi also reserves the right to discontinue or make changes to the Program at any time.

Eligible Participants: All new members who apply for and get approved for a SoFi credit card, open a SoFi Check and Saving account, and set up direct deposit transactions (“Direct Deposit”) into their SoFi Check and Saving account during the Promotion Period are eligible. All existing SoFi credit card members who set up direct deposit into a SoFi Check & Saving account during the offer period are eligible. All existing SoFi members who have already registered for direct deposit into a SoFi Check & Saving account prior to the offer period, and who apply for and be approved for a SoFi credit card during the offer period are eligible. Existing SoFi members who already have a SoFi credit card and have previously set up direct deposit through SoFi Money or SoFi Checking & Saving are not eligible for this promotion.

5. SoFi members with direct deposit can earn up to 3.50% annual percentage of return (APY) on savings balances (including tanks) and 2.50% APY on checking balances. There is no minimum direct deposit amount required to qualify for 3.50% APY for savings and 2.50% APY for checking balances. No direct deposit members will earn 1.20% APY on all checking and savings account balances (including safes). Interest rates are variable and subject to change at any time. These prices are effective as of 12/16/2022. Additional information can be found at

6. 14x based on the FDIC monthly savings account rate as of December 16, 2022.

7. 62x based on the FDIC monthly interest check rate as of December 16, 2022.

8. Overdraft coverage is limited to $50 on debit card purchases only and is available to customers with monthly direct deposits of $1,000 or more. Members with a previous history of non-payment of negative balances are not eligible for overdraft coverage.

9. Early access to direct deposit funds depends on when we receive notice of an impending payment, which is typically up to two days prior to the specified payment date.

10. Terms and conditions apply. SOFI reserves the right to modify or discontinue products and benefits at any time without notice. To qualify, the borrower must be a US citizen or other eligible status, be a US resident, and meet SoFi’s underwriting requirements. SoFi Personal Loans may be used for any legitimate personal, family, or household purposes and may not be used for post-secondary education expenses. The minimum loan amount is $5,000. Additional terms and conditions may apply. The lowest rates are reserved for the most creditworthy borrowers. The average SoFi funded personal loan in 2021 was about $33K. Information current as of XX/XX/XX. SoFi Personal Loans created by SoFi Bank, member NA FDIC. NMLS #696891 ( See for state-specific licensing details.

To qualify for the additional 0.25% APR direct deposit discount, you must: (1) set up automatic payment with a SoFi Check and Saving or a SoFi Money account within 20 days of funding your loan, and (2) set up direct payroll deposits for what not Less than $1,000/mo to a SoFi Checking and Savings account or a SoFi Money account within 35 days of funding your loan. If you do not set up automatic payment using a SoFi Checking and Savings account or a SoFi Money account within 20 days of funding your loan, and you set up direct payroll deposits to a SoFi Checking and Savings account or a SoFi Money account within 35 days of funding your loan, you will not You are eligible for this additional 0.25% reduction of your direct deposit rate. Once qualified, you will receive the additional direct deposit discount of 0.25% during periods when you have direct deposits of at least $1,000 per month in play using a SoFi Checking and Saving account or a SoFi Money account. This additional direct deposit discount will be forfeited during periods where you have turned off direct deposit to your SoFi Check and Saving account or SoFi Money account. You are not required to sign up for Auto Pay or Direct Deposit to get a loan. The direct deposit rate reduction excludes members from receiving any other cash incentives related to the SoFi Check and Savings direct deposit promotion.

11. Blink℠ by Chubb® is the marketing name used to refer to affiliates of Chubb Limited that provide the insurance and related services described on this site. For a list of these affiliates, please visit our website at The property and casualty products are insured by Ace American Insurance Company and its affiliates in the United States. Accident, health, disability, and life insurance products are insured by Combined Insurance Company of America (Chicago, IL) in all states except New York. In New York, these products are insured by Combined Life Insurance Company of New York (Latham, NY). American Mutual Insurance Company is not licensed and does not solicit business in New York. Coverages have exclusions and limitations and may not be available in all states. This communication contains product summaries only. Coverage is subject to the language of the policies as actually issued. The following products described on this site are offered by Social Finance Inc.

SoFi has an offset agreement with Chubb®’s Blink℠.

Coverage and pricing are subject to eligibility and underwriting criteria. SoFi and its affiliates do not guarantee the services of any insurance company.

12. 30x based on the FDIC monthly interest check rate as of December 16, 2022.

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