SoFi Check and Savings raises its savings APY (Annual Return) to 4.00%¹ (Over 3.75%) for all members with direct deposit. Those members who have direct deposit will now earn 11x² Current national average savings over all their savings and account balances. For members without direct deposit, all checking and savings credits will continue to earn 1.20%APY¹. To check, this 20x³ times The average monthly national checking rate of interest.
SoFi understands that our members are looking for ways to get more out of their hard-earned cash And They feel safe where they put their money. SoFi takes our responsibility to our members’ money very seriously, and it’s our priority to ensure they have the best experience – we want them to feel confident in their finances.
To help understand today’s changes and our offerings, we answer the most frequently asked questions:
What do SoFi Check and Saving members earn across the board?
• Members with direct deposit:
◦ Savings: 4.00% APY (up from 3.75%)
◦ Check: 1.20% APY (rate from 2.50%)
• Members without direct deposit:
◦ Savings: 1.20% APY (no changes)
◦ Check: 1.20% APY (no changes)
Why did you make these changes to your APY?
Our goal is to offer members some of the best APY rates in the market, so they can grow their money and earn high interest on every dollar when they transact with SoFi.
Adjusting our APY to this new structure allows us to offer our industry leading APY on checking balances, while allowing us to grow our savings APY even more (now 4.00% APY for members with direct deposit).
SoFi’s check APY is 20 times the national average — and 120 times the check APY offered by Citi, Bank of America, Wells Fargo and Chase.
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How do I know my money is safe and secure with SoFi?
SoFi’s first priority is ensuring members feel confident with their money. All members can rest assured of the following:
• SoFi Bank deposits are FDIC-insured for up to $250,000 per individual and up to $500,000 per joint account.
• All members have 24/7 account monitoring and the ability to instantly freeze debit or credit cards in the SoFi app.
• All members also have easy access to customer service via chat or phone.
How do I set up direct deposit?
Simply download This form is pre-filled, sign it, and send it to the payroll department of your employer. It’s that easy!
Alternatively, if your employer has an HR portal that allows you to set up direct deposit by entering your account number and routing numbers, you can get here.
1. SoFi members with direct deposit can earn up to 4.00% APY on savings balances (including safes) and 1.20% APY on checking balances. There is no minimum direct deposit amount required to qualify for the 4.00% APY savings. Members with no direct deposit will earn 1.20% APY on all account balances in No Direct Deposit Checking and Savings Balances (including safes). Interest rates are variable and subject to change at any time. These prices are effective as of 3/17/2023. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
2. 11x based on the FDIC monthly savings account rate as of March 17, 2023.
3. 20x based on the monthly FDIC check rate as of March 17, 2023.
4. Prices may vary by state and do not represent special or promotional rewards or APYs. Conventional bank rates effective March 16, 2023. SoFi members with direct deposit can earn up to 4.00% Annual Rate of Return (APY) on savings balances (including safes) and 1.20% APY on checking balances. There is no minimum direct deposit amount required to qualify for the 4.00% APY savings. Members with no direct deposit will earn 1.20% APY on all account balances in No Direct Deposit Checking and Savings Balances (including safes). Interest rates are variable and subject to change at any time. These prices are effective as of 3/17/2023. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
5. Deposits in checking and savings accounts are insured for a maximum of $250,000 per depositor per account ownership class under the FDIC’s General Deposit Insurance Rules. For more information visit FDIC.gov
6. Our account fee policy is subject to change at any time.
7. Based on a Bankrate survey of 237 interest-bearing checking accounts and 232 non-interest-bearing checking accounts between June 13 and July 1, 2022.