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 $300 for just signing up or adding direct deposit⁵: SoFi is also offering a $300 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 http://www.sofi.com/legal/banking-rate-sheet

²62x based on FDIC monthly interest checking rate as of September 30, 2022.

³30x based on FDIC monthly interest checking rate as of September 30, 2022.

⁴The SoFi Money Habits Survey was fielding via the Qualtrics platform, surveying over 2,400 SoFi members across May and June 2022.

⁵The following describes the terms that apply to participation in the SoFi the SoFi Checking and Savings direct deposit program (“Program”) offered by SoFi Bank, N.A Member FDIC(“SoFi”).

Eligible Participants: All new members who open a SoFi Checking and Savings account during the Promotion Period and all existing SoFi Checkings and Savings customers who have not previously set up Direct Deposit transactions (“Direct Deposit”) into their SoFi Checking and Savings account as of the beginning of the Promotion Period are eligible for the Program.

Promotion Period: The Program will be available from 4/5/2022 12:01AM ET to 9/30/2022 11:59PM ET.

Bonus Terms: In order to qualify for eligibility for a bonus, SoFi must receive at least one Qualifying Direct Deposit from an Eligible Participant during the Promotion Period. Qualifying Direct Deposits are defined as deposits from enrolled member’s employer, payroll, or benefits provider via ACH deposit. Deposits that are not from an employer (such as check deposits; P2P transfers such as from PayPal or Venmo, etc.; merchant transactions such as from PayPal, Stripe, Square, etc.; and bank ACH transfers not from employers) do not qualify for this promotion. The amount of the bonus, if any, is described below. No bonuses shall be paid for qualifying Direct Deposits of less than $1,000 during the Evaluation Period (defined below).

Evaluation Period: The bonus amount will vary based on the total amount of Qualifying Direct Deposits received during the Evaluation Period. The Evaluation Period is defined as 30 days from the date your first Qualifying Direct Deposit is received. For example, if you receive $1,000-$1,999 in Qualifying Direct Deposits in the Evaluation Period, you will receive a cash bonus of $50. A member may only qualify for one bonus tier and will not be eligible for future bonus payments if inflows subsequently increase beyond the Evaluation Period.

Total Qualifying Direct Deposit amount in 30-day Evaluation Period

Cash Bonus

$1,000 – $1,999
$50

$2,000-$4,999
$100

$5,000 or more
$300

Payment timeline: SoFi will credit members who meet qualification criteria within 14 days of the end of the Evaluation Period.

This offer cannot be combined with the SoFi Checking and Savings Direct Deposit rate discount on a SoFi personal loan. Bonuses are considered miscellaneous income, and may be reportable to the IRS on Form 1099-MISC (or Form 1042-S, if applicable). SoFi reserves the right to exclude any Members from participating in the Program for any reason, including suspected fraud, misuse, or if suspicious activities are observed. SoFi also reserves the right to stop or make changes to the Program at any time.

SoFi members with direct deposit can earn up to 2.00% annual percentage yield (APY) interest on all account balances in their Checking and Savings accounts (including Vaults). There is no minimum direct deposit amount required to qualify for 2.00% APY. Members without direct deposit will earn 1.00% APY on all account balances in Checking and Savings (including Vaults). Interest rates are variable and subject to change at any time. Rate of 2.00% APY is current as of 8/12/2022. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

⁶You will need to maintain a qualifying Direct Deposit every month with SoFi Checking and Savings in order to continue to receive this promotional cash back rate. Qualifying Direct Deposits are defined as deposits from enrolled member’s employer, payroll, or benefits provider via ACH deposit. Deposits that are not from an employer (such as check deposits; P2P transfers such as from PayPal or Venmo, etc.; merchant transactions such as from PayPal, Stripe, Square, etc.; and bank ACH transfers not from employers) do not qualify for this promotion. A maximum of 36,000 rewards 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 back to 2%. 36,000 rewards points are worth $360 when redeemed into SoFi Checking and Savings, SoFi Money, SoFi Invest, Crypto, SoFi Personal Loan, SoFi Private Student Loan or Student Loan Refinance and are worth $180 when redeemed as a SoFi Credit Card statement credit.

Promotion Period: 4/18/2022 – 12/31/2022

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 The Bank of Missouri (“TBOM”) (“Issuer”), as issuer, 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.

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