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SoFi Raises APY to 4.00% for Members with Direct Deposit

September 8, 2023


SoFi Checking and Savings is raising their savings APY (Annual Percentage Yield) to 4.00%¹ (up from 3.75%) for all members with direct deposit. These members with direct deposit will now earn 11x² the current national savings average on all of their savings and Vaults balances. For members who don’t have direct deposit, all checking and savings balances will continue to earn 1.20% APY¹. For checking, that’s 20x³ times the average national monthly interest checking rate.

SoFi knows our members are looking for ways to get more for their hard-earned money and feel secure in where they’re putting their funds. SoFi takes our responsibility with our members’ money seriously, and it’s our priority to ensure that they are getting the best experience — we want them to feel confident with their finances.

To help understand today’s changes and our offerings, we’re answering your most frequently asked questions:

What are SoFi Checking and Savings members earning across the board?

   •  Members with direct deposit:

          ◦  Savings: 4.00% APY (up from 3.75%)

          ◦  Checking: 1.20% APY (adjusted from 2.50%)

   •  Members without direct deposit:

          ◦  Savings: 1.20% APY (no changes)

          ◦  Checking: 1.20% APY (no changes)

Why have you made these changes to your APY?

Our goal is to offer members some of the best APY rates in the market, so they you can grow their money and earn high interest on every dollar when they bank with SoFi.

Adjusting our APY to this new structure allows us to offer an industry-leading APY on checking balances, while allowing us to increase our savings APY even more (now 4.00% APY for members with direct deposit).

SoFi’s checking APY is 20x the national average —and 120x the checking APY offered by Citi, Bank of America, Wells Fargo, and Chase.⁴ See how we stack up versus other financial institutions:

Institution⁴ Checking APY Savings APY
SoFi 1.20% 4.00%
Ally 0.25% 3.60%
Capital One 0.10% 3.40%
Citi 0.01% 0.05%
Bank of America 0.01% 0.04%
Wells Fargo 0.01% 0.01%
Chase 0.01% 0.01%

 

How do I know my money is safe and secure with SoFi?

SoFi’s number one priority is to ensure that members feel confident with their money. All members can rest assured that:

   •  SoFi Bank deposits are insured by the FDIC for up to $250,000 per individual and for up to $500,000 per joint account.⁵ 

   •  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 pre-filled form, sign it, and submit it to your employer’s payroll department. It’s as simple as that!

Alternatively, if your employer has an HR portal that allows you to set up direct deposit by inputting your account number and routing numbers, you can get those here.

DISCLOSURES

1. SoFi members with direct deposit can earn up to 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 1.20% APY on checking balances. There is no minimum direct deposit amount required to qualify for the 4.00% APY for savings. Members without direct deposit will earn 1.20% APY on all account balances in checking balances and savings balances without direct deposit (including Vaults). Interest rates are variable and subject to change at any time. These rates are current as of 3/17/2023. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

2. 11x based on FDIC monthly savings account rate as of March 17, 2023.

3. 20x based on FDIC monthly interest checking rate as of March 17, 2023.

4. Rates may vary by state and do not account for bonus, special or promotional APYs. Traditional bank rates are current as of March 16, 2023. SoFi members with direct deposit can earn up to 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 1.20% APY on checking balances. There is no minimum direct deposit amount required to qualify for the 4.00% APY for savings.Members without direct deposit will earn 1.20% APY on all account balances in checking balances and savings balances without direct deposit (including Vaults). Interest rates are variable and subject to change at any time. These rates are current 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 up to $250,000 per depositor for each account ownership category 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 checking accounts and 232 noninterest checking accounts between June 13 and July 1, 2022.

 



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