SoFi raises APY ahead of July Fed meeting to
provide an industry-leading rate on all checking and savings
account balances
SoFi Technologies, Inc. (“SoFi”), the digital personal finance
company, today announced SoFi Checking & Savings will now offer
an industry-leading 1.80% annual percentage yield (APY)¹ for all
members who have direct deposit. SoFi will also offer a 1.00% APY
for those looking for a high yield opportunity without direct
deposit. Members will earn these increased rates on all of their
money with SoFi Checking & Savings, earning them more interest
in one week than they would earn in one year at most other banks on
average.
“SoFi Checking & Savings is leading the charge in ensuring
people get more for their money, continually improving our offering
to ensure our members are always getting the best from SoFi,” said
Anthony Noto, CEO of SoFi. “Inflation has hit people’s wallets
hard. By raising our APY for direct deposit members to 60 times the
national average², we’re helping more people than ever get their
money right and put more money in their pockets.”
In addition to a best-in-class APY, SoFi is helping members get
extra cash with a series of bonus offers. SoFi Checking &
Savings is currently offering a welcome bonus of up to $300 when
new members sign up with a direct deposit or existing members set
up a direct deposit to their SoFi Checking & Savings account.
The offer will be available through September 30, 2022³.
Additionally, SoFi Checking & Savings members who have a
direct deposit and open a new SoFi credit card will earn up to 3%
cashback on all of their credit card purchases. For new credit card
members to earn up to 3% cashback on purchases, they will need to
maintain a qualifying direct deposit every month to continue to
receive the higher cashback rate. The 3% rate will be applicable on
up to $12,000 spent on the SoFi Credit Card for one year⁴.
SoFi’s extensive product suite that works seamlessly together
provides incredible value to members. SoFi Relay⁵, a financial
insights tool, connects all accounts in one mobile dashboard for
easy credit score and spending monitoring. Members can also redeem
SoFi Credit Card� points for cash directly deposited into SoFi
Invest⁷, as well as make easy, quick transfers from their Checking
& Savings accounts, allowing members to manage their
investments all in the same app as their credit card, loans, and
bank, making it a one-stop-shop for anyone looking to get their
money right.
About SoFi
SoFi helps people achieve financial independence to realize
their ambitions. Our products for borrowing, saving, spending,
investing and protecting give our nearly three and a half million
members fast access to tools to get their money right. SoFi
membership comes with the key essentials for getting ahead,
including career advisors and connection to a thriving community of
like-minded, ambitious people. SoFi is also the naming rights
partner of SoFi Stadium, home of the Los Angeles Chargers and the
Los Angeles Rams. For more information, visit SoFi.com or download
our iOS and Android apps.
Cautionary Statement Forward-Looking Statements
This Press Release contains statements that are forward-looking
and as such are not historical facts. This includes, without
limitation, statements regarding the financial position, business
strategy and the plans and objectives of management for our future
operations; anticipated trends and prospects in the industries in
which our business operates; new products, services and related
strategies; our ability to fund Golden Pacific Bank’s strategy; and
the impact on our business of the regulatory environment and
increased complexities with compliance that accompany regulation as
a bank holding company. These statements constitute projections,
forecasts and forward-looking statements, and are not guarantees of
performance. Such statements can be identified by the fact that
they do not relate strictly to historical or current facts. When
used in this Press Release, words such as “aim”, “anticipate”,
“believe”, “continue”, “could”, “estimate”, “expect”, “intend”,
“may”, “might”, “opportunity”, “plan”, “possible”, “potential”,
“predict”, “project”, “should”, “strive”, “will”, “would” and
similar expressions may identify forward-looking statements, but
the absence of these words does not mean that a statement is not
forward-looking. Forward-looking statements represent our current
expectations regarding future events and are subject to known and
unknown risks and uncertainties that could cause actual results to
differ materially from those implied by the forward-looking
statements, and there can be no assurance that future developments
affecting us will be those that we have anticipated. Among those
risks and uncertainties are our ability to achieve the value
creation contemplated by the Merger, including our ability to
enhance our existing financial products and offer more competitive
rates for our members, the impact of additional regulation as a
result of becoming a bank holding company, our ability to operate
SoFi Bank pursuant to its operating agreement with the Office of
the Comptroller of the Currency, changes in government regulations,
market conditions, including market interest rates, the trading
price and volatility of our common stock and risks relating to our
business, including those described in periodic reports that we
file from time to time with the Securities and Exchange Commission.
We do not undertake any obligation to update forward-looking
statements to reflect events or circumstances after the date they
were made, whether as a result of new information, future events or
otherwise, except as may be required under applicable securities
laws. As a result of a number of known and unknown risks and
uncertainties, our actual results or performance may be materially
different from those expressed or implied by these forward-looking
statements. You should not place undue reliance on these
forward-looking statements.
¹SoFi members with direct deposit can earn up to 1.80% annual
percentage yield (APY) interest on all account balances in their
Checking and Savings accounts (including Vaults). 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 1.80% APY is
current as of 07/26/2022. Additional information can be found at
http://www.sofi.com/legal/banking-rate-sheet.
²60x based on FDIC monthly interest checking rate as of July 26,
2022.
³The 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 Checking 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 –
7/31/2022.
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 1.5% 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 1.5% APY.
Members without direct deposit will earn 0.90% APY on all account
balances in Checking and Savings (including Vaults). Interest rates
are variable and subject to change at any time. Rate of 1.5% APY is
current as of 06/28/2022. Additional information can be found at
http://www.sofi.com/legal/banking-rate-sheet.
⁴You 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.
⁵SoFi’s Relay tool offers users the ability to connect both
in-house accounts and external accounts using Plaid, Inc’s service.
The credit score provided to you is a VantageScore® based on
TransUnion® (the “Processing Agent”) data.
�The SoFi Credit Card is issued by The Bank of Missouri (TBOM)
(“Issuer”) pursuant to license by Mastercard® International
Incorporated and can be used everywhere Mastercard is accepted.
Members earn 2 rewards points for every dollar spent on eligible
purchases. If you elect to redeem points for cash deposited into
your SoFi Checking or Savings account, SoFi Money® account,
fractional shares or cryptocurrency in your SoFi Active Invest
account, or as a payment to your SoFi Personal or Student Loan
Refinance, your points will redeem at a rate of 1 cent per every
point. If you elect to redeem points as a statement credit to your
SoFi Credit Card account, your points will redeem at a rate of 0.5
cents per every point. For more details please visit
SoFi.com/card/rewards. Brokerage and Active investing products
offered through SoFi Securities LLC, member FINRA/SIPC. SoFi
Securities LLC is an affiliate of SoFi Bank, N.A.
⁷Brokerage and Active investing products offered through SoFi
Securities LLC, member FINRA(www.finra.org)/SIPC(www.sipc.org).
Advisory services are offered through SoFi Wealth, LLC an
SEC-Registered Investment Adviser.
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version on businesswire.com: https://www.businesswire.com/news/home/20220726005466/en/
Media Melanie Garvey mgarvey@sofi.org Investor Relations Andrea
Prochniak aprochniak@sofi.com
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