SoFi Disclosure Summary
Cash Bonus Eligibility: New and existing Checking and Savings members at SoFi who have not previously enrolled in Direct Deposit can receive a cash bonus. A $50 bonus is offered for at least $1,000 in total Direct Deposits during the specified period, while a $300 bonus is offered for at least $5,000. The promotion runs from December 7, 2023, to January 31, 2026. Full terms and APY details can be found on SoFi’s official website.
SoFi Plus Enrollment: Members enrolled in SoFi Plus via Direct Deposit or by paying the Subscription Fee every 30 days, or by having $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period, can earn a 3.80% APY on savings balances and 0.50% APY on checking balances. No minimum Direct Deposit is required for this rate. Those not meeting these criteria will earn 1.00% APY on savings and 0.50% APY on checking. Rates are subject to change and are current as of January 24, 2025. No minimum balance is required.
Account Fees: SoFi does not charge account, service, or maintenance fees for its Checking and Savings accounts. A transaction fee is applied to outgoing wire transfers, but incoming transfers are fee-free from SoFi, though the sending bank may charge a fee. Fee policies can change, and details are available on the SoFi website.
FDIC Insurance: SoFi Bank, being a member of the FDIC, insures deposits up to $250,000 per depositor per account category. Additional FDIC insurance is available through the SoFi Insured Deposit Program, potentially insuring up to $3 million. More information and a list of participating banks are accessible on the SoFi website.
ATM Access: SoFi, in partnership with Allpoint, offers ATM access at over 55,000 in-network ATMs without fees. However, fees from third-party, out-of-network ATMs are not reimbursed. Policies regarding ATM usage may change.
Direct Deposit: Early access to direct deposit funds is based on notification timing from the Federal Reserve, typically up to two days before the scheduled payment date, though this may vary.
- Overdraft Coverage: Limited to $50 on debit card purchases, this benefit is available to accounts with $1,000 or more in direct deposits in a 30-day period. The period is defined on the account’s APY Details page. Members with a history of non-repayment of negative balances are not eligible.
