The day has finally come! SoFi Plus—our new premium membership that unlocks the best rates, rewards, and discounts across SoFi—is now available to all members. All you need to do to unlock Plus for $0 is set up direct deposit to SoFi Checking and Savings.
What’s included with Plus?
SoFi Plus is designed to help you get the most out of your money, and includes perks like double SoFi rewards points on qualifying activities¹ and preferred access to IPOs², as well as welcome offers like 3% cash back on eligible SoFi Credit Card purchases³.
More perks of Plus:
• 3.00% APY on all savings balances4, 14x the national average savings account rate5
• 2.50% APY on checking balances, 62x the national average⁶
• No-fee overdraft coverage⁷
• Up to 2-day early paycheck⁸
• Discounted personal loan rates⁹
How do you get SoFi Plus?
All you need to do is open up a SoFi Checking and Savings account and set up direct deposit—and you can do that right here! You’ll automatically unlock Plus at no cost once your first paycheck gets deposited.If you’re an existing SoFi member and you receive monthly direct deposits to SoFi Checking & Savings, you should’ve already automatically unlocked Plus. Look for the Plus badge next to your profile icon when you log in to your account.
If you recently set up direct deposit, keep in mind that it can take between 2-4 weeks for your first paycheck to get deposited to your account. As soon as it’s in, you will automatically unlock SoFi Plus—so keep an eye out for the Plus badge in your account.
1. Terms: 2x rewards points on qualifying activity: Monthly grant of Rewards Points under the SoFi Rewards Program (Please review your “How to earn points” page in your app for additional details) during periods in which the Plus Member has enabled Qualifying Direct Deposits. The specific number of rewards points is subject to change at any time and can be found here. SoFi Plus members also can earn double the points as stated on the SoFi Member Rewards “Earn Wall” for qualifying earn triggers (see app for most up-to-date source of truth) with the following exclusions: Credit or Debit card spend paid in rewards points, welcome bonuses paid in rewards points (including any referral bonuses paid in rewards points), points for recurring Direct Deposits, and select incentivized campaigns paid in rewards points where noted.
2. Brokerage and Active investing products offered through SoFi Securities LLC, member FINRA(www.finra.org)/SIPC(www.sipc.org).
Investing in an Initial Public Offering (IPO) involves substantial risk, including the risk of loss. Further, there are a variety of risk factors to consider when investing in an IPO, including but not limited to, unproven management, significant debt, and lack of operating history. For a comprehensive discussion of these risks please refer to SoFi Securities’ IPO Risk Disclosure Statement. IPOs offered through SoFi Securities are not a recommendation and investors should carefully read the offering prospectus to determine whether an offering is consistent with their investment objectives, risk tolerance, and financial situation.
3. You 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: The Program will be available from 4/5/22 12:01AM ET to 12/31/22 11:59PM ET. SoFi reserves the right to exclude any Member 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.
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.
4. SoFi members with direct deposit can earn up to 3.00% annual percentage yield (APY) on savings balances (including Vaults) and 2.50% APY on checking balances. There is no minimum direct deposit amount required to qualify for the 3.00% APY for savings and 2.50% APY for checking balances. 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. These rates are current as of 11/3/2022. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
5. 14x based on FDIC monthly savings account rate as of November 3, 2022.
6. 62x based on FDIC monthly interest checking rate as of November 3, 2022.
7. Overdraft Coverage is limited to $50 on debit card purchases only and is available to customers with monthly direct deposits of $1,000 or more. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
8. Early access to direct deposit funds is based on the timing in which we receive notice of impending payment, which is typically up to two days before the scheduled payment date.
9. Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status, be residing in the U.S., and meet SoFi’s underwriting requirements. SoFi Personal Loans can be used for any lawful personal, family, or household purposes and may not be used for post-secondary education expenses. Minimum loan amount is $5,000. Additional terms and conditions may apply. Lowest rates reserved for the most creditworthy borrowers. The average of SoFi Personal Loans funded in 2021 was around $33K. Information current as of XX/XX/XX. SoFi Personal Loans originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org). See SoFi.com/legal for state-specific license details.
To qualify for an additional 0.25% APR direct deposit discount you must: (1) set up autopay with a SoFi Checking and Savings or a SoFi Money account within 20 days of the funding of your loan, AND (2) setup payroll direct deposits of at least $1,000/mo to a SoFi Checking and Savings account or a SoFi Money account within 35 days of the funding of your loan. If you do not set up autopay with a SoFi Checking and Savings account or a SoFi Money account within 20 days of the funding of your loan, AND set up payroll direct deposits to a SoFi Checking and Savings account or a SoFi Money account within 35 days of the funding of your loan, you will not be qualified for this additional 0.25% direct deposit rate reduction. Once qualified, you will receive this additional 0.25% direct deposit discount during periods in which you have direct deposits of at least $1,000/mo turned on with your SoFi Checking and Savings account or SoFi Money account. This additional direct deposit discount will be lost during periods in which you have turned off direct deposits for your SoFi Checking and Savings account or SoFi Money account. You are not required to enroll in autopay or direct deposits to receive a loan. The Direct Deposit Rate Reduction excludes members from receiving any other cash incentive related to the SoFi Checking and Savings direct deposit promotional program.