Award-Winning, Zero Account Fee SoFi Checking and Savings Accounts Paid Over $50 Million in Interest Back to Members in First Year Alone
SoFi Technologies, Inc. (“SoFi”), the digital personal finance company, is celebrating the one year anniversary of launching SoFi Checking and Savings1. SoFi Checking and Savings entered the market with zero account fees and a highly competitive APY (Annual Percentage Yield) on both checking and savings balances. SoFi Checking and Savings continues to offer a highly competitive 3.75% APY on savings accounts for direct deposit members2, 12x the national savings average3. Since launch, members have earned more than $50 million4 in interest on their bank balances, helping them get more for their money amid high inflation.
“SoFi Checking and Savings was designed to make it easier for everyone to get their money right, with zero fees and a highly competitive APY, making banking accessible for anyone. In just the first year alone, our members earned over $50 million dollars in interest on their balances, empowering members to make the most of their hard-earned money,” said Anthony Noto, CEO of SoFi. “We have continually innovated by expanding and improving on our Checking and Savings offerings since launch, making it easier than ever for millions to manage their money all in one app, with features such as early paycheck, person to person payments, electronic bill pay, automatic savings, investments and loan repayment. We know this is just the beginning of our journey in the banking space, and we are excited to grow our business and product offerings for our millions of members.”
By the Numbers
SoFi officially became a bank in February 2022, and then subsequently launched SoFi Checking and Savings. Since then, there has been incredible growth across the bank and our spending and saving businesses5:
- SoFi Bank saw $7.3 billion in deposits by the end of 2022*, with growth up 46% in Q4 from Q3 2022
- 2.1 million SoFi Money members as of the end of 2022
- 88% of deposits in Q4 2022 were from SoFi Money (including Checking and Savings and SoFi Money cash management accounts) direct deposits, highlighting members commitment to managing their money with SoFi
Member Moves: Saving Savvy
SoFi designed Checking and Savings accounts to make managing money easier than ever for members by making it simple to monitor their finances and automate savings.
Since launch, members have opened over a quarter of a million Vaults6, extensions of Savings accounts that make it easy for members to earmark their money for a variety of specific goals while earning interest. The most popular Vault members open is an Emergency Fund, with savings Vaults for Travel, a House, and a Car rounding out the top choices.
Members who have turned on Roundups6, which allows members to roundup purchases on their debit card to the next whole dollar amount and deposit into savings, have saved over $3.4 million dollars by using the feature alone.
Across the country, SoFi Checking and Savings has seen the biggest growth among members in California, Texas and Florida6. However, the states where members save the most money are California, Texas and New York - with Californians having nearly 3x as much in savings than Texans and nearly 4x as much as New Yorkers.
The Best Keeps Getting Better
SoFi continued to improve the award-winning Checking and Savings offering throughout the last year. Starting in October 2022, eligible SoFi Checking and Savings members were enrolled in SoFi Plus, a new, premium membership program offering a full package of perks across SoFi’s suite of products, including our highest APY, extra cash back rewards, exclusive rate discounts and more.
Since launching with a highly competitive APY, SoFi Checking and Savings has increased the APY on accounts 11 times since launch. Currently, in addition to the 3.75% APY on savings balances, direct deposit members also earn 2.50% APY on checking account balances, 50x the national interest checking average7.
In December 2022, select SoFi Checking & Savings members became eligible for SoFi Pay in 48, which offers members the option to split a purchase of $50-$500 into four, interest-free payments. This new feature offers members another way to pay when it comes to purchases, providing flexibility in budgets for planned, larger purchases, without paying any interest, and is only available for Checking and Savings members who meet select criteria.
SoFi Checking and Savings, in addition to offering up to 2-day early paychecks9 and no fee Overdraft Coverage10, works in sync with the overall SoFi offerings, making it fast and simple for members to manage everything from their investment accounts to loans to credit cards all in the same place as they do their banking. Members can use Autopilot to automatically make recurring transfers to their SoFi Invest11 account, directly pay down SoFi loans, as well as monitor their credit score and spending via SoFi Financial Insights12.
A Dazzling Dozen in Year One
Since launch, SoFi Checking & Savings has won 12 awards13 for its innovative offering:
GoBankingRates Best Banks 2023:
Nerdwallet Best-of Awards 2023:
Motley Fool Ascent’s 2023 Awards Winners:
SoFi (NASDAQ: SOFI) is a member-centric, one-stop shop for digital financial services on a mission to help people achieve financial independence to realize their ambitions. The company’s full suite of financial products and services helps its more than 5.2 million SoFi members borrow, save, spend, invest, and protect their money better by giving them fast access to the tools they need to get their money right, all in one app. SoFi also equips members with the resources they need to get ahead – like career advisors, credentialed financial planners, exclusive experiences and events, and a thriving community – on their path to financial independence.
SoFi Technologies innovates across three business segments: Lending, Financial Services – which includes SoFi Checking and Savings, SoFi Invest, SoFi Credit Card, SoFi Protect, and SoFi Insights – and Technology Platform, which offers the only end-to-end vertically integrated financial technology stack. SoFi Bank, N.A., an affiliate of SoFi, is a nationally chartered bank, regulated by the Federal Reserve, OCC, and FDIC. The company 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.
- ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
- SoFi members with direct deposit can earn up to 3.75% 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 3.75% 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 1/4/2023. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
- 12x based on FDIC monthly savings account rate as of December 19, 2022.
- The data included reflects the amount of interest paid by SoFi to members from February 24, 2022 through December 31, 2022.
- The included information is from SoFi’s latest earnings report, which can be found here: https://s27.q4cdn.com/749715820/files/doc_financials/2022/q4/q4/Q4-2022-Earnings-Release-Final.pdf
- Data included is from SoFi’s internal analysis of SoFi Checking & Savings members habits from February 24, 2023 through January 31, 2023.
- 50x based on FDIC monthly interest checking rate as of December 19, 2022.
- Pay in 4 offer is only valid to customers receiving the offer directly from SoFi and using the link contained in the email received by the account holder(s). Offers for Pay in 4 are nontransferable. Eligible members will receive a one-time use virtual card with the first payment due at time of purchase. See Terms & Conditions for payment terms and schedule. Members are only eligible to have one active Pay in 4 loan at a time, which must be paid in full before the member may be eligible for subsequent Pay in 4 loans. Exceptions may apply. See Terms & Conditions for details. Pay in 4 loans offered by SoFi Bank, N.A. The SoFi® Pay in 4 Mastercard® is issued by SoFi Bank.
- 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.
- 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.
SoFi Invest refers to the various investment and trading platforms operated by Social Finance, Inc. and its affiliates (described below). Individual customer accounts may be subject to the terms applicable to one or more of the platforms below.
1) Automated Investing and advisory services are provided by SoFi Wealth LLC, an SEC-registered investment adviser (“Sofi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC.
2) Active Investing and brokerage services are provided by SoFi Securities LLC, Member FINRA(www.finra.org)/SIPC(www.sipc.org), (“Sofi Securities"). Clearing and custody of all securities are provided by APEX Clearing Corporation.
For additional disclosures related to the SoFi Invest platforms described above, including state licensure of SoFi Digital Assets, LLC, please visit SoFi.com/legal.
4) Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform. Information related to lending products contained herein should not be construed as an offer or pre-qualification for any loan product offered by SoFi Bank, N.A.
- SoFi’s Insights tool offers users the ability to connect both SoFi 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.
- Awards or rankings are not indicative of future success or results. Neither SoFi Bank, N.A. nor its employees paid a fee in exchange for ratings. Awards and ratings are independently determined and awarded by their respective publications.