No, you will continue to earn SoFi’s high APY whether you enroll in SoFi Insured Deposit Program or not. As of 10/24/2023, that means direct deposit members earn 4.60% APY on all your Savings and Vaults balances and 0.50% APY on all your checking balances.
Note: Members without direct deposit earn 1.20% APY on Savings & Vaults balances and 0.50% APY on Checking account balances.