What is the promotional APY rate boost?
A promotional rate boost is a temporary increase to your SoFi Savings account Annual Percentage Yield (APY). It’s offered when you complete and maintain specific qualifying activity—like setting up eligible direct deposit.
See more information, including the terms and conditions at SoFi.com/banking.
How long does the promotional APY rate last?
Each promotional rate boost runs for a set period of time. Check the terms in your email, in the SoFi app, or on SoFi.com/banking to see how long yours lasts.
What if I stop the qualifying activity?
If you stop the activity that qualifies you for the promotional rate boost, your Savings account APY will revert to the standard rates as set forth on the SoFi Bank Rate Sheet at https://www.sofi.com/legal/banking-rate-sheet. You can find your current APY at any time by logging in to your account in the SoFi app or on SoFi.com and going to Banking > Savings > APY or Banking > Checking > APY.
If qualifying activity is reactivated during the promotional period, the APY Rate Boost will be automatically reapplied within 24–48 hours and will remain in effect for the rest of the promotional period, unless qualifying activity stops again.
Can I have more than one promotional rate boost at a time?
No, only one promotional rate boost can apply to your account at a time.
How do I know if I’m eligible for the Limited Time APY Boost?
See more information including the terms and conditions at SoFi.com/banking
What happens to my APY after the promotional period is over?
After the 6-month boost period ends, your savings APY will revert to the standard SoFi rate in effect at that time.
Do I need to keep my direct deposit active for the full promotional period?
Yes! To maintain SoFi Plus and the savings APY boost, you must receive an eligible direct deposit or pay the SoFi Plus subscription every 30 days for the full 6 months.
How soon after I qualify will the APY boost kick in?
The boost begins the next business day after SoFi confirms you’ve completed all qualifying steps. For direct deposit, it's the day after SoFi recognizes the deposit.