We understand that change can be hard and we thank you for being a loyal SoFi Money member. We’ve tried our best to make this transition as easy as possible for you and the rest of our members; all the great features you currently enjoy will be there waiting for you when you upgrade to SoFi Checking and Savings and now you'll now be able to earn up to 3.25% APY on your Savings & Vaults balances and 2.50% APY on your Checking balances with active direct deposit.
Initially upgrading a SoFi Money account to SoFi Checking and Savings will not be required, but please note that the upgrade will become mandatory in the near future. Once you upgrade to SoFi Checking and Savings, your SoFi Money account will be closed and unavailable to you.
Here’s what you can expect as you transition to SoFi Checking and Savings accounts:
- Start earning 3.25% APY on your Savings & Vaults balances and 2.50% APY on your Checking balances with active direct deposits!
(Note: To give you time to set up direct deposit, you will receive a complimentary 15-day period to receive our best benefits. As long as your first direct deposit is received in these 15 days and continues monthly, you will continue to receive these benefits. If a direct deposit is not received within these 15 days, your account will then receive the standard checking and savings benefits, including 1.20% APY.)
- No change to your routing number.
- Your existing Money account number will become your checking account number.
- Keep your existing SoFi debit card.
- All transactions can be seen, both those that took place on SoFi Money and on the new Checking and Savings accounts.
- All scheduled activities from the SoFi Money account will remain active after upgrading including autopay, and direct deposit.
- Begin accruing interest immediately in both your SoFi Checking and Savings accounts.
- All connected external accounts will remain available and connected.
- Your account information does not change.
- Any existing Vaults will be merged within the savings account and recreated.
- Historical SoFi Money statements and tax forms will remain accessible in your activity history.