What stays the Same:
We’ve tried our best to make this transition as easy as possible for you and the rest of our SoFi members. All the great features you currently enjoy will be there waiting for you when you upgrade to SoFi checking and savings accounts including:
- You keep your existing SoFi debit card and it will continue to work without interruption.
- Continue to enjoy no account fees and have access to features like Vaults, automatic savings features, up to 2-day-early-paycheck, and no-fee Overdraft Coverage.
- All transactions can be seen, both those that took place on your SoFi Money account and the new checking and savings accounts, including in-progress transactions.
- All scheduled activities from your SoFi Money account will remain active after upgrading to checking and savings including autopay, and direct deposit.
- All connected external accounts will remain available and connected.
- Your routing number, account number, and checks will also continue to work without interruption.
What Changes:
- Earn up to 2.00% APY on your Checking and on Savings with qualifying direct deposits.
- FDIC insurance will move from $1.5M of balances held to the industry standard of $250k per member (joint accounts will have $500k in total insurance for the account).
- Our ATM reimbursement program is changing to only provide reimbursements at the Allpoint Network of 55,000+ ATMs (more than Chase, Wells Fargo, and Bank of America combined).
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NOTE: Members without direct deposit will earn 1.00% APY on Checking and Savings deposits.