Our goal is to ensure a seamless transition for all of our members. When you upgrade to SoFi Checking and Savings accounts, all of the amazing features you currently use will still be available to you such as:
- Keeping your current debit card, which continues to work without any interruption
- No account fees
- Access to features like Vaults, automatic savings, up to 2-day-early-paycheck², and no-fee overdraft coverage³ (requires a direct deposit of $1,000 or more every 30 days*)
- Easily keep track of all of your transactions, including in-progress transactions
Note: Transaction history will include transactions from both SoFi Money and your new Checking and Savings accounts
- Scheduled activities including autopay and direct deposit
- Connected external accounts will remain available and linked
- Your routing number, account number, and checks will also continue to work without any interruption
What will change:
- Earn up to 4.60% APY on your savings & Vaults balances and 0.50% APY on your checking balances¹ (requires direct deposit or $5,000 or more in qualifying deposits every 30 days*)
- FDIC insurance will change from $1.5M of balances held to the industry standard of $250k per individual account (joint accounts will have $500k in total insurance for the account) unless you opt-in to the SoFi Insured Deposit Program to receive up to $2M of FDIC insurance⁴.
- To learn more about the SoFi Insured Deposit Program click here.
- Our ATM reimbursement program is changing to only provide reimbursements at the Allpoint Network of 55,000+ ATMs⁵
Note, if you don't have a direct deposit or $5,000 or more in qualifying deposits every 30 days*, you’ll earn 1.20% APY on savings & Vaults balances and 0.50% APY on checking balances¹.
Commonly Asked Questions
|I have my SoFi Money account linked at another bank, will this still work?
|Yes, any external banks linked to your current SoFi Money account will be moved to your new SoFi checking account. However, your new savings account will be unique, and if you would like to transfer funds to/from it will need to be added as a transfer option.
|I'm a SoFi Money member...what happens to my existing Vaults when I upgrade to SoFi Checking and Savings?
|Once you upgrade to SoFi Checking and Savings, all existing Vaults will move under your savings account. If you wish to create new Vaults or edit existing Vaults, you’ll be able to do so via your SoFi savings account homepage.
|I’m a SoFi Money member…do I need to order new checks?
|No, you can continue to use your SoFi Money checks, as your SoFi checking account will have the same routing and account number as your CMA account.
Will I have to get a new SoFi debit card when I upgrade to SoFi Checking and Savings?
|Good news! Your existing SoFi debit card will continue to work as usual with no interruptions.
|Will Debit Card and Withdrawal limits be increasing or changing with the new Checking and Savings accounts?
|Withdrawal limits for those members who upgrade from a SoFi Money account to SoFi Checking and Savings are not changing. There is no limit to how often you can transfer between your SoFi checking, savings, or vaults.
²Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
³Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
⁴SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at SoFi.com/banking/fdic/terms See list of participating banks at SoFi.com/banking/fdic/receivingbanks
⁵We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.