Moving forward, our plan is to only build new features for SoFi Checking and Savings and reduce support of SoFi Money. Effective June 5, 2022, we implemented the following change:
- SoFi Money accounts will no longer earn interest. As an alternative, our SoFi Checking and Savings products are interest-bearing accounts and available to meet your banking needs.
If you have SoFi Money and have not upgraded to SoFi Checking and Savings:
- You will see messages each time you log in to the SoFi app with an “Upgrade now” button. That will initiate the upgrade process for you.
Once you upgrade, you will have access to up to 4.20% APY on your Savings & Vaults balances and 1.20% APY on your Checking balances (with active direct deposit) and more with SoFi Checking and Savings.