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 will be implementing 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:
- Beginning May 5, 2022, 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’ll have access to up to 1.50% Annual Percentage Yield (With active direct deposit) and more with SoFi Checking and Savings.