Moving forward our plan is to only build new features for SoFi Checking & Savings and reduce support of SoFi Money. You will still be able to use SoFi Money to make transactions, but effective June 5, 2022, we implemented the following changes:
SoFi Money accounts no longer earn interest. Interest can only be accrued on balances in SoFi Checking and Savings.
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 4.00% 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.