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2750 East Cottonwood Parkway #300
Cottonwood Heights, Utah 84121

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 10/20/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet.


Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.


Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.


Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility. See additional details at https://www.sofi.com/legal/banking-rate-sheet.


SoFi Bank, N.A. NMLS #696891, Member FDIC

SoFi Lending Corp. NMLS #1121636

234 1st Street, San Francisco, CA 94105

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Applying with a Co-Borrower

4 months ago · Updated

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A Co-Borrower is a second borrower who applies for a loan alongside the Primary applicant. Both borrowers share equal responsibility for repaying the loan. While having a Co-Borrower is not required, it could improve the chances of approval and may help secure a lower interest rate.

 

How do I add a Co-Borrower to my loan?

During the loan application process, you’ll be asked if you want to include a Co-Borrower. Simply select Yes, and you will be guided through the steps to provide their employment, income, and education details.
If you’ve already submitted your application and want to add a Co-Borrower, please contact us here.
Keep in mind that each new application results in a soft credit inquiry, which does not affect your credit score.

 

Can I change or remove my Co-Borrower from my application?

To update or remove a Co-Borrower, you must withdraw your current application and start a new one

 

How long does the review process take with a Co-Borrower?

The process is not expected to significantly extend the overall timeline compared to an individual application. However this may vary based on the Co-Borrower’s financial situation and response times.

 

Can I refinance my current SoFi Personal Loan with a Co-Borrower?

Co-Borrower loans are eligible for refinancing. You may also refinance your existing SoFi Personal Loan to remove the Co-Borrower and continue the loan solely as the primary borrower, if you wish.

 

If I can’t make my loan payments, is my Co-Borrower responsible?

Yes, both the primary borrower and Co-Borrower are equally responsible for making payments.

 

Can I remove my Co-Borrower after making on-time payments?

No. A Co-Borrower can only be removed if you pay off your current loan, qualify for a new loan on your own through refinancing, or your Co-Borrower passes away.

 

Why was my loan denied with a Co-Borrower?

If your loan is declined, you will receive an Adverse Action notice within 30 days outlining the reasons for denial.

 

Have more questions? Chat with us or call 855-456-7634 to speak with an agent.

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