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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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Enroll in the Student Loan Payment Verification Program

4 months ago · Updated

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    • The Student Loan Payment Verification Program allows SoFi to verify eligible student loan payments during your employer’s benefit period. At the end of that period, SoFi provides the payment verification data to your employer so they can determine whether you may qualify for a potential 401(k) match.

     

    How do I enroll in the Student Loan Payment Verification Program?

     

    You can enroll online through your SoFi At Work Dashboard.

     

    To get started, you’ll need to provide:

    • Your last name
    • Email address
    • Date of birth

    You’ll then be asked to connect your SoFi account. If you do not already have one, you’ll be prompted to create one before continuing.
     

    Once you reach your At Work Dashboard, you can complete enrollment by either:

    • Connecting to your student loan servicer, or
    • Uploading your student loan statements manually

     

    I’m seeing a prompt that I’m missing loan information for my benefit year. Why is this happening?

     

    This usually means SoFi still needs complete loan information in order to verify your payments for the current benefit period.
     

    If your loan information is missing or incomplete, go back to your Student Loan Payment Verification benefit and either reconnect your loan servicer or upload the required documents manually.

     

    How do I upload my loan statements to successfully enroll?

     

    If you are asked to upload documents manually, provide a monthly billing statement that includes the information needed to confirm your eligible student loan and payment details.
     

    Please note: due to the federal STOP Act, third-party account linking services like Plaid can no longer send SoFi federal student loan data for this benefit. If you are verifying a federal student loan, you will need to manually upload a monthly billing statement dated within the past 60 days.

     

    How will I know if I’ve successfully enrolled?

     

    After you connect your servicer or upload your documents, your status may show In Review while SoFi verifies that your loan information is valid and accurate.

     

    Once your loan information is accepted, your enrollment will be complete and your payments can be tracked during the applicable benefit period.

     

    Please note: When enrolling, your name must match your SoFi profile exactly to the employer eligibility file. If the name does not match, your enrollment may not go through until your profile information is corrected.
     

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