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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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How do I add a bank account to use as a payment method for my Loan?

4 months ago · Updated

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  • We’re glad you asked! Follow the steps below to link a new bank account. You will have the option to either link your account manually or automatically via Plaid. Please note, there is a limit of 10 linked bank accounts per borrower on your loan.  If you already have 10 linked bank accounts, please remove one linked account before attempting to add another.

     

    1. Log into your SoFi Account

     

    2. Click on your Loan card in your member dashboard

     

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    3. Click on Make a payment  

     

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    4. Click the Pay From dropdown and click Add or manage accounts

     

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    5. Click Add another account in the popup. You will have the option to either enter it manually or link it automatically via Plaid.

     

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    6. If you chose to enter your information manually, proceed to enter the requested account information and click Add account

     

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    1. If you chose to enter your information via Plaid, you will want to proceed with agreeing to the following terms and then your account should link automatically!

     

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