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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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I’m a resident of a U.S. territory. Am I still eligible for a SoFi Private Student Loan?

4 months ago · Updated

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    At this time, residents of Puerto Rico, the U.S. Virgin Islands, and American Samoa are eligible to apply for SoFi private student loans. If you reside in a US territory, you must provide a valid US federal or state government-issued identification, including valid federal or state government-issued identification from Puerto Rico, the U.S. Virgin Islands, or American Samoa, and one of the following with your first and last name as well as your physical address listed:

    • Utility bill (but not a cell phone bill)
    • Bank statement (but not a credit card statement or SoFi Money Statement)
    • Property tax statement
    • Mortgage statement
    • Investment account statement
    • Student loan statements (associated loans must be in tradelines)
    • Pay stub that meets the eligibility requirements for income verification. 
    • A signed/executed lease agreement with evidence of payment (e.g. bank statement or canceled check)

    To be eligible for SoFi Private Student Loans, you will need to be seeking a bachelor's degree, or Graduate Certificate Program, and attending a qualifying, not-for-profit college or university at least half-time in the semester.