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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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Learning about Low Intro Payment Program for Personal Loans

4 months ago · Updated

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    • SoFi offers a repayment plan on eligible personal loans that offers a lower monthly minimum payment requirement (interest-only) for the first 6 months. After the introductory period, the loan payment will increase for the rest of the term to pay off the principal as well as the interest.
     

    In addition to this, you can still pay more on top of the minimum required interest-only payment if you choose to do so.

     

    How does interest accrue for a Low Intro Payment Personal Loan?

    Your SoFi Personal Loan uses simple daily interest, meaning interest is calculated each day based on your current principal balance. Since some months have 30 days and others have 31, your payment amount can vary slightly depending on how many days of interest accrued.

     

    Can paying early affect my next payment?

    When you make an early payment:

    • More of that payment goes towards your principal balance
    • This reduces the amount of interest that accrued afterward since interest is calculated on a lower balance
       

    However, paying early can affect how the interest is spread. Because interest is accruing each day between your early payment and your original due date, your next payment might be a bit higher to make up for those extra days of interest. 

     

    What happens once the Low Intro Period ends?

    Once the Low Intro Period ends, your loan will re-amortize. If any unpaid interest remains at the end of the Low Intro period, that unpaid interest will capitalize and be added onto your principal balance.

     

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