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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

©2026 Social Finance, Inc. All rights reserved.

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What is Bill Pay and how do I set it up for my SoFi Money account?

4 months ago · Updated

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    • Bill Pay is an online service that allows you to pay your bills from your SoFi Money account.

    It's easy to securely set up one-time payments, schedule future payments, or recurring monthly payments.


    Here's a step-by-step guide to get started:

    1. Log in to your SoFi Money account
    2. On the Moneyhomepage select Pay
    3. Click on Pay Bills
    4. Choose whether you want to pay a company or an individual
      1. For companies: Tip! Do not use abbreviations (Example: PG & E should be entered as Pacific Gas & Electric)
        1. Search for the company you'd like to send a payment to
          1. If the company appears in the search, an electronic payment will be sent. You will be prompted to enter your account number next.
          2. If the company does not appear in the search, a physical check will be sent. You will be prompted to enter the bill pay details manually.
      3. For individuals:
        1. Only physical checks will be sent to individuals. If you are looking for an electronic method, learn more about SoFi's P2P platform here.
    6. Enter the payee name and the recipient's address details
    7. Set up the payment details. This includes the amount you want to pay, the date you want the payment to be sent, and the frequency of the payment (if it’s a recurring payment)
    8. Review the payment details to make sure everything is correct. Once you’re satisfied, select Confirm Bill.

    The confirmation screen will show the date your funds will be withdrawn from your Money account to ensure on-time delivery.

    You can review all of the details of your pending bill payments in the Scheduled Transactions section on your Banking homepage.

     

    Notes about delivery dates:

    To ensure the payment is processed and arrives at your biller on the date of the scheduled payment, our payments vendor requires the following processing window for each payment method to ensure prompt delivery to the biller's financial institution:

    • Electronic payments: Amount is debited 2 business days prior to the due date
    • Mailed Checks: Amount is debited 8 business days prior to the due date

    Note: For mailed checks, we recommend scheduling your payments to be delivered at least 8 business days prior to the actual payment due date on the bill. Scheduling your payments sufficiently in advance of the due date allows enough time for the biller to receive the payment and credit it to your account on-time.