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Money Member Upgrade to SoFi Checking and Savings

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  • What happened on June 5, 2022?
  • Will Debit Card and Withdrawal limits be increasing or changing with the new Checking and Savings accounts?
  • Does this mean SoFi Money isn’t available anymore?
  • What happens if I never upgrade to SoFi Checking and Savings? 
  • What if I don’t wish to upgrade, and wish to close my account?
  • How do I upgrade to SoFi Checking and Savings?
  • What’s the difference between SoFi Money and SoFi Checking and Savings? Isn’t SoFi already a bank?
  • I’m a SoFi Money Member…will I be forced to upgrade to SoFi Checking and Savings accounts?
  • I’m a SoFi Money member…what changes and what stays the same when I upgrade to SoFi Checking and Savings accounts?
  • What ATMs can I withdraw money from with my SoFi Money Debit Card without paying a fee?
  • Will I have to get a new SoFi debit card when I upgrade to SoFi Checking and Savings?
  • I'm a SoFi Money member...what happens to my existing Vaults when I upgrade to SoFi Checking and Savings?
  • I have my SoFi Money account linked at another bank, will this still work?
  • I’m a SoFi Money member…Can I open only a Savings account?
  • I'm a SoFi Money member...I have my SoFi Money account linked at Mint (or another financial aggregator), will that still work when I upgrade to SoFi Bank?
  • I’m a SoFi Money member…do I need to order new checks?
  • I’m a SoFi Money member…I like my current SoFi Money account and do not need/want checking and savings…what will happen to my SoFi Money Cash Management Account (CMA)??

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Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org Opens A New Window. )

Diversification can help reduce some investment risk. It cannot guarantee profit or fully protect against loss in a declining market.

SoFi doesn’t provide tax or legal advice. Individual circumstances are unique. Consult with a qualified tax advisor or attorney.

"SoFi Invest" is the brand name for brokerage products and services offered through SoFi Securities LLC (SFS) Member FINRA Opens A New Window. /SIPC Opens A New Window. including SoFi Money™, advisory services offered through SoFi Wealth LLC (SFW) an SEC Registered Investment Adviser, and cryptocurrency services offered through SoFi Digital Assets, LLC (SDA). SFS, SFW, and SDA are affiliated companies under the common control of Social Finance, Inc. (SoFi). Neither SoFi nor its subsidiaries are a bank.

Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. Clearing and custody of all securities are provided by APEX Clearing Corporation. Information on SoFi Wealth available in the firm's Form ADV Part 2 Brochure on the SEC's website.

SoFi® Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. The SoFi® Bank Debit Mastercard® is issued by SoFi Bank, N.A. pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

*SoFi members with direct deposit can earn up to 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 1.20% APY on checking balances. There is no minimum direct deposit amount required to qualify for the 4.00% APY for savings. Members without direct deposit will earn 1.20% APY on all account balances in checking balances and savings balances without direct deposit (including Vaults). Interest rates are variable and subject to change at any time. These rates are current as of 3/17/2023. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

Additional information can be found at www.sofi.com/legal/banking-rate-sheet

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