Business
A Year of Better Banking: SoFi Checking and Savings Turns One
Award-Winning, Zero Account Fee SoFi Checking and Savings Accounts Paid Over $50 Million in Interest Back to Members in First Year Alone SAN
About this update from Sofi Technologies, Inc.
[{"type":"text","content":"\nAward-Winning, Zero Account Fee SoFi Checking and Savings Accounts Paid Over $50 Million in Interest Back to Members in First Year Alone\n\n SAN FRANCISCO--(BUSINESS WIRE)--\nSoFi Technologies, Inc. (“SoFi”), the digital personal finance company, is celebrating the one year anniversary of launching SoFi Checking and Savings1. SoFi Checking and Savings entered the market with zero account fees and a highly competitive APY (Annual Percentage Yield) on both checking and savings balances. SoFi Checking and Savings continues to offer a highly competitive 3.75% APY on savings accounts for direct deposit members2, 12x the national savings average3. Since launch, members have earned more than $50 million4 in interest on their bank balances, helping them get more for their money amid high inflation.\n\n“SoFi Checking and Savings was designed to make it easier for everyone to get their money right, with zero fees and a highly competitive APY, making banking accessible for anyone. In just the first year alone, our members earned over $50 million dollars in interest on their balances, empowering members to make the most of their hard-earned money,” said Anthony Noto, CEO of SoFi. “We have continually innovated by expanding and improving on our Checking and Savings offerings since launch, making it easier than ever for millions to manage their money all in one app, with features such as early paycheck, person to person payments, electronic bill pay, automatic savings, investments and loan repayment. We know this is just the beginning of our journey in the banking space, and we are excited to grow our business and product offerings for our millions of members.”\n\nBy the Numbers\n\nSoFi officially became a bank in February 2022, and then subsequently launched SoFi Checking and Savings. Since then, there has been incredible growth across the bank and our spending and saving businesses5:\n\n\nSoFi Bank saw $7.3 billion in deposits by the end of 2022*, with growth up 46% in Q4 from Q3 2022\n\n\n2.1 million SoFi Money members as of the end of 2022\n\n\n88% of deposits in Q4 2022 were from SoFi Money (including Checking and Savings and SoFi Money cash management accounts) direct deposits, highlighting members commitment to managing their money with SoFi\n\n\nMember Moves: Saving Savvy\n\nSoFi designed Checking and Savings accounts to make managi...