Business
SoFi Checking & Savings Raises APY to 1.80% for Direct Deposit Members to Help Members Make More from Their Money
SoFi raises APY ahead of July Fed meeting to provide an industry-leading rate on all checking and savings account balances SAN FRANCISCO--(BUSINESS WIRE)--
About this update from Sofi Technologies, Inc.
[{"type":"text","content":"\nSoFi raises APY ahead of July Fed meeting to provide an industry-leading rate on all checking and savings account balances\n\n SAN FRANCISCO--(BUSINESS WIRE)--\nSoFi Technologies, Inc. (“SoFi”), the digital personal finance company, today announced SoFi Checking & Savings will now offer an industry-leading 1.80% annual percentage yield (APY)¹ for all members who have direct deposit. SoFi will also offer a 1.00% APY for those looking for a high yield opportunity without direct deposit. Members will earn these increased rates on all of their money with SoFi Checking & Savings, earning them more interest in one week than they would earn in one year at most other banks on average.\n\n“SoFi Checking & Savings is leading the charge in ensuring people get more for their money, continually improving our offering to ensure our members are always getting the best from SoFi,” said Anthony Noto, CEO of SoFi. “Inflation has hit people’s wallets hard. By raising our APY for direct deposit members to 60 times the national average², we’re helping more people than ever get their money right and put more money in their pockets.”\n\nIn addition to a best-in-class APY, SoFi is helping members get extra cash with a series of bonus offers. SoFi Checking & Savings is currently offering a welcome bonus of up to $300 when new members sign up with a direct deposit or existing members set up a direct deposit to their SoFi Checking & Savings account. The offer will be available through September 30, 2022³.\n\nAdditionally, SoFi Checking & Savings members who have a direct deposit and open a new SoFi credit card will earn up to 3% cashback on all of their credit card purchases. For new credit card members to earn up to 3% cashback on purchases, they will need to maintain a qualifying direct deposit every month to continue to receive the higher cashback rate. The 3% rate will be applicable on up to $12,000 spent on the SoFi Credit Card for one year⁴.\n\nSoFi’s extensive product suite that works seamlessly together provides incredible value to members. SoFi Relay⁵, a financial insights tool, connects all accounts in one mobile dashboard for easy credit score and spending monitoring. Members can also redeem SoFi Credit Card⁶ points for cash directly deposited into SoFi Invest⁷, as well as make easy, quick transfers from their Checking & Savings accounts, all...