Business
The Best Just Got Better: SoFi Announces 1.25% APY for Direct Deposit Members
SoFi raises APY for all members on all of their balances & launches $300 sign up bonus so members can get the most out of their money SAN
About this update from Sofi Technologies, Inc.
[{"type":"text","content":"\nSoFi raises APY for all members on all of their balances & launches $300 sign up bonus so members can get the most out of their money\n\n SAN FRANCISCO--(BUSINESS WIRE)--\nSoFi Technologies, Inc. (NASDAQ: SOFI) (“SoFi”), the digital personal finance company, today announced SoFi Checking & Savings¹ will now offer an industry-leading 1.25% annual percentage yield (APY)² for all members who have direct deposit, an increase from the previous already best-in-class 1.00% APY offered. SoFi will offer 0.70% APY for those looking for a high yield opportunity without direct deposit. SoFi Checking and Savings also allows members to earn these increased rates on all of their money with SoFi Checking & Savings, with no limits or balance caps to earn interest. This is the latest in a series of improvements SoFi has launched to provide better banking for their members, which also includes no-fee crypto purchases via direct deposit³, zero account or overdraft fees, no minimum balance, no limits on transfers between checking and savings accounts, up to two-day early paychecks⁴, and fee-free ATM access via the Allpoint network⁵.\n\n“With just over a month since we launched SoFi Checking & Savings, we continue to work hard to find ways to bring better money management to all and help people get their money right,” said Anthony Noto, CEO of SoFi. “We want to ensure our members are getting the most out of their hard-earned money, and in the current interest rate environment, we’re thrilled to be offering an annual percentage yield that is 41 times⁶ the national average, with no balance caps, to put more money in our members' pockets - where it belongs.”\n\nTo help members get started earning, SoFi will also be 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 May 31, 2022.⁷\n\nSoFi Checking & Savings launched in February 2022 to help make it easier than ever for members to manage their money. Since its launch, SoFi has seen substantial ongoing interest from members in taking advantage of SoFi’s latest offering. From launch on February 24 through today, SoFi has seen:\n\n\n27% more direct deposits created\n\n\n34% increase in total balances from direct deposit members\n\n\nBeyond early payche...