Investment Products:
ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE
Rule 606 Order Routing
Statement of Financial Condition
SoFi is an FDIC insured, nationally chartered bank that offers SoFi Checking and Savings. SoFi became a bank in order to bring you the best features, including a simple, market-leading interest rate of 4.60% APY across both SoFi Checking and Savings accounts (requires an active direct deposit).
This is not an offer, or solicitation of any offer to buy or sell any security, investment or other product. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. Past performance, historical returns, future projections, and statistical forecasts are no guarantee of future returns or future performance.
SoFi Money is offered through SoFi Securities LLC
SoFi Insights and advisory services are offered through SoFi Wealth LLC, an SEC-registered investment advisor. Information about SoFi Wealth’s advisory operations, services, and fees is set forth in SoFi Wealth’s current Form ADV Part 2 (Brochure), a copy of which is available upon request and at www.adviserinfo.sec.gov/. For additional information on SoFi Wealth LLC, SoFi Insights, and products and services of affiliates, see SoFi.com/legal.
The umbrella term “SoFi Invest” refers to the two investment and trading platforms operated by Social Finance, Inc. and its affiliates (described below). Individual customer accounts may be subject to the terms applicable to one or more of the platforms below.
1) Automated Investing—The Automated Investing platform is owned by SoFi Wealth LLC, an SEC Registered Investment Advisor (“Sofi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC, an affiliated SEC registered broker dealer and member FINRA/SIPC, (“Sofi Securities).
2) Active Investing—The Active Investing platform is owned by SoFi Securities LLC. Clearing and custody of all securities are provided by APEX Clearing Corporation.
Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform. Information related to lending products contained herein should not be construed as an offer to sell, a solicitation to buy or a pre-qualification of any loan product offered by SoFi Lending Corp and/or its affiliates.
“SoFi Invest” is the brand name for brokerage products and services offered through SoFi Securities LLC (SFS) Member FINRA/SIPC including SoFi Checking and Savings®, 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). SoFi Securities LLC is an affiliate of SoFi Bank, N.A.
The experiences and savings of members shown may not be representative of the experiences of all members. Past performance does not guarantee future results. Savings are not guaranteed and will vary based on your unique situation and other factors.
Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify for lending products, 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 Financial Protection and Innovation under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp. or an affiliate, NMLS # 1121636. (www.nmlsconsumeraccess.org)
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FAQs
SoFi Bank Checking Account Overview
The main drawback is that it doesn't reimburse ATM fees for using out-of-network ATMs. No fees or minimums: You can open an account with no minimum deposit, and SoFi doesn't charge monthly maintenance fees, regardless of your balance.
What is SoFi and how does it work? ›
SoFi Technologies, Inc.
(commonly known as SoFi) is an American online personal finance company and online bank. Based in San Francisco, SoFi provides financial products including student loan refinancing, mortgages, personal loans, credit card, investing, and banking through both mobile app and desktop interfaces.
How to get $300 bonus from SoFi? ›
After your first direct deposit, you'll have a 25-day period called the "bonus period." Whatever you receive in direct deposits during this period will determine your bonus amount. If your direct deposits total $4,999.99 or less, you'll get $50. If they total $5,000 or more, you'll get $300.
How to get 4.6 apy SoFi? ›
The SoFi APY is 4.6%, which is well above the national and industry average. Unlike many other banks, you'll need to deposit $5,000 per month or set up regular direct deposits to get the 4.6% APY. SoFi savings accounts do not have fees, minimum balance requirements or a minimum opening deposit.
Can I trust SoFi with my money? ›
SoFi takes your security very seriously. Upon depositing funds into your SoFi checking and, or savings accounts (including vaults), the balance is FDIC insured up to $250,000 per account holder across all deposit accounts. Joint accounts will be insured up to $500,000.
Is SoFi Bank safe from collapse? ›
Yes, funds deposited into SoFi checking and savings accounts are FDIC insured for up to $250,000 per depositor, for each ownership category, in the event of a bank failure.
How much would a monthly payment be on a 50000 loan? ›
Here's what a $50,000 loan would cost you each month
| 8.00% |
|---|
| Two-Year Repayment | $2,261.36/month, $4,272.75 in interest over time |
| Seven-Year Repayment | $779.31/month, $15,462.10 in interest over time |
| 10-Year Repayment | $606.64/month, $22,796.56 in interest over time |
Jan 20, 2024
Any new deposit made into a SoFi Invest account is placed on a five-business-day hold. The sixth business day is when your funds are available to be withdrawn.
What score is needed for SoFi? ›
While SoFi does not state a particular minimum credit score, its website does indicate that many lenders use a credit score of 670 as their baseline. Generally, the higher your credit score, the more likely it is that you will be approved. Your credit score also helps determine what interest rate you receive.
How to get free money on SoFi? ›
Open a SoFi online bank account and get a cash bonus when you deposit the required minimum within the 25-day evaluation period. Earn a$50 bonus when you receive $1,000 to $4,999.99 in qualifying direct deposits or a $300 bonus when you receive at least $5,000 in qualifying direct deposits during the bonus period.
Does Zelle work with SoFi? Zelle is not available directly in the SoFi app, but you can link your SoFi debit card to your Zelle account. SoFi does have its own peer-to-peer (P2P) payment platform, however.
What bank does SoFi use? ›
SoFi Checking and Savings is offered through SoFi Bank, N.A. The SoFi® Bank Debit Mastercard® is issued by The Bancorp Bank pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted.
How much is $1000 with 5% APY? ›
For example, $1,000 put into an account with an annual interest rate of 5% would, in theory, earn $50 at the end of the year. However, if the rate is 5% with interest earned monthly, the APY would actually be 5.116%, earning you $1051.16 by the end of the first year.
What is SoFi 5000 every 30 days? ›
SoFi's savings account rate is 4.60% annual percentage yield (APY) if you meet deposit requirements, and the bank offers a sign-up bonus of up to $300. To qualify for the best SoFi savings rates, you must deposit at least $5,000 every 30 days or receive direct deposits of any amount.
What is 3% APY on $10000? ›
Interest can compound annually, quarterly, monthly, or even daily—the more often interest compounds, the faster your balance grows. For example, say you deposited $10,000 in a high-yield savings account with a 3% APY that compounds annually. At the end of a year, you'd have $10,300.00 in your account.
Does SoFi have a good reputation? ›
On the whole, SoFi Bank customer reviews are mixed. On Trustpilot, SoFi has 4.6 stars with over 7,500 reviews, and many customers appreciate how easy it is to open an account with the bank. However, many don't like how hard it is to deposit cash—or that the process comes with a $4.95 fee.
What does SoFi do with my money? ›
SoFi Money allows you to securely deposit money, earn high interest, and spend money through bill pay, P2P transfers, and checks. The funds in your SoFi Money account are subject to FDIC coverage once they are deposited at one of our partner banks.
What are the downsides of SoFi savings account? ›
The downsides are that SoFi is only an online bank — so there are no physical locations to visit should you need in-person assistance, and you will also need to set up direct deposit to qualify for the highest interest rates.
