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Mike
Mike (@guest_1722411)
October 24, 2023 20:56

4.6% savings now

Kent C
Kent C (@guest_1715505)
October 14, 2023 15:08

If I’m reading this right, it looks like SOFI only pays 4.5% if you have DD of $5k or more each 30 days. If you don’t DD $5k every 30 days, the rate drops to 1.2%. See footnote 1 here, https://www.sofi.com/banking/savings-account/
On the DOC page, https://www.doctorofcredit.com/high-interest-savings-to-get/
it says: SoFi Savings – 4.50% with monthly direct deposit of any amount.
Someone please fact check me on my assumption.

L
L (@guest_1715522)
October 14, 2023 16:02

You have to have a DD of ANY amount or $5k in qualifying deposits.

Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits.

Kent C
Kent C (@guest_1719559)
October 20, 2023 13:11
  L

Thanks for the detail on this.

Kaching
Kaching (@guest_1651070)
July 11, 2023 01:03

SoFi Savings is now 4.4% APY per email received today,  Chuck

J
J (@guest_1633768)
June 13, 2023 14:05

To get the increased rates, does the direct deposit need to be into the savings or checking account? Does it matter?

Penny
Penny (@guest_1633846)
June 13, 2023 16:27
  J

doesn’t matter. I have mine goto savings

J
J (@guest_1638343)
June 20, 2023 15:33

That’s what I was hoping, thanks!

2 Good 2B
2 Good 2B (@guest_1605618)
April 25, 2023 01:55

SoFi savings just jumped to 4.20% per email received  Chuck

Same
Same (@guest_1605714)
April 25, 2023 07:18

I got that too. 4.2% also shows in the account on the app. Note that this is APY, the rate is therefore 4.125%, the same as Northwest Bank’s High Affinity Savings.

Samosa
Samosa (@guest_1588235)
March 30, 2023 10:22

Does Sofi claw-back bank account signup bonus if checking and savings are closed within a certain time after account opening?

jbrian00
jbrian00 (@guest_1587072)
March 28, 2023 21:27

My inbound transfer availability has been very unpredictable. In the past, I’ve usually had at least some money availability same day, it was lower starting off then worked it’s way up to about $2000 available same day. However, recently when I’ve gone to transfer money, they are saying no money is available same day, only $200 in 3 business days, and the rest in business 4 days. I understand from a rep that interest does not accrue on unavailable funds. Anybody else notice behavior such as this?

jbrian00
jbrian00 (@guest_1587409)
March 29, 2023 10:43

Another datapoint, I went in today and it is saying $2000 would be available same day, obviously a much different story than yesterday. Anybody know why this keeps changing? CSR is not able to tell me.

Joe D
Joe D (@guest_1591689)
April 4, 2023 22:22

I did see the same. It gives me $500 available on the same day, but only $200 other days. SoFi interest rate is not attractive anymore so I don’t use it anymore. Good luck

Jon
Jon (@guest_1585210)
March 26, 2023 13:53

Sofi just quietly implemented withdrawal limits for online banking. Ran into the limits this month. Daily limits of $5000 and monthly limits of $15000. Confirmed the amounts with an online agent

Jared
Jared (@guest_1586564)
March 28, 2023 11:48

Wow, this is a true game changer for me. Glad I didn’t close my Discover account.

sg77
sg77 (@guest_1586697)
March 28, 2023 13:55

Where do you see those limits? Does the website show an error when you type in a big amount, before submitting the transfer? For my SoFi Savings account, I don’t have a huge balance to test, but it lets me enter an amount up to my $8600 balance, which is higher than the $5000 limit you’re saying (though I did not try submitting the transfer).

Possibly the limit is specific to your account. https://support.sofi.com/hc/en-us/articles/360044409132-Are-there-limits-on-ACH-transfers- still says “In general, the maximum daily limit on ACH transfers in or out of the account is $100,000 but may be lower based on multiple factors like account activity and tenure.”

sg77
sg77 (@guest_1586715)
March 28, 2023 14:19

Have you had a low balance in SoFi for a while? Have you not done any big deposits/withdrawals at SoFi recently? (trying to figure out what may have triggered the reduced limits; and maybe if you do the opposite the limits would go back up, e.g., make some $5000 deposits)

Did you recently link or unlink a bank account at SoFi? (if you link via Plaid, SoFi can see your balance at the other bank; I wonder if they give you bigger transfer limits if they see you have a big balance elsewhere)

Jon
Jon (@guest_1586770)
March 28, 2023 15:09

I did some big withdrawals lately. It could be just my account. We’ll have to wait for more DP.

Angelo Dolce
Angelo Dolce (@guest_1617750)
May 14, 2023 00:28

It sounds like it may be account specific, may also depend on your balance history.

For Incoming transfer availability with Sofi, my experience has typically been
first $2,000 – next bus day
next $3,000 – two business days
balance over $5,000 – at least 3 business days

Initiating incoming ACH from Sofi, there is a limit of $100,000; initiating from the sending bank I’m not aware of a significant limit. (Sofi has mentioned a limit of $1,000,000 – I don’t have bank balances to test this.)

Interesting to confirm that interest does not start until they make funds available (e.t. 3-4 business days); I suspected this might be the case.

When I initiated the transfer from the sending bank, the funds were available the next business day. (Incurred fee, more than covered by 3 days interest on deposit).

Angelo Dolce
Angelo Dolce (@guest_1617752)
May 14, 2023 00:31

I also get the impression they are still working on functionality. Sofi’s ougtoing wires are limited to home purchases. Other transfers you have to make to your linked account (typically available next day), then you can transfer from the brick/mortar bank to anyone you want.

Customer service said they are working on this, but I note this has been the case for at least a year or more. Not a deal breaker, but something to be aware of.

Mogambbo
Mogambbo (@guest_1580106)
March 19, 2023 10:38

What is the best way to qualify deposit as DD? I tried ACH push transfer from Schwab and it doesn’t work

Jared
Jared (@guest_1580152)
March 19, 2023 12:13

A legit DD or you’re not qualifying. Numerous DPs about this already.

slickbuys
slickbuys (@guest_1666720)
August 5, 2023 14:21

I know this is old but I was able to trigger it by withdrawing money from my Charles Schwab Brokerage into Sofi. These were dividends that paid out from index funds and I withdrew it to spend. I was surprised too.

SoFi Rate Update
SoFi Rate Update (@guest_1578963)
March 17, 2023 10:34

 Chuck SoFi sent out an email. Checking lowered to 1.2%. Savings raised to 4%.