Update 3/27/26: More details here. Goes live 3/31/26. 4.5% APY% on balances up to $20,000. Current best basic rate is 4.25%, extra 0.25% is $50 a year so doesn’t cover the $10 monthly fee. Hat tip to reader sg77
Original Post 12/10/25:
SoFi Plus subscription costs $10 per month and comes with various benefits. Until now it’s been possible to get the Plus subscription free with direct deposit. However it seems that they are doing away with that option now in favor of charging everyone $10/month with no exception.
The fine print does note a temporary extension of sorts on the free SoFi Plus membership: “Between 12/9/25–3/30/26, members with Eligible Direct Deposit or Qualifying Deposits will receive complimentary access to SoFi Plus.”
This means that the old SoFi credit card will now be 2% instead of 2.2%, if you don’t want to pay the fee. They’ve also launched a new SoFi Smart Card which earns 5% on Grocery and requires holding SoFi Plus membership to be eligible.
Note: the high yield interest rate (3.6% at time of this writing) will apparently still be available beyond March 2026 if you have direct deposit, even if you don’t have SoFi Plus, as long as you have an eligible direct deposit or at least $5,000 in eligible deposits every 31 days.
Hat tip to reader Chris
