[Update: Warning] SoFi Receives Regulatory Approval To Be Nationwide Bank, Will Offer 1% APY

Update 2/21/22: So this is odd: apparently, if you upgrade to the new account version you’ll lose the unlimited worldwide ATM rebates, per @TheFlightDeal:

Update 2/15/22: As part of promoting this new 1% account, some people are getting an email with an offer for $100 bonus along with the new 1% rate when upgrading to an account with direct deposit. Others are getting an email offer with $25 for a new account signup with direct deposit. Hat tip to readers Ryan Goldstein and N.

Original Post:

SoFi has sent out an e-mail to existing customers stating they have received regulatory approval to be a nationwide bank. Traditionally fintechs such as SoFi partner with a traditional bank to offer financial products. SoFi Money will offer 1% APY when you upgrade to SoFi Checking and Savings and receive a direct deposit. Similar to the best basic saving account rates, but not competitive when comparing to high yield savings accounts.
    William Charles
  • On February 21, 2022, 16:00
Tags: sofi

View Comments (108)

  • No more interesting earning if you choose to not convert to new SoFi Checking account.

    Received the following email:
    SoFi Money accounts will stop earning interest on June 5

    Please take a moment to upgrade your account by June 5.
    It looks like you're still using SoFi Money instead of SoFi Checking and Savings. Now that we can offer a higher interest rate of 1.25% APY (annual percentage yield)1 with direct deposit, our plan going forward is to only build new features for SoFi Checking and Savings and reduce support of SoFi Money.
    Effective June 5, 2022, we will be implementing the following change:
    • SoFi Money accounts will no longer earn interest. Interest can only be accrued on balances in SoFi Checking and Savings (1.25% APY with direct deposit and 0.70% APY without direct deposit).
    When you're ready to upgrade (it's free—don't worry), get started by heading over to your account and accepting the new SoFi Checking and Savings terms.

  • Seems like the new checking/saving account still offers the same ATM fee rebates as the old Money account, as per their site -

    Q: Does SoFi Checking and Savings charge fees?
    -
    We’re proud to say that banking with SoFi has no account fees and no service charges—and we’re working hard to keep it that way.^ There are no fees on overdraft, account open, minimum balance, dormant account or regular maintenance. We also offer no ATM fees at 55,000+ Allpoint ATMs worldwide.

  • Reference the worldwide atm fee reimbursement I saw language that you had to have your money account before June 9, 2020. Mine was opened August of 2020, anyone open a Money account after June 9, 2020 and still getting atm rebates worldwide? thanks for any feedback.
    Ken G

  • I pushed $$ to SoFi from Huntington Bank and it was labeled as:

    Direct deposit payer HUNTINGTON BP MERCH PMT

    There have been a bunch of ACH pushes from others and their DPs are negative for direct deposit, could it just be a generic label? The type is listed as Direct Deposit. Won't know until after the grace period first month at 1%.

  • My goodness they know how to spam the fock out of their shitty new bank. At least one email a day since they got approved.

  • So after getting a DD to my SoFi Checking acc which I upgraded from the original Money acc, got a update that I would now receive 1% cash back in points on the SoFi Debit card until a 10,000 point maximum.

  • Any body know if I can withdraw money (ACH pull from other banks or credit card company) from Sofi Money account?

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