A Year of Better Banking

SoFi Checking and Savings Turns One - Seite 2

Members who have turned on Roundups⁶, which allows members to roundup purchases on their debit card to the next whole dollar amount and deposit into savings, have saved over $3.4 million dollars by using the feature alone.

Across the country, SoFi Checking and Savings has seen the biggest growth among members in California, Texas and Florida⁶. However, the states where members save the most money are California, Texas and New York - with Californians having nearly 3x as much in savings than Texans and nearly 4x as much as New Yorkers.

The Best Keeps Getting Better

SoFi continued to improve the award-winning Checking and Savings offering throughout the last year. Starting in October 2022, eligible SoFi Checking and Savings members were enrolled in SoFi Plus, a new, premium membership program offering a full package of perks across SoFi’s suite of products, including our highest APY, extra cash back rewards, exclusive rate discounts and more.

Since launching with a highly competitive APY, SoFi Checking and Savings has increased the APY on accounts 11 times since launch. Currently, in addition to the 3.75% APY on savings balances, direct deposit members also earn 2.50% APY on checking account balances, 50x the national interest checking average⁷.

In December 2022, select SoFi Checking & Savings members became eligible for SoFi Pay in 4⁸, which offers members the option to split a purchase of $50-$500 into four, interest-free payments. This new feature offers members another way to pay when it comes to purchases, providing flexibility in budgets for planned, larger purchases, without paying any interest, and is only available for Checking and Savings members who meet select criteria.

SoFi Checking and Savings, in addition to offering up to 2-day early paychecks⁹ and no fee Overdraft Coverage¹⁰, works in sync with the overall SoFi offerings, making it fast and simple for members to manage everything from their investment accounts to loans to credit cards all in the same place as they do their banking. Members can use Autopilot to automatically make recurring transfers to their SoFi Invest¹¹ account, directly pay down SoFi loans, as well as monitor their credit score and spending via SoFi Financial Insights¹².