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Digital personal finance company SoFi continues to expand its product offering with the latest launch of SoFi Checking and Savings.
Account holders who set up direct deposit can earn 1% Annual Percentage Yield (APY) on up to $50,000 in balances (after 0.05%) – a rate over 30 times the average interest rate national on sales. With many high yield savings accounts still hovering around 0.5%, this is a remarkable feature.
Here’s what else Sofi Verification and Savings customers can expect.
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Monthly maintenance fees
Minimum deposit to open
The minimum balance
Annual Percentage Yield (APY)
Network of free ATMs
More than 55,000 free ATMs within the Allpoint® network
Reimbursement of ATM fees
Free overdraft coverage is available; however, SoFi requires $1,000 in monthly direct deposit entries to unlock it
Mobile Check Deposit
New SoFi Checking and Savings offers new account holders a one-time bonus of $100 after receiving a direct deposit into their account. Getting your paycheck to go straight to your bank account is a no-brainer, especially since you’ll earn interest on that money, as well as bonus cash.
SoFi Checking and Savings currently offering 1% APY on balances up to $50,000. That’s double what most of the top high-yield savings accounts currently offer. If you want to earn a lot more return on any idle money, this account is definitely worth considering. Remember that you will need to have a direct deposit in place to earn this interest rate.
SoFi doesn’t charge account, overdraft, minimum balance or monthly fees and you can get automatic 2-day advance paychecks so payday comes a little earlier. There are no limits on transfers between your checking and savings accounts.
SoFi Checking and Savings members also enjoy free access to ATMs through the Allpoint® Network, which has more than 55,000 locations across the country. And by paying with their SoFi debit card at checkout, users can take advantage of it and earn up to 15% cash back at local establishments. It’s unclear how available and frequent these cashback offers will be, but it’s certainly a treat to have.
There are also special features offered by this SoFi account, such as Vaults and Roundups, to help you better budget and organize your goals. If you enable both of these automatic savings features, each purchase made on your SoFi debit card will be rounded up to the next dollar. For example, if you buy a coffee for $2.75, the charge will automatically round up to $3 – those extra 25 cents will automatically be transferred from your spending account to one of the savings accounts of your choice “Vaults” .
Existing SoFi Money® members should note that they have been asked to upgrade their cash management account to SoFi Checking and Savings either by email or via the SoFi app. However, users who were grandfathered from the old SoFi Money account that offered ATM fee refunds may want to consider that they would lose this functionality if they upgraded.
With the new SoFi Checking and Savings, SoFi is one step closer to becoming a one-stop-shop for all your banking needs. The fintech company also offers student loan refinances, personal loans, and investments at no cost through their SoFi Invest® Platform.
If you are already a SoFi member, you should consider taking advantage of a higher APY on money in your checking and savings accounts. Plus, with a bank account at SoFi, you can transfer money to and from your Sofi Invest® accounts. Or, redeem the cash back you get with the SoFi credit card to be deposited directly into your SoFi checking and savings account.
Editorial note: Any opinions, analyses, criticisms or recommendations expressed in this article are those of Select’s editorial staff only and have not been reviewed, endorsed or otherwise endorsed by any third party.