SoFi Launches Bank Offerings, including up to 1.00% APY for All Members and No Account Fees
SoFi Technologies, Inc., the digital personal finance company, announced the launch of SoFi Checking and Savings, the latest offering designed to help people get their money right. SoFi Checking and Savings will allow members greater control over their money management, with an industry-leading1 annual percentage yield of up to 1.00%2 for members, for both types of accounts, providing 33 times3 the national average interest on balances, in addition to zero account or overdraft fees, no limits on transfers between checking and savings accounts, two-day early paychecks4 and fee-free ATM access via the Allpoint network5.
“Our new, zero account fees, high-yield checking and savings accounts make it simpler for people to save and spend their hard-earned money, with an institution who is looking out for their best interests.”
“SoFi Checking and Savings is a gigantic leap in our mission to empower people to achieve their financial goals and make managing their money easier than ever,” said Anthony Noto, CEO of SoFi. “Our new, zero account fees, high-yield checking and savings accounts make it simpler for people to save and spend their hard-earned money, with an institution who is looking out for their best interests.”
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SoFi Checking and Savings will offer an improved user experience and more customizable options than ever before. Members will be able to open checking and savings accounts and goal-specific money Vaults for easy budgeting, as well as automate their savings. Current SoFi Money members will be given the option to upgrade their existing accounts by answering just a few simple questions and reviewing new terms and conditions. With the new checking and savings accounts, all members can now access the AllPoint network (which has over 55,000 locations) for fee-free ATM4 access across the country.
SoFi’s suite of products provides enormous added value to bank users when it comes to managing their money responsibly. The overall offering is designed to be a one-stop shop that will serve as an improved replacement for people’s current bank. SoFi Relay6, a financial insights tool, connects all accounts in one mobile dashboard, allowing people to keep track of their credit score, spending, investments, and various financial goals alongside their checking and savings accounts. With bank accounts at SoFi, members can also take advantage of easy, fast transfers between their investing and checking accounts. Additionally, the SoFi Credit Card allows members to not only get an unlimited 2% cashback7, to invest and pay off eligible SoFi loans, but also redeem for cash that can be deposited straight into the SoFi Checking and Savings account. Payments for loans, credit card bills, or transfers to SoFi Invest will be easier than ever with the new SoFi Checking and Savings. With a comprehensive slate of products that work together seamlessly, all in one place, people will find it simpler to see and manage all aspects of their money in one place than with other banks.
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SoFi recently completed the acquisition of Golden Pacific Bancorp, Inc. (OTCPK: GPBI) and its wholly owned subsidiary Golden Pacific Bank, National Association (“Golden Pacific Bank” and together with Golden Pacific Bancorp, Inc., “GPB”) as part of SoFi’s path to obtaining a national bank charter. SoFi will maintain Golden Pacific Bank’s community bank business and footprint, including Golden Pacific Bank’s current three physical branches in Sacramento, Live Oak, and Yuba City, California. With this transaction, Golden Pacific Bank has been renamed SoFi Bank, National Association (“SoFi Bank, N.A.”) and Golden Pacific Bank’s community bank business will operate as a division of SoFi Bank, N.A.
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