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A Year of Better Banking: SoFi Checking and Savings Turns One

A Year of Better Banking: SoFi Checking and Savings Turns One

Award-Winning, Zero Account Fee SoFi Checking and Savings Accounts Paid Over $50 Million in Interest Back to Members in First Year Alone

SoFi Technologies, Inc., the digital personal finance company, is celebrating the one year anniversary of launching SoFi Checking and Savings. SoFi Checking and Savings entered the market with zero account fees and a highly competitive APY (Annual Percentage Yield) on both checking and savings balances. SoFi Checking and Savings continues to offer a highly competitive 3.75% APY on savings accounts for direct deposit members2, 12x the national savings average3. Since launch, members have earned more than $50 million4 in interest on their bank balances, helping them get more for their money amid high inflation.

“Sofi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC. 2) Active Investing and brokerage services are provided by SoFi Securities LLC, Member FINRA”

“SoFi Checking and Savings was designed to make it easier for everyone to get their money right, with zero fees and a highly competitive APY, making banking accessible for anyone. In just the first year alone, our members earned over $50 million dollars in interest on their balances, empowering members to make the most of their hard-earned money,” said Anthony Noto, CEO of SoFi. “We have continually innovated by expanding and improving on our Checking and Savings offerings since launch, making it easier than ever for millions to manage their money all in one app, with features such as early paycheck, person to person payments, electronic bill pay, automatic savings, investments and loan repayment. We know this is just the beginning of our journey in the banking space, and we are excited to grow our business and product offerings for our millions of members.”

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By the Numbers

SoFi officially became a bank in February 2022, and then subsequently launched SoFi Checking and Savings. Since then, there has been incredible growth across the bank and our spending and saving businesses5:

  • SoFi Bank saw $7.3 billion in deposits by the end of 2022*, with growth up 46% in Q4 from Q3 2022
  • 2.1 million SoFi Money members as of the end of 2022
  • 88% of deposits in Q4 2022 were from SoFi Money (including Checking and Savings and SoFi Money cash management accounts) direct deposits, highlighting members commitment to managing their money with SoFi

Member Moves: Saving Savvy

SoFi designed Checking and Savings accounts to make managing money easier than ever for members by making it simple to monitor their finances and automate savings.

Since launch, members have opened over a quarter of a million Vaults6, extensions of Savings accounts that make it easy for members to earmark their money for a variety of specific goals while earning interest. The most popular Vault members open is an Emergency Fund, with savings Vaults for Travel, a House, and a Car rounding out the top choices.

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.

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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.

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[To share your insights with us, please write to sghosh@martechseries.com]

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