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SoFi Plus Benefits and How It Works

SoFi Plus is an optional membership that offers extra perks for SoFi customers.

SoFi® is an online bank that launched in 2011 and earned its bank charter in 2022. Its SoFi Checking & Savings account is a two-for-one, giving you both checking and savings with no monthly fees or opening deposit requirements, and you can earn interest on both balances. SoFi also offers investing, lending, credit cards and much more.

But if you want the best of what SoFi has to offer, you’ll need a Plus membership.

What is SoFi Plus?

SoFi Plus is the bank’s “premium” membership option. It’s completely optional, but it makes being a SoFi customer a little bit better — especially for those with the SoFi Checking & Savings Account.

The Plus membership gets you perks like a higher APY on your SoFi Savings balance, perks with SoFi Invest®, higher cashback rewards with select SoFi credit cards and more.

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Earn more with SoFi Plus

SoFi Plus comes free when you set up direct deposit, or a $10 monthly subscription fee.

  • Earn a 3.80% APY on savings.
  • 10% boost on cash back rewards on select SoFi credit cards.
  • Get unlimited access to financial planners, live events and other member experiences.
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savingsis offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults)and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.80% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00%APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.

SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.

We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.

Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled
payment date, but may vary.

Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with Eligible Direct Deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.

SoFi Plus benefits

We’ve listed the benefits of a regular SoFi member versus a Plus member for easy comparison.

FeatureRegular MemberPlus Member
SoFi Savings APYUp to 1.00% APYUp to 3.80% APY
Boosted cash backN/AUp to 10% on select SoFi credit cards
SoFi Wealth One-on-One Sessions30-minute intro sessionAccess to financial planners
SoFi Plus ExperiencesN/AMember experiences, such sports events or live entertainment through exclusive giveaways and ticket offers.

How to get SoFi Plus

You can become a SoFi Plus member in one of two ways:

  1. Set up direct deposit
  2. Pay a $10 monthly subscription fee

The option to pay $10 per month for a Plus membership is new as of 2025. SoFi introduced it to give customers access to its Plus membership without direct deposit.

Longtime SoFi customers who receive direct deposit are already considered a Plus member and do not need to pay the $10 subscription fee.

Alternatively, if you just want to earn the highest savings APY on your SoFi savings balance, you can deposit $5,000 per month — you just won’t be a full-fledged Plus member.

Bottom line

SoFi Plus is an optional membership for SoFi customers. The simplest way to become a SoFi Plus member is to set up direct deposit into your SoFi Checking & Savings account, and there are no required amounts you must direct deposit, either. If you don’t want to deal with deposit requirements, you can pay a $10 subscription fee to become a Plus member.

SoFi Checking & Savings has a lot of value on its own, with no monthly fees, savings round-ups, high earning potential, savings “Vaults” to sort your savings goals, early direct deposit and no overdraft fees. This account usually earns a spot on our best checking account list.

If SoFi isn’t exactly what you’re looking for, compare other banks like SoFi.

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To make sure you get accurate and helpful information, this guide has been edited by Holly Jennings as part of our fact-checking process.
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Banking editor

Bethany Hickey is the banking editor and personal finance expert at Finder, specializing in banking, lending, insurance, and crypto. Bethany’s expertise in personal finance has garnered recognition from esteemed media outlets, such as Nasdaq, MSN, Yahoo Finance, GOBankingRates, SuperMoney, AOL and Newsweek. Her articles offer practical financial strategies to Americans, empowering them to make decisions that meet their financial goals. Her past work includes articles on generational spending and saving habits, lending, budgeting and managing debt. Before joining Finder, she was a content manager where she wrote hundreds of articles and news pieces on auto financing and credit repair for CarsDirect, Auto Credit Express and The Car Connection, among others. Bethany holds a BA in English from the University of Michigan-Flint, and was poetry editor for the university’s Qua Literary and Fine Arts Magazine. See full bio

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