[Update] SoFi Checking & Savings 1.20-4.00% APY Rate (Direct Deposit Required)

Update 4/25/23: 4.20% now

Update 3/17/23: Savings and Vault is now 4%; checking is now 1.2%

Update 10/31/22: Rate increased on savings to 3.00% with direct deposit. The checking account is still at 2.50% as they’ve now split the rate between the two accounts.

Update 9/30/22: Increased to 2.50%

Update 8/12/22: Rate  increased to 2.00% APY.

Update 7/26/22: Rate increased to 1.80% APY (from 1.50% APY).

Original Post:

SoFi increased the rate on their SoFi  checking & savings hybrid account to 1.25% APY for those who have a monthly direct deposit (any amount) post to their account. Previous rate was 1.00% APY.

Press Release | Link

SoFi has also removed the max eligible for increased rate (previously there was a $150k max). This is better than any other simple savings account, though – again – it does require a direct deposit of any amount in order to be eligible for the 1.25% rate.

They’ve also sweetened the deal for new members to get a signup bonus of up to $300 which we posted about separately.

Hat tip to reader Ronald