Update 2/21/22: So this is odd: apparently, if you upgrade to the new account version you’ll lose the unlimited worldwide ATM rebates, per @TheFlightDeal:
For SoFi users: if you have a Money account opened before June 9th, 2020, you have unlimited ATM fee rebates from any ATM worldwide. Recently they have been offering an upgrade to their new checking/saving account w/ higher interest rates. DONT DO IT, you'll lose the fee rebate
— The Flight Deal (@TheFlightDeal) February 21, 2022
Update 2/15/22: As part of promoting this new 1% account, some people are getting an email with an offer for $100 bonus along with the new 1% rate when upgrading to an account with direct deposit. Others are getting an email offer with $25 for a new account signup with direct deposit. Hat tip to readers Ryan Goldstein and N.
Original Post:
SoFi has sent out an e-mail to existing customers stating they have received regulatory approval to be a nationwide bank. Traditionally fintechs such as SoFi partner with a traditional bank to offer financial products. SoFi Money will offer 1% APY when you upgrade to SoFi Checking and Savings and receive a direct deposit. Similar to the best basic saving account rates, but not competitive when comparing to high yield savings accounts.
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