SoFi Plus - Revision history

Tectix: Removed incidents template box and Products section

2026-05-13T20:26:02Z

Removed incidents template box and Products section

← Older revision		Revision as of 20:26, 13 May 2026
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	The APY percentage value the SoFi Plus service offered changed frequently after launch. For instance on December 25, 2022, the APY for savings accounts was announced to have increased to 3.50%.<ref>https://web.archive.org/web/20221225183105/https://www.sofi.com/sofi-plus/</ref> SoFi customers receiving SoFi Plus benefits were offered a higher APY on account balances, typically around +1%, compared to those without SoFi Plus.		The APY percentage value the SoFi Plus service offered changed frequently after launch. For instance on December 25, 2022, the APY for savings accounts was announced to have increased to 3.50%.<ref>https://web.archive.org/web/20221225183105/https://www.sofi.com/sofi-plus/</ref> SoFi customers receiving SoFi Plus benefits were offered a higher APY on account balances, typically around +1%, compared to those without SoFi Plus.

	=== SoFi Introduces A Fee for SoFi Plus for Non-Qualifying Customers ===		===SoFi Introduces A Fee for SoFi Plus for Non-Qualifying Customers===
	On February 11, 2025, SoFi announced changes to the SoFi Plus plan: "SoFi members can unlock SoFi Plus for $10 a month or at no cost with direct deposit, no minimum balance required."<ref>https://investors.sofi.com/news/news-details/2025/SoFi-Plus-Premium-Membership-Now-Offers-1000-in-Annual-Value/default.aspx</ref><ref>https://www.gurufocus.com/news/2691181/sofi-technologies-inc-sofi-unveils-enhanced-benefits-for-sofi-plus-members</ref> This allowed banking customers to receive the SoFi Plus service features for a monthly fee. Other banking customers who qualified for the SoFi Plus service still received the service for free if they had direct deposit set up and met the monthly deposit value threshold.		On February 11, 2025, SoFi announced changes to the SoFi Plus plan: "SoFi members can unlock SoFi Plus for $10 a month or at no cost with direct deposit, no minimum balance required."<ref>https://investors.sofi.com/news/news-details/2025/SoFi-Plus-Premium-Membership-Now-Offers-1000-in-Annual-Value/default.aspx</ref><ref>https://www.gurufocus.com/news/2691181/sofi-technologies-inc-sofi-unveils-enhanced-benefits-for-sofi-plus-members</ref> This allowed banking customers to receive the SoFi Plus service features for a monthly fee. Other banking customers who qualified for the SoFi Plus service still received the service for free if they had direct deposit set up and met the monthly deposit value threshold.

	=== SoFi Removes Free Option for SoFi Plus Entirely ===		===SoFi Removes Free Option for SoFi Plus Entirely===
	On December 9, 2025 SoFi announced a new product, the SoFi Smart Card. Within that announcement, they indicated a change to SoFi Plus benefits that they then clarified through their official corporate Twitter account and an email to customers on December 10, 2026.<ref>https://x.com/SoFi/status/1998912343627984992</ref> Any new customers would immediately need to pay a fee to receive SoFi Plus benefits. Effective March 31, 2026, SoFi Plus would no longer have a free option, and all customers would be required to pay a $10 monthly fee to receive the SoFi Plus benefits: "Current member[sic] who get access to SoFi Plus via direct deposit or $5,000 in qualifying deposits will receive complimentary access to all SoFi Plus benefits through March 30, 2026 by maintaining eligible deposits."<ref name=":0">{{Cite web \|last=Weidner \|first=Noah \|date=2026-04-28 \|title=SoFi Bank shakes up membership, launches new charge card in sweeping change \|url=https://www.thestreet.com/latest-news/sofi-bank-shakes-up-subscription-product-launches-new-charge-card-in-sweeping-change \|access-date=2026-05-13 \|website=Business, Financial News & Stock Market Analysis {{!}} TheStreet}}</ref>		On December 9, 2025 SoFi announced a new product, the SoFi Smart Card. Within that announcement, they indicated a change to SoFi Plus benefits that they then clarified through their official corporate Twitter account and an email to customers on December 10, 2026.<ref>https://x.com/SoFi/status/1998912343627984992</ref> Any new customers would immediately need to pay a fee to receive SoFi Plus benefits. Effective March 31, 2026, SoFi Plus would no longer have a free option, and all customers would be required to pay a $10 monthly fee to receive the SoFi Plus benefits: "Current member[sic] who get access to SoFi Plus via direct deposit or $5,000 in qualifying deposits will receive complimentary access to all SoFi Plus benefits through March 30, 2026 by maintaining eligible deposits."<ref name=":0">{{Cite web \|last=Weidner \|first=Noah \|date=2026-04-28 \|title=SoFi Bank shakes up membership, launches new charge card in sweeping change \|url=https://www.thestreet.com/latest-news/sofi-bank-shakes-up-subscription-product-launches-new-charge-card-in-sweeping-change \|access-date=2026-05-13 \|website=Business, Financial News & Stock Market Analysis {{!}} TheStreet}}</ref>

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	==Incidents==		==Incidents==
	~~{{Ph-C-Inc}}~~
	~~This is a list of all consumer-protection incidents related to this product line. Any incidents not mentioned here can be found in the [[:Category:{{PAGENAME}}\|{{PAGENAME}} category]].~~
	===Paywall Announcement (''12/09/2025'')===		===Paywall Announcement (''12/09/2025'')===
	December 9, 2025 — SoFi announced a change to SoFi Plus benefits: new customers would be required to pay a $10 monthly fee to receive the SoFi Plus benefits. Current SoFi Plus members would continue to retain their SoFi Plus benefits until March 31, 2026.		December 9, 2025 — SoFi announced a change to SoFi Plus benefits: new customers would be required to pay a $10 monthly fee to receive the SoFi Plus benefits. Current SoFi Plus members would continue to retain their SoFi Plus benefits until March 31, 2026.
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	===Paywall Grace Period Expiry (''03/31/2025'')===		===Paywall Grace Period Expiry (''03/31/2025'')===
	March 31, 2026 — SoFi ends the grace period for members who were receiving and maintained qualification for SoFi Plus before the December 9, 2025 announcement. Applying the fee to all customers if they desired to receive SoFi Plus benefits.		March 31, 2026 — SoFi ends the grace period for members who were receiving and maintained qualification for SoFi Plus before the December 9, 2025 announcement. Applying the fee to all customers if they desired to receive SoFi Plus benefits.

	~~==Products==~~
	~~{{Ph-C-P}}~~

	==See also==		==See also==

Tectix: Added incidents to incidents section & added sub-heads to body

2026-05-13T20:25:10Z

Added incidents to incidents section & added sub-heads to body

← Older revision		Revision as of 20:25, 13 May 2026
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	The APY percentage value the SoFi Plus service offered changed frequently after launch. For instance on December 25, 2022, the APY for savings accounts was announced to have increased to 3.50%.<ref>https://web.archive.org/web/20221225183105/https://www.sofi.com/sofi-plus/</ref> SoFi customers receiving SoFi Plus benefits were offered a higher APY on account balances, typically around +1%, compared to those without SoFi Plus.		The APY percentage value the SoFi Plus service offered changed frequently after launch. For instance on December 25, 2022, the APY for savings accounts was announced to have increased to 3.50%.<ref>https://web.archive.org/web/20221225183105/https://www.sofi.com/sofi-plus/</ref> SoFi customers receiving SoFi Plus benefits were offered a higher APY on account balances, typically around +1%, compared to those without SoFi Plus.

			=== SoFi Introduces A Fee for SoFi Plus for Non-Qualifying Customers ===
	On February 11, 2025, SoFi announced changes to the SoFi Plus plan: "SoFi members can unlock SoFi Plus for $10 a month or at no cost with direct deposit, no minimum balance required."<ref>https://investors.sofi.com/news/news-details/2025/SoFi-Plus-Premium-Membership-Now-Offers-1000-in-Annual-Value/default.aspx</ref><ref>https://www.gurufocus.com/news/2691181/sofi-technologies-inc-sofi-unveils-enhanced-benefits-for-sofi-plus-members</ref> This allowed banking customers to receive the SoFi Plus service features for a monthly fee. Other banking customers who qualified for the SoFi Plus service still received the service for free if they had direct deposit set up and met the monthly deposit value threshold.		On February 11, 2025, SoFi announced changes to the SoFi Plus plan: "SoFi members can unlock SoFi Plus for $10 a month or at no cost with direct deposit, no minimum balance required."<ref>https://investors.sofi.com/news/news-details/2025/SoFi-Plus-Premium-Membership-Now-Offers-1000-in-Annual-Value/default.aspx</ref><ref>https://www.gurufocus.com/news/2691181/sofi-technologies-inc-sofi-unveils-enhanced-benefits-for-sofi-plus-members</ref> This allowed banking customers to receive the SoFi Plus service features for a monthly fee. Other banking customers who qualified for the SoFi Plus service still received the service for free if they had direct deposit set up and met the monthly deposit value threshold.

	On December 9, 2025 SoFi announced a new product, the SoFi Smart Card. Within that announcement, they indicated a change to SoFi Plus benefits that they then clarified through their official corporate Twitter account and an email to customers on December 10, 2026.<ref>https://x.com/SoFi/status/1998912343627984992</ref> Any new customers would immediately need to pay a ~~few~~ to receive SoFi Plus benefits. Effective March 31, 2026, SoFi Plus would no longer have a free option, and all customers would be required to pay a $10 monthly fee to receive the SoFi Plus benefits: "Current member[sic] who get access to SoFi Plus via direct deposit or $5,000 in qualifying deposits will receive complimentary access to all SoFi Plus benefits through March 30, 2026 by maintaining eligible deposits."<ref name=":0">{{Cite web \|last=Weidner \|first=Noah \|date=2026-04-28 \|title=SoFi Bank shakes up membership, launches new charge card in sweeping change \|url=https://www.thestreet.com/latest-news/sofi-bank-shakes-up-subscription-product-launches-new-charge-card-in-sweeping-change \|access-date=2026-05-13 \|website=Business, Financial News & Stock Market Analysis {{!}} TheStreet}}</ref>		=== SoFi Removes Free Option for SoFi Plus Entirely ===
			On December 9, 2025 SoFi announced a new product, the SoFi Smart Card. Within that announcement, they indicated a change to SoFi Plus benefits that they then clarified through their official corporate Twitter account and an email to customers on December 10, 2026.<ref>https://x.com/SoFi/status/1998912343627984992</ref> Any new customers would immediately need to pay a fee to receive SoFi Plus benefits. Effective March 31, 2026, SoFi Plus would no longer have a free option, and all customers would be required to pay a $10 monthly fee to receive the SoFi Plus benefits: "Current member[sic] who get access to SoFi Plus via direct deposit or $5,000 in qualifying deposits will receive complimentary access to all SoFi Plus benefits through March 30, 2026 by maintaining eligible deposits."<ref name=":0">{{Cite web \|last=Weidner \|first=Noah \|date=2026-04-28 \|title=SoFi Bank shakes up membership, launches new charge card in sweeping change \|url=https://www.thestreet.com/latest-news/sofi-bank-shakes-up-subscription-product-launches-new-charge-card-in-sweeping-change \|access-date=2026-05-13 \|website=Business, Financial News & Stock Market Analysis {{!}} TheStreet}}</ref>

	==Consumer-impact summary==		==Consumer-impact summary==
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	{{Ph-C-Inc}}		{{Ph-C-Inc}}
	This is a list of all consumer-protection incidents related to this product line. Any incidents not mentioned here can be found in the [[:Category:{{PAGENAME}}\|{{PAGENAME}} category]].		This is a list of all consumer-protection incidents related to this product line. Any incidents not mentioned here can be found in the [[:Category:{{PAGENAME}}\|{{PAGENAME}} category]].
	===~~Example incident one~~ (''~~date~~'')===		===Paywall Announcement (''12/09/2025'')===
	~~{{Main\|link~~ to ~~the main CR Wiki article}}~~		December 9, 2025 — SoFi announced a change to SoFi Plus benefits: new customers would be required to pay a $10 monthly fee to receive the SoFi Plus benefits. Current SoFi Plus members would continue to retain their SoFi Plus benefits until March 31, 2026.
	~~Short summary of the incident (could~~ be the ~~same as the summary preceding the article)~~.
	===~~Example incident two~~ (''~~date~~'')===		===Paywall Grace Period Expiry (''03/31/2025'')===
	...		March 31, 2026 — SoFi ends the grace period for members who were receiving and maintained qualification for SoFi Plus before the December 9, 2025 announcement. Applying the fee to all customers if they desired to receive SoFi Plus benefits.

	==Products==		==Products==

Tectix: updated wording and citation in consumer impact section

2026-05-13T20:10:34Z

updated wording and citation in consumer impact section

← Older revision		Revision as of 20:10, 13 May 2026
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	On February 11, 2025, SoFi announced changes to the SoFi Plus plan: "SoFi members can unlock SoFi Plus for $10 a month or at no cost with direct deposit, no minimum balance required."<ref>https://investors.sofi.com/news/news-details/2025/SoFi-Plus-Premium-Membership-Now-Offers-1000-in-Annual-Value/default.aspx</ref><ref>https://www.gurufocus.com/news/2691181/sofi-technologies-inc-sofi-unveils-enhanced-benefits-for-sofi-plus-members</ref> This allowed banking customers to receive the SoFi Plus service features for a monthly fee. Other banking customers who qualified for the SoFi Plus service still received the service for free if they had direct deposit set up and met the monthly deposit value threshold.		On February 11, 2025, SoFi announced changes to the SoFi Plus plan: "SoFi members can unlock SoFi Plus for $10 a month or at no cost with direct deposit, no minimum balance required."<ref>https://investors.sofi.com/news/news-details/2025/SoFi-Plus-Premium-Membership-Now-Offers-1000-in-Annual-Value/default.aspx</ref><ref>https://www.gurufocus.com/news/2691181/sofi-technologies-inc-sofi-unveils-enhanced-benefits-for-sofi-plus-members</ref> This allowed banking customers to receive the SoFi Plus service features for a monthly fee. Other banking customers who qualified for the SoFi Plus service still received the service for free if they had direct deposit set up and met the monthly deposit value threshold.

	On December 9, 2025 SoFi announced a new product, the SoFi Smart Card. Within that announcement, they indicated a change to SoFi Plus benefits that they then clarified through their official corporate Twitter account and an email to customers on December 10, 2026.<ref>https://x.com/SoFi/status/1998912343627984992</ref> Any new customers would immediately need to pay a few to receive SoFi Plus benefits. Effective March 31, 2026, SoFi Plus would no longer have a free option, and all customers would be required to pay a $10 monthly fee to receive the SoFi Plus benefits: "Current member[sic] who get access to SoFi Plus via direct deposit or $5,000 in qualifying deposits will receive complimentary access to all SoFi Plus benefits through March 30, 2026 by maintaining eligible deposits."<ref>https://www.thestreet.com/latest-news/sofi-bank-shakes-up-subscription-product-launches-new-charge-card-in-sweeping-change</ref>		On December 9, 2025 SoFi announced a new product, the SoFi Smart Card. Within that announcement, they indicated a change to SoFi Plus benefits that they then clarified through their official corporate Twitter account and an email to customers on December 10, 2026.<ref>https://x.com/SoFi/status/1998912343627984992</ref> Any new customers would immediately need to pay a few to receive SoFi Plus benefits. Effective March 31, 2026, SoFi Plus would no longer have a free option, and all customers would be required to pay a $10 monthly fee to receive the SoFi Plus benefits: "Current member[sic] who get access to SoFi Plus via direct deposit or $5,000 in qualifying deposits will receive complimentary access to all SoFi Plus benefits through March 30, 2026 by maintaining eligible deposits."<ref name=":0">{{Cite web \|last=Weidner \|first=Noah \|date=2026-04-28 \|title=SoFi Bank shakes up membership, launches new charge card in sweeping change \|url=https://www.thestreet.com/latest-news/sofi-bank-shakes-up-subscription-product-launches-new-charge-card-in-sweeping-change \|access-date=2026-05-13 \|website=Business, Financial News & Stock Market Analysis {{!}} TheStreet}}</ref>

	==Consumer-impact summary==		==Consumer-impact summary==

	*'''Business Model''' — SoFi Plus features were previously offered as a free benefit if customers qualified via direct deposit with a minimum deposit value threshold. Then, SoFi paywalled these features for everyone. The initial announcement of this change was ~~buried~~ in a product launch announcement, followed up by an email to current customers the next day.		*'''Business Model''' — SoFi Plus features were previously offered as a free benefit if customers qualified via direct deposit with a minimum deposit value threshold. Then, SoFi paywalled these features for everyone. The initial announcement of this change was indicated in a product launch announcement, followed up by an email to current customers the next day.

	*'''Market Control / User Freedom''' — Customers who built their finances around SoFi (direct deposit, savings, credit card cashback rates, the new Smart Card) now face a "~~pay or lose~~ features you ~~previously had~~" ~~choice~~.		*'''Market Control / User Freedom''' — Customers who built their finances around SoFi (direct deposit, savings, credit card cashback rates, the new Smart Card) now face a situation described as "once 'free' features are now packaged up and sold for a monthly subscription fee" and "if you stop paying, ... you will lose access to that product".<ref name=":0" />

	==Incidents==		==Incidents==

Tectix: Updated source date

2026-05-13T19:55:41Z

Updated source date

← Older revision		Revision as of 19:55, 13 May 2026
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	SoFi Plus is a service provided by SoFi for it's users to enhance certain banking features like an increased APY interest rate on savings accounts, a percentage match on certain deposits such as to investment accounts, and other features.<ref>{{Cite web \|date=2026-05-13 \|title=SoFi Plus: Premium Benefits, Member Interest Rates & Rewards \|url=https://www.sofi.com/sofi-plus/ \|url-status=live \|access-date=2026-05-13 \|website=SoFi Plus: Premium Benefits, Member Interest Rates & Rewards}}</ref>		SoFi Plus is a service provided by SoFi for it's users to enhance certain banking features like an increased APY interest rate on savings accounts, a percentage match on certain deposits such as to investment accounts, and other features.<ref>{{Cite web \|date=2026-05-13 \|title=SoFi Plus: Premium Benefits, Member Interest Rates & Rewards \|url=https://www.sofi.com/sofi-plus/ \|url-status=live \|access-date=2026-05-13 \|website=SoFi Plus: Premium Benefits, Member Interest Rates & Rewards}}</ref>

	SoFi started offering this SoFi Plus service in October of 2022, shortly after SoFi launched as a bank in February 2022.<ref>{{Cite web \|date=~~2026~~-05-13 \|title=SoFi Technologies, Inc. (SOFI) - A Year of Better Banking: SoFi Checking and Savings Turns One \|url=https://investors.sofi.com/news/news-details/2023/A-Year-of-Better-Banking-SoFi-Checking-and-Savings-Turns-One/default.aspx \|url-status=live \|access-date=2026-05-13 \|website=SoFi Technologies, Inc. (SOFI) - A Year of Better Banking: SoFi Checking and Savings Turns One}}</ref> SoFi banking customers originally received the SoFi Plus service benefits by creating a direct deposit into a qualifying SoFi account (such as a consumer savings account): The service launched with the following major features:<ref>https://web.archive.org/web/20221127221000/https://www.sofi.com/sofi-plus/</ref>		SoFi started offering this SoFi Plus service in October of 2022, shortly after SoFi launched as a bank in February 2022.<ref>{{Cite web \|date=2023-02-28 \|title=SoFi Technologies, Inc. (SOFI) - A Year of Better Banking: SoFi Checking and Savings Turns One \|url=https://investors.sofi.com/news/news-details/2023/A-Year-of-Better-Banking-SoFi-Checking-and-Savings-Turns-One/default.aspx \|url-status=live \|access-date=2026-05-13 \|website=SoFi Technologies, Inc. (SOFI) - A Year of Better Banking: SoFi Checking and Savings Turns One}}</ref> SoFi banking customers originally received the SoFi Plus service benefits by creating a direct deposit into a qualifying SoFi account (such as a consumer savings account): The service launched with the following major features:<ref>https://web.archive.org/web/20221127221000/https://www.sofi.com/sofi-plus/</ref>

	*3.00% APY on saving account balances, lower rates on others such 2.00% APY on checking account balances		*3.00% APY on saving account balances, lower rates on others such 2.00% APY on checking account balances
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	==Consumer-impact summary==		==Consumer-impact summary==

	* '''Business Model''' — SoFi Plus features were previously offered as a free benefit if customers qualified via direct deposit with a minimum deposit value threshold. Then, SoFi paywalled these features for everyone. The initial announcement of this change was buried in a product launch announcement, followed up by an email to current customers the next day.		*'''Business Model''' — SoFi Plus features were previously offered as a free benefit if customers qualified via direct deposit with a minimum deposit value threshold. Then, SoFi paywalled these features for everyone. The initial announcement of this change was buried in a product launch announcement, followed up by an email to current customers the next day.

	* '''Market Control / User Freedom''' — Customers who built their finances around SoFi (direct deposit, savings, credit card cashback rates, the new Smart Card) now face a "pay or lose features you previously had" choice.		*'''Market Control / User Freedom''' — Customers who built their finances around SoFi (direct deposit, savings, credit card cashback rates, the new Smart Card) now face a "pay or lose features you previously had" choice.

	==Incidents==		==Incidents==

Tectix: /* Consumer-impact summary */

2026-05-13T19:52:19Z

Consumer-impact summary

← Older revision		Revision as of 19:52, 13 May 2026
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	\|InProduction=Yes		\|InProduction=Yes
	\|ArticleType=Service		\|ArticleType=Service
	\|Category=~~Banking~~		\|Category=Financial services subscription
	\|Logo=Sofi plus logo.png		\|Logo=Sofi plus logo.png
	\|Website=https://www.sofi.com/		\|Website=https://www.sofi.com/
	\|Description=SoFi Plus is an optional enhancement to SoFi's banking services. It offers increased APY interest, and other additional features to user's accounts.		\|Description=SoFi Plus is an optional enhancement to SoFi's banking services. It offers increased APY interest, and other additional features to user's accounts.
	}}SoFi Plus is a service provided by SoFi for it's users to enhance certain banking features like an increased APY interest rate on savings accounts, a percentage match on certain deposits such as to investment accounts, and other features.<ref>{{Cite web \|date=2026-05-13 \|title=SoFi Plus: Premium Benefits, Member Interest Rates & Rewards \|url=https://www.sofi.com/sofi-plus/ \|url-status=live \|access-date=2026-05-13 \|website=SoFi Plus: Premium Benefits, Member Interest Rates & Rewards}}</ref>		}}

			SoFi Plus is a service provided by SoFi for it's users to enhance certain banking features like an increased APY interest rate on savings accounts, a percentage match on certain deposits such as to investment accounts, and other features.<ref>{{Cite web \|date=2026-05-13 \|title=SoFi Plus: Premium Benefits, Member Interest Rates & Rewards \|url=https://www.sofi.com/sofi-plus/ \|url-status=live \|access-date=2026-05-13 \|website=SoFi Plus: Premium Benefits, Member Interest Rates & Rewards}}</ref>

	SoFi started offering this SoFi Plus service in October of 2022, shortly after SoFi launched as a bank in February 2022.<ref>{{Cite web \|date=2026-05-13 \|title=SoFi Technologies, Inc. (SOFI) - A Year of Better Banking: SoFi Checking and Savings Turns One \|url=https://investors.sofi.com/news/news-details/2023/A-Year-of-Better-Banking-SoFi-Checking-and-Savings-Turns-One/default.aspx \|url-status=live \|access-date=2026-05-13 \|website=SoFi Technologies, Inc. (SOFI) - A Year of Better Banking: SoFi Checking and Savings Turns One}}</ref> SoFi banking customers originally received the SoFi Plus service benefits by creating a direct deposit into a qualifying SoFi account (such as a consumer savings account): The service launched with the following major features:<ref>https://web.archive.org/web/20221127221000/https://www.sofi.com/sofi-plus/</ref>		SoFi started offering this SoFi Plus service in October of 2022, shortly after SoFi launched as a bank in February 2022.<ref>{{Cite web \|date=2026-05-13 \|title=SoFi Technologies, Inc. (SOFI) - A Year of Better Banking: SoFi Checking and Savings Turns One \|url=https://investors.sofi.com/news/news-details/2023/A-Year-of-Better-Banking-SoFi-Checking-and-Savings-Turns-One/default.aspx \|url-status=live \|access-date=2026-05-13 \|website=SoFi Technologies, Inc. (SOFI) - A Year of Better Banking: SoFi Checking and Savings Turns One}}</ref> SoFi banking customers originally received the SoFi Plus service benefits by creating a direct deposit into a qualifying SoFi account (such as a consumer savings account): The service launched with the following major features:<ref>https://web.archive.org/web/20221127221000/https://www.sofi.com/sofi-plus/</ref>
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	*A welcome bonus contingent on direct deposit within a 25 day "Evaluation Period" and of a certain value threshold		*A welcome bonus contingent on direct deposit within a 25 day "Evaluation Period" and of a certain value threshold

	The APY percentage value the SoFi Plus service offered changed frequently after launch. For instance on December 25, 2022, the APY for savings accounts was increased to 3.50%.<ref>https://web.archive.org/web/20221225183105/https://www.sofi.com/sofi-plus/</ref>		The APY percentage value the SoFi Plus service offered changed frequently after launch. For instance on December 25, 2022, the APY for savings accounts was announced to have increased to 3.50%.<ref>https://web.archive.org/web/20221225183105/https://www.sofi.com/sofi-plus/</ref> SoFi customers receiving SoFi Plus benefits were offered a higher APY on account balances, typically around +1%, compared to those without SoFi Plus.

	On February 11, 2025, SoFi announced changes to the SoFi Plus plan: "SoFi members can unlock SoFi Plus for $10 a month or at no cost with direct deposit, no minimum balance required."<ref>https://investors.sofi.com/news/news-details/2025/SoFi-Plus-Premium-Membership-Now-Offers-1000-in-Annual-Value/default.aspx</ref><ref>https://www.gurufocus.com/news/2691181/sofi-technologies-inc-sofi-unveils-enhanced-benefits-for-sofi-plus-members</ref> This allowed banking customers to receive the SoFi Plus service features for a monthly fee. Other banking customers who qualified for the SoFi Plus service still received the service for free if they had direct deposit set up and met the monthly deposit value threshold.		On February 11, 2025, SoFi announced changes to the SoFi Plus plan: "SoFi members can unlock SoFi Plus for $10 a month or at no cost with direct deposit, no minimum balance required."<ref>https://investors.sofi.com/news/news-details/2025/SoFi-Plus-Premium-Membership-Now-Offers-1000-in-Annual-Value/default.aspx</ref><ref>https://www.gurufocus.com/news/2691181/sofi-technologies-inc-sofi-unveils-enhanced-benefits-for-sofi-plus-members</ref> This allowed banking customers to receive the SoFi Plus service features for a monthly fee. Other banking customers who qualified for the SoFi Plus service still received the service for free if they had direct deposit set up and met the monthly deposit value threshold.

	On December 9, 2025 SoFi announced a new product, the SoFi Smart Card. In that announcement, they ~~mentioned~~ a change to SoFi Plus benefits that they then clarified through their official corporate Twitter account.<ref>https://x.com/SoFi/status/1998912343627984992</ref> Effective March 31, 2026, SoFi Plus would no longer have a free option, and all customers would be required to pay a $10 monthly fee to receive the SoFi Plus benefits: "Current member[sic] who get access to SoFi Plus via direct deposit or $5,000 in qualifying deposits will receive complimentary access to all SoFi Plus benefits through March 30, 2026 by maintaining eligible deposits."<ref>https://www.thestreet.com/latest-news/sofi-bank-shakes-up-subscription-product-launches-new-charge-card-in-sweeping-change</ref>		On December 9, 2025 SoFi announced a new product, the SoFi Smart Card. Within that announcement, they indicated a change to SoFi Plus benefits that they then clarified through their official corporate Twitter account and an email to customers on December 10, 2026.<ref>https://x.com/SoFi/status/1998912343627984992</ref> Any new customers would immediately need to pay a few to receive SoFi Plus benefits. Effective March 31, 2026, SoFi Plus would no longer have a free option, and all customers would be required to pay a $10 monthly fee to receive the SoFi Plus benefits: "Current member[sic] who get access to SoFi Plus via direct deposit or $5,000 in qualifying deposits will receive complimentary access to all SoFi Plus benefits through March 30, 2026 by maintaining eligible deposits."<ref>https://www.thestreet.com/latest-news/sofi-bank-shakes-up-subscription-product-launches-new-charge-card-in-sweeping-change</ref>

	==Consumer-impact summary==		==Consumer-impact summary==
	~~{{Ph-C-CIS}}~~
			* '''Business Model''' — SoFi Plus features were previously offered as a free benefit if customers qualified via direct deposit with a minimum deposit value threshold. Then, SoFi paywalled these features for everyone. The initial announcement of this change was buried in a product launch announcement, followed up by an email to current customers the next day.

			* '''Market Control / User Freedom''' — Customers who built their finances around SoFi (direct deposit, savings, credit card cashback rates, the new Smart Card) now face a "pay or lose features you previously had" choice.

	==Incidents==		==Incidents==

Tectix: removed the first template block

2026-05-13T19:30:48Z

removed the first template block

← Older revision		Revision as of 19:30, 13 May 2026
Line 12:		Line 12:
	SoFi started offering this SoFi Plus service in October of 2022, shortly after SoFi launched as a bank in February 2022.<ref>{{Cite web \|date=2026-05-13 \|title=SoFi Technologies, Inc. (SOFI) - A Year of Better Banking: SoFi Checking and Savings Turns One \|url=https://investors.sofi.com/news/news-details/2023/A-Year-of-Better-Banking-SoFi-Checking-and-Savings-Turns-One/default.aspx \|url-status=live \|access-date=2026-05-13 \|website=SoFi Technologies, Inc. (SOFI) - A Year of Better Banking: SoFi Checking and Savings Turns One}}</ref> SoFi banking customers originally received the SoFi Plus service benefits by creating a direct deposit into a qualifying SoFi account (such as a consumer savings account): The service launched with the following major features:<ref>https://web.archive.org/web/20221127221000/https://www.sofi.com/sofi-plus/</ref>		SoFi started offering this SoFi Plus service in October of 2022, shortly after SoFi launched as a bank in February 2022.<ref>{{Cite web \|date=2026-05-13 \|title=SoFi Technologies, Inc. (SOFI) - A Year of Better Banking: SoFi Checking and Savings Turns One \|url=https://investors.sofi.com/news/news-details/2023/A-Year-of-Better-Banking-SoFi-Checking-and-Savings-Turns-One/default.aspx \|url-status=live \|access-date=2026-05-13 \|website=SoFi Technologies, Inc. (SOFI) - A Year of Better Banking: SoFi Checking and Savings Turns One}}</ref> SoFi banking customers originally received the SoFi Plus service benefits by creating a direct deposit into a qualifying SoFi account (such as a consumer savings account): The service launched with the following major features:<ref>https://web.archive.org/web/20221127221000/https://www.sofi.com/sofi-plus/</ref>

	* 3.00% APY on saving account balances, lower rates on others such 2.00% APY on checking account balances		*3.00% APY on saving account balances, lower rates on others such 2.00% APY on checking account balances
	* 2x rewards points for qualifying activity		*2x rewards points for qualifying activity
	* 0.25% rate discount on personal loans		*0.25% rate discount on personal loans
	* A welcome bonus contingent on direct deposit within a 25 day "Evaluation Period" and of a certain value threshold		*A welcome bonus contingent on direct deposit within a 25 day "Evaluation Period" and of a certain value threshold

	The APY percentage value the SoFi Plus service offered changed frequently after launch. For instance on December 25, 2022, the APY for savings accounts was increased to 3.50%.<ref>https://web.archive.org/web/20221225183105/https://www.sofi.com/sofi-plus/</ref>		The APY percentage value the SoFi Plus service offered changed frequently after launch. For instance on December 25, 2022, the APY for savings accounts was increased to 3.50%.<ref>https://web.archive.org/web/20221225183105/https://www.sofi.com/sofi-plus/</ref>
Line 21:		Line 21:
	On February 11, 2025, SoFi announced changes to the SoFi Plus plan: "SoFi members can unlock SoFi Plus for $10 a month or at no cost with direct deposit, no minimum balance required."<ref>https://investors.sofi.com/news/news-details/2025/SoFi-Plus-Premium-Membership-Now-Offers-1000-in-Annual-Value/default.aspx</ref><ref>https://www.gurufocus.com/news/2691181/sofi-technologies-inc-sofi-unveils-enhanced-benefits-for-sofi-plus-members</ref> This allowed banking customers to receive the SoFi Plus service features for a monthly fee. Other banking customers who qualified for the SoFi Plus service still received the service for free if they had direct deposit set up and met the monthly deposit value threshold.		On February 11, 2025, SoFi announced changes to the SoFi Plus plan: "SoFi members can unlock SoFi Plus for $10 a month or at no cost with direct deposit, no minimum balance required."<ref>https://investors.sofi.com/news/news-details/2025/SoFi-Plus-Premium-Membership-Now-Offers-1000-in-Annual-Value/default.aspx</ref><ref>https://www.gurufocus.com/news/2691181/sofi-technologies-inc-sofi-unveils-enhanced-benefits-for-sofi-plus-members</ref> This allowed banking customers to receive the SoFi Plus service features for a monthly fee. Other banking customers who qualified for the SoFi Plus service still received the service for free if they had direct deposit set up and met the monthly deposit value threshold.

	On December 9, 2025 SoFi announced a new product, the SoFi Smart Card. In that announcement, they mentioned a change to SoFi Plus benefits that they then clarified through their official corporate Twitter account.<ref>https://x.com/SoFi/status/1998912343627984992</ref> Effective March 31, 2026, SoFi Plus would no longer have a free option, and all customers would be required to pay a $10 monthly fee to receive the SoFi Plus benefits: "Current member[sic] who get access to SoFi Plus via direct deposit or $5,000 in qualifying deposits will receive complimentary access to all SoFi Plus benefits through March 30, 2026 by maintaining eligible deposits."<ref>https://www.thestreet.com/latest-news/sofi-bank-shakes-up-subscription-product-launches-new-charge-card-in-sweeping-change</ref>~~{{Ph-C-Int}}~~		On December 9, 2025 SoFi announced a new product, the SoFi Smart Card. In that announcement, they mentioned a change to SoFi Plus benefits that they then clarified through their official corporate Twitter account.<ref>https://x.com/SoFi/status/1998912343627984992</ref> Effective March 31, 2026, SoFi Plus would no longer have a free option, and all customers would be required to pay a $10 monthly fee to receive the SoFi Plus benefits: "Current member[sic] who get access to SoFi Plus via direct deposit or $5,000 in qualifying deposits will receive complimentary access to all SoFi Plus benefits through March 30, 2026 by maintaining eligible deposits."<ref>https://www.thestreet.com/latest-news/sofi-bank-shakes-up-subscription-product-launches-new-charge-card-in-sweeping-change</ref>

	==Consumer-impact summary==		==Consumer-impact summary==
	{{Ph-C-CIS}}		{{Ph-C-CIS}}

Tectix: Described the issues related to changes in the terms for SoFi Plus and added more details and sources

2026-05-13T19:30:32Z

Described the issues related to changes in the terms for SoFi Plus and added more details and sources

← Older revision		Revision as of 19:30, 13 May 2026
Line 8:		Line 8:
	\|Website=https://www.sofi.com/		\|Website=https://www.sofi.com/
	\|Description=SoFi Plus is an optional enhancement to SoFi's banking services. It offers increased APY interest, and other additional features to user's accounts.		\|Description=SoFi Plus is an optional enhancement to SoFi's banking services. It offers increased APY interest, and other additional features to user's accounts.
	}}		}}SoFi Plus is a service provided by SoFi for it's users to enhance certain banking features like an increased APY interest rate on savings accounts, a percentage match on certain deposits such as to investment accounts, and other features.<ref>{{Cite web \|date=2026-05-13 \|title=SoFi Plus: Premium Benefits, Member Interest Rates & Rewards \|url=https://www.sofi.com/sofi-plus/ \|url-status=live \|access-date=2026-05-13 \|website=SoFi Plus: Premium Benefits, Member Interest Rates & Rewards}}</ref>
	{{Ph-C-Int}}
			SoFi started offering this SoFi Plus service in October of 2022, shortly after SoFi launched as a bank in February 2022.<ref>{{Cite web \|date=2026-05-13 \|title=SoFi Technologies, Inc. (SOFI) - A Year of Better Banking: SoFi Checking and Savings Turns One \|url=https://investors.sofi.com/news/news-details/2023/A-Year-of-Better-Banking-SoFi-Checking-and-Savings-Turns-One/default.aspx \|url-status=live \|access-date=2026-05-13 \|website=SoFi Technologies, Inc. (SOFI) - A Year of Better Banking: SoFi Checking and Savings Turns One}}</ref> SoFi banking customers originally received the SoFi Plus service benefits by creating a direct deposit into a qualifying SoFi account (such as a consumer savings account): The service launched with the following major features:<ref>https://web.archive.org/web/20221127221000/https://www.sofi.com/sofi-plus/</ref>

			* 3.00% APY on saving account balances, lower rates on others such 2.00% APY on checking account balances
			* 2x rewards points for qualifying activity
			* 0.25% rate discount on personal loans
			* A welcome bonus contingent on direct deposit within a 25 day "Evaluation Period" and of a certain value threshold

			The APY percentage value the SoFi Plus service offered changed frequently after launch. For instance on December 25, 2022, the APY for savings accounts was increased to 3.50%.<ref>https://web.archive.org/web/20221225183105/https://www.sofi.com/sofi-plus/</ref>

			On February 11, 2025, SoFi announced changes to the SoFi Plus plan: "SoFi members can unlock SoFi Plus for $10 a month or at no cost with direct deposit, no minimum balance required."<ref>https://investors.sofi.com/news/news-details/2025/SoFi-Plus-Premium-Membership-Now-Offers-1000-in-Annual-Value/default.aspx</ref><ref>https://www.gurufocus.com/news/2691181/sofi-technologies-inc-sofi-unveils-enhanced-benefits-for-sofi-plus-members</ref> This allowed banking customers to receive the SoFi Plus service features for a monthly fee. Other banking customers who qualified for the SoFi Plus service still received the service for free if they had direct deposit set up and met the monthly deposit value threshold.

			On December 9, 2025 SoFi announced a new product, the SoFi Smart Card. In that announcement, they mentioned a change to SoFi Plus benefits that they then clarified through their official corporate Twitter account.<ref>https://x.com/SoFi/status/1998912343627984992</ref> Effective March 31, 2026, SoFi Plus would no longer have a free option, and all customers would be required to pay a $10 monthly fee to receive the SoFi Plus benefits: "Current member[sic] who get access to SoFi Plus via direct deposit or $5,000 in qualifying deposits will receive complimentary access to all SoFi Plus benefits through March 30, 2026 by maintaining eligible deposits."<ref>https://www.thestreet.com/latest-news/sofi-bank-shakes-up-subscription-product-launches-new-charge-card-in-sweeping-change</ref>{{Ph-C-Int}}

	==Consumer-impact summary==		==Consumer-impact summary==

Tectix: Created SoFi Plus page and added relevant details.

2026-05-13T16:25:44Z

Created SoFi Plus page and added relevant details.

New page

{{ProductLineCargo
|Company=SoFi
|ReleaseYear=2022
|InProduction=Yes
|ArticleType=Service
|Category=Banking
|Logo=Sofi plus logo.png
|Website=https://www.sofi.com/
|Description=SoFi Plus is an optional enhancement to SoFi's banking services. It offers increased APY interest, and other additional features to user's accounts.
}}
{{Ph-C-Int}}

==Consumer-impact summary==
{{Ph-C-CIS}}

==Incidents==
{{Ph-C-Inc}}
This is a list of all consumer-protection incidents related to this product line. Any incidents not mentioned here can be found in the [[:Category:{{PAGENAME}}|{{PAGENAME}} category]].
===Example incident one (''date'')===
{{Main|link to the main CR Wiki article}}
Short summary of the incident (could be the same as the summary preceding the article).
===Example incident two (''date'')===
...

==Products==
{{Ph-C-P}}

==See also==
{{Ph-C-SA}}

==References==
{{reflist}}

[[Category:{{PAGENAME}}]]