SoFi Plus: Difference between revisions
Described the issues related to changes in the terms for SoFi Plus and added more details and sources |
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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> | ||
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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. 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. 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}} | ||