SoFi Plus: Difference between revisions
updated wording and citation in consumer impact section |
Added incidents to incidents section & added sub-heads to body |
||
| Line 21: | Line 21: | ||
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 | === 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== | ||
| Line 34: | Line 36: | ||
{{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]]. | ||
=== | ===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. | |||
=== | ===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== | ||