SoFi is providing a temporary 4.00% APY on new SoFi Savings accounts by adding a 0.70% boost to its existing 3.30% base rate. To qualify, customers must open a new SoFi Checking & Savings account and enroll in SoFi Plus by January 31, 2026, with the boost lasting six months. The 4.00% APY far exceeds the average traditional savings rate of 0.39%, positioning SoFi among the top high-yield providers. This aggressive promotion could attract rate-sensitive savers seeking higher returns without locking funds into CDs or money market accounts. By offering above-market yields, SoFi aims to accelerate deposit inflows, which could enhance its funding base and net interest income. However, sustaining elevated rates may pressure interest margins if market rates remain high beyond the promotional window. The promotional APY offer expires on January 31, 2026, after which rates revert to the standard variable APY. Future federal fund rate moves could drive further rate adjustments, exposing deposit yields and SoFi’s funding costs to volatility.