SoFi Offers 4.00% APY Savings with 0.70% Promotional Boost
SoFi Bank’s high-yield savings account offers 4.00% APY after a 0.70% promotional boost for new SoFi Plus enrollees through December 31, 2026. A $10,000 deposit at 4.00% APY with daily compounding yields $408.08 in interest over one year.
1. Promotion Details
SoFi Bank is offering a 4.00% APY on its Savings account for new members who open Checking & Savings and enroll in SoFi Plus by December 31, 2026. The rate comprises a 3.30% base APY plus a 0.70% promotional boost applied for six months. Rates are variable and subject to change.
2. Interest Earning Examples
With daily compounding, a $1,000 deposit at 4.00% APY grows to $1,040.81 after one year, while a $10,000 deposit yields $408.08 in interest. This compares favorably to the 0.39% national average savings rate, significantly enhancing potential returns.
3. Strategic Implications
By offering one of the highest savings yields available, SoFi aims to attract new deposits and strengthen its liquidity base, which could enhance net interest income and competitive positioning in the digital banking sector.