SoFi Technologies, Inc. (NASDAQ: SOFI), the digital personal finance company, today announced SoFi Checking & Savings members with direct deposit can start earning 3% cash back¹ on all eligible credit card purchases for a full year when they apply for and get approved for the SoFi Credit Card. This is the latest in a series of enhancements SoFi has launched for Checking & Savings direct deposit members in recent weeks to make sure the rising rate environment enriches its members, which includes offering an industry-leading 1.25% APY², 41 times the national average³, no account fees or minimum balance requirements, as well as no-fee cryptocurrency purchases.
“SoFi is a one stop shop for people’s financial needs. Our unique technology stack and broad suite of products enable us to build offerings that work better when you use them together,” said Anthony Noto, CEO of SoFi. “Our new 3% cashback offer paired with our recent announcement that we raised our APY to an industry-leading 1.25% for direct deposit members highlights how we’re continuously bringing more value to our members. In the current rate environment, we’re leading the charge among financial institutions in putting money back in our member’s pockets and helping them get their money right.”
The SoFi Credit Card, launched in 2021, helps incentivize healthy financial habits with a unique rewards structure to allow people to reach their financial goals. Members can redeem their cash back rewards directly into SoFi Invest to trade stocks, ETFs or trade crypto, pay off a personal loan held with SoFi, or add cash directly into their high-yield Checking & Savings account. New direct deposit members will earn up to 3% cashback on SoFi Credit Card purchases if they maintain a qualifying direct deposit every month. The 3% rate will be applicable on up to 36,000 points or the equivalent of $12,000 spent on the SoFi Credit Card for one year.
SoFi is also offering a welcome bonus of up to $300 when new members sign up with a direct deposit or existing members set up a direct deposit to their SoFi Checking & Savings account⁵. SoFi Checking & Savings offers zero account or overdraft fees, no minimum balance, no limits on transfers between checking and savings accounts, up to two-day early paychecks⁶, and fee-free ATM access via the Allpoint network.