Generated by a model from the captured document; not read by a person
MediumNegative for users
Affected users
All usersSavings account holdersUS users
SoFi reduced the interest rates it offers on savings accounts. The rate for accounts with eligible direct deposit decreased from 3.30% APY to 3.10% APY, and the rate for accounts without direct deposit decreased from 1.00% APY to 0.80% APY. These changes apply to all new and existing savings balances going forward.
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Generated by a model from the captured document; not read by a person
The updated terms reduce the annual percentage yield (APY) SoFi members earn on savings accounts. Members with eligible direct deposit will earn 3.10% APY instead of 3.30% APY, and members without direct deposit will earn 0.80% APY instead of 1.00% APY. The reduced rates apply to all savings balances held in the account going forward.
What you can do
→ Review your current SoFi savings balance and compare the new 3.10% or 0.80% APY against rates offered by other deposit institutions.
→ Consider whether the reduced rate affects your decision to maintain savings with SoFi or to transfer funds to a higher-yielding account.
Historical Context
This is the 2nd significant Fee Change change SoFi has made since ConductAtlas began monitoring.
ConductAtlas has recorded 2 material changes to this document
(since May 2026).
An additional minor or cosmetic changes were excluded.
Key Clauses Affected
Generated by a model from the captured document; not read by a person
savings account APY with eligible direct deposit
Reduced from 3.30% to 3.10% APY.
savings account APY without eligible direct deposit
Reduced from 1.00% to 0.80% APY.
Full clause-by-clause analysis available with Insight.
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This change record describes what was added, removed, or modified in the document. Analysis reflects what the updated agreement states or permits. It does not constitute a legal determination about enforceability. Applicability may vary by jurisdiction. Methodology
Wording edits to this record that do not change what it claims. Changes to a claim are published as corrections.
2026-10-11 · Feed summary edited · summary regenerated by summarize_events
Previous text Reduced APY on savings accounts: 3.30% to 3.10% for direct deposit members, 1.00% to 0.80% for non-deposit members.
2026-10-11 · Impact summary edited · summary regenerated by summarize_events
Previous text The updated terms reduce the interest rates SoFi members can earn on savings accounts. Members with eligible direct deposit will earn 3.10% APY on savings and Vaults instead of 3.30%, while members without direct deposit will earn 0.80% APY instead of 1.00%. The changes apply to all new and existing savings accounts, with no minimum deposit requirement to earn the stated rate.
2026-10-11 · Summary edited · summary regenerated by summarize_events
Previous text SoFi reduced the APY rates on its savings accounts effective May 28, 2026. The rate for accounts with eligible direct deposit decreased from 3.30% to 3.10% APY, while the rate for accounts without direct deposit decreased from 1.00% to 0.80% APY. These changes apply to all savings accounts, including Vaults, with no minimum direct deposit requirement to earn the stated rate.
2026-10-07 · Change line edited · change line rewritten to the 2026-10-07 template: no detection date, no sentence counts
Previous text SoFi updated their SoFi Terms of Service on May 28, 2026. Change detected: 4 sentence(s) modified. Document contained 966 sentences after update.
Permanent archival reference. Stable identifier suitable for legal filings, compliance documentation, and research citation.
For legal and compliance teams
Institutional Analysis
Generated by a model from the captured document; not read by a person
Assessment
SoFi revised its savings account interest rates downward across both tiers (with and without direct deposit). This is a standard commercial practice for deposit-taking institutions and does not create new regulatory obligations. The change may …
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Regulatory exposure, obligation change, escalation trigger, board-ready language, and recommended action for legal and compliance teams.
ConductAtlas provides verified policy intelligence sourced directly from platform documents. All analysis is intended to support, not replace, legal and compliance review. Record CA-X-002407.
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