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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.
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.
The updated terms establish lower earning rates across all savings account tiers, reducing the annual yield available to both direct deposit and non-deposit account holders. This operational change affects the financial return customers receive on funds held in savings accounts and Vaults, making the product materially less competitive from a yield perspective compared to the prior terms.
→ Review account balance and earnings impact based on new 3.10% or 0.80% APY rates
→ Compare SoFi rates to other savings providers if yield is a primary decision factor
→ Ensure direct deposit is set up if available to qualify for the higher 3.10% rate
→ Savings accounts will earn the reduced APY rates of 3.10% (with direct deposit) or 0.80% (without direct deposit) as stated in the updated terms
→ Funds held in savings accounts and Vaults will generate less annual interest income under the new rates than under the prior rates
This is the 2nd significant Fee Change change SoFi has made since ConductAtlas began monitoring.
ConductAtlas has recorded 4 material changes to this document (since May 2026). An additional minor or cosmetic changes were excluded.
Across all monitored documents, SoFi has made 10 significant changes.
7 of SoFi's significant changes have been classified as negative for consumers.
Reduced from 3.30% to 3.10% APY for savings accounts and Vaults.
Reduced from 1.00% to 0.80% APY for savings accounts and Vaults.
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
SoFi modified savings account APY rates downward effective May 28, 2026, reducing the primary rate by 20 basis points and the non-deposit rate by 20 basis points. This is a standard operational adjustment within the discretion of deposit-holding financial institutions and does not appear to trigger specific regulatory disclosure requirements beyond existing Regulation E and TILA provisions. Financial institutions routinely adjust deposit rates in response to market conditions, and this change aligns with industry practice.
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Analyst $49/moConductAtlas provides verified policy intelligence sourced directly from platform documents. All analysis is intended to support, not replace, legal and compliance review. Record CA-C-002407.
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