SoFi reduced the interest rate on SoFi Plus Savings balances exceeding $20,000 from 3.30% APY to 3.10% APY, effective May 28, 2026. The tiered rate structure remains unchanged (4.50% on balances up to $20,000), but the secondary tier now yields 20 basis points less annually. SoFi Plus members and non-members with Direct Deposit or $5,000 in Qualifying Deposits both see this rate reduction applied to applicable balances.
The updated terms reduce the Annual Percentage Yield on SoFi Savings balances exceeding $20,000 from 3.30% to 3.10% for both SoFi Plus subscribers and account holders who maintain Direct Deposit or $5,000 in Qualifying Deposits. This rate reduction is effective as of May 28, 2026. Existing balances and new deposits will earn the lower rate going forward; the tiered structure (4.50% on the first $20,000) remains in place. SoFi Savings account holders may review their rate sheet or contact SoFi to confirm their applicable rate tier based on account balance and membership status.
→ Review your SoFi Savings account balance and rate to confirm the updated 3.10% APY applies to your secondary-tier balances
→ Compare the updated rate against other savings providers if yield is a primary consideration for your deposit allocation
This is the 3rd significant Fee Change change SoFi has made since ConductAtlas began monitoring.
ConductAtlas has recorded 3 material changes to this document (since May 2026). An additional minor or cosmetic changes were excluded.
Across all monitored documents, SoFi has made 5 significant changes.
3 of SoFi's significant changes have been classified as negative for consumers.
Reduced from 3.30% to 3.10% APY effective May 28, 2026
Secondary tier reduced from 3.30% to 3.10% for non-SoFi Plus members with Direct Deposit or $5,000+ Qualifying Deposits
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 reduced the secondary-tier APY on SoFi Savings accounts from 3.30% to 3.10% effective May 28, 2026. This is a straightforward rate reduction affecting existing and future deposits. From a regulatory perspective, savings account rate …
Regulatory exposure, obligation change, escalation trigger, board-ready language, and recommended action for legal and compliance teams.
Unlock the full institutional analysis — InsightConductAtlas provides verified policy intelligence sourced directly from platform documents. All analysis is intended to support, not replace, legal and compliance review. Record CA-C-002432.
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