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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.
The updated terms reduce annual interest earnings on SoFi Savings balances exceeding $20,000 by 20 basis points. This directly affects the yield on deposits held in these accounts, lowering the effective return for account holders relative to the previous rate structure.
→ 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
→ The updated rate will apply to all new and existing balances exceeding $20,000 effective May 28, 2026
→ Ongoing deposits in SoFi Savings will earn the reduced 3.10% APY on the secondary tier as stated in the updated terms
This is the 3rd significant Fee Change change SoFi has made since ConductAtlas began monitoring.
ConductAtlas has recorded 5 material changes to this document (since May 2026). An additional minor or cosmetic changes were excluded.
Across all monitored documents, SoFi has made 11 significant changes.
8 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 changes are generally subject to FDIC disclosure and TILA/Regulation Z requirements; SoFi must ensure disclosures in account materials, websites, and statements reflect the updated rates. No new obligations appear to be created, but the rate change should be confirmed to be properly reflected in deposit account agreements and customer-facing rate disclosures. Compliance teams may wish to verify that branch systems, online banking, marketing materials, and customer communications have been updated to reflect the new rates.
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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-002432.
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