Version history

SoFi added a new section to its Terms of Service describing its Marketing SMS program. The updated terms disclose that users may opt in to receive marketing and promotional text messages, and explain how to unsubscribe (by texting STOP to 410531), request help (by texting HELP), and understand carrier and message rate policies. The terms also state that data collected through the SMS program will not be shared with third parties for their marketing purposes.

SoFi restructured its Invest Referral Program, removing the time-limited promotion framework and replacing it with an ongoing referral program. The updated terms eliminate the previous eligibility requirement tied to Direct Deposit status and simplify the bonus structure from a tiered $75/$50 cash bonus to a flat $50 cash bonus for referrers. The program now focuses exclusively on referrals to Self-Directed Invest Accounts, with explicit exclusions for Automated Invest and IRA accounts.

SoFi added a new section describing its AI-Assisted Brokerage Orders feature, which uses an AI tool called SoFi Coach to help users draft investment orders. The updated terms clarify that Coach's responses are not orders or recommendations, and that only your explicit confirmation of the order card displayed by SoFi Securities LLC authorizes a trade. SoFi also revised its deposit requirements to clarify that peer-to-peer transfers and instant transfers through FedNow do not count toward the $50 funding requirement, and renamed 'Instant Transfer' to 'Instant funding' in the list of acceptable deposit methods.

SoFi revised its referral bonus program and SoFi Plus membership benefits. The Standard Bonus for new account holders decreased from $50 to $25, while the required deposit amount dropped from $500 to $50. The promotion period shifted from September 17-30, 2026 to October 1-21, 2026, and the timeframe to complete qualifying activities extended from 21 to 25 calendar days. SoFi Plus members gained a new benefit: 50% off processing fees for international remittance transfers, replacing the previously listed exclusive live event access benefit (which was renumbered but retained).

SoFi revised its Bank Referral Program terms to clarify timing and eligibility mechanics. The updated language specifies that the 21-day deposit and SoFi Plus subscription windows begin on the day after a user registers or logs in through the referral link, ending at 11:59 p.m. E.T. on the twenty-first day. The Promotion Period start date was moved from August 5, 2026 to September 17, 2026. SoFi also added language reserving the right to seek reimbursement from customers who violate referral program terms, with a note that account deductions may result in negative balances.

SoFi increased the APY rate on savings balances above $20,000 for SoFi Plus members from 3.10% to 3.30%. This means the tiered rate structure now ranges from 3.30% to 4.50% depending on balance size, rather than 3.10% to 4.50%. The change also applies to non-Plus members with eligible direct deposits or qualifying deposits, who now earn 3.30% instead of 3.10% on all savings balances.

SoFi renamed its 'Relay' financial management tool to 'SoFi Coach' and restructured the terms governing its use. The updated terms add explicit language about artificial intelligence use in Coach, including disclaimers that AI-generated responses may be incorrect or incomplete and should not be relied upon for financial advice. SoFi also clarified its role as an agent when connecting external accounts through data aggregators like Plaid, and added language stating that aggregators' privacy policies govern their use of collected information.

SoFi revised its referral promotion terms, extending the promotion period from June 24 – August 4, 2026 to August 5 – September 30, 2026. The company increased the minimum deposit requirement for the Standard Bonus from $50 to $500, and added explicit language requiring that the $10/month SoFi Plus subscription payment be processed and validated by SoFi within the 21-day eligibility window. These changes raise the financial threshold for referral rewards and add a processing validation requirement for the additional bonus.

SoFi shortened its referral promotion period from December 31, 2026 to August 4, 2026, and modified eligibility requirements to specify that account opening and deposits must occur by the end of the promotion period and within 21 days of opening the referral link and registering as a user. Additionally, SoFi added automatic Overdraft Protection linking for SoFi Plus subscribers, which connects individual and joint Checking Accounts to their corresponding Savings Accounts at no fee, with the ability to disable the feature at any time.

SoFi increased the rewards points offered through its Credit Score Monitoring referral program from 1,000 points ($10) to 1,500 points ($15) for both the referrer and the referred user. The company also added an example calculation section to its cryptocurrency promotion disclosure. These changes expand the financial incentive for participation in the referral program and provide additional clarity on crypto fee calculations.

SoFi restructured its Invest Referral Program from an ongoing program to a limited-time promotional offer running July 14 through September 30, 2026. The updated terms introduce new eligibility requirements for referrers, including a $100 minimum asset threshold or an Eligible Direct Deposit requirement, and establish tiered bonus amounts ($75 or $50 for referrers, $25 stock bonus for new account holders) based on whether the referrer meets the asset or deposit criteria at the time of enrollment. Referrals must be completed within the Promotion Period to qualify, and the terms now explicitly define what constitutes an Eligible Direct Deposit and provide a process for disputing bonus calculations.

SoFi added a new Crypto Referral Program section to its Terms of Service, establishing the mechanics and eligibility requirements for a limited-time promotion running February 4, 2026 through December 31, 2026. The program offers $25 cash bonuses to both referrers and referred members who complete specified activities, including opening SoFi Crypto and Checking/Savings accounts and making a qualifying crypto purchase of at least $50. The updated terms include risk disclosures stating that cryptocurrency and digital assets are not FDIC insured, not bank guaranteed, and may lose value, along with SoFi's reserved right to disqualify participants, withhold bonuses, or terminate the program at any time without notice.

SoFi substantially revised its Referral Program terms, adding detailed conduct and content standards for referrers, including requirements to disclose material connections, avoid mass solicitation, make only truthful claims, and direct potential customers to official webpages for rate and fee information. The updated terms also introduce new provisions on tax reporting, independent contractor status, a $10,000 annual referral cap, and SoFi's right to seek reimbursement for bonuses paid to customers who violate program terms. Several eligibility restrictions were removed, and terminology was changed from 'friend' to 'person' throughout.

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.

SoFi revised its SoFi Plus subscription terms to change billing language from 'every 30 calendar days' to 'every month', added a new provision allowing SoFi to modify the subscription fee or billing interval upon advance notice, replaced the 1% crypto match benefit with a 5% cash back rewards program on SoFi Travel bookings (excluding air travel), and made terminology updates throughout (e.g., 'Customers' to 'Members', 'membership' to 'subscription'). The change expands SoFi Plus benefits to include travel rewards while introducing explicit authority for SoFi to adjust pricing and billing frequency with notice.

SoFi restructured its cookie consent interface and disclosure language. The updated terms replace a simpler opt-out model with a more detailed cookie preference center that categorizes cookies by function (Strictly Necessary, Functional, Performance, Targeting) and explains their purpose. The new language emphasizes user choice and describes how different cookie types affect site functionality, whereas the prior version stated that non-selection constituted agreement to all tracking technologies.

SoFi updated its SoFi Plus membership benefits by replacing a ClassPass free trial offer with a new Wall Street Journal subscription benefit. SoFi Plus members are now eligible for a one-time $129 discounted annual digital subscription to The Wall Street Journal and a discounted MarketWatch subscription at $2 every four weeks for one year. After the initial promotional year, both subscriptions will automatically renew at the publisher's standard rates unless canceled beforehand.