The Terms of Use reference a separate Privacy Policy that governs how SoFi collects, uses, and shares your personal and financial information across its banking, lending, and investing services.
This analysis describes what SoFi's agreement states, permits, or reserves. It does not constitute a legal determination about enforceability. Regulatory applicability and practical outcomes may vary by jurisdiction, enforcement context, and individual circumstances. Read our methodology
Because SoFi operates across banking, lending, and investment services, it collects a wide range of financial and personal data; the incorporation of a separate Privacy Policy by reference means users must review both documents to understand the full scope of data practices.
Interpretive note: The specific data categories, sharing partners, and opt-out mechanisms referenced in the incorporated Privacy Policy cannot be confirmed from the Terms of Use alone; the full Privacy Policy must be reviewed separately.
The updated terms establish a new holding structure for the SoFi Plus 1% investment match benefit. Previously, members needed to maintain SoFi Plus membership for one continuous year from each deposit settlement to retain the match; the updated terms now require deposits to remain in the investment account for five years to retain the full match amount. The promotional period for this benefit restarted on August 18, 2026 and now runs through an unspecified termination date set by SoFi. Early withdrawal or account closure within the five-year period will result in loss of the match amount, though SoFi removed the explicit cancellation fee language in favor of forfeiture through the holding requirement. A limited-time 1% Deposit Match Offer available August 18-31, 2026 can now be combined with the main benefit if qualifying deposits and holding periods are independently satisfied for each offer.
View change record →The updated terms establish new conditions for SoFi's referral promotion that became effective on August 5, 2026. New account holders must now deposit $500 or more (rather than $50) within 21 days to qualify for the $50 Standard Bonus. For those subscribing to SoFi Plus, the terms now explicitly require that the $10/month payment be processed and validated by SoFi within the same 21-day window. Under the revised promotion period running through September 30, 2026, these higher activation thresholds apply to all new referrals.
View change record →The updated terms accelerate the referral promotion deadline to August 4, 2026, and impose tighter timing requirements on eligible recipients: accounts must open before the promotion ends, and deposits must settle within 21 days of both opening the link and registering or logging in as a SoFi user. This creates a more compressed eligibility window than the previous 21-day window measured from clicking the link alone. For SoFi Plus members, the updated terms now state that SoFi will automatically enable Overdraft Protection linking individual checking accounts to individual savings accounts (and joint accounts to joint accounts), allowing available savings to cover checking overdrafts without fees. You can disable Overdraft Protection at any time through the SoFi app or website, and funds applied to overdraft protection are limited to savings deposits not allocated to a Vault.
View change record →The data collection and sharing practices applicable to SoFi accounts, including financial transaction data, account balances, credit information, and identity data, are governed by a separate Privacy Policy incorporated by reference into these Terms of Use, requiring users to review both documents for a complete picture.
How other platforms handle this
to request that your data be transferred to a third party (data portability)
Your organization may allow you to access and export your data in order to back it up or transfer it to a service outside of Google.
To stop us collecting your location information, you can update your device settings, stop using the Service, or uninstall our mobile apps.
(1) REGULATORY LANDSCAPE: Data collection and sharing practices for SoFi Bank accounts are governed by the Gramm-Leach-Bliley Act and its implementing Regulation P, which requires financial institutions to provide annual privacy notices and limits sharing …
Enforcement risk, jurisdiction flags, contract triggers, and due diligence action items.
Ad personalization controls removed. Contact scanning added. Advertiser data partnerships quietly dropped. A timeline of every change.
Get the research letter
Companies change their terms quietly. We read every version and catch what actually changed. One email a week on the changes that matter and what they mean.
Because SoFi operates across banking, lending, and investment services, it collects a wide range of financial and personal data; the incorporation of a separate Privacy Policy by reference means users must review both documents to understand the full scope of data practices.
The data collection and sharing practices applicable to SoFi accounts, including financial transaction data, account balances, credit information, and identity data, are governed by a separate Privacy Policy incorporated by reference into these Terms of Use, requiring users to review both documents for a complete picture.
ConductAtlas has identified this type of provision across 290 platforms. See the full comparison.
No. ConductAtlas is an independent monitoring service. We are not affiliated with, endorsed by, or sponsored by SoFi.