When a user connects an external financial account, SoFi may collect any and all information available in that account and use it for product marketing, sharing with affiliated companies, and eligibility targeting, subject to SoFi's Privacy Policies.
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
This provision establishes that linking an external bank account, loan, or credit card to SoFi authorizes collection of all available account data and its use for marketing and cross-affiliate product targeting. The scope of permissible use extends to sharing with SoFi affiliated companies, and the data is processed through a mandatory Plaid intermediary with its own separate privacy policy.
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 →Under this clause, users who connect an external financial account authorize SoFi to collect all available account information, including transaction history, balances, and payment records, and to use that information to serve targeted product offers and share it with affiliated SoFi entities. The agreement also requires users to agree to Plaid's Privacy Policy as a condition of connecting any external account.
Cross-platform context
See how other platforms handle Connected Account Data Collection and Marketing Use and similar clauses.
Compare across platforms →"If you connect an external account to SoFi, SoFi may obtain any and all information from the Connected Accounts. The specific information SoFi obtains may vary by institution and account type. You should assume SoFi will obtain from the account any information that is available to you. Use of Connected Information. If you elect to connect an account through any SoFi service, SoFi may use the information from the connected account for any purpose permitted by SoFi's Privacy Policies, including use of the information to identify products and services that may be of interest to you, sharing information with affiliated companies to offer products and services to you, and identifying if you would be likely to be eligible for certain products and services.Excerpt from SoFi's Terms of Service
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This provision establishes that linking an external bank account, loan, or credit card to SoFi authorizes collection of all available account data and its use for marketing and cross-affiliate product targeting. The scope of permissible use extends to sharing with SoFi affiliated companies, and the data is processed through a mandatory Plaid intermediary with its own separate privacy policy.
Under this clause, users who connect an external financial account authorize SoFi to collect all available account information, including transaction history, balances, and payment records, and to use that information to serve targeted product offers and share it with affiliated SoFi entities. The agreement also requires users to agree to Plaid's Privacy Policy as a condition of connecting any external …
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