SoFi users may now take a look at the new savings and checking account with an APY of up to 1%, the company announced on Thursday. In addition, there are no overdrafts, maintenance, or transaction fees associated with this account.
AS PER THE NEWS ANNOUNCEMENT, the APY of 1% is 33 times more than the national average. Members must use direct deposit to be eligible for the high rate. The APY is available on accounts up to $50,000; beyond that, the APY drops to.05 percent.
Consumers who do not use direct deposit will earn an APY of.25 percent, which is still rather good when compared to other bank accounts.
Features Of The New Checking And Savings Account
There will be no limitations on transactions among accounts, 2-day early paycheck, and also no ATM withdrawal charges for Allpoint network ATMs with the new customers. For each account, there is no minimum balance obligation.
Clients who have a SoFi checking or savings account have access to money management options such as automated savings & SoFi Vaults. SoFi Vaults are add-ons to account holders that enable them to set some money aside for unexpected expenses, bills, or savings.
SoFi also provides the SoFi Relay, a financial insights product that combines all of a customer’s accounts into a single mobile interface. Clients may track spending, create financial objectives, and handle their checking, savings, even investment accounts from there. The system will also keep track of a client’s VantageScore 3.0 credit score, which is based on TransUnion credit reports.
SoFi is discontinuing its SoFi Money program with the release of the new accounts. Because the new banking accounts will have many of the same money management capabilities, new clients will not be able to join up for SoFi Money.
SoFi is not the only bank that has lately announced a high-yield account. American Express has launched an all-digital consumer checking account with a 0.5 percent annual percentage yield (APY). For every $2 spent, AmEx offers a debit card that earns 1x Membership Point.