SoFi Plus is a paid membership that bundles financial products and discounts
SoFi Plus is an optional membership tier offered by SoFi (Social Finance), a financial technology company. When you join, you pay a monthly fee and gain access to a package of benefits—mainly higher interest rates on savings and money market accounts, fee waivers on certain accounts, and discounts on other SoFi products. It is not a government program and does not replace traditional banking; it is a membership you choose to purchase if you think the benefits will save you money or match your financial habits.
The membership is separate from having a SoFi checking or savings account. You can hold a SoFi account without the membership, or you can add the membership later if you decide the benefits are worth the cost. The main appeal is that SoFi Plus members earn higher interest rates on savings and money market accounts than non-members do, which means your money grows faster if you keep it in those accounts.
Key Takeaways
- SoFi Plus costs a monthly fee and raises the interest rate you earn on SoFi savings and money market accounts above the standard rate.
- Members also receive fee waivers on certain accounts and discounts on SoFi loans, investment products, and financial advisory services.
- The membership is optional—you can use SoFi products without it, though you will earn lower interest rates on savings.
- Whether SoFi Plus saves you money depends on how much you keep in savings accounts and which other SoFi products you use.
- You can cancel the membership at any time without penalty, and your accounts will continue to work at the standard (non-member) rates.
What interest rates and account features come with the membership
The core benefit of SoFi Plus is a higher annual percentage yield (APY) on savings and money market accounts. SoFi publishes the standard APY for non-members and a higher APY for Plus members; the difference varies depending on market conditions and SoFi's current offerings. For example, if the standard rate is 4.50% APY, the Plus rate might be 5.00% APY—meaning your money earns more interest each month if you are a member.
Beyond interest rates, SoFi Plus members also receive fee waivers. This typically means no monthly maintenance fees on may be able to access accounts and no overdraft fees on checking accounts (if you meet certain conditions). Some members also see reduced or waived fees on wire transfers or other transactions, though the exact fees waived can change.
The membership does not change how you access your money. Your accounts still work through the SoFi app and website, transfers still move at the same speed, and FDIC insurance (which protects deposits up to $250,000 per account type) still applies the same way.
Discounts on loans, investments, and advisory services
SoFi Plus members receive discounts on other SoFi products beyond savings accounts. If you take out a personal loan, student loan refinance, or mortgage through SoFi, you may see a rate discount as a member. The size of the discount depends on the product and your creditworthiness, so two members might see different discounts on the same loan type.
Members also get discounts on SoFi's investment and advisory services. This includes lower fees on robo-advisor accounts (automated investment accounts that charge a percentage of assets under management) and discounts on financial planning consultations. If you already use SoFi for investing or are thinking about it, these discounts can add up over time.
How much SoFi Plus costs and whether it pays for itself
SoFi Plus has a monthly membership fee. The exact amount changes over time and may vary by region, so you should check SoFi's website or app for the current price. To decide whether the membership is worth it, you need to calculate whether the higher interest rates and fee waivers will save you more money than the monthly cost.
For example, if the membership costs $10 per month and you keep $10,000 in a SoFi savings account, the extra interest from the higher APY might earn you $50 to $100 per year (depending on the rate difference). That would cover the membership cost and leave you ahead. But if you keep only $1,000 in savings, the extra interest might be just $5 to $10 per year, which would not cover the fee.
The math also includes fee waivers. If you would normally pay overdraft fees or monthly maintenance fees, the membership can offset its cost through those waivers alone. SoFi offers a calculator on its website to help you estimate your potential savings based on your account balances and product use.
How to sign up for SoFi Plus and cancel if you change your mind
If you already have a SoFi account, you can add the membership directly through the app or website. SoFi usually shows you the membership option when you log in, and you can review the current benefits and cost before confirming. The membership typically starts when ready, and you will see the higher interest rate applied to your next interest payment cycle.
If you do not yet have a SoFi account, you can open one first and then add the membership, or some sign-up flows let you choose the membership during account creation. Either way, you will need to verify your identity and provide banking information, just as you would for any online bank account.
Canceling the membership is straightforward. You can turn it off in the app or website settings at any time, and there is no penalty or waiting period. Your accounts stay open and active; they straightforward revert to the standard (non-member) interest rates and fee structure. You can rejoin later if you want to.
How SoFi Plus compares to other bank memberships and premium accounts
Other online banks and financial companies offer similar tiered membership or premium account options. Some banks raise interest rates for customers who maintain a minimum balance or set up direct deposit, rather than charging a membership fee. Others charge a fee but bundle in cash-back rewards, travel benefits, or insurance discounts—things SoFi Plus does not include.
Traditional banks sometimes offer premium checking accounts with higher interest rates and fee waivers, but they typically charge higher monthly fees and require larger minimum balances. Credit unions may offer similar benefits to members at a lower cost, depending on your location and may be able to access.
The choice between SoFi Plus and other options depends on where you already bank, how much you save, and which products you use. If you already have a SoFi account and keep a large balance in savings, the membership might make sense. If you use multiple banks or prefer to keep your money spread across institutions, it might not.
What happens to your money and accounts if SoFi changes or closes
SoFi is a regulated financial institution, and your deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per account type (savings, checking, money market, and so on). This means if SoFi were to fail, your money would be protected up to that limit, just as it would be at any other bank.
If SoFi changes its membership terms or discontinues the SoFi Plus program, the company is required to notify members in advance. You would have the option to cancel before any changes take effect, or to accept the new terms. Your accounts themselves would not be affected—only the membership benefits would change.
SoFi also allows you to transfer money out of your accounts at any time, so you are never locked in. You can move your balance to another bank, close your account, or keep it open without the membership.
Frequently Asked Questions
Do I need SoFi Plus to have a SoFi checking or savings account?
No. You can open and use a SoFi account without the membership. You will earn the standard interest rate on savings and may pay standard fees on checking, but the account works the same way. You can add the membership later if you decide it is worth the cost.
Can I get the higher interest rate without paying for the membership?
No. The higher APY is only available to SoFi Plus members. Non-members earn the standard rate, which is lower. Some online banks offer high interest rates to all customers without a membership fee, so you may want to compare rates across banks before deciding.
What if I sign up for SoFi Plus and then decide it is not saving me money?
You can cancel the membership anytime through the app or website with no penalty. Your accounts stay open and active, but your interest rates drop to the standard level and any fee waivers end. You can rejoin later if you change your mind.
Does SoFi Plus include cash-back rewards or travel benefits like some credit card memberships do?
No. SoFi Plus focuses on higher interest rates, fee waivers, and discounts on SoFi financial products. It does not include cash-back on purchases, travel insurance, or other perks that some premium credit card or bank memberships offer.
Is my money safe in a SoFi account if I have the membership?
Yes. FDIC insurance protects your deposits up to $250,000 per account type, whether or not you have the membership. The membership only changes your interest rate and fees, not the safety or insurance of your money.