SoFi customers (and for a while in 2019 I talked a lot about SoFi offers) are getting emails prompting them to upgrade their SoFi account to earn a higher interest rate….
David, if you’d like to earn up to 1.00% APY1 on your balances (33x the national average interest)2 — we’ve made it super simple.
Just accept the terms for SoFi® Checking and Savings accounts, then set up direct deposit to start earning up to 1.00% APY
Sure, 1% sounds good in the current rate environment, when Marcus pays 0.6% and Bask Bank pays 0.7%. Notably, TMobile Money pays 1%, although there are strings attached that you use the debit card enough times (and you must be a Tmobile customer).
But on top of the Direct Deposit requirement, there’s something they don’t call out front and center.
One of the best features of SoFi’s program is that they reimburse third party ATM fees.
But if you upgrade to the “better” account, you lose the fee reimbursement.
For many, that juice isn’t worth the squeeze.
(Note that in 2020, I also warned about something similar, but totally different, with SoFi.)
Thoughts?
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