SoFi members – we are thrilled to announce that we will be offering the opportunity to get FDIC insurance up to $2 million on all bank balances¹, through the new SoFi FDIC Insurance Network, increasing from the industry standard $250,000 per account, over the coming days. This increased coverage is provided by allowing SoFi to seamlessly place members deposits beyond the standard insurance coverage with specifically identified FDIC insured partner banks. As always, there are zero account fees for SoFi Checking and Savings², and no fees to increase FDIC insurance coverage. All SoFi Checking an ..read more

SoFi Checking and Savings is raising the savings APY (Annual Percentage Yield) to 4.00%¹ for all direct deposit members, up from 3.75%. Members with direct deposit will now earn 11x² the current national savings average on all of their savings and Vaults balances. For members without direct deposit, all balances will continue to earn 1.20% APY¹, 20x³ times the average national monthly interest checking rate. SoFi knows our members are looking for ways to get more for their hard-earned money and feel secure in where they are putting their funds. SoFi takes our responsibility with your money se ..read more

We know there’s been a lot of conversation surrounding the news about Silicon Valley Bank and, naturally, you may have questions. It’s important for you to know that your money is safe with SoFi. We have a high quality growing deposit base. We have ample cushion to the regulatory required equity to asset ratios. We have maintained a strong spread between what we charge on loans and our cost to fund loans despite a higher interest rate environment. Importantly, we have no assets with Silicon Valley Bank—our only exposure is a small lending facility (i.e. the ability to borrow money) under whic ..read more

President Biden recently signed into law the Secure 2.0 Act as part of the Fiscal Year 2023 Omnibus Appropriations Bill. This piece of legislation builds on the Setting Every Community Up for Retirement Enhancement (SECURE) Act, passed in 2019. Simply put, the SECURE Act and Secure 2.0 aim to help a wide range of Americans achieve retirement security and financial well-being. One of the more groundbreaking elements of Secure 2.0 is its provision for employees saddled with student debt. Starting in 2024, the Act allows companies to match contributions to retirement accounts of employees who do ..read more

The SoFi Product Drop — our regular series where we dive into new features and updates from across our platform designed to improve your experience. SoFi is constantly working to make every product work harder for you and work better together. Check out what’s new for you from the last month: SoFi launches no fee options trading¹. It is now simpler than ever to do all your trading in the same app where you manage all of your money. SoFi offers level two options trading, allowing members to buy options calls or puts once approved to trade. A call option gives the holder the right to buy an und ..read more

Pay in 4¹ is SoFi’s latest innovation designed to provide flexibility for our members when spending with SoFi Checking and Savings². With Pay in 4, SoFi members will now have another way to pay for larger travel or select purchases from local small businesses to major retailers, anywhere Mastercard is accepted. Early access is rolling out to select SoFi members in the coming weeks. What is Pay in 4? Pay in 4 offers members the option to split a purchase of $50-$500 into four, interest-free payments. This new feature is designed to offer members another way to pay when it comes to purchases, p ..read more

Funding for Cybersecurity San Diego-based cybersecurity firm Drata recently raised another $200 million in a Series C round, led by ICONIQ Growth and GGV Capital. This most recent funding round brings Drata’s total valuation to $2 billion. If you haven’t heard of Drata yet, it’s probably because the company just raised its seed round in January 2021. However, the company is growing fast. It reached unicorn status — denoting startups valued at $1 billion — by the end of 2021. Now, just a year later, it has grown by that same amount, again. Automated Compliance Drata’s platform helps companies e ..read more

The Cost of Rising Prices As prices rise, incomes can struggle to keep up, as evidenced by this year’s historic pace of inflation. The resulting strain on purchasing power has left many struggling to make ends meet. The latest evidence of this comes from Vanguard Group (VTI), which has tracked so-called “hardship distributions” among 401(k) plan participants since 2004. In October, around 0.5% of workers took such a distribution, the highest level the firm has ever observed. Most 401(k) plans allow participants to make hardship withdrawals. According to Plan Sponsor Council of America, a trade ..read more

The Fill-Er-Up Forecast The average price per unleaded gallon of gas has now dropped to $3.329, down from an average of $3.343 per gallon this time last year, according to AAA. On top of that, GasBuddy, a company that tracks fuel prices, predicts that gas prices will continue to decline and could even fall below $3 by Christmas. This news comes at the perfect time, as many Americans gear up for a holiday season that could involve plenty of driving. Behind the Prices The global gas market is a complex web influenced by thousands of different factors. It’s difficult to know exactly why prices ar ..read more

You’ve asked, and we’re answering: SoFi is launching options trading! Over the coming weeks, we’ll be rolling out the ability for SoFi Invest members to buy puts and calls (and sell to close the positions), making it simpler than ever to do all your trading in the same app where you manage all of your money. At SoFi, options trading will be without commission, or contract fees. We’ve worked hard to simplify your experience to make trading options a seamless, easy-to-use experience, whether via our app or on our website, and provide investors of every experience level the tools and resources t ..read more