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SoFi savings APY includes a 0.70% six-month boost that steps down
For a $25,000 balance, the boost reversion can reduce the blended first-year yield to 3.45%, which the app shows as 3.80% at the header before the smaller rate applies.
A recent account review highlights a rate display mismatch on SoFi’s High Yield Savings Account, where the app header shows a 3.80% APY but the underlying savings yield is lower after a time-limited incentive. According to Yahoo Finance, the “Ways to earn” section shows a 3.10% standard APY plus a 0.70% APY boost.
The article says the 0.70% boost is available on a six-month clock that starts when the boost is applied, not necessarily when a customer first sees the promotion in the app. It also notes the 0.70% add-on requires qualifying activity, including an eligible direct deposit or deposits above $5,000 in qualifying deposits every 31 days.
Yahoo Finance estimates that on a $25,000 balance, stepping down from the boost can cost $175 annually, resulting in a real first-year blended yield of 3.45% rather than 3.80%. The review advises savers to check the boost activation date in the SoFi app’s promotions section because that date determines when the six-month window ends.
The piece says the promotion window runs from May 15, 2026 through December 31, 2026, and enrolling during that period provides the boost for up to six months. It adds that at the national average savings rate, a $40,000 balance would earn about $150 a year, compared with more than $1,200 in one of the top-rated high-yield accounts cited.