Legacy ‘SoFi Money’ Accounts Will No Longer Earn Interest

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SoFi received regulatory approval to become a national bank and also rebranded their ‘SoFi Money’ to become SoFi Checking and Savings. They began nudging everyone to switch over to the new account by increasing the APY from 1% to 1.25% only for those on the new account. However, they did not extend the ATM fee waiver to the new account, and some preferred keeping the old account with the lower interest rate.

They now sent out an email indicating that legacy accounts won’t receive any interest at all beginning June 5th. After that point the option is either to keep the ATM fee waiver with no interest or to upgrade to the new account.

Hat tip to reader raekwon

 



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