SoFi has sent out an e-mail to existing customers stating they have received regulatory approval to be a nationwide bank. Traditionally fintechs such as SoFi partner with a traditional bank to offer financial products. SoFi Money will offer 1% APY when you upgrade to SoFi Checking and Savings and receive a direct deposit. Similar to the best basic saving account rates, but not competitive when comparing to high yield savings accounts.
