FinTech News
SoFi Introduces New Benefits for SoFi Plus Membership Product
The financial services mega app SoFi is introducing new perks for SoFi Plus membership.
About SoFi Plus:
SoFi’s membership product SoFi Plus now offers customers an estimated $1,000 in annual value thanks to some key benefits.
First, SoFi Plus members can earn an unlimited 1% invest rewards match, meaning that customers with recurring SoFi Invest deposits will earn 1% of those deposits matched in the form of SoFi rewards points. These recurring deposits can be set for a frequency of once per week, once every two weeks, or once monthly.
Another new feature is the ability to schedule unlimited appointments with a SoFi Wealth financial planner at no cost. These sessions are valued at $250 each. Elsewhere, Plus members can get a $1,000 discount on home loan closing, as well as exclusive rates on student loan refinancing.
SoFi is also partnering with other brands and services to provide additional benefits for members. For example, members can receive a 50% discount on HelloPrivacy’s suite of tools. Meanwhile, customers can earn 3x rewards on bookings made via the Expedia-powered SoFi Travel portal.
These perks join existing features such as a 10% boost on SoFi Credit Card cash rewards (allowing cardholders to earn up to 3.3% cashback), the ability to earn 3.80% APY on SoFi Savings and Vault balances, a 0.25% rate discount on new personal loans, and more.
To become a SoFi Plus member, customers can pay a monthly fee of $10. Alternatively, customers with direct deposit to a SoFi Checking and Savings account can enjoy a complimentary SoFi Plus membership.
What they’re saying:
Discussing the updated membership product, SoFi CEO Anthony Noto stated, “With the new offerings from SoFi Plus, SoFi has created America’s most rewarding financial membership—one that’s more than just about products and services. It’s about empowering our members to realize their ambitions.”
Noto continued, “SoFi Plus now delivers the strongest suite of premium benefits designed to meet our members where they are and help them get their money right. We’re giving our members unmatched access to the resources they need to confidently shape their financial futures.”
My thoughts:
Overall, SoFi’s slate of benefits for SoFi Plus is pretty interesting — especially since earning a complimentary membership only requires you to sign up for direct deposit. In particular, I’d be curious about the SoFi Wealth financial planning sessions. It seems SoFi’s “$1,000 in value” estimate is based on several different scenarios, but I could see quarterly advisor check-ins alone delivering that value to several users. Then again, those who are planning to buy a home or refinance a student loan may see the best return just from those specific perks.
In any case, while I suppose it’s nice that the $10 a month option for SoFi Plus is there, I think the direct deposit route will make the most sense for the majority of customers.
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