Are Memberships Worth It? This One Comes With More Than $1K in Annual Benefits
Written by
GOBankingRates Staff
Edited by
Sequoya Davis
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It seems like there’s a membership for everything these days. You’ve probably got more subscriptions right now than you can count on one hand. At a certain point, you have to wonder: Are memberships really worth it?
The short answer? It depends. Does the membership in question add value to your life? Far too many don’t. But in the case of SoFi Plus, being a member comes with more than $1,000 in annual benefits1 with qualifying activities that could help boost your finances.
What is SoFi Plus?
SoFi Plus is a financial membership that unlocks some serious value all in one app2. For starters, you’ll earn 3.80% APY with the included SoFi Savings3 — more than nine times above the national average savings rate. Plus, you’ll get a six-month boost, bringing your APY up to 4.50% APY.
But the benefits go beyond a competitive APY. With SoFi Plus, you’ll also get unlimited access to one-on-one financial planning from SoFi Wealth7, a 1% match on recurring invest deposits, paid in rewards points4, plus 3% cash-back rewards when you book hotels via SoFi Travel5.
You can also use your membership to score discounts on new personal loans, get a discounted trust and will and even get exclusive access to live entertainment and sporting events via SoFi Experiences.
How it All Adds Up
Let’s break down how this all adds up to at least $1,000 in annual benefits1.
For example, let’s say you save $6,000 in your SoFi Savings account. With its competitive interest rate and limited-time boost to 4.50% APY3, you would earn $220 in interest in a year.
If you spent $2,300 on your SoFi Credit Card each month, you would earn $600 in cash back rewards. Plus, each meeting with a financial planner7 is a $250 value.
How to Get Started
Want a membership that’s actually worth it? SoFi Plus is not only worth it, but it will also add more than $1,000 of value to your finances this year.
Getting started is easy. You can either join via subscription for $10 per month6, or skip the fee and sign up via an eligible direct deposit to get all the benefits at no extra cost.
Ready to start adding value to your personal finances? Get SoFi Plus here.
*INVESTMENTS ARE NOT FDIC INSURED· ARE NOT BANK GUARANTEED· MAY LOSE VALUE
SoFi Checking and Savings accounts are offered by SoFi Bank, N.A., Member FDIC.
SoFi Credit Cards are issued by Safi Bank, N.A. pursuant to license by Mastercard® International Incorporated.
Loans originated by SoFi Bank, N.A., NMLS #696891 (www.nmlsconsumeraccess.org). Equal Housing Lender. Brokerage products offered through SoFi Securities LLC, member FINRA/SIPC.
Advisory services are offered through Safi Wealth LLC, an SEC-registered investment adviser. Information as of May 2025 and is subject to change. Screen images simulated. Uob code]
SoFi Plus: Terms and conditions apply. To learn more about SoFi Plus, please see the SoFi Plus page.
SoFi Checking and Savings and SoFi Credit Cards are products offered by SoFi Bank, N.A. Member FDIC. Loans originated by SoFi Bank, N.A., NMLS #696891 (www.nmlsconsumeraccess.org). Equal Housing Lender. Brokerage products offered through SoFi Securities LLC, member FINRA/SIPC. Advisory services are offered through SoFi Wealth LLC, an SEC-registered investment adviser. ^SoFi Plus is a premium membership that gives members access to our best APY, discounts, rewards, and more when they set up Eligible Direct Deposit, receive $5,000 in Qualifying Deposits, or pay the SoFi Plus Subscription Fee. Benefits are subject to change and may not be available to everyone. All terms and conditions applicable to the use of SoFi Plus apply. To learn more about SoFi Plus and available benefits and terms, please see the SoFi Plus page.
1$1,000 Value of SoFi Plus membership: The value of a SoFi Plus membership varies depending on benefits used, and there is no guarantee you will reach any specific value. $1,000+ estimated value is based on the average activity of existing SoFi Plus members for the following benefits over a 12-month period: an average of $17,000 deposited in a high-yield savings account with a 3.80% APY at the start of the 12-month period, $22,000 average annual spend on the SoFi Unlimited 2% Credit Card (with a 10% boost on cash back rewards), and one additional 30-minute session (beyond the basic member benefit) with a certified financial planner, with an assumed value of $250. Other benefits may be available. SoFi Credit Card cash back rewards are earned in the form of rewards points, and rewards points redeem at a rate of 1 cent per point. SoFi Plus members must be approved for a SoFi Credit Card in order to receive the corresponding benefit. Savings and spend assumptions are based on average activity from existing SoFi Plus members between the period of 4/1/2024 – 4/30/2025.
2Based on a series of blinded surveys of financial memberships across banking, borrowing, investing, and credit cards. A nationally representative sample of 900 consumers were asked to rank offerings based on the question “Which financial membership brand is most rewarding?” Results as of January 2025. See SoFi.com/plus-survey for details
Travel (“Elevated Earn”). All terms and conditions, opens in new window applicable to the use of SoFi Member Rewards apply. To learn more about SoFi Member Rewards, please see the Rewards, opens in new window page. Rewards points will be awarded within 60 days of travel completion. If you do not see your rewards points after 60 days of travel completion, please see our help center, opens in new window or contact us at 855-456-7634. Bookings made on non-hotel lines of business (e.g., air, car, activities) are not eligible for the Elevated Earn. When you elect to redeem rewards points toward active SoFi accounts, including but not limited to, your SoFi Checking and Savings account, SoFi Money® account, SoFi Active Invest account, SoFi Automated Invest account, SoFi Credit Card account, SoFi Personal Loan, Private Student Loan, Student Loan Refinance, or toward SoFi Travel purchases, your rewards points will redeem at a rate of 1 cent per every point. SoFi reserves the right to exclude any member from participating in the SoFi Member Rewards Program for any reason, including suspected fraud, misuse, or if suspicious activities are observed. SoFi also reserves the right to stop or make changes to this Program at any time.
3SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/sofiplus/invest/#disclaimers.
4SoFi Plus members are eligible for a 1% match on recurring deposits received into a SoFi Invest?”? account. For complete SoFi Plus eligibility, please see the SoFi Plus terms.
Members can only earn the 1% match for periods in which a recurring deposit is received into a SoFi Invest?”? account and the member meets the SoFi Plus eligibility criteria. “Recurring deposits”
refer to ACH transfers scheduled with a frequency of weekly, every two weeks, or monthly into either an Active SoFi Invest?”? account or a SoFi Wealth Automated Investing account. Regular
deposits set up from a SoFi Checking & Savings account using Autopilot are eligible for the bonus. One-time transfers are excluded from the bonus. If funds are withdrawn and later redeposited
manually into the SoFi Invest?”? account, the manual deposit will not be eligible for the bonus. Offer can be combined with SoFi Invest 1% IRA match.
Funds must remain in the SoFi Invest?”? account for two years to be eligible for the bonus. If the deposit is removed prior to the end of the two-year Eligibility Period, SoFi, at its discretion may
remove the corresponding proportion of the 1% Match from the member’s account. For instance, if $1,000 was deposited receiving a $10 rewards points match and $500 was withdrawn in a
subsequent month, SoFi may remove $5 in rewards points from the bonus. SoFi reserves the right to liquidate securities to pay for the removal of the Match bonus. Further, SoFi may bill this to a
receiving firm in the event of an account transfer.
Bonus amounts are calculated on the total net recurring inflows (incoming recurring ACH transfers less outgoing transfers) per calendar month. For example, if a member has a recurring Invest
deposit of $1,000 on 11/4/2024 and withdraws $500 on 11/15/2024 and makes no other deposits or withdrawals to their SoFi Invest?”? account for the month, they will earn 500 rewards points,
equal to 1% of $500 net monthly inflows. If a member loses SoFi Plus eligibility at any point throughout the month, they will earn the 1% match only on recurring deposits received while they were
a SoFi Plus member. All withdrawals in the calendar month (regardless of Plus status) will count against the bonus. For example, if a member has a recurring Invest deposit of $1,000 on 11/4/2024
as a SoFi Plus member, loses SoFi Plus status on 11/10/2024, and has another recurring Invest deposit of $1,000 on 11/12/2024, they would earn $10 in rewards points (1% of the $1,000 that was
deposited while they were a SoFi Plus member).
Bonuses will be paid out as rewards points within two weeks of the end of the calendar month. Members must enroll in SoFi Member Rewards to redeem rewards points, but not to be eligible for
the bonus. Rewards points are subject to the SoFi Member Rewards terms. Bonus will not be paid out on SoFi Invest?”? or SoFi Wealth accounts that are closed or pending closure. SoFi Invest encompasses two distinct companies, with various products and services offered to investors as described below:
1) Automated Investing and advisory services are provided by SoFi Wealth LLC, an SEC-registered investment adviser (“SoFi Wealth”). Brokerage services are provided to SoFi Wealth LLC by SoFi
Securities LLC.
2) Active Investing and brokerage services are provided by SoFi Securities LLC, Member FINRA/SIPC. Clearing and custody of all securities are provided by APEX Clearing Corporation.
Individual customer accounts may be subject to the terms applicable to one or more of these platforms. For additional disclosures related to the SoFi Invest platforms described above please visit
SoFi.com/legal.
Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any
SoFi Invest platform.
Please note that the Active Invest platform is self-directed, therefore all monies transferred to your SoFi Active Invest will not be automatically invested.
5Elevated Earn on SoFi Travel: SoFi Plus members earn 3% cash back in rewards points on hotel bookings through SoFi
6$10 Subscription Fee: $10 subscription fee: Subscribers are billed every 30 calendar days based on the initial date of subscription.
7Financial Planner (CFP®)/ Sofi FInancial Planner- Plus Benefit:SoFi Plus members can schedule an unlimited number of appointments with a financial planner. For complete SoFi Plus eligibility, please see the SoFi Plus terms.
SoFi members who do not meet the SoFi Plus eligibility criteria can schedule one (1) thirty-minute appointment with a financial planner.
Members can only schedule an unlimited number of appointments with a financial planner during periods in which the member meets the SoFi Plus eligibility criteria. The ability to schedule
appointments is subject to financial planner availability. SoFi reserves the right to change or terminate this benefit at any time with or without notice. Advisory services are offered by SoFi Wealth
LLC, an SEC-registered investment adviser. Information about SoFi Wealth’s advisory operations, services, and fees is set forth in SoFi Wealth’s current Form ADV Part 2 (Brochure), a copy of
which is available upon request and at www.adviserinfo.sec.gov.
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