SoFi Plus Premium Membership Now Offers $1,000+ in Annual Value

Rhea-AI Summary

SoFi Technologies (NASDAQ: SOFI) has enhanced its SoFi Plus premium membership with new benefits offering $1,000+ in annual value. Members can access SoFi Plus for $10 monthly or free with direct deposit, featuring benefits like:

• Unlimited 1% Invest rewards match with recurring deposits
• Free unlimited financial planning sessions (valued at $250/session)
• $1,000 discount on home loan closing
• Exclusive student loan refinance rates
• 3% cash back on hotel bookings
• VIP event access
• 3.80% APY on savings
• Up to 3.3% credit card cash back

To celebrate, SoFi launched the 'Power of Plus' sweepstakes running from February 2025 to May 2025, offering six prizes including $400,000 toward a home purchase, $70,000 for student debt, retirement contributions, and vacation packages.

Positive

• Introduction of new premium membership benefits worth $1,000+ annually
• Competitive 3.80% APY on savings accounts
• Enhanced credit card rewards up to 3.3% cash back
• $1,000 discount on home loan closing costs
• No minimum balance requirement for free membership with direct deposit

Negative

• Monthly fee of $10 without direct deposit

Insights

Financial Services Product Analyst

The enhanced SoFi Plus membership program represents a sophisticated strategy to deepen customer relationships and drive revenue growth across multiple business segments. The $1,000+ annual value proposition is carefully structured to incentivize key profitable behaviors:

The unlimited 1% investment rewards match on recurring deposits is particularly strategic, as it encourages steady investment inflows while building long-term assets under management. The free unlimited financial planning sessions (valued at $250 each) create opportunities for cross-selling higher-margin products while reducing customer acquisition costs.

The program's structure reveals smart unit economics: The $10 monthly fee ($120 annual) or direct deposit requirement ensures baseline revenue or valuable deposit relationships. The benefits are weighted toward high-margin services like mortgages ($1,000 closing discount) and student loan refinancing, where customer acquisition costs typically exceed $1,000.

The timing of this launch aligns with intensifying competition in digital banking. The comprehensive rewards package creates significant switching costs for members, while the sweepstakes campaign (featuring prizes up to $400,000) should drive rapid adoption and viral marketing through social sharing incentives.

This program positions SoFi to capture a larger share of members' financial relationships, particularly in the affluent millennial segment. The focus on aspirational goals (home ownership, debt reduction, retirement) in the sweepstakes demonstrates deep customer understanding and should resonate strongly with their target demographic.

Customer Experience & Marketing Strategist

The redesigned SoFi Plus program demonstrates sophisticated customer journey mapping and behavioral economics principles. The benefit structure creates multiple touchpoints across a customer's financial lifecycle, from daily spending to major life events. The no-minimum-balance requirement removes friction while the direct deposit waiver encourages primary banking relationship status.

The sweepstakes campaign is masterfully designed to drive viral growth and engagement. By aligning prizes with common financial aspirations (homeownership, debt freedom, retirement security), SoFi taps into deep emotional motivators. The multi-channel entry mechanism through social sharing and referrals leverages network effects for organic growth.

The enhanced travel rewards (3% cash back on hotels) and exclusive experiences (VIP events at SoFi Stadium) add aspirational elements that increase the program's perceived value beyond pure financial benefits. This creates emotional bonds with the brand and reduces price sensitivity.

The integration of practical services like Trust & Will planning and Hello Privacy data protection shows thoughtful consideration of members' holistic financial wellness needs. This comprehensive approach positions SoFi as a trusted financial partner rather than just a service provider, potentially leading to higher customer lifetime value and reduced churn.

New product offering creates America’s most rewarding financial membership, all in one app;

‘Power of Plus’ sweepstakes offers chance to achieve one of America’s top financial ambitions

SAN FRANCISCO--(BUSINESS WIRE)-- SoFi Technologies, Inc. (NASDAQ: SOFI), a member-centric, one-stop shop for digital financial services that helps members borrow, save, spend, invest and protect their money, announced more than eight new benefits to SoFi Plus, offering its members $1,000+ in annual value. SoFi Plus, the company’s premium financial membership, now offers exclusive access to preferred pricing on products and services, complimentary financial planning, rewards, and special events. SoFi members can unlock SoFi Plus for $10 a month or at no cost with direct deposit, no minimum balance required. To celebrate the launch, SoFi has launched the ‘Power of Plus’ sweepstakes, where both new and existing SoFi Plus members can enter for a chance to win one of six of America’s top financial ambitions.

SoFi Plus Benefits (Graphic: Business Wire)

“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,” said Anthony Noto, CEO of SoFi. “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.”

New benefits and preferred pricing for SoFi Plus members:

• Unlimited 1% Invest rewards match: Members with a recurring SoFi Invest deposit enjoy an unlimited 1% match paid in rewards points.
• Unlimited 1:1 financial planning: Members can schedule unlimited appointments with financial planners at no cost, valued at $250 per session.
• $1K discount on home loan closing: When approved for a SoFi home loan mortgage, members can enjoy a $1,000 discount at the closing of their eligible home loan on top of the already competitive rates they receive from SoFi.
• Student loan refinance exclusive rate: Members receive an exclusive discounted rate on new student loan refinances.
• 3% cash back on hotels with SoFi Travel powered by Expedia: SoFi Plus Members can earn three times the rewards when using any card for hotel bookings through the SoFi Travel portal, powered by Expedia.
• SoFi Plus Experiences: Members receive exclusive access to VIP events in pro sports games, concerts, and live experiences at the SoFi Stadium, TGL, and more.
• Enhanced savings on Hello Privacy and Trust & Will: Members receive a 50% discount on HelloPrivacy’s tools to protect members’ data and remove their information from risky sites, as well as a $200 discount for a Trust, making it easier for members to plan for their future with confidence.

SoFi Plus members will continue to benefit from these exclusive benefits:

• Preferred IPO allocations: Members with a SoFi Invest brokerage account can receive priority IPO allocations, providing members with access to IPOs before they're traded on the public market, a perk that has historically been reserved for high net worth individuals.
• Our best APY: Earn 3.80% APY (annual percentage yield) on their SoFi Savings and Vault balances.
• Credit card cash back boost: A 10% boost on members’ SoFi Credit Card cash back rewards rate—that's up to 3.3% cash back rewards.
• Double The Rewards: Earn double rewards points on qualifying activities.
• Personal Loan Discount: A 0.25% rate discount on new personal loans.

To sign up for SoFi Plus and to learn more, visit www.sofi.com/sofi-plus/.

‘Power of Plus’ Sweepstakes will fund six of America’s most desired ambitions:

To celebrate the launch of SoFi Plus’ new premium benefits, six lucky members will win one of America’s top financial ambitions. In a recent survey, SoFi asked people across the country about their biggest financial ambitions. The Top 2025 financial goals included saving for a major purchase such as a house (44%), reducing debt (49%), as well as planning for retirement (35%). These findings helped shape SoFi Plus’ new premium benefits and the ‘Power of Plus’ ambitions sweepstakes, which runs from February 11 to May 14, 2025. See Official Rules.

SoFi Plus members can enter to win:

• A new home: $400,000 toward purchasing a home.
• Education: $70,000 to pay down student debt.
• Early retirement: Receive the maximum IRA contribution of $7000 per year for five years.
• Dream vacation: $35,000 to fund a well-deserved vacation.
• Wedding: $35,000 to plan or pay down a dream wedding.
• An all-expense-paid trip to an epic sporting event: $25,000 to put towards watching the best athletes on the court.

Enter the ‘Power of Plus’ sweepstakes by signing up here and selecting a financial ambition for a chance to win. Existing members can boost their chances with additional entries by referring family or friends and sharing the sweeps on their social media. No purchase necessary, mail-in entries available. See Official Rules.*

To learn more about SoFi and SoFi Plus visit https://www.sofi.com/sofi-plus/ and follow SoFi on Instagram and X for all SoFi educational content, news and product updates.

About SoFi

SoFi (NASDAQ: SOFI) is a member-centric, one-stop shop for digital financial services on a mission to help people achieve financial independence to realize their ambitions. The company’s full suite of financial products and services helps its over 10.1 million SoFi members borrow, save, spend, invest, and protect their money better by giving them fast access to the tools they need to get their money right, all in one app. SoFi also equips members with the resources they need to get ahead – like credentialed financial planners, exclusive experiences and events, and a thriving community – on their path to financial independence.

SoFi innovates across three business segments: Lending, Financial Services – which includes SoFi Checking and Savings, SoFi Invest, SoFi Credit Card, SoFi Protect, and SoFi Insights – and Technology Platform, which offers the only end-to-end vertically integrated financial technology stack. SoFi Bank, N.A., an affiliate of SoFi, is a nationally chartered bank, regulated by the OCC and FDIC and SoFi is a bank holding company regulated by the Federal Reserve. The company is also the naming rights partner of SoFi Stadium, home of the Los Angeles Chargers and the Los Angeles Rams. For more information, visit https://www.sofi.com or download our iOS and Android apps.

Disclosures:

*NO PURCHASE NECESSARY. A PURCHASE WILL NOT INCREASE YOUR CHANCES OF WINNING. Open only to legal residents of the 50 US/DC, 18+. Void where prohibited by law. Sweepstakes ends at 11:59 pm ET on 5/14/25. Subject to Official Rules, including alternate and free methods of entry, prizes, limits, and odds, click here. Sponsor: Social Finance LLC (“SoFi”) 234 First Street, San Francisco, CA 94105

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View source version on businesswire.com: https://www.businesswire.com/news/home/20250211941282/en/

SoFi Media Relations

pr@sofi.org

Source: SoFi Technologies

FAQ

What are the new benefits offered in SOFI Plus premium membership?

SOFI Plus now offers unlimited 1% invest rewards match, free financial planning sessions, $1,000 home loan closing discount, exclusive student loan refinance rates, 3% hotel cash back, VIP event access, and enhanced savings on privacy services.

How much does SOFI Plus membership cost in 2025?

SOFI Plus costs $10 per month, but members can access it for free with direct deposit, with no minimum balance required.

What is the grand prize in SOFI's 'Power of Plus' sweepstakes 2025?

The grand prize is $400,000 toward purchasing a home, among other prizes including $70,000 for student debt and retirement contributions.

What APY rate does SOFI Plus offer on savings accounts?

SOFI Plus members earn 3.80% APY on their SOFI Savings and Vault balances.

What are the cash back rewards for SOFI Plus credit card holders?

SOFI Plus members receive a 10% boost on credit card cash back rewards, allowing them to earn up to 3.3% cash back.