SoFi launched SoFi Earn, or SOFIE, on 22 October, giving customers an interest-bearing tokenized deposit at SoFi Bank, N.A. Each SOFIE represents $1 on deposit. The company said access was rolling out to SoFi Crypto members through November, with conversion into its separate SoFiUSD stablecoin providing the route to crypto purchases and blockchain transfers.[1]
The rate sheet effective 20 October, still published when checked on 29 October, gives an annual interest rate of 4.31368% and a 4.40% annual percentage yield. Interest accrues daily and is compounded and credited monthly. Both the interest rate and APY are variable; the APY assumes principal and interest remain on deposit for a year. There is no minimum balance requirement, and fees can reduce earnings.[2][1]
A deposit balance and a transfer asset
Holding and transferring dollars in SoFi’s system
| Stage | Legal or product character | Important protection or condition |
|---|---|---|
| SOFIE | Tokenized deposit liability of SoFi Bank | FDIC insurance eligibility under standard rulesSource 1Source 2 |
| Quoted deposit yield | 4.40% APY as of 20 Oct 2026 | Variable; fees may reduce earningsSource 1Source 2 |
| Deposit insurance limit | Up to $250,000 per depositor per insured bank per ownership category | Aggregation with other eligible bank deposits appliesSource 1Source 2 |
| Conversion | SOFIE to SoFiUSD at stated 1:1 rate | Conversion changes the instrumentSource 1Source 2 |
| SoFiUSD | Payment stablecoin for transfer | Not itself an FDIC-insured depositSource 1Source 2 |
| Crypto purchase | Buy supported crypto within SoFi Crypto | Crypto assets are speculative and uninsuredSource 1Source 2 |
| Rollout | SoFi Crypto members through November 2026 | Account eligibility is not universalSource 1Source 2 |
SOFIE is a deposit liability of SoFi Bank and is eligible for FDIC insurance under the applicable rules: generally $250,000 per depositor, per insured bank, for each ownership category. The rate sheet says SOFIE is not placed in the SoFi Insured Deposit Program. Its balance stays at SoFi Bank and is aggregated with other deposits there in the same ownership category, so tokenisation does not create a separate insurance allowance.[1][2]
To use the funds for an onchain transfer or crypto purchase, a customer converts SOFIE into SoFiUSD at a stated one-for-one ratio. SoFiUSD is a separate digital asset and does not carry the deposit’s FDIC insurance. The launch describes transfers to supported external wallets through SoFiUSD; it does not describe SOFIE itself as a token transferable to any wallet.[1]
The rate sheet also addresses reversed funding: if interest has been credited on a transaction later returned, cancelled or found invalid, the bank may deduct that interest or require repayment. This makes the distinction between available funds and a final transaction relevant to the amount a customer ultimately earns.[2]
The product adds a place to earn bank interest while waiting to use digital dollars. Its practical limits are the variable rate, the aggregate deposit-insurance cap and access during the staged rollout. Customers move into a different product, with different protections, when they convert to SoFiUSD.[1][2]
Sources & further reading
- SoFi Launches SoFi Earn (SOFIE), a national-bank tokenized deposit for consumers SoFi Technologies investor relations · 22 Oct 2026 · Accessed 29 Oct 2026
- SoFi Bank tokenized deposit rate sheet SoFi · Accessed 29 Oct 2026