On October 22, 2026, SoFi announced SoFi Earn, a tokenized bank deposit called $SOFIE offering 4.40% variable APY through SoFi Crypto. Each unit represents $1 deposited at SoFi Bank, N.A. The deposit earns interest and qualifies for FDIC insurance within the applicable limits. The token itself stays on SoFi.
The product page explains how customers can move that value into transferable crypto: use $SOFIE to buy SoFiUSD, or $SOFID, or another supported transferable asset. The amount stops being an insured deposit at conversion. SoFi’s advertised 24/7 on-chain access comes through the replacement asset; the insured $SOFIE balance cannot itself move to an external address.
What the account actually holds
Customers can buy Earn with $SOFID or cash from SoFi Checking and Savings. They can also sell crypto in their SoFi Crypto account into Earn. The product disclosure sets no minimum balance requirement and warns that fees may reduce earnings. Customers access the deposit through the crypto interface, while SoFi Bank remains responsible for the deposit.
The tokenized deposit agreement treats the token and its underlying balance as a single legal claim. Holding $SOFIE creates no separate asset in addition to the deposit and no second claim against the bank. A conversion into $SOFID redeems one product and separately issues or acquires the other under its own terms.
The agreements divide responsibility for the account. The SoFi Crypto agreement governs access and other digital-asset services. The deposit agreement governs $SOFIE’s banking treatment, including ownership, interest, redemption and insurance. If the documents conflict over the token’s characterization as a bank deposit, the deposit agreement controls.
The rate is variable, with monthly compounding
The rate sheet effective October 20, 2026 lists a 4.31368% interest rate and 4.40% APY for the individual tokenized deposit account. Interest accrues daily on the end-of-day balance. SoFi compounds and credits it monthly. Collected funds begin earning on the calendar day they are credited and earn through the day before withdrawal, subject to applicable law.
SoFi calculates daily interest by applying a periodic rate to the principal each day. That rate is 1/365 of the account interest rate. The bank may use 1/366 in a leap year.
The quoted APY assumes a 365-day term with all principal and interest left on deposit and no deposits or withdrawals during that period. It expresses an annualized account yield, not a fixed return for money held between trades. SoFi can change the rate and APY at its discretion. There is no limit on the size or frequency of changes, and the bank posts updates to the rate sheet and account.
The rate sheet lets the bank reverse interest payments. If a credited transaction is later returned, reversed, canceled or found unauthorized or invalid, SoFi can deduct the associated interest without prior notice or require the customer to repay it. Failure to repay can lead to account restrictions or closure.
When a customer closes the account, SoFi calculates accrued interest through closure and prorates it for the days the account remained open during that interest period. It includes that interest in the final balance, so closing the account does not simply forfeit the current month’s unpaid interest. The deposit agreement governs payment or transfer of the final balance.
The insurance limit is shared
The product FAQ says $SOFIE is insured up to $250,000. It shares that limit with the customer’s other individual deposits at SoFi Bank, including individual Checking and Savings balances. Joint accounts belong to a separate ownership category. Moving money from an individual SoFi savings balance into Earn leaves the customer with the same individual insurance allowance.
Earn is outside SoFi’s expanded deposit program. The rate sheet says the tokenized balance is not eligible for, and will not be placed in, the SoFi Insured Deposit Program. The money stays deposited at SoFi Bank, where it is aggregated with other deposits in the same ownership category to determine insurance coverage.
The product disclosure identifies $SOFIE as a deposit liability, separate from SoFi Crypto and from payment stablecoins. When a customer buys $SOFID or another transferable crypto asset, the replacement asset lacks both FDIC and SIPC protection, involves risk and may lose value. Deposit status ends at conversion, before any subsequent transfer to an external wallet.
Bank records govern the token
The deposit agreement restricts direct transfers both within and outside SoFi. Unless the bank expressly enables a feature under additional terms, customers cannot send $SOFIE to another person or SoFi customer, an exchange, a decentralized application, a smart contract or an external address.
SoFi’s official records determine the depositor, ownership, deposit amount, available balance and legal status of transactions. When those records conflict with blockchain records or a wallet display, the bank’s records control, subject to correction and applicable law. Pending transactions, holds, restrictions, reversals or legal process can leave the available balance below the total deposit balance.
The agreement permits SoFi to record $SOFIE and $SOFID through the same smart contract. Sharing a contract does not merge their legal or insurance treatment. The provision allows shared recordkeeping while leaving each product subject to its own agreement.
Customers can check their current rate and accrued interest under Crypto, $SOFIE and Total interest earned in the app or website. To redeem into bank money, the product page directs them to Sell. The dollars land in their SoFi Checking or Savings account. The legal terms reserve the bank’s right to require at least seven days’ written notice before a withdrawal or transfer, though SoFi says it does not ordinarily require that notice.
Future direct-transfer functionality would require SoFi to expressly enable it with additional terms, eligibility requirements and limits. The agreement makes no promise that SoFi will offer those features.
