A SoFi account can provide a base 3.60% APY, but new clients can get a 0.70% boost for up to 6 months for a total APY of 4.30%. That’s over ten times the national deposit savings rate, according to the FDIC’s November report.These function like regular savings accounts but offer much higher interest rates. For example, a SoFi checking and savings account can help you build your wealth base through a combination of high-interest rates, zero fees and ease of access.Rather than spending more, many households a ...

Core Viewpoint - SoFi is launching cryptocurrency trading on its platform, marking a significant milestone as the first national bank to offer the ability to buy, sell, and hold cryptocurrencies like Bitcoin, Ethereum, and Solana [1][3]. Company Overview - SoFi aims to be a one-stop shop for all financial services, filling a gap in cryptocurrency offerings that has existed for the past two years due to regulatory restrictions [2][5]. - The company is leveraging a recent interpretive letter from the Office of the Comptroller of the Currency (OCC) that allows banks to offer cryptocurrency services [3]. Product Offering - Initially, SoFi will offer three cryptocurrencies but plans to expand the selection significantly [4]. - Users can fund their crypto investments directly from their SoFi checking and savings accounts, which earn interest and are FDIC insured up to $2 million [6][7]. Competitive Advantage - SoFi differentiates itself from competitors like Coinbase and Robinhood by being a nationally chartered bank, providing a secure infrastructure and a comprehensive suite of financial services [5][8]. - The platform allows for various financial activities, including international payments and self-served wires, in addition to cryptocurrency trading [10]. Market Demand - A survey indicated that 60% of SoFi members expressed interest in investing in cryptocurrency through a regulated entity like a bank [13]. - The company acknowledges the high-risk nature of cryptocurrencies and advises members to approach investments cautiously, suggesting that it should only represent a small portion of their overall portfolio [14]. Future Outlook - SoFi plans to launch its own stablecoin, SoFi USD, in January, which will be backed dollar-for-dollar by reserves held in its Federal Reserve bank account, mitigating liquidity and credit risks [19][20]. - The company is aware of the potential risks associated with stablecoins, particularly those not issued by banks, and emphasizes its commitment to maintaining low risk in its offerings [22][23].