SoFi Plus is a paid membership that costs $14 per month and gives you cash back on purchases, higher savings account rates, and other perks

SoFi Plus is an optional subscription offered by SoFi (Social Finance), a financial technology company. The membership costs $14 monthly and is designed to reward customers who use multiple SoFi products — checking accounts, savings accounts, investing, loans, and credit cards. You are not required to have it; it is one option among several ways SoFi structures its pricing.

The subscription is separate from having a SoFi account itself. You can open a SoFi checking or savings account without paying for Plus. The membership is something you choose to add if the benefits match how you already use SoFi or plan to use it.

Key Takeaways

  • SoFi Plus costs $14 per month and is optional — you can use SoFi products without it.
  • The main benefits are 1% cash back on debit card purchases, higher interest rates on savings accounts, and waived fees on wire transfers and overdrafts.
  • You must maintain a $5,000 minimum balance in a SoFi savings account to keep the membership active.
  • The subscription may make sense if you use a SoFi checking account, savings account, and debit card regularly, but not if you only use one product.

What the $14 monthly fee includes

SoFi Plus members receive 1% cash back on all debit card purchases made with a SoFi checking account. This cash back is deposited into your SoFi savings account automatically. Unlike some cash back programs that cap rewards or exclude certain categories, this 1% applies to all purchases with no category limits.

Members also get a higher interest rate on SoFi savings accounts — typically 0.50% above the base rate, though the exact rate changes with market conditions. SoFi publishes current rates on its website. Additionally, Plus members have wire transfer fees waived (normally $10 per outgoing wire) and overdraft fees waived if your account goes negative.

The membership also includes fee waivers on certain other transactions, such as expedited shipping on debit card replacements. SoFi updates the full list of benefits on its membership page, so the exact perks can shift.

The $5,000 minimum balance requirement

To keep SoFi Plus active, you must maintain at least $5,000 in a SoFi savings account at all times. If your balance drops below $5,000, your membership is suspended until you restore it. This is not a one-time deposit — it is an ongoing requirement. The balance is checked regularly, and if you fall short, you lose the benefits immediately.

This requirement means the subscription only makes financial sense if you have at least $5,000 available to keep in savings. If you do not have that amount or need to keep your savings lower, SoFi Plus is not a practical option for you.

When the $14 monthly cost makes sense

The subscription pays for itself if you spend enough to earn $14 or more in cash back each month. Since you earn 1% cash back on all debit card purchases, you would need to spend $1,400 per month on your SoFi debit card to break even on the fee alone. Many people who use their debit card for regular expenses easily exceed this amount.

The higher savings rate adds value on top of the cash back. If you keep $5,000 in a SoFi savings account, the extra 0.50% interest rate earns you roughly $25 per year on that balance alone — not enough to cover the subscription by itself, but it reduces the net cost. The wire transfer and overdraft fee waivers provide additional value if you use those services.

SoFi Plus makes the most sense if you use a SoFi checking account, spend regularly with the debit card, and maintain a savings account with the company. If you only use one SoFi product or rarely use your debit card, the subscription is unlikely to pay for itself.

How to cancel SoFi Plus

You can cancel your SoFi Plus membership at any time through the SoFi mobile app or website. Go to your account settings, find the membership section, and select the option to cancel. There is no penalty for canceling, and you will not be charged for the following month once you cancel.

If you cancel, you immediately lose all Plus benefits — the cash back rate drops to zero, the higher savings rate ends, and fee waivers stop. Any cash back you have already earned remains in your account. Your SoFi checking and savings accounts continue to work normally after cancellation; you just lose the membership perks.

SoFi Plus compared to other bank memberships

Many online banks and fintech companies offer optional paid memberships with similar structures. Some charge more ($20 or higher per month) and offer more benefits; others charge less and offer fewer perks. The value depends on which products you use and how much you spend.

Traditional banks rarely charge for basic checking and savings accounts, but they also typically offer lower interest rates and fewer rewards. SoFi's model is designed for people who want higher rates and cash back rewards and are willing to pay a monthly fee to get them. Whether that trade-off makes sense is personal to your situation.

What happens if you do not pay the monthly fee

If you do not want to pay for SoFi Plus, you can use SoFi's free checking and savings accounts without it. The free accounts have lower interest rates and no cash back rewards, but they have no monthly fee and no minimum balance requirement. You can also use SoFi's investment and lending products without a Plus membership.

SoFi will not close your account or penalize you for declining the membership. The subscription is entirely optional. You choose whether the benefits are worth $14 per month to you.

Frequently Asked Questions

Can I get SoFi Plus without a savings account?

No. SoFi Plus requires you to maintain a $5,000 minimum balance in a SoFi savings account. If you do not have a savings account with SoFi, you cannot purchase the membership. You would need to open one first.

Does SoFi Plus include investment or loan discounts?

SoFi Plus focuses on banking benefits — cash back, higher savings rates, and fee waivers. It does not include discounts on investment fees or loan interest rates. Those products have their own pricing structures separate from the membership.

What if my balance drops below $5,000 for a day?

SoFi checks your balance regularly but not necessarily every single day. If your balance dips below $5,000 briefly and then recovers, you may not lose your membership. However, SoFi's exact checking schedule is not published, so it is safest to keep your balance consistently above $5,000 to avoid suspension.

Can I pause SoFi Plus instead of canceling?

SoFi does not offer a pause feature for Plus membership. You can only cancel it. If you want to stop paying the fee temporarily, you would need to cancel and then reactivate it later if you meet the requirements again.

Is the 1% cash back taxable income?

Cash back rewards are generally not considered taxable income by the IRS, as they are treated as a reduction in the purchase price rather than income. However, tax law can be complex, and your situation may differ. Consult a tax professional if you have questions about how to report cash back on your taxes.