SoFi offers $200 emergency savings assistance

SoFi announced it has launched a program to offer $200 towards emergency savings to all who open an account with SoFi Money. This program headlines a pandemic-relief package that also includes enhanced cash-back benefits on “quarantine-essential” purchases and services including 10% back on groceries, food delivery, streaming video and live sports channels, as well as unlimited complimentary access to career coaching and financial planning sessions.

The $200 Emergency Savings vault is available to all who open an account now through August 14th, 2020.

“At SoFi, our mission is to help people achieve financial independence to realize their mission. This pandemic marks the first time many of our members have seen their income halved or disappear entirely overnight through no fault of their own. We have a responsibility to work tirelessly to find new ways to alleviate these financial pressures at an unprecedented time, at an urgent pace, for those who do not have the luxury of waiting for the government to extend and disburse benefits. We are here to remind our members: It is never too late to start getting your money right, and we will help you every step of the way.” – Anthony Noto, CEO of SoFi.

SoFi Money is a hybrid account offering a 6x higher interest rate relative to the national average of transactional accounts, zero account fees, no-fee in-network ATM withdrawals, and the ability to spend, pay, and save directly from the SoFi mobile app. SoFi Money features include free person-to-person (P2P) payments, electronic bill pay, mobile check deposits, debit card functionality, and mobile payment integrations. SoFi maintains industry-standard administrative, technical and physical safeguards to protect user information, and deposits with SoFi Money are FDIC insured up to $1.5 million.

This program is just the latest initiative SoFi has undertaken during this national crisis to help meet the full breadth of its members financial needs. From facilitating the distribution of Paycheck Protection Program funds to providing complimentary college-planning and estate-planning tools, SoFi has been committed to being responsive to members’ needs all throughout the pandemic, to supplement an already extensive array of financial-wellness tools and live advice. Through it all, SoFi is and has been actively involved with policy leaders to find additional ways to help society at large during these challenging times.