SoFi Bank Is Making A Big Change That Might Affect 12.6M Bank Customers

SoFi Bank is making sweeping changes to its "Plus" premium subscription, which might affect some of its 12.6 million customers.

On Wednesday, the financial services company announced a refreshed SoFi Plus with "20+ perks and $1,000+ in annual value."

However, many of the perks included in the new subscription will come at a cost—turning a one-time courtesy benefit into a paywalled experience. Thankfully, some things are not changing.

What's Changing With SoFi Plus?

Starting Mar. 31, 2026, SoFi customers will no longer be able to unlock SoFi Plus with deposits—ending the "courtesy" benefit that was previously offered to customers who made deposits at the bank every month.

Instead, they'll have to pay $10 per month for the subscription to access existing features—like the 10% boost on credit card cash back, a match on retirement contributions or recurring investments, and access to a financial planner—alongside access to new benefits.

Among the new offers are discounts at retailers such as TurboTax, Care.com, Vivid Seats, Seated, and CNBC+. The company is also offering discounts through its new remittance business, SoFi Pay, and launching a new charge card which offers cash back on 'everyday essentials.'

SoFi Launches New Smart Card

The new SoFi Smart Card will be exclusive for SoFi Plus users, offering 5% cash back on spending at grocery stores—which includes retailers like Trader Joe's, Kroger, amd Safeway. However, it excludes superstores and wholesale stores like Costco, Target, or Walmart.

Positioned as a sort of mix between a "credit builder" and "responsible spending" product, the new card will set spending limits based on the balance of your savings and checking accounts.

Savings Are Here to Stay

Regardless of the changes to Plus, a SoFi representative tells TheStreet that the bank's high-yield savings won't be going anywhere for customers, contingent on their account still receiving an "eligible direct deposit" or making "$5,000 in qualifying deposits every 31 days."

Additionally, SoFi is offering a promotional savings rate of 4.30% APY for six months to those who sign up for the refreshed subscription and initiate a direct deposit.

While this might alleviate a key concern for some customers—especially those drawn to the bank for its attractive savings rate—there might still be frustration as once "free" features are now packaged up and sold for a monthly subscription fee.

What's With the Changes?

The changes come as the student-lender-turned-fintech-firm seeks ways to maintain its impressive pace of growth. With revenue and adjusted EBITDA up 38% and 49% year-over-year in their latest quarterly report, the bank has been hitting its stride after a tumultuous last few years on public markets.

For now, SoFi Plus—and its various perks—will remain accessible with a direct deposit. However, access to the product will sunset for non-paying customers at the end of the first quarter of 2026.

SoFi Technologies Inc. stock is up 91.6% year-to-date as of this article's publishing date, trading just below all-time highs.