SoFi's New Crypto Dollars Pay 4.40%. Its Savings Base Rate Is 3.30%. Hit Convert and the Interest Stops.

If you bank with SoFi, the same bank is now paying two different rates on the same dollars. Its savings account base rate is 3.30%. Its new crypto-wallet dollar pays 4.40%. The wrapper is the only difference.

What SoFi launched

On October 22, SoFi rolled out SoFi Earn, or SOFIE. SoFi calls it a “tokenized deposit.” Strip the jargon and it’s a bank deposit with a blockchain receipt. Each SOFIE is $1 sitting at SoFi Bank, earning a variable 4.40% APY, FDIC insured up to the usual limits. SoFi says it’s rolling out to SoFi Crypto members through November.

The pitch is for people holding dollars before they buy crypto. CEO Anthony Noto says “too much money” in digital assets “is sitting idle.” SoFi’s release cites Fed research putting idle stablecoins at about $64 billion.

So SOFIE pays you while you wait. When you’re ready, you convert it 1:1 to SoFiUSD, SoFi’s stablecoin, and buy crypto or send it to an outside wallet.

Here’s the catch

The second you hit convert, two things vanish.

The interest stops. The Block reports that deposits “continue earning interest until it is converted.” Federal law explains why: the GENIUS Act says no stablecoin issuer “shall pay the holder of any payment stablecoin any form of interest or yield.” We covered that ban in our stablecoin interest explainer.

The insurance goes too. SoFiUSD is “not an FDIC-insured deposit,” per The Block, and the same law says payment stablecoins aren’t covered by FDIC deposit insurance.

The math

Put $10,000 in SOFIE at 4.40% and you earn about $440 a year. The same $10,000 at SoFi’s 3.30% base savings rate earns about $330. That’s $110 a year for picking the crypto-flavored door.

SoFi Savings can hit 4.40% too, but only with a 1.10% boost that lasts up to 6 months. You also need direct deposits or $5,000 in qualifying deposits every 31 days. The SOFIE release lists no minimum balance and no boost clock.

Our verdict: your call, with a lean. If you already hold dollars in SoFi Crypto, parking them in SOFIE instead of SoFiUSD is an easy upgrade. Smart. If you’d be opening a crypto account just for the rate, remember this is a variable launch rate that SoFi can cut any day.

What to do this week

Open the SoFi app and check which rate your savings actually earns, and when any boost ends. If you keep dollars in SoFi Crypto waiting for a purchase, hold them as SOFIE and don’t convert until the day you buy. Then run your balance through our savings calculator and compare it against our best savings accounts list. Boosts expire. We showed how in our Vanguard boost breakdown.

The detail

SoFi’s rate is as of October 20, 2026 and is variable. Its release adds “fees may reduce earnings.” FDIC coverage is $250,000 per depositor, per insured bank, for each ownership category. SOFIE shares that limit with any other SoFi Bank deposits you hold in the same ownership category. SoFi says SOFIE “is not a payment stablecoin,” and that distinction is what keeps it outside the stablecoin interest ban.

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