SoFi Offers 4.40% Yield on Digital Dollars With Full FDIC Protection

SoFi has launched SoFi Earn (SOFIE), a tokenized consumer bank deposit offering 4.40% annual percentage yield (APY) and federal deposit insurance. The new product allows customers to earn interest while preparing to purchase cryptocurrencies or transfer money through blockchain networks. It marks the company’s fifth crypto-related offering in less than a year. SoFi is putting a new spin on digital dollars , offering consumers a way to earn interest on money earmarked for cryptocurrency purchases without giving up traditional banking protections. Announced Oct. 22 , SoFi Earn (SOFIE) is billed as the first tokenized consumer deposit issued by a nationally chartered U.S. bank. The product offers a 4.40% annual percentage yield (APY), with Federal Deposit Insurance Corp .

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