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SoFi Checking & Savings: Open New Account w/ Direct Deposit, Get Expired

up to 4.00% APY
+ $250 Bonus w/ $5K+ in Direct Deposit Transactions
+74 Deal Score
94,118 Views
SoFi is offering 2.00% > 2.50% > 3.50% > now 4.00% APY on Savings or 2.50% > now 1.20% APY on Checking + Up to $300 > now $250 Bonus when you Open a New Online Account and Set Up Direct Deposit.

Thanks to Community Member vrcsu for posting this deal.

Details/Features:
  • After Opening a New Account and setting up Direct Deposit, wait for your direct deposit to hit your account (typically 2-4 weeks).
  • Amount of Direct Deposit Cash Bonus depends on Total Qualifying Direct Deposit amount in 25-day Evaluation Period :
    • $1,000 - $4,999 Total Qualifying Direct Deposit: $50 Cash Bonus
    • $5,000 or more Total Qualifying Direct Deposit: $250 Cash Bonus
  • SoFi will credit members who meet qualification criteria within 14 days of the end of the Evaluation Period.
  • Direct Deposit Bonus Promotion ends 1/23/23 > now 12/31/23 11:59PM ET.
  • No overdraft fees. No minimum balance fees. No monthly fees. Plus, 55,000+ fee-free ATMs within the Allpoint Network.
  • Up to 2-day-early-paycheck
  • Get up to 15% cash back at local establishments when you pay with your SoFi debit card.
  • Organize your money, set savings goals, and save your change with Vaults and Roundups.
  • You'll earn up to 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 1.20% APY on checking balances with direct deposit. Members without direct deposit will earn 1.20% APY.
  • There is no minimum direct deposit amount required. However, please note that there is a minimum direct deposit required for No-Fee Overdraft Coverage ($1,000).
  • Interest rates are variable and subject to change at any time. Rates are current as of 12/16/2022. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet

Editor's Notes & Price Research

Written by
  • Please refer to the forum thread for additional deal ideas & discussion.

Original Post

Written by
Edited April 12, 2023 at 01:16 PM by
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Deal
Score
+74
94,118 Views
up to 4.00% APY
These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered. Opinions expressed here are the author's alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

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Featured Comments

I opened Sofi checking on Jul 26 and completed the $5,000 direct deposit. Got email 4 days ago saying "Nice work! Your first direct deposit just hit your account. We'll calculate your total direct deposit amount over the next 30 days and credit the bonus accordingly. You'll qualify for your bonus 30 days after you set up direct deposit with your employer, and it can take up to 2 weeks for it to post to your account after that"....so I should be getting the $300 within next 30 days.

-Mar, opened/completed Wells Fargo and received in 3 mts (June) the $325 Bonus.
-Apr, opened/completed Chase and received the $225 bonus immediately (same month) after direct deposit was made.
-Today, opened US Bank and setup direct deposit to receive the $400 bonus after 2 or more deposits totaling $4,000 or more.

I am now researching BMO Harris and their $500 cash bonus when you have a total of at least $7,500 in qualifying direct deposits within the first 90 days.
https://www.bmoharris.com/main/personal/checking-accounts/digital-offer/?COID=BMOC-06492I-CH9U6X7&ec... [bmoharris.com]
Read More
can we do a bank transfer to satisfy the direct deposit?
I just did this earlier today. I've had capital One 360 savings since it was ING Orange Savings and until recently I didn't notice they weren't paying me the interest rate posted on their homepage because they started the "performance" 360 savings account which gets a higher rate. Why didn't they just convert 360 savings to the new "performance" product? Probably so people like me wouldn't realize right away we weren't getting paid the best rate. They said I'd have have a new performance account to get the better rate so since I was a little miffed, I'd have to open a new account anyway, and SoFi is paying better I just moved it all over to SoFi...
Read More

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Joined Jan 2005
L9: Master
> bubble2 4,802 Posts
784 Reputation
SonofZeus
08-12-2022 at 05:54 AM.
08-12-2022 at 05:54 AM.
Total Qualifying Direct Deposit amount in 30-day Evaluation Period Cash Bonus
$1,000 - $1,999 $50
$2,000-$4,999 $100
$5,000 or more $300
Reply
Joined Sep 2011
Price Compare, Always
> bubble2 17,947 Posts
3,528 Reputation
Expert
This user is an Expert in Tech & Electronics
bluekiwi
08-12-2022 at 06:05 AM.
08-12-2022 at 06:05 AM.
can we do a bank transfer to satisfy the direct deposit?
2
Reply
Joined Sep 2008
L10: Grand Master
> bubble2 7,469 Posts
715 Reputation
DogAndPony
08-12-2022 at 06:09 AM.
08-12-2022 at 06:09 AM.
When does the evaluation period start? On the day you open your account? My employer is slow to change the banking information on direct deposits so I would need to act quickly I suppose.
Reply
Joined May 2014
L4: Apprentice
> bubble2 461 Posts
112 Reputation
Original Poster
vrcsu
08-12-2022 at 06:15 AM.
08-12-2022 at 06:15 AM.
Quote from DogAndPony :
When does the evaluation period start? On the day you open your account? My employer is slow to change the banking information on direct deposits so I would need to act quickly I suppose.
They day First Direct Deposit Starts
1
Reply
Joined Nov 2019
VIP Member
> bubble2 14,495 Posts
720 Reputation
Lilyly
08-12-2022 at 06:29 AM.
08-12-2022 at 06:29 AM.
Quote from vrcsu :
You can open with no money.
sounds good. but i am too poor for this $300 promo. my income cant reach $5000 a month direct deposit requirement.


any other ways for direct deposit besides a real job? Cool
5
Reply
Joined Sep 2008
L10: Grand Master
> bubble2 7,469 Posts
715 Reputation
DogAndPony
08-12-2022 at 07:04 AM.
08-12-2022 at 07:04 AM.
Quote from vrcsu :
They day First Direct Deposit Starts
Thanks! I might do this then. Easy money it sounds like.
1
Reply
Joined Jun 2009
L8: Grand Teacher
> bubble2 3,983 Posts
583 Reputation
LeviathanUltima
08-12-2022 at 07:34 AM.
08-12-2022 at 07:34 AM.
Anyway to get this if you already have an account?
1
Reply

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Joined Jul 2010
L9: Master
> bubble2 4,170 Posts
814 Reputation
Aogen
08-12-2022 at 07:57 AM.
08-12-2022 at 07:57 AM.
Rates can change at any time per the terms.
1
Reply
Joined Aug 2004
L5: Journeyman
> bubble2 837 Posts
34 Reputation
dealkk
08-12-2022 at 08:58 AM.
08-12-2022 at 08:58 AM.
Are they the bank or just middle man like Voyager?
Reply
Joined Oct 2004
L2: Beginner
> bubble2 28 Posts
49 Reputation
Dual247
08-12-2022 at 11:59 AM.
08-12-2022 at 11:59 AM.
SoFi is officially a bank after they got their charter approved earlier this year. That's why they've been able to give such great rates now.
Reply
Joined Dec 2015
L4: Apprentice
> bubble2 382 Posts
123 Reputation
Arptorious
08-12-2022 at 03:00 PM.
08-12-2022 at 03:00 PM.
Quote from dealkk :
Are they the bank or just middle man like Voyager?
They are a bank.
Reply
Joined May 2014
L4: Apprentice
> bubble2 461 Posts
112 Reputation
Original Poster
vrcsu
08-12-2022 at 04:03 PM.
08-12-2022 at 04:03 PM.
Quote from LeviathanUltima :
Anyway to get this if you already have an account?
Yes, I have account with them
Reply
Joined Jan 2013
L4: Apprentice
> bubble2 407 Posts
22 Reputation
BBH24
08-12-2022 at 04:11 PM.
08-12-2022 at 04:11 PM.
How long between closed account and new account to qualify for offer?
Reply
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