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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
94,568 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
  • Deal Image
Deal Image
Apply Now

Original Post

Written by
Edited April 12, 2023 at 01:16 PM by
Update: 2.5% APY starting 9/30 >Now 4.00% for Savings

2.00% APY with a direct deposit. $1 direct deposit is good enough to get 2.00 APY. 1.00% APY with no direct deposit.
No account fees
No overdraft fees
No minimum balance fees
No monthly fees
Free Checks
FDIC insured
2-day-early-paycheck credit
Great mobile banking app
Access to 55,000 ATMs worldwide through the Allpoint Network

Very easy to open Checking and Savings account online with SoFi
https://www.sofi.com/banking/

up to $300 $250 bonus + $25 referral bonus

Total Qualifying Direct Deposit amount in 30-day Evaluation Period Cash Bonus
$1,000 - $1,999$4,999 $50
$2,000-$4,999 $100
$5,000 or more $300 $250

Evaluation Period start from your 1st Direct Deposit Date. (Not from account opening date)

SoFi Checking and Savings - Referral Bonus :
For a limited time, get $25 when you sign up for a SoFi Checking & Savings account and deposit at least $10 with referral link.

Referral bonus $25 created the same day of $10 deposit

How to Transfer Money?
• Directly making an online transfer from one bank account to another
• Writing a check
• Making a peer-to-peer transfer
• Completing a wire transfer
• Working with a third-party company
• Making an email money transfer

Withdrawal Limit is $1,000,000.00 per day
Same limit for transferring money from Sofi to external bank account

Overall best banking experience I've ever had.
I closed my 20 years old regions and chase accounts and moved to Sofi.
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Score +74
94,568 Views
up to 4.00% APY
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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]
·
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...
·

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Joined Jan 2006
L3: Novice
> bubble2 165 Posts
141 Reputation
liverpool4life
08-12-2022 at 07:06 PM.
08-12-2022 at 07:06 PM.
Quote from cannono :
I've had only good experiences so far across my accounts. YMMV of course, but I also got the bonus within 24 hours of qualifying for the highest tier.
Trustpilot : 4 stars / 3K reviews
https://www.trustpilot.com/review...rt=recency

BBB : 1 star / 112 reviews
559 complaints closed in last 3 years
369 complaints closed in last 12 months
https://www.bbb.org/us/ca/san-fra...116-439036
1
2
Reply
Joined Jan 2006
L3: Novice
> bubble2 165 Posts
141 Reputation
liverpool4life
08-12-2022 at 07:10 PM.
08-12-2022 at 07:10 PM.
Quote from Jaffacake007 :
How easy has it been to close accounts?
Three years ago, had no problems closing WF, Chase and Citi checking accounts after getting the bonus.
I had US Bank credit card and canceled two months ago with zero issues.
I am hoping Sofi will be easy to cancel when the time comes laugh out loud
1
Reply
Joined Apr 2008
L5: Journeyman
> bubble2 725 Posts
EvR211
08-12-2022 at 07:11 PM.
08-12-2022 at 07:11 PM.
Quote from Playswithsquirrel :
No, bank transfer does not qualify.
did you personally try it yourself with no luck or just assuming?
Quote from desynergy :
Hardly any banks allow transfers to satisfy their new account deposit restrictions any more. I have several accounts sitting idle waiting for promos like that, but they're hardly happening. Even deposits from investment companies doesnt trick the system any more. ACH network has tweaked it pretty good.
The 53rd one recently worked with bank transfer
Quote from liverpool4life :
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]
If ur state qualifies you should do the 53rd easiest one of all
Reply
Joined May 2014
L4: Apprentice
> bubble2 461 Posts
112 Reputation
Original Poster
vrcsu
08-12-2022 at 07:14 PM.
08-12-2022 at 07:14 PM.
Quote from liverpool4life :
Trustpilot : 4 stars / 3K reviews
https://www.trustpilot.com/review...rt=recency [trustpilot.com]

BBB : 1 star / 112 reviews
559 complaints closed in last 3 years
369 complaints closed in last 12 months
https://www.bbb.org/us/ca/san-fra...116-439036 [bbb.org]
We are taking about Sofi Bank which started recently. But are rate link goes to Social Finance, Inc which opened back in 9/12/2012
Reply
Joined May 2014
L4: Apprentice
> bubble2 461 Posts
112 Reputation
Original Poster
vrcsu
08-12-2022 at 07:18 PM.
08-12-2022 at 07:18 PM.
Quote from liverpool4life :
Three years ago, had no problems closing WF, Chase and Citi checking accounts after getting the bonus.
I had US Bank credit card and canceled two months ago with zero issues.
I am hoping Sofi will be easy to cancel when the time comes
why do u worry about canceling your account? You dont have to keep a penny at Sofi to avoid fees.

1
Reply
Joined May 2014
L4: Apprentice
> bubble2 461 Posts
112 Reputation
Original Poster
vrcsu
08-12-2022 at 07:22 PM.
08-12-2022 at 07:22 PM.
Quote from ever305 :
did you personally try it yourself with no luck or just assuming?
The 53rd one recently worked with bank transfer
If ur state qualifies you should do the 53rd easiest one of all
I did 53rd too.

But 53rd does not pay any interest and their goes down constantly. They lock your account too. uneducated CSR.

They make you to visit branch to open account even if u have over 820 credit score
1
Reply
Last edited by vrcsu August 12, 2022 at 07:37 PM.
Joined Jul 2012
L8: Grand Teacher
> bubble2 3,886 Posts
954 Reputation
desynergy
08-12-2022 at 08:47 PM.
08-12-2022 at 08:47 PM.
Quote from ever305 :
The 53rd one recently worked with bank transfer
I dont live in one of the 11 states that was limited to.
Reply

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Joined Dec 2020
New User
> bubble2 3 Posts
12 Reputation
FancyLadybug927
08-12-2022 at 09:41 PM.
08-12-2022 at 09:41 PM.
Quote from mariob33 :
I would be careful with SOFI. They provide some of the worse customer service I have ever experienced. We have had a few accounts including a mortgage with them and the service or living up to any promised or even legal agreements is atrocious. Also, had a few different "bonus" offers which either never materialized or which appear to be flat out bait switch.

I have been a Sofi customer for about a year now and I love it. I only have checking, savings, credit card and investment accounts with them (no mortgage like you) but I love the bank. Great phone app, easy to navigate. Compared to other banks I currently still have (my local cu) and have had in the past, they are by far my favorite. I have contacted customer service 2 times since opening my account and they have been very helpful.
Reply
Joined Nov 2011
L3: Novice
> bubble2 181 Posts
63 Reputation
cputeki
08-12-2022 at 09:47 PM.
08-12-2022 at 09:47 PM.
Quote from FancyLadybug927 :
I have been a Sofi customer for about a year now and I love it. I only have checking, savings, credit card and investment accounts with them (no mortgage like you) but I love the bank. Great phone app, easy to navigate. Compared to other banks I currently still have (my local cu) and have had in the past, they are by far my favorite. I have contacted customer service 2 times since opening my account and they have been very helpful.
Does Zelle work with Sofi?
Reply
Joined Dec 2020
New User
> bubble2 3 Posts
12 Reputation
FancyLadybug927
08-12-2022 at 09:51 PM.
08-12-2022 at 09:51 PM.
Quote from cputeki :
Does Zelle work with Sofi?

Zelle currently isn't setup to work with Sofi, but you can send money directly from your Sofi account to anyone easily.
"While many providers require both senders and receivers to have an account within their network to exchange money, customers with a SoFi Checking and Savings Account can send money to any person with a U.S. bank account. It doesn't have to be a SoFi Checking and Savings account. The service is free."
Reply
Joined May 2004
Commie
> bubble2 14,301 Posts
2,893 Reputation
BalkiBartokomous
08-12-2022 at 10:17 PM.
08-12-2022 at 10:17 PM.
Quote from Aogen :
Rates can change at any time per the terms.
Yeah bank hopping is annoying but unfortunately a necessity.
1
Reply
Joined Nov 2010
L10: Grand Master
> bubble2 1,744 Posts
1,222 Reputation
notaek
08-12-2022 at 10:29 PM.
08-12-2022 at 10:29 PM.
For anyone wondering, $1 direct deposit is enough to get the 2% each month.
Reply
Joined May 2007
L10: Grand Master
> bubble2 11,284 Posts
1,426 Reputation
superslickz
08-12-2022 at 10:39 PM.
08-12-2022 at 10:39 PM.
Quote from baronvdb :
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...
Same with me on Capitalone 360! The only account I have that seem to adjust down AND up is Marcus which is around 1.5% but at least moved with the market without BS changing accounts.
Reply
Joined Jul 2008
L10: Grand Master
> bubble2 6,233 Posts
1,141 Reputation
hanabie
08-12-2022 at 11:14 PM.
08-12-2022 at 11:14 PM.
I like SOFI a lot. Easy to use and great customer services. No bait and switch like other bank trying to screw you over the promo.

I also received my pay check 2 days earlier.
Reply

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Joined Nov 2016
L3: Novice
> bubble2 155 Posts
541 Reputation
extraid
08-12-2022 at 11:20 PM.
08-12-2022 at 11:20 PM.
Quote from ktnsvm :
For anyone wondering, $1 direct deposit is enough to get the 2% each month.

Thank you... was looking for this info as well...
May I ask if this is listed on the terms, or if you called them to get the info?
Reply
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