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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
94,773 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
94,773 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 Nov 2006
L3: Novice
> bubble2 200 Posts
110 Reputation
Ozz1113
08-13-2022 at 11:14 AM.
08-13-2022 at 11:14 AM.
Quote from Meowmixes98 :
Let's say I sell my Xbox and someone gives me physical money. How do I go about depositing this physical money into my online SoFi account? If I can get around that obstacle, I'm in.

You go to the ATM and use your Sofi debit card to deposit the cash into.
Reply
Joined Mar 2019
L4: Apprentice
> bubble2 377 Posts
38 Reputation
maxpain2011
08-13-2022 at 11:17 AM.
08-13-2022 at 11:17 AM.
2.00 % apy on the entire account balance or just the money received from DD? Asking cuz I just opened the account and transferred 10k
Reply
Joined Aug 2021
L2: Beginner
> bubble2 127 Posts
106 Reputation
fr0stedflakes
08-13-2022 at 11:30 AM.
08-13-2022 at 11:30 AM.
Quote from Meowmixes98 :
You can put physical cash INTO an Atm to deposit? I never knew that.

Some banks do, but last time I checked I don't think SoFi supports cash deposits at ATMs, only withdrawals. You can deposit cash at supported retailers using your debit card and Green Dot, but there are limits and it's a $5 fee per deposit, which is a hard pass for me. I still keep an account open with a local bank for stuff like depositing cash and those rare instances where I need a cashier's check or other certified funds.
2
Reply
Joined Oct 2014
L2: Beginner
> bubble2 60 Posts
22 Reputation
StevenL9483
08-13-2022 at 12:03 PM.
08-13-2022 at 12:03 PM.
Quote from Arptorious :
They are a bank.

They are awesome! ( Technically Fintech). I actually get paid the same day pay roll submits.
Work week is Monday through Sunday. Payroll submits Monday, and my check is direct deposited at 5: 45 pm consistently.
Also have a few thousand shares of their stock. ( They reported earnings ~ a week ago.) Very impressive growth. They are taking market share from many " Traditional B&M Banks".
Reply
Joined Nov 2012
L4: Apprentice
> bubble2 309 Posts
14 Reputation
JCT
08-13-2022 at 12:25 PM.
08-13-2022 at 12:25 PM.
Too bad my work can't split direct deposit

I did the laurel road. Not sure if it's worth changing it for a few months.
Reply
Joined Jan 2005
all hail the hypnotoad
> bubble2 218 Posts
140 Reputation
aeroshock
08-13-2022 at 12:42 PM.
08-13-2022 at 12:42 PM.
Nice, found a referral code on reddit for an extra $25 on signup
Reply
Joined Nov 2011
L1: Learner
> bubble2 20 Posts
30 Reputation
treebear
08-13-2022 at 12:51 PM.
08-13-2022 at 12:51 PM.
Quote from maxpain2011 :
2.00 % apy on the entire account balance or just the money received from DD? Asking cuz I just opened the account and transferred 10k
It is for entire balance.
Reply

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Joined Apr 2018
L6: Expert
> bubble2 1,685 Posts
167 Reputation
krnprogamer
08-13-2022 at 01:04 PM.
08-13-2022 at 01:04 PM.
I got screwed out of promotion in 2020 (Samsung SoFi Money). Let's see how hard I get screwed this time around.
Reply
Joined Feb 2008
L7: Teacher
> bubble2 2,394 Posts
297 Reputation
shaqoneal
08-13-2022 at 03:12 PM.
08-13-2022 at 03:12 PM.
Brio Direct Is up to 2.15% savings and going higher again soon. No min bal, no DD.
1
Reply
Last edited by shaqoneal August 13, 2022 at 03:15 PM.
Joined Feb 2008
L7: Teacher
> bubble2 2,394 Posts
297 Reputation
shaqoneal
08-13-2022 at 03:15 PM.
08-13-2022 at 03:15 PM.
[QUOTE=shaqoneal;156962890]ALL.


If you want higher rate, Briodirect is at 2.15% and rising and no DD required.
2
Reply
Joined Dec 2010
L5: Journeyman
> bubble2 1,654 Posts
125 Reputation
britdude
08-13-2022 at 03:19 PM.
08-13-2022 at 03:19 PM.
Quote from tiffanydawnn :
I joined a while ago and got the bonus a few days after I hit the $5000.

Also got a $600 bonus for a personal loan which I paid off right after the bonus deposited.

Love SoFi.
Any links for the loan bonus deal
Reply
Joined Jun 2008
*Lost*
> bubble2 9,903 Posts
2,792 Reputation
runtohell121
08-13-2022 at 04:19 PM.
08-13-2022 at 04:19 PM.
Any offers for current users? I think I received an email saying DD will get me 2% APY and $100 bonus or something like that.
Reply
Joined May 2022
L2: Beginner
> bubble2 75 Posts
RWingMaggot
08-13-2022 at 04:20 PM.
08-13-2022 at 04:20 PM.
one of the worst experience and overly complicated banking experience is with sofi
2
Reply
Joined Aug 2009
L5: Journeyman
> bubble2 634 Posts
52 Reputation
optimize
08-13-2022 at 05:34 PM.
08-13-2022 at 05:34 PM.
Quote from shaqoneal :
Brio Direct Is up to 2.15% savings and going higher again soon. No min bal, no DD.
That's great. They are FDIC insured. Are they any good? Any other reasonable bank that beats these rates?
Reply

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Joined Nov 2012
Jedi Shopper
> bubble2 1,191 Posts
166 Reputation
Prodigalphenom
08-13-2022 at 07:38 PM.
08-13-2022 at 07:38 PM.
Quote from RiceKnight :
Same as every other bank in the country. This isn't a CD or locked savings.

Nice thing about Sofi is that Checking and Savings gets the same APR. Basically makes savings accounts pointless.

True like amex high yield savings.
Reply
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