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

Up to 4.20% APY
+ $250 Bonus w/ $5K+ in Direct Deposit Transactions
+40 Deal Score
66,106 Views
SoFi is offering 4.20% APY on Savings or 1.20% APY on Checking + Up to $250 Bonus when you Open a New Online Account and Set Up Direct Deposit.

Thanks to Community Member Knockknock13 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 - $4,999.99 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 (7) business days of the end of the Evaluation Period.
  • Direct Deposit Bonus Promotion ends 12/31/23 11:59PM ET.
  • No account fees. No-fee Overdraft Coverage.
  • ATM access at any of the 55,000+ ATMs within the Allpoint network
  • Up to 2-day-early-paycheck
  • Up to 15% cash back at local businesses
  • You'll earn up to 4.20% 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 4/25/2023. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet

Original Post

Written by
Edited April 27, 2023 at 11:12 AM by
SoFi is offering up to $250 with qualifying direct deposit, terms apply. Up to 4.30% APY on savings and 1.20% APY on checking. No account fees.
Starting from 06/09 this became 4.30%apy for savings accounts

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.
  • 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 4.20% 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 4/25/2023. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet

Slickdeals is not registered as an investment adviser under the U.S. Investment Advisers Act of 1940, as amended, and nothing in these materials should be construed as advice concerning securities, the value of securities, the advisability of investing in, purchasing, or selling securities, or the merits of any investment adviser.
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Deal
Score
+40
66,106 Views
Up to 4.20% 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.

119 Comments

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Featured Comments

I switched from Chase a while back. It's still a little strange to get monthly interest payments after so long with Chase's 0.000000001%

I just keep everything in savings for the higher interest rate. They have a setting called overdraft protection where they just move money automatically from your savings if there is not enough in your checking to cover an expense.
Why don't they make it a full month to get 2 direct deposits instead of '25 day evaluation period' seems gimmicky and a way to make it harder to qualify for employer's direct deposits to hit in time.
That's exactly why they don't make it a month.
I've found a good rule of thumb whenever looking at a bank giving out bonuses is to skip the marketing wank and go straight to the full terms and conditions to see how they're going try to weasel out, and what you need to do if you want to stop them.

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Joined Jan 2006
L7: Teacher
> bubble2 2,105 Posts
418 Reputation
unknown00
05-06-2023 at 10:07 AM.
05-06-2023 at 10:07 AM.
I'm wondering why this is popular when this has been available for like 6 months now?
Reply
Joined Aug 2010
L3: Novice
> bubble2 174 Posts
14 Reputation
trojax
05-07-2023 at 08:16 AM.
05-07-2023 at 08:16 AM.
Quote from bdoubya :
CIT is at 4.75% over $5,000 balances. BMO is at 4.3%... why is SoFi still catching up?
Vio Bank at 4.85%.
Reply
Joined Jan 2011
L3: Novice
> bubble2 293 Posts
129 Reputation
MrNice
05-07-2023 at 03:37 PM.
05-07-2023 at 03:37 PM.
Dont do it. You don't want your money to get stuck here when they go bk. Specially now stocks are about to roll over. Youre going to miss an opportunity of a lifetime.
4
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Joined May 2015
amateur
> bubble2 239 Posts
95 Reputation
RegularCustomer
05-08-2023 at 05:59 PM.
05-08-2023 at 05:59 PM.
Use wise inc which qualifies as direct deposit.
Reply
Joined May 2018
L2: Beginner
> bubble2 41 Posts
60 Reputation
LowesDude
05-09-2023 at 07:58 AM.
05-09-2023 at 07:58 AM.
I opened samsung money by sofi which gives 3.75 APY as compared to 4.2 directly with sofi. Wondering if sofi can convert my account to regular sofi from samsung sofi? Anyone has done this before?
Reply
Joined Jan 2012
beastmode.
> bubble2 122 Posts
14 Reputation
kagegao
05-09-2023 at 01:51 PM.
05-09-2023 at 01:51 PM.
Quote from trojax :
Vio Bank at 4.85%.
Thanks for this actually. Ended up opening up a SoFi account last month for the bonus and early deposit since CIT denied me for some reason (probably dodged a bullet, truthfully). So far not much bad to say about SoFi, but having no option for manually adding a transfer bank is pretty awful. Everything else has been great otherwise.

Vio seems pretty legit so I'm moving some funds there as well. Much appreciated!
1
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Joined Dec 2013
L2: Beginner
> bubble2 53 Posts
28 Reputation
zs3889
05-10-2023 at 01:10 PM.
05-10-2023 at 01:10 PM.
Quote from kagegao :
Thanks for this actually. Ended up opening up a SoFi account last month for the bonus and early deposit since CIT denied me for some reason (probably dodged a bullet, truthfully). So far not much bad to say about SoFi, but having no option for manually adding a transfer bank is pretty awful. Everything else has been great otherwise.

Vio seems pretty legit so I'm moving some funds there as well. Much appreciated!
How long did it take for you to receive the bonus after completing the qualifying direct deposit?
Reply
Joined Jan 2012
beastmode.
> bubble2 122 Posts
14 Reputation
kagegao
05-10-2023 at 09:13 PM.
05-10-2023 at 09:13 PM.
Quote from zs3889 :
How long did it take for you to receive the bonus after completing the qualifying direct deposit?

Great question, I'm still in the process of it lol. My first deposit went in last week and immediately got the bump to "Plus". I'm guessing after my 2nd deposit, the 25-day promo period still has to end and then I'll report back.
Reply
Joined Aug 2022
New User
> bubble2 3 Posts
10 Reputation
YmBSnakeEye
05-11-2023 at 05:26 PM.
05-11-2023 at 05:26 PM.
Just FYI if your waiting for student loan forgiveness this company is trying to block it so they can keep charging people interest. Real scumbags.
5
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Joined Dec 2007
L2: Beginner
> bubble2 47 Posts
210 Reputation
tkerugby
05-12-2023 at 01:40 PM.
05-12-2023 at 01:40 PM.
Quote from YmBSnakeEye :
Just FYI if your waiting for student loan forgiveness this company is trying to block it so they can keep charging people interest. Real scumbags.

SoFi is able to offer student loan refinancing at better rates than the government for those who have good credit. This benefits the consumer. The lawsuit is not trying to block student loan forgiveness, they are trying to end the pause in interest payments which has carried on for far too long. I pay student loans and I don't think it's fair that tax payers have to shoulder the burden of other peoples debt. I don't see anything wrong with SoFi trying to protect their business.
1
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Joined Aug 2022
New User
> bubble2 3 Posts
10 Reputation
YmBSnakeEye
05-12-2023 at 01:49 PM.
05-12-2023 at 01:49 PM.
Quote from tkerugby :
SoFi is able to offer student loan refinancing at better rates than the government for those who have good credit. This benefits the consumer. The lawsuit is not trying to block student loan forgiveness, they are trying to end the pause in interest payments which has carried on for far too long. I pay student loans and I don't think it's fair that tax payers have to shoulder the burden of other peoples debt. I don't see anything wrong with SoFi trying to protect their business.

Is this sofi PR team? 😀
2
Reply
Joined Dec 2007
L2: Beginner
> bubble2 47 Posts
210 Reputation
tkerugby
05-12-2023 at 01:54 PM.
05-12-2023 at 01:54 PM.
Quote from YmBSnakeEye :
Is this sofi PR team? 😀

Just a recent SoFi customer….. but now that you say it maybe I should consider PR.
Reply
Joined Aug 2022
New User
> bubble2 3 Posts
10 Reputation
YmBSnakeEye
05-12-2023 at 02:05 PM.
05-12-2023 at 02:05 PM.
Quote from tkerugby :
Just a recent SoFi customer….. but now that you say it maybe I should consider PR.

No worries you are entitled to your opinion. It's Friday and I don't feel like arguing. Have a good weekend.
Reply

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Joined Apr 2020
L3: Novice
> bubble2 142 Posts
14 Reputation
Buffmuffin
05-12-2023 at 02:22 PM.
05-12-2023 at 02:22 PM.
How quickly can we close the account once we get the bonus?
Reply
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