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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 Nov 2008
L5: Pokeman
> bubble2 9,007 Posts
676 Reputation
Lanmanna
06-06-2023 at 08:18 PM.
06-06-2023 at 08:18 PM.
Quote from gt5oh :
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.
Quote from Silvas :
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.
That's why you gotta use a fake direct deposit to trigger the bonus. Two can play at that game!
Reply
Joined Jan 2006
L7: Teacher
> bubble2 2,105 Posts
418 Reputation
unknown00
06-06-2023 at 08:21 PM.
06-06-2023 at 08:21 PM.
i'm always confused why there are so many SoFi fanboys, they are one of the laggers in increasing % in modern banking (note i said modern, not the old legacy ones)
Reply
Joined Nov 2021
L2: Beginner
> bubble2 41 Posts
14 Reputation
SmilingBanana1125
06-06-2023 at 08:29 PM.
06-06-2023 at 08:29 PM.
Quote from Lanmanna :
That's why you gotta use a fake direct deposit to trigger the bonus. Two can play at that game!
SoFi is much harder to fake DD compared to most legacy banks. However you can easily check by clicking on the transaction. A qualifying ach will have a field that says "direct deposit payer", a non qualifying ach the field is named "merchant" instead. In some instances a transfer named "payroll" from a business account etc will qualify while an identical transfer without the name will not qualify.
Reply
Joined Dec 2011
L7: Teacher
> bubble2 2,892 Posts
212 Reputation
hbsjr
06-06-2023 at 08:41 PM.
06-06-2023 at 08:41 PM.
Access to checks, debit cards, payroll Paid early, Bills Payments, Good App, this is good everyday banking
2
Reply
Joined Sep 2003
Slickdealer
> bubble2 1,626 Posts
299 Reputation
Devil24
06-06-2023 at 08:42 PM.
06-06-2023 at 08:42 PM.
Quote from Jimmybean :
Only thing I don't like about sofi is that they don't have a beneficiary. They need to get on board quickly with this, just in case of an accident at least you know your money is going to the ones you love.
Are you sure? I added beneficiaries as soon as I opened my account a few weeks ago. The option is there on both the app and the website.
Reply
Joined May 2004
L5: Journeyman
> bubble2 957 Posts
84 Reputation
Bunduckie
06-06-2023 at 08:50 PM.
06-06-2023 at 08:50 PM.
This is their normal offer, looks like Slickdeals finally putting this FP coz SoFi decided to pay them
Reply
Joined Dec 2013
New User
> bubble2 16 Posts
14 Reputation
fing19
06-06-2023 at 09:01 PM.
06-06-2023 at 09:01 PM.
Quote from Devil24 :
Are you sure? I added beneficiaries as soon as I opened my account a few weeks ago. The option is there on both the app and the website.

Yep. It's a new function added recently. You can now add beneficiaries in the app too. A week or two an email was sent out saying you need to call to add beneficiaries, but now you can add them in the app as well.
Reply

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Joined Aug 2011
L6: Expert
> bubble2 1,935 Posts
109 Reputation
robrob777
06-06-2023 at 09:36 PM.
06-06-2023 at 09:36 PM.
Vanguard settlement fund (liquid) is over 5%
Reply
Joined Apr 2018
L6: Expert
> bubble2 1,694 Posts
167 Reputation
krnprogamer
06-06-2023 at 09:53 PM.
06-06-2023 at 09:53 PM.
Quote from Jimmybean :
Only thing I don't like about sofi is that they don't have a beneficiary. They need to get on board quickly with this, just in case of an accident at least you know your money is going to the ones you love.
You don't need beneficiary for your estate to go to your loved ones...
Reply
Joined Jun 2019
L2: Beginner
> bubble2 31 Posts
10 Reputation
avidebuyer
06-06-2023 at 11:59 PM.
06-06-2023 at 11:59 PM.
Quote from amax :
You're being naive (and/or biased); SoFi is a cynical and shrewd fintech that designed their Web site and practices to defraud its customers, mucking around with transfers, gaming ACH delays, profiting on the cumulative effects. They're not David to any Goliath; they're just mobster weasels.

Let me assure you that you have no idea what you are talking about. Such an uninformed opinion. Why so much hate? Suggest you try them out.
3
Reply
Joined Nov 2018
L2: Beginner
> bubble2 84 Posts
18 Reputation
PurpleJuice536
06-07-2023 at 04:35 AM.
06-07-2023 at 04:35 AM.
Quote from Silvas :
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.

Its 25 days after your first direct deposit.
Reply
Joined Jan 2004
L6: Expert
> bubble2 1,396 Posts
855 Reputation
seawolf
06-07-2023 at 05:48 AM.
06-07-2023 at 05:48 AM.
Quote from amax :
SoFi is TERRIBLE - avoid them like the plague. Bot customer service, arbitrary changes to your transfers (reversed endpoints), spammy and paranoid security measures only when it benefits them to hold onto your money. They're gaming the system of transfers and security lock-outs to maximize profits in the aggregate, holding onto your money as long as possible. Just another fintech that deserves to bite the dust like Silicon Valley Bank.
And they also sue Department of Education to resume COVID pause on student loan repayment because it affected their student loan business model.

https://www.businessinsider.com/t...use-2023-5

If you have a weak business model, get out of the business instead of trying to sue your way to force customers to come to you.
Reply
Joined Jan 2004
L6: Expert
> bubble2 1,396 Posts
855 Reputation
seawolf
06-07-2023 at 05:52 AM.
06-07-2023 at 05:52 AM.
Quote from robrob777 :
Vanguard settlement fund (liquid) is over 5%
+1

Core cash position account at fidelity is 4.74% CD rates are 5%.

SoFi deal is not good at all.

During the refi frenzy 2-3 years ago their rates were not good either.
Reply
Last edited by seawolf June 7, 2023 at 05:56 AM.
Joined Nov 2015
L6: Expert
> bubble2 1,470 Posts
98 Reputation
Doug5421
06-07-2023 at 06:11 AM.
06-07-2023 at 06:11 AM.
Switched from Chase, love the savings interest & overdraft protection! No-brainer move.
1
Reply

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Joined Aug 2014
L2: Beginner
> bubble2 31 Posts
10 Reputation
vickou
06-07-2023 at 06:24 AM.
06-07-2023 at 06:24 AM.
Quote from SmilingBanana1125 :
SoFi is much harder to fake DD compared to most legacy banks. However you can easily check by clicking on the transaction. A qualifying ach will have a field that says "direct deposit payer", a non qualifying ach the field is named "merchant" instead. In some instances a transfer named "payroll" from a business account etc will qualify while an identical transfer without the name will not qualify.

It's because Sofi is active on Red.dit, and every time someone would post about a loophole, they would go and close it. So if you find one, don't post it, rather dm the person if you can.
Reply
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