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Advertiser Disclosure
SoFi Checking & Savings: Open New Account w/ Direct Deposit, Get Expired
Up to 4.20% APY
+ $250 Bonus w/ $5K+ in Direct Deposit Transactions
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:
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
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:
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.
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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Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser.
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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.
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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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.
I've noticed that SoFi has been faster at handling transfers between external/internal accounts compared to Ally.
If you're choosing a bank solely due to yield on savings account, then you're doing it wrong (I explain below).
Most of my emergency cash is parked in USFR ETF which is full of short term treasuries and is yields higher than anything you posted. It's nearly as liquid too (just takes a few days to sell, settle, and transfer funds).
And guess what? You can purchase this in your SoFi invest account if you want to hold them there and re-invest the monthly distributions every month...
You can do this at any brokerage in fact. That means that if you only want barebone features, Charles Schwab checking could be one of the best solutions because they offer unlimited ATM fee reimbursement (they pay an extremely low interest rate).
But moving back to the subject of SoFi, technically you can earn higher than 4.2% if you consider the fact that they give you cash in the forms of points for certain activities like transfering at least $50 to your invest account each week (3x a week limit). If you're a SoFi plus member, that's 100 points ($1) and amounts to $3 a week. So assuming they keep this program, it's an extra $144 a year you would be earning on top the interest savings. I don't think they will keep this, but worth mentioning since other banks don't offer this.
The SoFi $250 offer is just icing on the cake. Do the math to see what that translates to from a APY perspective. I did not see many online free banks offering any sort of bonus like this.
I've noticed that SoFi has been faster at handling transfers between external/internal accounts compared to Ally.
If you're choosing a bank solely due to yield on savings account, then you're doing it wrong (I explain below).
Most of my emergency cash is parked in USFR ETF which is full of short term treasuries and is yields higher than anything you posted. It's nearly as liquid too (just takes a few days to sell, settle, and transfer funds).
And guess what? You can purchase this in your SoFi invest account if you want to hold them there and re-invest the monthly distributions every month...
You can do this at any brokerage in fact. That means that if you only want barebone features, Charles Schwab checking could be one of the best solutions because they offer unlimited ATM fee reimbursement (they pay an extremely low interest rate).
But moving back to the subject of SoFi, technically you can earn higher than 4.2% if you consider the fact that they give you cash in the forms of points for certain activities like transfering at least $50 to your invest account each week (3x a week limit). If you're a SoFi plus member, that's 100 points ($1) and amounts to $3 a week. So assuming they keep this program, it's an extra $144 a year you would be earning on top the interest savings. I don't think they will keep this, but worth mentioning since other banks don't offer this.
The SoFi $250 offer is just icing on the cake. Do the math to see what that translates to from a APY perspective. I did not see many online free banks offering any sort of bonus like this.
I've noticed that SoFi has been faster at handling transfers between external/internal accounts compared to Ally.
If you're choosing a bank solely due to yield on savings account, then you're doing it wrong (I explain below).
Most of my emergency cash is parked in USFR ETF which is full of short term treasuries and is yields higher than anything you posted. It's nearly as liquid too (just takes a few days to sell, settle, and transfer funds).
And guess what? You can purchase this in your SoFi invest account if you want to hold them there and re-invest the monthly distributions every month...
You can do this at any brokerage in fact. That means that if you only want barebone features, Charles Schwab checking could be one of the best solutions because they offer unlimited ATM fee reimbursement (they pay an extremely low interest rate).
But moving back to the subject of SoFi, technically you can earn higher than 4.2% if you consider the fact that they give you cash in the forms of points for certain activities like transfering at least $50 to your invest account each week (3x a week limit). If you're a SoFi plus member, that's 100 points ($1) and amounts to $3 a week. So assuming they keep this program, it's an extra $144 a year you would be earning on top the interest savings. I don't think they will keep this, but worth mentioning since other banks don't offer this.
The SoFi $250 offer is just icing on the cake. Do the math to see what that translates to from a APY perspective. I did not see many online free banks offering any sort of bonus like this.
I'm sure SoFi is great vs. a retail bank like chase/Citi/boa but one can do better.
This is also my first post in this thread and I decided to because I recently had to research all the features offered by online banks to determine what would be good for my sister to sign up for.
I literally talked about how yield doesn't even matter much when there are products available that you can access under any brokerage. I mentioned how Charles Schwab could be a perfect solution for someone seeking a particular benefit. So explain to me how I'm being an envangelist for SoFi? Why are your calling SoFi an empire if they're at a small market cap and have the member base that they currently do? Maybe in the future they can become one but they aren't even close to that yet. You just sound hilariously bitter for no reason.
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I'm sure SoFi is great vs. a retail bank like chase/Citi/boa but one can do better.
I still use SoFi as my main bank because of all the free cash bonuses I've gotten over the years, decent UI, transfer speeds, free ATM network and 2 day early pay check (most under rated feature).
I agree that Fidelity can be great to use on it's on own, with features like ATM reimbursement, but I haven't ran into any issues because the vast network of ATMs available and I live a major city.
I don't think there's nothing wrong with having multiple bank accounts.
Exactly right. Most people can't quality for the $250 bonus. But Chase is currently offering a $250 bonus and allows 90 days for a direct deposit of any amount. open account, qualify for bonus and then move your funds to earn interest somewhere else.
You could direct deposit 1 dollar and still hold the plus benefits, but if you remove direct deposit altogether, then you will lose them.
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