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SoFi Checking & Savings: Earn Up to $250 with Qualifying Direct Deposit, terms apply + Up to 4.30% APY

+22 Deal Score
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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.

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 4.30% 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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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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Joined Feb 2015
L3: Novice
> bubble2 126 Posts
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pablo1376
06-22-2023 at 01:42 PM.
06-22-2023 at 01:42 PM.
Sofi as a bank may be ok but for stocks its trash AND THEY USE PFOF. Buying stocks a few seconds before and selling g it to you a few cents higher
3
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Joined Nov 2012
L4: Apprentice
> bubble2 416 Posts
788 Reputation
dbian
06-23-2023 at 01:04 PM.
06-23-2023 at 01:04 PM.
Why SD always hide these type of messages :

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.


SD Just care about their commissions ??????
3
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Joined Apr 2004
L5: Journeyman
> bubble2 780 Posts
210 Reputation
winglik7
06-23-2023 at 01:30 PM.
06-23-2023 at 01:30 PM.
They are sneaky about their $250 signup bonus, only 25 days for the $5k+ direct deposit to qualify. otherwise you get $50. They also spam you with ton of their other product prom.
5
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Joined Nov 2015
L9: Master
> bubble2 4,178 Posts
1,572 Reputation
dshoppr
06-23-2023 at 01:56 PM.

Our community has rated this post as helpful. If you agree, why not thank dshoppr

06-23-2023 at 01:56 PM.
Quote from winglik7 :
They are sneaky about their $250 signup bonus, only 25 days for the $5k+ direct deposit to qualify. otherwise you get $50. They also spam you with ton of their other product prom.
I got the $250 recently. The 25 days timer starts when the first direct deposit hits your account. So it is not a problem for people with Bi-weekly paychecks.
Also you will $25 additional for using referral.

I agree about the spam though. I get emails every day about their products. It is little frustrating
1
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Joined Jun 2005
L3: Novice
> bubble2 130 Posts
30 Reputation
sofakinglame
06-23-2023 at 05:35 PM.
06-23-2023 at 05:35 PM.
Quote from dshoppr :
I got the $250 recently. The 25 days timer starts when the first direct deposit hits your account. So it is not a problem for people with Bi-weekly paychecks.
Also you will $25 additional for using referral.

I agree about the spam though. I get emails every day about their products. It is little frustrating

Simple to unsubscribe
1
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Joined May 2013
L3: Novice
> bubble2 102 Posts
69 Reputation
dfertig1984
06-23-2023 at 05:54 PM.
06-23-2023 at 05:54 PM.
I've had SoFi for nearly a year now and it's been pretty great. I would recommend using them.
Reply
Joined Apr 2011
L5: Journeyman
> bubble2 594 Posts
108 Reputation
Giraffasaurus
06-23-2023 at 10:33 PM.

Our community has rated this post as helpful. If you agree, why not thank Giraffasaurus

06-23-2023 at 10:33 PM.
Quote from pablo1376 :
Sofi as a bank may be ok but for stocks its trash AND THEY USE PFOF. Buying stocks a few seconds before and selling g it to you a few cents higher

Every free broker batches orders and makes a few cents on the spread.

Your $250 purchase of 0.3-5 shares, losing out on $0.01-$0.10 is literally so insignificant that it's moot. Feel free to use a broker that doesn't use PFOF and save that dime at a cost of $12 per trade. Really smart move!
1
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Joined Jan 2018
L3: Novice
> bubble2 134 Posts
314 Reputation
DexterM2022
06-24-2023 at 03:49 AM.
06-24-2023 at 03:49 AM.
Can I churn this bonus?
Reply
Joined Dec 2007
L2: Beginner
> bubble2 47 Posts
210 Reputation
tkerugby
06-24-2023 at 05:52 AM.
06-24-2023 at 05:52 AM.
I've been with SoFi for a few months and given the experience, I'll soon be making it my primary bank. I just recently learned that they offer access to a financial planning tool at no cost if you schedule a meeting with one of their CFP's. The investment app needs a bit of work but improvements are coming in Q3 this year. The CEO is also one of the best in the biz.
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Joined Feb 2008
Been here a while
> bubble2 303 Posts
TheMasterPrankCaller
06-24-2023 at 08:12 AM.
06-24-2023 at 08:12 AM.
Just a heads up that if you've ever gotten any bonus from them for opening a checking and savings account, you're not eligible for this bonus.
Reply
Last edited by TheMasterPrankCaller July 9, 2023 at 05:11 AM.

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Joined Nov 2016
L4: Apprentice
> bubble2 351 Posts
136 Reputation
TurboSri
06-24-2023 at 10:12 AM.
06-24-2023 at 10:12 AM.
I received my bonus + $25 recently. They are pretty neat and honest. Very prompt in depositing the bonus.

I'll now close both the accounts, as I've no intention of keeping them open for long.
Reply
Joined Mar 2004
L3: Novice
> bubble2 275 Posts
77 Reputation
daversion
06-24-2023 at 12:17 PM.
06-24-2023 at 12:17 PM.
Quote from rollins88 :
Every free broker batches orders and makes a few cents on the spread.

Your $250 purchase of 0.3-5 shares, losing out on $0.01-$0.10 is literally so insignificant that it's moot. Feel free to use a broker that doesn't use PFOF and save that dime at a cost of $12 per trade. Really smart move!

+1. Maintaining a brokerage account especially with the average balances in most accounts is a net loss for the broker. Some consumers expect free services but these are not non-profit orgs.

Banks/brokers need to make money to service you and stay around. If you're not high frequency trading PFOF is a small price to pay for all the overhead it takes to execute a trade.
Reply
Joined Jul 2013
L4: Apprentice
> bubble2 303 Posts
343 Reputation
muskmelon
06-24-2023 at 12:34 PM.
06-24-2023 at 12:34 PM.
I have been with Sofi for about a year and have had good experience. I use their banking services only and the only thing that I miss in their app is the ability to schedule ACH transfers. You cannot schedule a transfer in future. On the plus side the amount shows up in my recipient account within hours. Overall I like it
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