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SoFi Checking & Savings: Earn Up to 4.60% APY + Up to $250 with Direct Deposit, terms apply Expired

+82 Deal Score
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SoFi is offering up to $250 with direct deposit, terms apply. Up to 4.60% APY on savings and 0.50% APY on checking. No account fees.

Thanks to Slickdeals Staff Member EfficientGame645 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 Direct Deposit amount in 25-day Evaluation Period :
    • $1,000 - $4,999 Total Direct Deposit: $50 Cash Bonus
    • $5,000 or more Total Direct Deposit: $250 Cash Bonus
  • SoFi will credit members who meet qualification criteria within seven business 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 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances.
  • 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).
    10/24/2023. Additional information can be found at https://www.sofi.com/banking/
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

Slickdeals may be compensated by SoFi

Original Post

Written by
Edited December 7, 2023 at 11:30 AM by
SoFi is offering up to $250 with direct deposit, terms apply. Up to 4.60% APY on savings and 0.50% 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 Direct Deposit amount in 25-day Evaluation Period :
    • $1,000 - $4,999 Total Direct Deposit: $50 Cash Bonus
    • $5,000 or more Total Direct Deposit: $250 Cash Bonus
  • SoFi will credit members who meet qualification criteria within seven business 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 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances.
  • 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).
    10/24/2023. Additional information can be found at https://www.sofi.com/banking/
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

Slickdeals may be compensated by SoFi
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Deal
Score
+82
189,391 Views
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.

319 Comments

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Featured Comments

Or i could go get 5%+ at one of the any other savings accounts that dont require 'direct deposit' to get high rates.
They added beneficiary thing last month or so

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Joined Oct 2012
SD for profit
> bubble2 3,544 Posts
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SturgeonGeneral
07-18-2023 at 08:10 PM.

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

07-18-2023 at 08:10 PM.
Quote from tkerugby :
Transfers from SoFi are unbelievably fast. I recently made SoFi my primary bank and considering it for investments too. I have had no issues. To anyone on the fence, it's definitely worth trying out. I think it took me all but 30 seconds to open the account.
Agreed. I use another checking for all my bills. If I start a transfer in the morning, it's there before I leave work. This is a huge factor in me parking money with them. Was purchasing a vehicle a couple weeks ago and didn't have any big cash at physical banks nearby, transferred over 20k and it was available in my local bank account in 4 hours. That was not a possibility with Ally who I had previously parked my cash in.
1
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Joined Oct 2011
L3: Novice
> bubble2 212 Posts
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jwcalla
07-19-2023 at 07:58 AM.
07-19-2023 at 07:58 AM.
For some reason my payroll provider will not allow SoFi as a target for direct deposit. Never had a problem with any other bank (and I've done over a dozen).
3
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Joined Dec 2008
L5: Journeyman
> bubble2 971 Posts
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pirezza
07-19-2023 at 10:43 PM.
07-19-2023 at 10:43 PM.
Quote from LivelyStraw9917 :
been looking for a high yield online bank this year
looked into Synchrony Bank earlier in the year
long story short, they are sketchy, glad i didnt pull the trigger

so with that experience, i looked into ally and now sofi

based on what i have seen, hard pass

https://wallethub.com/profile/pl/...3i#reviews

Half the bad reviews are regarding loans or the credit card. Their checking is fine.
1
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Joined Jul 2023
New User
> bubble2 5 Posts
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SeriousMice724
07-19-2023 at 11:37 PM.
07-19-2023 at 11:37 PM.
How does the 25 day direct deposit period work? Do I essentially have to open my account right before my paycheck comes in? (Assuming biweekly paychecks)
Reply
Joined Jun 2007
L3: Novice
> bubble2 138 Posts
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spriteuser
07-19-2023 at 11:47 PM.
07-19-2023 at 11:47 PM.
Quote from SeriousMice724 :
How does the 25 day direct deposit period work? Do I essentially have to open my account right before my paycheck comes in? (Assuming biweekly paychecks)

25 days start from the first direct deposit
Reply
Joined Dec 2007
L2: Beginner
> bubble2 47 Posts
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tkerugby
07-20-2023 at 05:17 AM.
07-20-2023 at 05:17 AM.
Quote from LivelyStraw9917 :
been looking for a high yield online bank this year
looked into Synchrony Bank earlier in the year
long story short, they are sketchy, glad i didnt pull the trigger

so with that experience, i looked into ally and now sofi

based on what i have seen, hard pass

https://wallethub.com/profile/pl/...3i#reviews

The way that big banks are going after SoFi I wouldn't put it past them to be behind some the negative reviews on WalletHub.

NerdWallet's scores are more in line with my experience.

https://www.nerdwallet.com/reviews/banking/sofi
Reply

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Joined Apr 2019
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Sergeant_Snugglez
07-20-2023 at 08:25 AM.
07-20-2023 at 08:25 AM.
Anyone have experience with Cit Bank? They have a 4.95% at the moment. I haven't used a savings account as a vehicle in awhile because my bank rates have been garbage for so long (Citibank).

I have almost 25k sitting in my checking account and should probably do something with the cash that isn't being used for bills. Anyone here have suggestions on which savings account would be good for me?
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Joined Nov 2014
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CAL_08
07-20-2023 at 09:46 AM.
07-20-2023 at 09:46 AM.
Quote from Sergeant_Snugglez :
Anyone have experience with Cit Bank? They have a 4.95% at the moment. I haven't used a savings account as a vehicle in awhile because my bank rates have been garbage for so long (Citibank).

I have almost 25k sitting in my checking account and should probably do something with the cash that isn't being used for bills. Anyone here have suggestions on which savings account would be good for me?

I signed up with them a few months ago and it's just okay. Transfers are slow and both the app and website are very dated compared to every other bank I use. I wouldn't use them as my daily bank but it's been fine for parking money into so far. I also bank with Ally and just started with Sofi and would recommend either of those over CIT for daily banking.
Reply
Joined May 2015
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PrudhviG
07-20-2023 at 10:33 AM.
07-20-2023 at 10:33 AM.
Open Schwab brokerage and you have plenty of money market funds (SWVXX) which as safe as cash yielding you 5.0%
1
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Joined Dec 2009
L6: Expert
> bubble2 1,213 Posts
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music3k
07-20-2023 at 10:46 AM.
07-20-2023 at 10:46 AM.
Quote from Sergeant_Snugglez :
Anyone have experience with Cit Bank? They have a 4.95% at the moment. I haven't used a savings account as a vehicle in awhile because my bank rates have been garbage for so long (Citibank).

I have almost 25k sitting in my checking account and should probably do something with the cash that isn't being used for bills. Anyone here have suggestions on which savings account would be good for me?
I will never let Citibank touch my money or credit ever again. They let Best Buy steal 2000 from me and then locked my checking account with $600 in it and would not give me my money back. They are a scam bank that are also doing all that weird shit with RobinHood, crypto and securities.
6
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Joined Aug 2013
L2: Beginner
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moneybartender
07-20-2023 at 10:50 AM.
07-20-2023 at 10:50 AM.
Can you close and open a new one? Or is it once a lifetime?
Reply
Joined Apr 2008
L2: Beginner
> bubble2 65 Posts
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VeritaBella
07-20-2023 at 12:12 PM.
07-20-2023 at 12:12 PM.
I have had SoFi for about a year and I like it a lot. I have checking, savings and I also use the investment tools. None of those stupid fees for transferring funds, etc. Their software works and I don't have annoying issues like I have had with some accounts. I was able to talk to an investment counselor right away for free. I can transfer money to and from my checking from investment or savings easily and immediately. When I opened it I did get the bonus for opening an account with no issues. Their interest rate for savings rises regularly based on current rates and they are not stingy with it like my local credit union. It might be slightly lower than a CD, but I don't like a lot of complication and moving things back and forth, and the interest rates have risen to the point that the CDs were just a few months ago, so I just keep my money in savings. But I know very little about finance. That is why I like tools like SoFi that are easy to use and I don't have to think about it too much.
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Joined Apr 2008
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> bubble2 65 Posts
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VeritaBella
07-20-2023 at 12:13 PM.
07-20-2023 at 12:13 PM.
I have had SoFi for about a year and I like it a lot. I have checking, savings and I also use the investment tools. I pay my bills very easily. None of those stupid fees for transferring funds, etc. Their software works and I don't have annoying issues like I have had with some accounts. I was able to talk to an investment counselor right away for free. I can transfer money to and from my checking from investment or savings easily and immediately. When I opened it I did get the bonus for opening an account with no issues. Their interest rate for savings rises regularly based on current rates and they are not stingy with it like my local credit union. It might be slightly lower than a CD, but I don't like a lot of complication and moving things back and forth, and the interest rates have risen to the point that the CDs were just a few months ago, so I just keep my money in savings. But I know very little about finance. That is why I like tools like SoFi that are easy to use and I don't have to think about it too much.
Reply

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Joined Jul 2013
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JoeJ9362
07-20-2023 at 12:28 PM.
07-20-2023 at 12:28 PM.
Quote from phoenixforce :
Sofi is pretty spammy in app and website. Still considered using them as primary banking after signing up to take advantage of a similar promo a year or so ago. One major gap they have is no ability to set a POD beneficiary of any kind on the account, which ultimately led me to not use this account or keeping any sort of significant funds there. My wife is using them as primary and another major gap is ability to do re occuring transfers to another account. We xfer money to a joint account for bills each month and she has to do remember to do this manually now.

Just checked the recent update and beneficiaries has been added, as well as recurring transfers.
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