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SoFi Checking & Savings: Earn Up to 4.60% APY + Up to $250 with Direct Deposit, terms apply Expired
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:
Slickdeals may be compensated by SoFi
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/
Slickdeals may be compensated by SoFi
Original Post
Written by
Edited December 7, 2023
at 11:30 AM
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:
Slickdeals may be compensated by SoFi
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/
Slickdeals may be compensated by SoFi
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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've been happy with SoFi and will likely keep them, though I'll also look into raisin.com (formerly called SaveBetter) which currently has rates as high as 5.15% for savings accounts.
https://www.mymoneyblog
EDIT: the comments section makes it sound like that's a little riskier (even with FDIC).
Too much of a hassle to change everything over.
Our community has rated this post as helpful. If you agree, why not thank tkerugby
Too much of a hassle to change everything over.
They expect you to use Plaid to link accounts, and all banks may not support plaid. I use synchrony bank, and on the SoFi website and app they claim Plaid isn't supported with Synchrony (even though you can link other accounts to Synchrony using Plaid)
You can do a manual link, by adding routing and account numbers and verifying deposits, but at this point it is a hidden feature that is not available on the app, or linked anywhere I could find on their website (even from their FAQs). I ended up finding a reddit post with a direct link to do this, BUT even the manual link failed. I talked to support and they told me that it could be because names on the accounts didn't match, despite the fact that I have not had problems manually linking Synchrony to other banks. I even tried adding my middle initial to SoFi to be sure they were exact, and it still didn't work. After all the problems, I just ended up closing my account.
Maybe others have had luck linking Synchrony, but just a warning to others who plan to sign up and also use Synchrony bank.
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I'm using it as my primary. Paychecks come in a day early and ach transfers are lightning fast.
I think it's still a good idea to have a physical bank as a backup (I have Citibank for Zelle).
I'm using this as my primary. You can still use Zelle with it but they don't support Zelle on their app.
So I had to download the Zelle app and add SoFI in manually. Still works, but only $500 limit.
I also pair it with Charles Schwab for free worldwide ATMs when I travel. If I need to Zelle someone over $500, I'll just transfer from SoFi to Charles which usually takes at max one day.
If not, Venmo also works
I switched to it a few months back from BOA. App is functional and easy to use and the unlimited savings transactions and no account fees is awesome. I also got the credit card which pays out 3% cash back for a year. Not having Zelle in the app isn't that big of a deal, you can just link your SOFI debit card to it. External transfers happen same day for me and that's a big win when pairing with Schwab.
Yeah, 25 days is a bit scammy to hit 5k plus Target. If you can do it in 2 paychecks and are paid biweekly you have to time it exactly right. Moat places give you 30 or more days to hit the amount of DD needed. I probably cannot hit 5k in 2 paychecks unless I have insane amount of overtime both weeks which is unpredictable.
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Similar benefits and requirements:
- Up to 2% cash back on purchases
- Add Performance Savings to earn up to 4.81% APY
- Get paid up to 2 days early
- No monthly fees