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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
189,391 Views
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
If you purchase something through a post on our site, Slickdeals may get a small share of the sale.
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 May 2008
L8: Grand Teacher
> bubble2 3,064 Posts
200 Reputation
calisoldier83
07-27-2023 at 10:40 PM.
07-27-2023 at 10:40 PM.
Check Reddit to get honest feedback on SoFI. Here are some issues I ran into, transitioning from USAA, I'm very disappointed in the UX experience.

Deposit notifications don't work on the savings account. Notifications aren't customizable and are limited to push, no email or sms.

FaceID doesn't automatically log you in. You must press the FaceID button every time you want to login.

You cant see your bank account transactions immediately. You have to click FaceID, then an ad when the app opens, then click banking, then your account. Not user friendly at all. When transitioning from another bank and not knowing when direct deposits are hitting is a horrible experience,
Reply
Joined Aug 2019
L2: Beginner
> bubble2 96 Posts
22 Reputation
OzzieJeff
07-28-2023 at 01:04 PM.
07-28-2023 at 01:04 PM.
Quote from calisoldier83 :
FaceID doesn't automatically log you in. You must press the FaceID button every time you want to login.
Mine works fine, I don't need to tap on anything extra for it to use FaceID and log me in the app.

I like SoFi as I usually get my direct deposit 2 days before. Ie. Payday is on Monday-7/31 but I already got the direct deposit on my account yesterday.
Reply
Joined Nov 2007
L6: Expert
> bubble2 1,211 Posts
179 Reputation
HeadlessCloneOfAgnew
07-28-2023 at 08:33 PM.
07-28-2023 at 08:33 PM.
how long does the $250 bonus take to hit? my 2nd deposit was about a week ago and haven't seen it yet.
Reply
Joined Dec 2014
L10: Grand Master
> bubble2 7,985 Posts
487 Reputation
someoneslick
07-28-2023 at 09:31 PM.
07-28-2023 at 09:31 PM.
Sad that all of the various receive $x if direct deposit checking accounts are only doing it for large direct deposits, unlike when capital one had it where you could do a much smaller direct deposit and it was either $300 or $400 cash back. Now I never see any giving much at all if you don't do big direct deposits or several different ones per month.
Reply
Joined Jun 2012
L2: Beginner
> bubble2 83 Posts
22 Reputation
con5tant
07-29-2023 at 09:54 PM.
07-29-2023 at 09:54 PM.
Sofi credit card has a very low starting limit. There's also no way to get an increase onthe limit.
Reply
Joined Nov 2015
New User
> bubble2 14 Posts
10 Reputation
jsw930
07-30-2023 at 08:28 PM.
07-30-2023 at 08:28 PM.
This is what the government is aiming for. SoFi is just digital currency. It needs to hold no physical cash on reserve. I do have SoFi as my primary so I'm no conspiracy theorist. Just pointing out how they are luring people in. That $250 was going into someone's paycheck, but since they have no workers, it yours… along with a higher interest rate.
5
Reply
Joined Aug 2019
L2: Beginner
> bubble2 96 Posts
22 Reputation
OzzieJeff
08-01-2023 at 10:44 PM.
08-01-2023 at 10:44 PM.
Just got the email that rate has been bumped up to 4.5% now.
Reply

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Joined Mar 2021
L2: Learner
> bubble2 46 Posts
10 Reputation
cdords
08-02-2023 at 09:57 AM.
08-02-2023 at 09:57 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 [wallethub.com]
FWIW most of the bad reviews are for loans and people getting denied a credit card.

I switched to SoFi a while back and have enjoyed my experience, sans the occasional push ad.
Reply
Joined Sep 2015
L3: Novice
> bubble2 121 Posts
17 Reputation
djjsin
08-02-2023 at 02:00 PM.
08-02-2023 at 02:00 PM.
Though my primary account and most of my investing and credit cards are through Bank of America, I decided to move my parked savings account money over to SoFi for the interest rates. I also put $500 from each of my bimonthly paychecks over to my SoFi savings.

I'm pretty happy with it. Transfers from SoFi back to my BofA primary checking only take 1 day and have no fees.

I wrestled with if I should use this or a service like wealthfront which has a slightly higher interest rate, but the FDIC insurance is what ended up tipping the scale for SoFi.

Plus I'm in LA and SoFi card holders get some special treatment at SoFi stadium lol.
Reply
Joined Sep 2015
L3: Novice
> bubble2 126 Posts
41 Reputation
mahirob
08-02-2023 at 05:31 PM.
08-02-2023 at 05:31 PM.
Quote from ScarletNest4118 :
Or i could go get 5%+ at one of the any other savings accounts that dont require 'direct deposit' to get high rates.
The direct deposit requirement is so low. It's like $100 a month...
Reply
Joined Dec 2013
L2: Beginner
> bubble2 32 Posts
10 Reputation
JhadiM
08-03-2023 at 08:02 AM.
08-03-2023 at 08:02 AM.
wonder why nobody mentions Robinhood's 4.9% with FIDC insurance ofor over >2million?
Any cons to robinhood?
Reply
Joined Dec 2006
L3: Novice
> bubble2 157 Posts
41 Reputation
slickpeter
08-03-2023 at 01:22 PM.
08-03-2023 at 01:22 PM.
Quote from spriteuser :
25 days start from the first direct deposit
And good luck getting multiple payers to fit into that 25 day window. I needed to get 3 different payers to get to the $5000 threshold to get the $250 bonus. Of my 3 only 1 was nimble enough to get it done quickly. Which started the 25-day window. The other 2 payers took additional 1 month and 2 months. And don't bother with trying to fool them with transfers from Paypal or another bank account. They don't count.
1
Reply
Joined Dec 2006
L3: Novice
> bubble2 157 Posts
41 Reputation
slickpeter
08-03-2023 at 01:24 PM.
08-03-2023 at 01:24 PM.
Cannot add SoFi accounts to Quicken money management software. If you're a Quicken user, hard pass.
Reply
Joined Oct 2014
L2: Beginner
> bubble2 25 Posts
10 Reputation
TomB7937
08-03-2023 at 02:14 PM.
08-03-2023 at 02:14 PM.
Quote from music3k :
theyre usually sketchy banks or crypto scams. neither backed by the fdic. This is the best savings account available that i've seen that wont penalize you if you decide to move your money.

CFG, Western Bank, Primis...many more..
all FDIC and all above 5%
Reply

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Joined Dec 2009
L6: Expert
> bubble2 1,213 Posts
106 Reputation
music3k
08-04-2023 at 10:06 AM.
08-04-2023 at 10:06 AM.
Quote from TomB7937 :
CFG, Western Bank, Primis...many more..
all FDIC and all above 5%
Can you link the 5% savings accounts?
1
Reply
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