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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
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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 Jul 2005
L6: Expert
> bubble2 1,631 Posts
993 Reputation
Tokar
08-07-2023 at 07:01 PM.
08-07-2023 at 07:01 PM.
Btw, if you are planning to do this deal, you are selling yourself very very short. Sw.agbucks is offering $200 plus you get this $250 bonus on signup.
Reply
Joined Feb 2007
UNwoke at last!
> bubble2 3,528 Posts
1,096 Reputation
nolenski
08-07-2023 at 07:24 PM.
08-07-2023 at 07:24 PM.
Not a good deal.... I just got this:
"We're pleased to let you know that as of August 4, 2023, the annual percentage yield (APY) on your CIBC Agility™ Online Savings Account increased to 4.76% APY. No action is required and your account will update automatically."
I've been with them for years and they're always at the top and easy to deal with. No direct deposit or other restrictions.
Reply
Last edited by nolenski August 7, 2023 at 07:27 PM.
Joined Mar 2020
L4: Apprentice
> bubble2 337 Posts
58 Reputation
easybeart
08-07-2023 at 07:29 PM.
08-07-2023 at 07:29 PM.
Direct deposit kills this deal. Too much work to sign forms from my employer
1
Reply
Joined Jan 2006
L7: Teacher
> bubble2 2,113 Posts
418 Reputation
unknown00
08-07-2023 at 07:33 PM.
08-07-2023 at 07:33 PM.
I'm surprised how many SoFi fanboys there are, 4.5% is on the low side these days for HYSA
1
Reply
Joined Dec 2009
L6: Expert
> bubble2 1,213 Posts
106 Reputation
music3k
08-07-2023 at 07:38 PM.
08-07-2023 at 07:38 PM.
Quote from unknown00 :
I'm surprised how many SoFi fanboys there are, 4.5% is on the low side these days for HYSA
Can you provide links to others that are fdic?
1
Reply
Joined Feb 2009
L3: Novice
> bubble2 161 Posts
111 Reputation
badger12
08-07-2023 at 07:44 PM.
08-07-2023 at 07:44 PM.
Quote from TealLeopard348 :
Also very happy with Sofi so far. With the overdraft protection, it automatically uses funds in savings to cover checking activities. Transfer all your checking account funds into savings, and you're always getting the 4.5% interest. Until they ever get rid of the overdraft protection, the checking/savings account function as a 4.5% interest checking account. From what I understand, nobody out there is doing this at this interest rate. All other banks work the checking and savings independently, since they work together you are always getting max interest on your checking balances.

Thanks for the info on the overdraft protection. I tried to find a definitive answer on if I could park all my money in the savings and accrue more interest, but couldn't find it. Even chatted with Sofi, but they just sent me links to their policy.
Reply
Joined Oct 2011
L3: Novice
> bubble2 279 Posts
38 Reputation
natedawg87
08-07-2023 at 07:54 PM.
08-07-2023 at 07:54 PM.
When does the interest drop/what is the criteria for maintaining the higher interest level? If I have a few paychecks deposited to get to the amount for the bonus and then change my direct deposit back to my other bank, would I maintain the higher interest at Sofi? I haven't modified my direct deposit settings, so I'll have to check at work tomorrow.
Reply

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Joined Jan 2006
L7: Teacher
> bubble2 2,113 Posts
418 Reputation
unknown00
08-07-2023 at 08:17 PM.
08-07-2023 at 08:17 PM.
Quote from music3k :
Can you provide links to others that are fdic?
Dozens and dozens - https://www.doctorofcredit.com/hi...gs-to-get/
Reply
Joined Jan 2009
L10: Grand Master
> bubble2 12,461 Posts
2,385 Reputation
teaberry
08-07-2023 at 08:33 PM.
08-07-2023 at 08:33 PM.
anything with sign up bonus that doesn't require DD? preferably 4.5% or higher
Reply
Joined Feb 2023
L2: Beginner
> bubble2 45 Posts
10 Reputation
ShrewdCalendar1634
08-07-2023 at 09:28 PM.
08-07-2023 at 09:28 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.

Please share the places offering that with no minimuma
Reply
Joined Sep 2018
L3: Novice
> bubble2 251 Posts
26 Reputation
surfandpop
08-07-2023 at 09:47 PM.
08-07-2023 at 09:47 PM.
Marcus gives 5.3%
2
Reply
Joined Dec 2016
L5: Journeyman
> bubble2 589 Posts
54 Reputation
samsungs70
08-07-2023 at 10:37 PM.
08-07-2023 at 10:37 PM.
Quote from surfandpop :
Marcus gives 5.3%
All I see is 4.3% for savings. Could you share the link for 5.3%? Thanks.
Reply
Joined Aug 2009
L3: Novice
> bubble2 115 Posts
22 Reputation
realcul
08-07-2023 at 10:52 PM.
08-07-2023 at 10:52 PM.
Quote from samsungs70 :
All I see is 4.3% for savings. Could you share the link for 5.3%? Thanks.

I love sofi .. there maybe few banks that offer few points over but the overall convenience of Sofi, their invest product, their relay product and the app more than beats CiT or most other banks.
Reply
Joined Dec 2009
L6: Expert
> bubble2 1,213 Posts
106 Reputation
music3k
08-07-2023 at 11:13 PM.
08-07-2023 at 11:13 PM.
Quote from unknown00 :
Dozens and dozens - https://www.doctorofcredit.com/hi...gs-to-get/
Money markets, minimum deposits and direct deposit required. So whats the difference?
1
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Joined Mar 2016
L6: Expert
> bubble2 1,222 Posts
142 Reputation
Rookies1000
08-08-2023 at 12:11 AM.
08-08-2023 at 12:11 AM.
Don't forget you will get a 1099 next year and will have to pay tax. Too little to bother with direct deposit. Wells Fargo and other checking account often have $400+ bonus.
Reply
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