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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
189,463 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 Dec 2007
L7: Teacher
> bubble2 2,515 Posts
572 Reputation
BrotherAli
08-29-2023 at 10:22 PM.
08-29-2023 at 10:22 PM.
Is this the best intro deposit offer currently? Not elidable for capatalone offer, will have decent sized direct deposit in the next month
Reply
Joined Jan 2008
L5: Journeyman
> bubble2 568 Posts
141 Reputation
buttuh
08-30-2023 at 01:24 PM.
08-30-2023 at 01:24 PM.
Fidelity Bloom savings account is doing 4.97% yield right now. $100 bonus with $50 deposit and no direct deposit requirement. So far I have SoFi, Bloom and Capital One 360 and I like them all. But I tend to use SoFi more.
Reply
Joined Jun 2019
L4: Apprentice
> bubble2 306 Posts
30 Reputation
mavad90
08-30-2023 at 01:53 PM.
08-30-2023 at 01:53 PM.
Just signed up through SB for $200 as the requirements were less of a pain in the ass. Made first direct deposit today and they already issued to SB that I completed the offer.
Reply
Joined Jun 2019
L4: Apprentice
> bubble2 306 Posts
30 Reputation
mavad90
08-30-2023 at 01:54 PM.
08-30-2023 at 01:54 PM.
Quote from buttuh :
Fidelity Bloom savings account is doing 4.97% yield right now. $100 bonus with $50 deposit and no direct deposit requirement. So far I have SoFi, Bloom and Capital One 360 and I like them all. But I tend to use SoFi more.
Yeah I work there. The most common core SPAXX has been 4.97% 7 day yield for a bit.
Reply
Joined Aug 2005
L2: Beginner
> bubble2 38 Posts
66 Reputation
Mtn100
08-30-2023 at 04:29 PM.
08-30-2023 at 04:29 PM.
I just signed up last month and got a $50 Promo bonus within 2 days of my 25 day Evaluation period. I did have over the $5k deposited needed for the $250 bonus, however I realized that half of the funds were direct deposit but the other half were dividend payouts that showed up as just deposits in spite of it being sent through the same company. I called their customer service team, said they must have put the wrong pay code in by mistake and they said they'll pay me within the next day or two. Also note that they have a referral program that pays out $75 to you and $25 to the one who joins, provided they deposit $100 and they are still eligible for the $250 bonus. I had my wife join and they paid out the bonus to both of us the same day.

There is no minimum Direct Deposit amount required to qualify for the stated interest rate once the initial evaluation period is over so I plan on putting whatever is left after depositing fund for my other bank offers.

One of the better banks I've joined this year and probably plan on replacing my primary one for them.
Reply
Joined Jan 2014
L2: Beginner
> bubble2 70 Posts
38 Reputation
nextlevelsst
08-31-2023 at 12:39 AM.
08-31-2023 at 12:39 AM.
Switched a few months back from Chase, best decision my wife and I have made in awhile. Feels weird actually getting a decent interest payment. You can set up an autotrasfer from savings anytime you have a checking transaction so all of our money sits in our savings earning 4.5% interest. High recommend, should've done this a long time ago.
Reply
Joined Feb 2019
L3: Novice
> bubble2 142 Posts
22 Reputation
EagerTexture118
08-31-2023 at 07:18 AM.
08-31-2023 at 07:18 AM.
My wife doesn't earn , so I created her SoFi account and did my direct deposit to her bank.
Was very simple. Went on adp , changed the account and routing number . I was a bit skeptical at first , but yes it worked .
Waiting for 24 more days to get the 250 bonus.
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Joined May 2018
L2: Beginner
> bubble2 57 Posts
14 Reputation
socalchyd
08-31-2023 at 08:17 AM.
08-31-2023 at 08:17 AM.
I've had them for several years and convinced my husband to open an account there. We both love checking our balances on the first of the month to see how much interest we've earned. One great feature (which other banks may have also) is that if I forget to transfer money from my savings account to my checking account when I write a check, Sofi will automatically transfer the funds with no fee. Which is great because that is exactly what happened last month with the rent check. =Embarrassment
Reply
Joined Dec 2022
New User
> bubble2 13 Posts
10 Reputation
OliveCable459
08-31-2023 at 12:22 PM.
08-31-2023 at 12:22 PM.
Quote from Mtn100 :
I just signed up last month and got a $50 Promo bonus within 2 days of my 25 day Evaluation period. I did have over the $5k deposited needed for the $250 bonus, however I realized that half of the funds were direct deposit but the other half were dividend payouts that showed up as just deposits in spite of it being sent through the same company. I called their customer service team, said they must have put the wrong pay code in by mistake and they said they'll pay me within the next day or two. Also note that they have a referral program that pays out $75 to you and $25 to the one who joins, provided they deposit $100 and they are still eligible for the $250 bonus. I had my wife join and they paid out the bonus to both of us the same day.

There is no minimum Direct Deposit amount required to qualify for the stated interest rate once the initial evaluation period is over so I plan on putting whatever is left after depositing fund for my other bank offers.

One of the better banks I've joined this year and probably plan on replacing my primary one for them.

Put everything in general savings. Turn on overdraft protection and if there's no money in your checking, it'll auto draft from savings. So you get the full 4.5% at all times.

Then you set up a vault with your actual savings and it won't get touched by the overdraft protection.
Reply
Joined Jan 2011
L4: Novice
> bubble2 192 Posts
78 Reputation
bdoubya
08-31-2023 at 02:25 PM.
08-31-2023 at 02:25 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.
Who's better tho? I tried Milli and they held my deposit for 7 business days before letting me touch it. I dumped that like a hot mess.
Reply
Joined Jan 2011
L4: Novice
> bubble2 192 Posts
78 Reputation
bdoubya
08-31-2023 at 02:26 PM.
08-31-2023 at 02:26 PM.
Untrue, most of these have crappy online or app banking features and don't give you your direct deposit paycheck 3 days early
Reply
Joined Jan 2011
L4: Novice
> bubble2 192 Posts
78 Reputation
bdoubya
08-31-2023 at 02:32 PM.
08-31-2023 at 02:32 PM.
Quote from PrudhviG :
Open Schwab brokerage and you have plenty of money market funds (SWVXX) which as safe as cash yielding you 5.0%
Is MM FDIC insured up to $2M like SoFi has with partnerships with other banks?
Reply
Joined Aug 2009
L3: Novice
> bubble2 140 Posts
22 Reputation
peste19
08-31-2023 at 02:36 PM.
08-31-2023 at 02:36 PM.
Quote from bdoubya :
Untrue, most of these have crappy online or app banking features and don't give you your direct deposit paycheck 3 days early

The person was asking for a list of banks that provided savings with 5% or higher, not about features like early direct deposit but regardless some of them still provide these features and still above 5% and honestly I would take a significant higher rate over 2 days early deposit
Reply
Joined Aug 2019
Huh Puppies
> bubble2 24 Posts
14 Reputation
TheStayHomeDad
08-31-2023 at 03:37 PM.
08-31-2023 at 03:37 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.

Don't do it… I had them for 5 years and they frozen my account and I can't pull any of my money out.

They said it was an IRS issue but I've talked to the IRS for about 10 hours total and they can't see/find anything on their end.
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Joined Aug 2019
Huh Puppies
> bubble2 24 Posts
14 Reputation
TheStayHomeDad
08-31-2023 at 03:41 PM.
08-31-2023 at 03:41 PM.
Absolutely awful bank. I've had them since 2018 and they've been great until recently.

My account is frozen and customer support is non existent.

I've reported them to all the bureaus and I'm still sitting with a frozen account for a week so far with no end in sight.

Just one example but checks Reddit… they've been doing some account freezing weird stuff:

https://www.reddit.com/r/sofi/com...n_account/
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