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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
194,216 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 10:30 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
194,216 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 Jan 2006
L5: Journeyman
> bubble2 597 Posts
46 Reputation
catman17
09-13-2023 at 08:21 PM.
09-13-2023 at 08:21 PM.
Quote from khronos View quoted comment :
redneck pays more and there is another that is even higher

I used to have Redneck! I loved it! Except for the 10 purchases per month hassle. I just recommended my friend open an account and he did! I am jelly! Checkin is funner!
Reply
Joined Jan 2006
L5: Journeyman
> bubble2 597 Posts
46 Reputation
catman17
09-13-2023 at 08:26 PM.
09-13-2023 at 08:26 PM.
Quote from soultar1 View quoted comment :
Sofi literally sued to stop student loan forgiveness but that isn't stopping suckers from giving them money...

Pay your loans . SoFi lent people money at a better rate and requires being paid back! Pay your damn bills people! I would sue too if somebody didn't pay me!
1
1
Reply
Joined Apr 2020
New User
> bubble2 5 Posts
10 Reputation
LovelyCemetery5003
09-13-2023 at 10:29 PM.
09-13-2023 at 10:29 PM.
Quote from phoenixforce View quoted comment :
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.

This is not true. Been with SoFi for about a year and the app actually prompted me to set a beneficiary, which I did.
Reply
Joined Apr 2020
New User
> bubble2 5 Posts
10 Reputation
LovelyCemetery5003
09-13-2023 at 10:31 PM.
09-13-2023 at 10:31 PM.
Quote from matrix5k View quoted comment :
Do they have Zelle yet?

Yes I use Zelle through SoFi
Reply
Joined Apr 2020
New User
> bubble2 5 Posts
10 Reputation
LovelyCemetery5003
09-13-2023 at 10:35 PM.
09-13-2023 at 10:35 PM.
Quote from asuchemist View quoted comment :
Is this introductory APR and then after a year you have to keep switching banks to chase the high APR?

I believe they reserve the right to change it. I joined when it was 3.25% on both checking and savings. Checking went down to .5% but savings went up to 4.5% as they increased it by about .25% periodically over the last year or so. They have free overdraft protection so I just keep all my money in savings (earning 4m5%) with very little $ in checking, if some big bill comes through they just draft from savings to cover it, no charge, no sweat.
1
Reply
Joined Feb 2016
L5: Journeyman
> bubble2 622 Posts
123 Reputation
MajorThrillDeal
09-13-2023 at 10:55 PM.
09-13-2023 at 10:55 PM.
I love the stock 📈
3
Reply
Joined Jan 2011
L4: Novice
> bubble2 221 Posts
78 Reputation
bdoubya
09-14-2023 at 08:29 AM.
09-14-2023 at 08:29 AM.
None are as good at digital banking as SoFi. But, it's still kindof sh## that the rate is 4.5% and not 5.1% like the others
Reply

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Joined Dec 2007
L5: Journeyman
> bubble2 711 Posts
69 Reputation
wolfpac
09-14-2023 at 01:35 PM.
09-14-2023 at 01:35 PM.
Quote from adambnyc View quoted comment :
I get 5.05% APR on my CIT savings account
same here, CIT works well so far. Tried this sofa bank and I was denied from opening account. NEVER had an issue with bank account opening. very disappointing garbage bank I know I am the few people who had problem with this bank and got a lot of hates for it.
Reply
Joined Aug 2009
L3: Novice
> bubble2 146 Posts
22 Reputation
peste19
09-15-2023 at 08:12 AM.
09-15-2023 at 08:12 AM.
Quote from bdoubya View quoted comment :
None are as good at digital banking as SoFi. But, it's still kindof sh## that the rate is 4.5% and not 5.1% like the others

Depends what you are looking for, if you are looking for a bank where you can park your money and have it earn interest, there are a lot of other banks that provide this, if you prefer a bank which better looking webpages/apps than you can go to Sofi, capital one, etc.

Honestly I prefer other banks as I don't care how their webpage/ app looks as long as it's FDIC insured and I can get to my money, I would go with a higher interest bank any day
Reply
Joined Apr 2004
L5: Journeyman
> bubble2 734 Posts
129 Reputation
kamakaze75
09-16-2023 at 08:13 AM.
09-16-2023 at 08:13 AM.
Questions .

So if I start depositing money into my sofi savings after opening a checking and getting direct deposit set up I'll be earning 4.50 % interest on the money in the savings ?
Reply
Joined Jan 2012
L3: Novice
> bubble2 144 Posts
22 Reputation
soccerakw
09-16-2023 at 01:55 PM.
09-16-2023 at 01:55 PM.
Quote from Doug5421 View quoted comment :
Examples?

UFBdirect.com It was at 5.15 last time I checked. I don't have dd right now so I cannot get the SoFi bonus, but I do like SoFi.
Reply
Joined Dec 2009
L6: Expert
> bubble2 1,249 Posts
114 Reputation
music3k
09-16-2023 at 04:19 PM.
09-16-2023 at 04:19 PM.
Quote from kamakaze75 View quoted comment :
Questions .

So if I start depositing money into my sofi savings after opening a checking and getting direct deposit set up I'll be earning 4.50 % interest on the money in the savings ?
yes. i did this for 3 months with sofi. i transferred all my stuff to vio bank for now because its a higher interest rate.
Reply
Joined Jun 2005
L6: Expert
> bubble2 1,875 Posts
382 Reputation
Minger
09-16-2023 at 07:36 PM.
09-16-2023 at 07:36 PM.
Quote from PurpleIdea544 View quoted comment :
It's been a while since I've had Sofi. Rates are good. Using the referral link will also earn you an extra $25
Some of the click sites do have $200 in extras as well.

I'm hating that they have the 25 day range to direct deposit 5k though, kind of annoying.
Reply
Joined Dec 2012
L6: Expert
> bubble2 1,207 Posts
131 Reputation
lslal
09-16-2023 at 09:00 PM.
09-16-2023 at 09:00 PM.
I have sofi from 2019, my accounts offer unlimited foreign ATM fee reimbursement. I haven't wanted to switch away from that.
Reply

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Joined Jun 2019
L3: Novice
> bubble2 131 Posts
275 Reputation
mayday2day
09-18-2023 at 09:21 AM.
09-18-2023 at 09:21 AM.
Any thoughts on BMO? They just opened a new branch in my area. For online savings they offer 5.10% APY. But the reviews are not good. Any insight would be much appreciated.
Reply
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