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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
189,649 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
189,649 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 Mar 2007
L4: Apprentice
> bubble2 456 Posts
80 Reputation
Scaevola
09-18-2023 at 04:13 PM.
09-18-2023 at 04:13 PM.
Quote from jwcalla :
For some reason my payroll provider will not allow SoFi as a target for direct deposit. Never had a problem with any other bank (and I've done over a dozen).

Payroll provider is whom?
Reply
Joined Mar 2016
L6: Expert
> bubble2 1,222 Posts
142 Reputation
Rookies1000
09-18-2023 at 11:51 PM.
09-18-2023 at 11:51 PM.
Deposited $5,000 ACH from my paycheck last month and got the $250 bonus exactly 25 days after.
Reply
Joined Oct 2014
L4: Apprentice
> bubble2 1,946 Posts
496 Reputation
MtnXfreeride
09-19-2023 at 02:12 PM.
09-19-2023 at 02:12 PM.
Quote from soccerakw :
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.
whats the deal with this?? It says $5000 of direct deposit within 25 days to qualify for $250 and specificlly says when I looked that an ach or bank transfer doesnt count.

If you put in for direct depost changes today, what company is going to process that in time to get 2 paychecks with of direct depot in there if you are paid biweekly?? So basically you need to make $5000 after taxes per paycheck because there is only time for 1 paycheck to hit. My company doesnt let you make changes within 1.5 weeks of a pay check.. so it is impossible to get 2 paychecks to SoFi.

Jeesh this feels scammy right off the bat...
Reply
Joined Jun 2016
L3: Novice
> bubble2 190 Posts
22 Reputation
all4tun
09-20-2023 at 05:57 AM.
09-20-2023 at 05:57 AM.

lol. it's stillsofi
Reply
Joined Nov 2010
L7: Teacher
> bubble2 2,932 Posts
293 Reputation
smartt
09-20-2023 at 03:07 PM.
09-20-2023 at 03:07 PM.
Quote from pirezza :
Half the bad reviews are regarding loans or the credit card. Their checking is fine.
I got a consolidated loan through them with the best interest rate available on the market. We use autopay and I don't know what problems people are having but works great for us. If I had to guess it's partially on the consumer side. How hard is it to get a loan and make payments each month?? laugh out loud
Reply
Joined Nov 2010
L7: Teacher
> bubble2 2,932 Posts
293 Reputation
smartt
09-20-2023 at 03:08 PM.
09-20-2023 at 03:08 PM.
Quote from MtnXfreeride :
whats the deal with this?? It says $5000 of direct deposit within 25 days to qualify for $250 and specificlly says when I looked that an ach or bank transfer doesnt count.

If you put in for direct depost changes today, what company is going to process that in time to get 2 paychecks with of direct depot in there if you are paid biweekly?? So basically you need to make $5000 after taxes per paycheck because there is only time for 1 paycheck to hit. My company doesnt let you make changes within 1.5 weeks of a pay check.. so it is impossible to get 2 paychecks to SoFi.

Jeesh this feels scammy right off the bat...
Not scammy, but yes, you need to make a certain amount for them to GIVE you $250.
Reply
Joined Jun 2018
New User
> bubble2 18 Posts
10 Reputation
BrianT8869
09-20-2023 at 11:36 PM.
09-20-2023 at 11:36 PM.
Is it possible to stack this with the swag bucks offer and get $450 total?
Reply

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Joined Nov 2008
Queen Quackers
> bubble2 1,571 Posts
517 Reputation
TheMothaDucker
09-21-2023 at 01:54 PM.
09-21-2023 at 01:54 PM.
Quote from Doug5421 :
Examples?

Betterment, Varo, Barclay's, and it kills me to say this, Citizens and Synchrony are both at 4.75%+
Reply
Joined Nov 2008
Queen Quackers
> bubble2 1,571 Posts
517 Reputation
TheMothaDucker
09-21-2023 at 01:55 PM.
09-21-2023 at 01:55 PM.
Quote from BrianT8869 :
Is it possible to stack this with the swag bucks offer and get $450 total?

No. One or the other.
Reply
Joined Mar 2016
L2: Beginner
> bubble2 533 Posts
76 Reputation
devinlwoods
09-22-2023 at 01:43 PM.
09-22-2023 at 01:43 PM.
Quote from MtnXfreeride :
whats the deal with this?? It says $5000 of direct deposit within 25 days to qualify for $250 and specificlly says when I looked that an ach or bank transfer doesnt count.

If you put in for direct depost changes today, what company is going to process that in time to get 2 paychecks with of direct depot in there if you are paid biweekly?? So basically you need to make $5000 after taxes per paycheck because there is only time for 1 paycheck to hit. My company doesnt let you make changes within 1.5 weeks of a pay check.. so it is impossible to get 2 paychecks to SoFi.

Jeesh this feels scammy right off the bat...

Mine went through and I changed my DD 5 days before payday. I'm at a small company too.
Reply
Joined Feb 2018
L1: Learner
> bubble2 13 Posts
10 Reputation
sampatel00
09-22-2023 at 11:01 PM.
09-22-2023 at 11:01 PM.
Quote from Sergeant_Snugglez :
Anyone have experience with Cit Bank? They have a 4.95% at the moment. I haven't used a savings account as a vehicle in awhile because my bank rates have been garbage for so long (Citibank).

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 have $75k at Citbank for past 4 months. No issues so far. When they adjust rates, my account is also auto adjusted to their advertised rates. It took awhile to transfer in, but once the money hit the account everything seems as advertised.
Reply
Joined Feb 2015
I'm better with MiLK
> bubble2 1,208 Posts
230 Reputation
Ore0
09-23-2023 at 04:14 AM.
09-23-2023 at 04:14 AM.
crashbandicoot
Reply
Joined May 2021
L2: Beginner
> bubble2 27 Posts
14 Reputation
BlueLlama369
09-23-2023 at 09:28 PM.
09-23-2023 at 09:28 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.

Exactly.
Reply
Joined Dec 2009
L6: Expert
> bubble2 1,213 Posts
106 Reputation
music3k
09-23-2023 at 09:56 PM.
09-23-2023 at 09:56 PM.
Quote from BlueLlama369 :
Exactly.
i appreciate your reply, but 2 months later? why? lol read the dates on the comments.
1
Reply

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Joined Sep 2013
Thank you for the music
> bubble2 2,673 Posts
plusring
09-25-2023 at 09:06 AM.
09-25-2023 at 09:06 AM.
Does Vanguard IRA deposit count as Qualifying Direct Deposit?

Thanks.
Reply
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