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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
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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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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.

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Featured Comments

https://www.depositaccounts.com/savings/
·
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 2011
L4: Novice
> bubble2 192 Posts
78 Reputation
bdoubya
09-25-2023 at 03:37 PM.
09-25-2023 at 03:37 PM.
When will they bump the APY to 5.0% or more?
Reply
Joined Nov 2019
L2: Beginner
> bubble2 93 Posts
32 Reputation
Sufthegoat
09-25-2023 at 08:13 PM.
09-25-2023 at 08:13 PM.
Can you deposit checks in sofi?
Reply
Joined Nov 2010
L1: Learner
> bubble2 11 Posts
10 Reputation
ram445
09-26-2023 at 08:16 AM.
09-26-2023 at 08:16 AM.
How long to get the $250? It's been 25 days and two direct deposits, may have gone into checking though. Thanks!
Reply
Joined Nov 2015
L2: Beginner
> bubble2 216 Posts
68 Reputation
RhinoBW
09-28-2023 at 01:42 PM.
09-28-2023 at 01:42 PM.
Quote from phoenixforce :
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.
Every place is different and people have different circumstances in regards to employment, or lack of, but most employers will allow you to designate different account numbers to allocate a percentage of your pay to.
Reply
Joined Nov 2015
L2: Beginner
> bubble2 216 Posts
68 Reputation
RhinoBW
09-28-2023 at 01:51 PM.
09-28-2023 at 01:51 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.
Do you use automatic bill pay? If so, how was your experience setting up automatic bill pay? This has been a big hit or miss for me with a couple of banks and credit unions in the past.

I am thinking about moving from Alliant CU -- their APY has been stagnate for a year or so and they don't seem very technologically driven.
Reply
Joined Mar 2015
L7: Teacher
> bubble2 2,422 Posts
409 Reputation
SethW8811
09-28-2023 at 04:59 PM.
09-28-2023 at 04:59 PM.
Quote from music3k :
theyre usually sketchy banks or crypto scams. neither backed by the fdic.
And SoFi isn't sketchy? They send out some of the sketchiest, spammiest, shadiest loan offers, and they do so constantly. I would never trust this company with my money based on how they try to get me to borrow theirs.

Edit: Just realized this was an old thread that got bumped again because it was posted by staff and is a paid ad, essentially. If wasn't already passing on this, I would be now.
1
Reply
Joined Mar 2015
L7: Teacher
> bubble2 2,422 Posts
409 Reputation
SethW8811
09-28-2023 at 05:03 PM.
09-28-2023 at 05:03 PM.
Quote from Sufthegoat :
Can you deposit checks in sofi?
No, only gold bullion, cryptocurrencies that no one has ever heard, and totally not stolen but undocumented Rolex watches and PS4's.
Reply

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Joined Mar 2015
L7: Teacher
> bubble2 2,422 Posts
409 Reputation
SethW8811
09-28-2023 at 05:08 PM.
09-28-2023 at 05:08 PM.
Quote from sampatel00 :
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.
Yeah, I haven't had an account with Citibank in some time and didn't care for them for a couple reasons, but they are certainly a legit operation and will deliver what they promise. Aside from the utterly shocking, well-publicized Wells Fargo scandal from a while back, any big name bank is typically pretty safe, at least.

For more than 25-50k, especially if immediate liquidity will not be needed, I'd really recommend anyone find a fiduciary financial advisor to talk to. They will be contractually obligated to honor your wishes and act in your best interests rather than trying to sell you investments that garner them commissions, unlike bankers.
Reply
Last edited by SethW8811 September 28, 2023 at 05:12 PM.
Joined Oct 2008
L7: Teacher
> bubble2 2,240 Posts
108 Reputation
flightxxx
09-28-2023 at 05:18 PM.
09-28-2023 at 05:18 PM.
can direct deposit hit the savings account so it gets the 4.50% interest rate?
or would it have to be transferred from checking to savings every month?
Reply
Joined Mar 2009
L6: Expert
> bubble2 1,045 Posts
277 Reputation
JonDaMan4Prez
09-29-2023 at 01:19 AM.
09-29-2023 at 01:19 AM.
I love SoFi
Reply
Joined Dec 2009
L6: Expert
> bubble2 1,213 Posts
106 Reputation
music3k
09-30-2023 at 12:52 PM.
09-30-2023 at 12:52 PM.
Quote from SethW8811 :
And SoFi isn't sketchy? They send out some of the sketchiest, spammiest, shadiest loan offers, and they do so constantly. I would never trust this company with my money based on how they try to get me to borrow theirs.
I just want to point out to you that it's really easy to tell when you don't know what you're talking about when you reply to a comment that's almost 3 months old.
Reply
Joined Nov 2008
L3: Novice
> bubble2 279 Posts
52 Reputation
bsm2
10-01-2023 at 05:36 PM.
10-01-2023 at 05:36 PM.
Only text message to verify account a big NO GO same with Capital One
Reply
Joined Jul 2011
L8: Grand Teacher
> bubble2 3,082 Posts
485 Reputation
soultar1
10-02-2023 at 07:05 AM.
10-02-2023 at 07:05 AM.
Eff you SOFI for fighting against student loan forgiveness.
3
Reply
Joined Dec 2009
L5: Journeyman
> bubble2 532 Posts
50 Reputation
locatedeal
10-02-2023 at 09:31 AM.
10-02-2023 at 09:31 AM.
Does it need to be timed so well for getting qualified for $250? If I setup this account just after the payroll date, lets say there will no deposits for atleast two weeks, eating into 25 days. If we set up the account close to payroll date, that wouldnt give enough time for change in direct deposit.

any thoughts?
Reply

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Joined Feb 2006
~ Always Spinning ~
> bubble2 4,743 Posts
1,714 Reputation
Pro
Tazmania99
10-02-2023 at 09:35 AM.
10-02-2023 at 09:35 AM.
It will start counting when your first direct deposit hits your Sofi account. You do not need to time the date.

Quote from locatedeal :
Does it need to be timed so well for getting qualified for $250? If I setup this account just after the payroll date, lets say there will no deposits for atleast two weeks, eating into 25 days. If we set up the account close to payroll date, that wouldnt give enough time for change in direct deposit.

any thoughts?
Reply
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