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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
189,439 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
189,439 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 2011
L8: Grand Teacher
> bubble2 3,082 Posts
485 Reputation
soultar1
10-19-2023 at 09:55 PM.
10-19-2023 at 09:55 PM.
SoFi is the absolute worst...
5
Reply
Joined Nov 2015
L5: Journeyman
> bubble2 677 Posts
444 Reputation
r2mbo
10-23-2023 at 11:42 AM.
10-23-2023 at 11:42 AM.
Certain cb site giving $200 when you go through their portal. So total would be $450 if you plan to do it
Reply
Joined Nov 2013
L4: Apprentice
> bubble2 303 Posts
58 Reputation
RavenDeal
10-27-2023 at 02:47 PM.
10-27-2023 at 02:47 PM.
Quote from mikemir121 :
I just read the terms but still am confused. To get the maximum $250 cash rebate, I have to do a monthly direct deposit of $5k, or deposit/transfer $5k a month indefinitely. Am I getting this right?

Somebody needs to answer this good question
3
Reply
Joined Jan 2012
L3: Novice
> bubble2 256 Posts
144 Reputation
coolmaster121
10-30-2023 at 06:43 AM.
10-30-2023 at 06:43 AM.
I got the $250 in about a month after the DD went through. Opened in Sept, bonus in Oct.
On BIG thing about them is that their bill pay timing is off by 1 business day.
If I set the payment to go through on the 15th, the biller will get the funds on the 16th. But I get the money withdrawn on the 13th. SO if you tend to pay bills on the due date like I did you will get hit with late fees unless you change that workflow.
1
Reply
Joined Jan 2007
L7: Teacher
> bubble2 2,597 Posts
870 Reputation
gobblygook
10-30-2023 at 08:21 AM.
10-30-2023 at 08:21 AM.
Quote from SeriousMice724 :
How does the 25 day direct deposit period work? Do I essentially have to open my account right before my paycheck comes in? (Assuming biweekly paychecks)

That sucks because direct deposit usually does a "test" with the first paycheck, then two weeks later does a real one, so unless you're a high wage earner, $250 is not attainable
1
Reply
Joined Apr 2021
L2: Beginner
> bubble2 25 Posts
10 Reputation
Zooms
10-30-2023 at 10:27 AM.
10-30-2023 at 10:27 AM.
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.
I completely share your sentiment. The transfer process from Sofi to a credit card is excessively slow. I initiated two transfers on October 24, 2023, and as of now, they have not reflected in my card account. My payment is due in just 2 days. I wouldn't recommend using this feature to transfer from Sofi to a card; it's more reliable to initiate transfers from the card to Sofi to avoid any delays.
Reply
Joined Oct 2022
L3: Novice
> bubble2 127 Posts
99 Reputation
Pro
LavenderDesk564
11-07-2023 at 09:20 AM.
11-07-2023 at 09:20 AM.
I opened mine in October 11th, and yesterday (Nov 6) got the $250 bonus.
Basically i opened, selected them as my account in Workday so my payment get there, and that's it Smilie
I went through Swagbucks to get and extra $200, and that one should come next week.

Reply

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Joined Nov 2007
L2: Beginner
> bubble2 74 Posts
10 Reputation
sammd301
11-07-2023 at 12:42 PM.
11-07-2023 at 12:42 PM.
Quote from LavenderDesk564 :
I opened mine in October 11th, and yesterday (Nov 6) got the $250 bonus.
Basically i opened, selected them as my account in Workday so my payment get there, and that's it Smilie
I went through Swagbucks to get and extra $200, and that one should come next week.

Awesome... How soon do they pay, I need another DD to go through .
1
Reply
Last edited by sammd301 November 7, 2023 at 12:58 PM.
Joined Jun 2019
L3: Novice
> bubble2 136 Posts
22 Reputation
231338
11-07-2023 at 02:03 PM.
11-07-2023 at 02:03 PM.
Wealthfront gives 5% APY and it's a checking account that doesn't require any monthly direct deposit.
Reply
Joined Oct 2022
L3: Novice
> bubble2 127 Posts
99 Reputation
Pro
LavenderDesk564
11-07-2023 at 02:30 PM.
11-07-2023 at 02:30 PM.
Quote from sammd301 :
Awesome... How soon do they pay, I need another DD to go through .
With Sofi after I reached the $5k, it took like a week to get the $250 Smilie
I opened another one with Amex, and that one will appear in November or December (they issue the bonus once that the offer ends)
1
Reply
Joined Jul 2011
L8: Grand Teacher
> bubble2 3,082 Posts
485 Reputation
soultar1
11-07-2023 at 07:00 PM.
11-07-2023 at 07:00 PM.
Sofi is a bunch of crooks. Avoid!!
4
Reply
Joined Sep 2007
L8: Grand Teacher
> bubble2 3,362 Posts
1,072 Reputation
fewlio
11-07-2023 at 07:23 PM.
11-07-2023 at 07:23 PM.
wth SciFi channel partnering with some banking firm? lame! lol
1
Reply
Joined Sep 2013
Thank you for the music
> bubble2 2,673 Posts
plusring
11-07-2023 at 09:01 PM.
11-07-2023 at 09:01 PM.
I read that "pension" deposit is qualified.

How about a deposit from an IRA withdraw (for retired people who don't have pay checks)?
Reply
Last edited by plusring November 7, 2023 at 09:03 PM.
Joined Jun 2005
L6: Expert
> bubble2 1,830 Posts
382 Reputation
Minger
11-07-2023 at 09:34 PM.
11-07-2023 at 09:34 PM.
Quote from music3k :
I will never let Citibank touch my money or credit ever again. They let Best Buy steal 2000 from me and then locked my checking account with $600 in it and would not give me my money back. They are a scam bank that are also doing all that weird shit with RobinHood, crypto and securities.
They were asking about CIT, not citi.

I've got accounts with both.
Reply

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Joined Nov 2007
L2: Beginner
> bubble2 74 Posts
10 Reputation
sammd301
11-08-2023 at 02:09 PM.
11-08-2023 at 02:09 PM.
Quote from LavenderDesk564 :
With Sofi after I reached the $5k, it took like a week to get the $250 Smilie
I opened another one with Amex, and that one will appear in November or December (they issue the bonus once that the offer ends)

Thanks ... What's the Amex requirements... Doing a lot of OT at work this holiday season, need to take advantage of this.
Reply
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