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SoFi Checking & Savings: Earn Up to 4.60% APY + Up to $250 with Direct Deposit, terms apply Expired
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:
Slickdeals may be compensated by SoFi
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/
Slickdeals may be compensated by SoFi
Original Post
Written by
Edited December 7, 2023
at 11:30 AM
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:
Slickdeals may be compensated by SoFi
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/
Slickdeals may be compensated by SoFi
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I've got accounts with both.
Also:
>vehicle in awhile because my bank rates have been garbage for so long (Citibank).
And who would that be?
Doesn't make any sense
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Doesn't make any sense
Because checking accounts are built around semi-frequent transactions and low balances. From the bank's perspective there is not enough money in most of them to be a reliable source of cash that they can loan out (at a high enough interest rate) or otherwise invest to make it worth paying you a high rate. Savings accounts were built around more funds sitting around for longer so that the bank could safely earn money from them with less/little risk to them.
Of course this is all a bit outdated now, but the infrastructure and banking products haven't fully moved past this. It's the same reason why most savings accounts have very low limits on how many transactions you can make (like 6) per month- because they need to be able to rely on the funds you are keeping in there. Interestingly more modern banks are breaking some of these norms. SoFi for example doesn't have any limits on transactions for savings accounts.
How about a deposit from an IRA withdraw (for retired people who don't have pay checks)?
I was induced to open SoFi checking and savings accounts with their $250 bonus promo. But a "qualifying" direct deposit must come from an employer (payroll or pension) or government benefit.
That just leaves the 4.6% APY on savings as an incentive that drew me in...and by shopping around (as I will now do), there may be other higher rates to be had.
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I was induced to open SoFi checking and savings accounts with their $250 bonus promo. But a "qualifying" direct deposit must come from an employer (payroll or pension) or government benefit.
That just leaves the 4.6% APY on savings as an incentive that drew me in...and by shopping around (as I will now do), there may be other higher rates to be had.
I'll just put my money in the "Cornerstone Money Market Savings Account" of VIO Bank (5.28% APY).
Edit: Money Market account is different from Savings Account.
Of course this is all a bit outdated now, but the infrastructure and banking products haven't fully moved past this. It's the same reason why most savings accounts have very low limits on how many transactions you can make (like 6) per month- because they need to be able to rely on the funds you are keeping in there. Interestingly more modern banks are breaking some of these norms. SoFi for example doesn't have any limits on transactions for savings accounts.
No banks are forced to limit savings since 2022, Fed rules now allow for unlimited transfers or withdrawals.
That said, it seems there is no reason to have a checking account with sofi. Just do everything with savings
I was interested in Sofi but the reviews are pretty damn concerning unless you're those who spend hours on WallStreetBets
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