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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 Apr 2018
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> bubble2 586 Posts
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SeriousTerrier997
12-04-2023 at 07:15 AM.
12-04-2023 at 07:15 AM.
5% apy is everywhere. Dont get shafted by Sofi.
1
Reply
Joined Apr 2022
L28: Advanced
> bubble2 1,277 Posts
144 Reputation
RedvinesRBetter
12-04-2023 at 08:34 AM.
12-04-2023 at 08:34 AM.
Delete
Reply
Last edited by TemescalValleyPapa December 4, 2023 at 08:37 AM.
Joined Aug 2005
Cyberpunk
> bubble2 7,397 Posts
1,425 Reputation
amax
12-04-2023 at 09:03 AM.
12-04-2023 at 09:03 AM.
SoFi is clearly still spending a fortune on paying SD to shill their low interest rate. There's a "Promoted" badge in the poster image. SD used to be a place where the community reaches consensus on what's the best deal everywhere -- no more.
1
Reply
Joined Jan 2019
New User
> bubble2 15 Posts
10 Reputation
Flowyin
12-04-2023 at 10:05 AM.
12-04-2023 at 10:05 AM.
If I just wire myself money, does that meet the criteria?
Reply
Joined Jul 2022
New User
> bubble2 6 Posts
10 Reputation
TenderCrow139
12-04-2023 at 12:41 PM.
12-04-2023 at 12:41 PM.
Quote from temescalvalleypapa View quoted comment :
if you are parking your money for that long, there are much better options than sofi or any mma for that matter. you should be looking at 10 year notes (current yield of 4.34%) or longer term treasury bonds because these high saving returns won't last 4 to 5 years. i give them 2 years at best.

currently i'm taking advantage of shorter term bonds due to higher rates but now that the fed has signaled the end of increases, it's now time to lock in some longer term bonds before it's too late imo.

……8:&;@,
1
Reply
Joined Jul 2022
New User
> bubble2 6 Posts
10 Reputation
TenderCrow139
12-04-2023 at 01:01 PM.
12-04-2023 at 01:01 PM.
..'xn
1
Reply
Last edited by TenderCrow139 December 5, 2023 at 08:15 PM.
Joined Apr 2022
L28: Advanced
> bubble2 1,277 Posts
144 Reputation
RedvinesRBetter
12-04-2023 at 01:42 PM.
12-04-2023 at 01:42 PM.
Quote from amax View quoted comment :
SoFi is clearly still spending a fortune on paying SD to shill their low interest rate. There's a "Promoted" badge in the poster image. SD used to be a place where the community reaches consensus on what's the best deal everywhere -- no more.
Yup, it's been on the top of the page for a couple weeks now. They aren't even trying to hide the fact that companies are paying them now to "list" their ads.
Reply

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Joined Apr 2022
L28: Advanced
> bubble2 1,277 Posts
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RedvinesRBetter
12-04-2023 at 01:44 PM.
12-04-2023 at 01:44 PM.
Quote from TenderCrow139 View quoted comment :
……8:&;@,
Aside from a keyboard smash I have no clue what this means. Everything I said was very good advice. Take it our leave it.
Reply
Joined Jan 2006
L5: Journeyman
> bubble2 597 Posts
46 Reputation
catman17
12-04-2023 at 03:39 PM.
12-04-2023 at 03:39 PM.
Quote from jasongw View quoted comment :
I am about to exit my SoFi account after several years. They've been slowly taking away everything that made them a good choice: ATM fee reimbursements are gone, they're killing crypto and they often lock you out of buying a stock, even of an otherwise decent company, if it falls below a certain threshhold. This prevents you from being able to DCA downward, lowering your share prices before the eventual bump.

Worse, when they terminate things, they force you to sell. For example, they previously supported Solana and a couple of other cryptos. They forced the sale, of course right when everything was down, and shortly after it spiked into profitability. Because of their actions, a lot of people lost a lot of money they otherwise wouldn't have.

I've already setup a new account at a credit union and am moving things. Soon as I have everything coming to the new account, SoFi can kiss my ass.

This isn't an airport. Don't have to announce your departure!
Reply
Joined Jan 2006
L5: Journeyman
> bubble2 597 Posts
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catman17
12-04-2023 at 03:42 PM.
12-04-2023 at 03:42 PM.
Quote from Slimeyface View quoted comment :
This is completely untrue. Maybe 2-3 years ago this was the case, but now even brokerages like Robinhood offer at least 5% APY and are insured over $2 Million.

It costs $5 per month for gold to get that rate. Not the same thing.
Reply
Joined Jan 2016
New User
> bubble2 8 Posts
10 Reputation
BenR2114
12-04-2023 at 08:34 PM.
12-04-2023 at 08:34 PM.
Quote from ScarletNest4118 View quoted comment :
Or i could go get 5%+ at one of the any other savings accounts that dont require 'direct deposit' to get high rates.
Except when you factor in $250 for $5000 deposited after 25 days, that is a 70%+ apr. Plus the 5%. But yes, plenty of better deals if you arbitrarily ignore relevant parts of it.
Reply
Joined Oct 2008
L5: Journeyman
> bubble2 725 Posts
65 Reputation
weigojmi
12-05-2023 at 11:33 AM.
12-05-2023 at 11:33 AM.
Quote from SeriousTerrier997 View quoted comment :
5% apy is everywhere. Dont get shafted by Sofi.
Do tell? I have $135K in an Alliant savings account that used to be one of the best but is now at 3.10%.
Reply
Joined Apr 2018
L5: Journeyman
> bubble2 586 Posts
86 Reputation
SeriousTerrier997
12-05-2023 at 12:55 PM.
12-05-2023 at 12:55 PM.
Quote from weigojmi View quoted comment :
Do tell? I have $135K in an Alliant savings account that used to be one of the best but is now at 3.10%.
If you have a brokerage account, CDs are going for more than 5% rate these days.
Reply
Joined Oct 2008
L5: Journeyman
> bubble2 725 Posts
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weigojmi
12-05-2023 at 01:14 PM.
12-05-2023 at 01:14 PM.
Quote from SeriousTerrier997 View quoted comment :
If you have a brokerage account, CDs are going for more than 5% rate these days.
I do (Public) but looks like they only offer Treasury Accounts but current YTM is 5.38%. Not exactly sure how this works yet though.
Reply

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Joined Dec 2009
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music3k
12-05-2023 at 03:09 PM.
12-05-2023 at 03:09 PM.
Quote from music3k View quoted comment :
where
WiseAppliance910 is just pimping a referal link to a site like nerdwallet. he doesn't have an actual bank to share because he keeps dming me instead of just posting it publicly. .
Reply
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