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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
If you purchase something through a post on our site, Slickdeals may get a small share of the sale.
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
L5: Journeyman
> bubble2 586 Posts
86 Reputation
SeriousTerrier997
12-05-2023 at 04:22 PM.
12-05-2023 at 04:22 PM.
Quote from weigojmi View quoted comment :
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.
You need an account with Fidelity or Merrill Edge. Typically, brokerage houses offers CD as instruments of investments under Fixed income section. For example, this is [imgur.com] what is available to me for purchase. Ignore the callable CDs. These are not FDIC insured but underlying issuers are all large banks.
Reply
Joined May 2006
L2: Beginner
> bubble2 96 Posts
39 Reputation
laplas
12-05-2023 at 05:57 PM.
12-05-2023 at 05:57 PM.
SoFi restricted my account for no reason, and their CSRs are clueless about what's going on. Hung up customer's phone calls and weren't able to provide an ETA for their so-call "internal review". File CFPB and OCC complaints, and finally got restrictions removed. Again, no reason was ever provided. Would not recommend this bank despite their relatively high interest rates.
Reply
Joined Sep 2017
L3: Novice
> bubble2 214 Posts
336 Reputation
MonkiDream
12-06-2023 at 04:47 AM.
12-06-2023 at 04:47 AM.
I've been a SoFi customer for years after Simple shutdown. I'm switching to Ally now. Ally also has the budget buckets like Simple.
Reply
Joined Oct 2013
L2: Beginner
> bubble2 65 Posts
34 Reputation
fuzzevans
12-06-2023 at 08:16 AM.
12-06-2023 at 08:16 AM.
Anecdotal but I don't trust this company. they spammed the heck out of me to get me to apply for a loan, when I did they pulled my credit out as an 846 out of 850 declined me, then, and this part is unproven but, I believe they sold my data to a bunch of other lenders because I immediately within a day started getting numerous fishing spam looking emails from other lenders saying, bad credit? we loan to everyone! Other banks offer better rates, and might not sell your data 🤷 ♂️
Reply
Joined Nov 2022
L6: Expert
> bubble2 1,885 Posts
226 Reputation
L97
12-07-2023 at 07:22 AM.
12-07-2023 at 07:22 AM.
I've been with almost all the big online banks. Ally is my go to as of now. Great rates for HYSA. I used to transfer from bank to bank to maximize APY but not worth it, Ally is competitive.

the only time it's worth it is to churn sign on bonus offers on checking accounts like Chase(?) $200 for depositing $10K for 20 days
Reply
Joined Dec 2014
L2: Beginner
> bubble2 44 Posts
10 Reputation
gandhravgandhrav
12-07-2023 at 09:12 AM.
12-07-2023 at 09:12 AM.
So direcet deposit has to be $5000 to receive the $250? My parent direct deposit wil take more than 6 month to get to 5k, Can I just deposit 5k myself in account?
Reply
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