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SoFi Checking & Savings: Earn Up to 3.80% APY + Up to $300 with Direct Deposit, terms apply

+159 Deal Score
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SoFi® is offering up to $300 with direct deposit, terms apply. Up to 4.60% -> now 4.50% -> now 4.30% -> now 4.20% -> now 4.00% -> now 3.80% (as of 1/23/2025) annual percentage yield (APY) on savings and 0.50% APY on checking. No account fees.

The Direct Deposit Promotion will begin on 12/7/2023 at 12:01AM ET and end on 1/31/26 at 11:59PM ET.

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 30-day Evaluation Period :
    • $1,000 - $4,999 Total Direct Deposit: $50 Cash Bonus
    • $5,000 or more Total Direct Deposit: $300 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
  • Organize your money, set savings goals, and save your change with Vaults and Roundups.
  • You'll earn up to 4.60% -> now 4.50% -> now 4.30% -> now 4.20% -> now 4.00% -> now 3.80% annual percentage yield (APY) on savings balances (including Vaults) and up to 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).
  • Additional information can be found at https://www.sofi.com/banking/
  • Member FDIC
  1. Up to $300 Bonus Tiered Disclosure
    New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.
  2. APY disclosures
    SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% 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 SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
  3. Fee Policy
    We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at
    sofi.com/legal/banking-fees/.
  4. Additional FDIC Insurance
    SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC's regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
  5. ATM Access
    We've partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi's ATM policies are subject to change at our discretion at any time.
  6. Early Access to Direct Deposit Funds
    Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
  7. Overdraft Coverage
    Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the "Start Date" and "End Date" set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the "30-Day Evaluation Period"). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.

Slickdeals may be compensated by SoFi®

Original Post

Written by
Edited April 17, 2025 at 11:56 AM by
SoFi® is offering up to $300 with direct deposit, terms apply. Up to 4.60% -> now 4.50% -> now 4.30% -> now 4.20% -> now 4.00% -> now 3.80% (as of 1/23/2025) annual percentage yield (APY) on savings and 0.50% APY on checking. No account fees.

The Direct Deposit Promotion will begin on 12/7/2023 at 12:01AM ET and end on 1/31/26 at 11:59PM ET.

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 30-day Evaluation Period :
    • $1,000 - $4,999 Total Direct Deposit: $50 Cash Bonus
    • $5,000 or more Total Direct Deposit: $300 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
  • Organize your money, set savings goals, and save your change with Vaults and Roundups.
  • You'll earn up to 4.60% -> now 4.50% -> now 4.30% -> now 4.20% -> now 4.00% -> now 3.80% annual percentage yield (APY) on savings balances (including Vaults) and up to 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).
  • Additional information can be found at https://www.sofi.com/banking/
  • Member FDIC
  1. Up to $300 Bonus Tiered Disclosure
    New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.
  2. APY disclosures
    SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% 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 SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
  3. Fee Policy
    We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at
    sofi.com/legal/banking-fees/.
  4. Additional FDIC Insurance
    SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC's regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
  5. ATM Access
    We've partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi's ATM policies are subject to change at our discretion at any time.
  6. Early Access to Direct Deposit Funds
    Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
  7. Overdraft Coverage
    Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the "Start Date" and "End Date" set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the "30-Day Evaluation Period"). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.

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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

Don't recommend this bank for serious users unless your goal is just to earn the signing bonus. I had SoFi for roughly 6 months, used them for direct deposit and bill pays as I normally did with other banks. One day I got an email saying my account was locked and needed to call their 800 number. I called multiple times and their CSRs were not only clueless but also rude by hanging up on customers if they didn't have answers. When asking to speak with their manager, their standard answer was "this is the highest escalation point". They could not tell you any reason why the account was locked, nor a timeline when the so-called internal review would be completed. During that review period, all scheduled payments will be declined and they are not responsible for any consequences. I filed complaints with CFPB, OCC and BBB, and got the restriction removed in a week or so. SoFi finally sent me a letter stating that "Regrettably, it was found that our system flagged your account in error, which caused the restriction. We offer our deepest apologies for the error and delay". As soon as the lock was removed, I closed my accounts and advised my family members and friends to do the same, because you never know when SoFi would decide to lock down your access to your own money without reasons and timelines.
any tricks for the direct deposit? will a bank transfer qualify?

NM, I read the fine print.

Bonus Terms: In order to qualify for eligibility for a bonus, SoFi must receive at least one Direct Deposit (as defined below) from an Eligible Participant, the first of which must be received on or after 12/7/2023. Direct Deposits are defined as deposits of $1,000.00 or greater from an enrolled member's employer, payroll, benefits provider, or government agency via ACH deposit. Deposits that are not from an employer, payroll, benefits provider, or government agency (such as check deposits; P2P transfers such as from PayPal or Venmo, etc.; merchant transactions such as from PayPal, Stripe, Square, etc.; and external bank ACH transfers not from employers) do not qualify for this Direct Deposit Promotion. The amount of the bonus, if any, will be calculated during the Direct Deposit Bonus Period as described and defined below.
SoFi is great but they still have some common FinTech limitations that are annoying.
- You can only link other bank accounts using Plaid. If you don't agree to Plaid terms you are pretty much out of luck.
- Email notifications are very limited, they try to only use push notifications which are not nearly as good for keeping history and you have to keep the app on your phone.
- They do have a website at least, but it's very basic and similar to the app.

On the good side though
- The debit card is great, no foreign transaction fees, and many free ATMs
- You can keep all money in savings account and auto-draft to maximize interest
- Vaults are good for securing and saving money

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Joined Dec 2004
L6: Expert
> bubble2 1,583 Posts
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stevedawg85
12-08-2023 at 01:30 PM.

Our community has rated this post as helpful. If you agree, why not thank stevedawg85

12-08-2023 at 01:30 PM.
any tricks for the direct deposit? will a bank transfer qualify?

NM, I read the fine print.

Bonus Terms: In order to qualify for eligibility for a bonus, SoFi must receive at least one Direct Deposit (as defined below) from an Eligible Participant, the first of which must be received on or after 12/7/2023. Direct Deposits are defined as deposits of $1,000.00 or greater from an enrolled member's employer, payroll, benefits provider, or government agency via ACH deposit. Deposits that are not from an employer, payroll, benefits provider, or government agency (such as check deposits; P2P transfers such as from PayPal or Venmo, etc.; merchant transactions such as from PayPal, Stripe, Square, etc.; and external bank ACH transfers not from employers) do not qualify for this Direct Deposit Promotion. The amount of the bonus, if any, will be calculated during the Direct Deposit Bonus Period as described and defined below.
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Joined Mar 2014
L1: Learner
> bubble2 197 Posts
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TofuMatt
12-09-2023 at 12:46 AM.
12-09-2023 at 12:46 AM.
Quote from stevedawg85 :
any tricks for the direct deposit? will a bank transfer qualify?

NM, I read the fine print.

Bonus Terms: In order to qualify for eligibility for a bonus, SoFi must receive at least one Direct Deposit (as defined below) from an Eligible Participant, the first of which must be received on or after 12/7/2023. Direct Deposits are defined as deposits of $1,000.00 or greater from an enrolled member's employer, payroll, benefits provider, or government agency via ACH deposit. Deposits that are not from an employer, payroll, benefits provider, or government agency (such as check deposits; P2P transfers such as from PayPal or Venmo, etc.; merchant transactions such as from PayPal, Stripe, Square, etc.; and external bank ACH transfers not from employers) do not qualify for this Direct Deposit Promotion. The amount of the bonus, if any, will be calculated during the Direct Deposit Bonus Period as described and defined below.

Thanks for this
Reply
Joined Jul 2017
L6: Expert
> bubble2 1,412 Posts
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slicksdeal
12-09-2023 at 08:43 AM.

Our community has rated this post as helpful. If you agree, why not thank slicksdeal

12-09-2023 at 08:43 AM.
SoFi is great but they still have some common FinTech limitations that are annoying.
- You can only link other bank accounts using Plaid. If you don't agree to Plaid terms you are pretty much out of luck.
- Email notifications are very limited, they try to only use push notifications which are not nearly as good for keeping history and you have to keep the app on your phone.
- They do have a website at least, but it's very basic and similar to the app.

On the good side though
- The debit card is great, no foreign transaction fees, and many free ATMs
- You can keep all money in savings account and auto-draft to maximize interest
- Vaults are good for securing and saving money
9
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Last edited by slicksdeal December 9, 2023 at 08:49 AM.
Joined May 2006
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laplas
12-09-2023 at 01:39 PM.

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12-09-2023 at 01:39 PM.
Don't recommend this bank for serious users unless your goal is just to earn the signing bonus. I had SoFi for roughly 6 months, used them for direct deposit and bill pays as I normally did with other banks. One day I got an email saying my account was locked and needed to call their 800 number. I called multiple times and their CSRs were not only clueless but also rude by hanging up on customers if they didn't have answers. When asking to speak with their manager, their standard answer was "this is the highest escalation point". They could not tell you any reason why the account was locked, nor a timeline when the so-called internal review would be completed. During that review period, all scheduled payments will be declined and they are not responsible for any consequences. I filed complaints with CFPB, OCC and BBB, and got the restriction removed in a week or so. SoFi finally sent me a letter stating that "Regrettably, it was found that our system flagged your account in error, which caused the restriction. We offer our deepest apologies for the error and delay". As soon as the lock was removed, I closed my accounts and advised my family members and friends to do the same, because you never know when SoFi would decide to lock down your access to your own money without reasons and timelines.
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Joined Jul 2016
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nestroyer
12-10-2023 at 01:25 PM.
12-10-2023 at 01:25 PM.
Naturally they up it to $300 right after I get my $250…
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Joined Nov 2007
L2: Beginner
> bubble2 74 Posts
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sammd301
12-10-2023 at 08:14 PM.
12-10-2023 at 08:14 PM.
Fk...just got $250 last week, I'm even using them as my savings while they still have 4.60% ... Oh well.
Reply
Joined Mar 2006
Too $lick to Quit
> bubble2 2,110 Posts
427 Reputation
TRUMP_XD
12-11-2023 at 11:40 AM.
12-11-2023 at 11:40 AM.
Quote from laplas :
Don't recommend this bank for serious users unless your goal is just to earn the signing bonus. I had SoFi for roughly 6 months, used them for direct deposit and bill pays as I normally did with other banks. One day I got an email saying my account was locked and needed to call their 800 number. I called multiple times and their CSRs were not only clueless but also rude by hanging up on customers if they didn't have answers. When asking to speak with their manager, their standard answer was "this is the highest escalation point". They could not tell you any reason why the account was locked, nor a timeline when the so-called internal review would be completed. During that review period, all scheduled payments will be declined and they are not responsible for any consequences. I filed complaints with CFPB, OCC and BBB, and got the restriction removed in a week or so. SoFi finally sent me a letter stating that "Regrettably, it was found that our system flagged your account in error, which caused the restriction. We offer our deepest apologies for the error and delay". As soon as the lock was removed, I closed my accounts and advised my family members and friends to do the same, because you never know when SoFi would decide to lock down your access to your own money without reasons and timelines.

Agree. Good luck with getting any money back if your account is ever compromised- they will simply determine they were not at fault and leave u screwed with no recourse unless filing complaints which gets them to act.

That's how these scam banks offer high rate checking/savings - by pinching customers on all the other basics. Simple as.
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Joined Dec 2018
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Slickfriendly
12-12-2023 at 10:22 AM.
12-12-2023 at 10:22 AM.
Quote from laplas :
Don't recommend this bank for serious users unless your goal is just to earn the signing bonus. I had SoFi for roughly 6 months, used them for direct deposit and bill pays as I normally did with other banks. One day I got an email saying my account was locked and needed to call their 800 number. I called multiple times and their CSRs were not only clueless but also rude by hanging up on customers if they didn't have answers. When asking to speak with their manager, their standard answer was "this is the highest escalation point". They could not tell you any reason why the account was locked, nor a timeline when the so-called internal review would be completed. During that review period, all scheduled payments will be declined and they are not responsible for any consequences. I filed complaints with CFPB, OCC and BBB, and got the restriction removed in a week or so. SoFi finally sent me a letter stating that "Regrettably, it was found that our system flagged your account in error, which caused the restriction. We offer our deepest apologies for the error and delay". As soon as the lock was removed, I closed my accounts and advised my family members and friends to do the same, because you never know when SoFi would decide to lock down your access to your own money without reasons and timelines.
This happens at big banks as well.
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Joined Mar 2017
L3: Novice
> bubble2 121 Posts
42 Reputation
nourin11
12-12-2023 at 04:26 PM.
12-12-2023 at 04:26 PM.
Quote from TofuMatt :
Thanks for this

Can someone explain?
My understanding is, the bonus period (25 days) begins as soon the first direct deposit hits not the day I open account? Meaning as soon as first direct deposit hits I have 25 days from that day to deposit 5K to get $300 bonus.
Reply
Joined Mar 2017
L3: Novice
> bubble2 121 Posts
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nourin11
12-12-2023 at 04:27 PM.
12-12-2023 at 04:27 PM.
Can someone explain terms of getting $300 bonus?
My understanding is, the bonus period (25 days) begins as soon the first direct deposit hits not the day I open account?
Meaning as soon as my first direct deposit hits from then I have 25 days to direct deposit 5K to get $300 bonus.
Reply
Joined Nov 2012
L4: Apprentice
> bubble2 352 Posts
118 Reputation
CameronEp
12-12-2023 at 06:41 PM.
12-12-2023 at 06:41 PM.
Quote from nourin11 :
Can someone explain terms of getting $300 bonus?
My understanding is, the bonus period (25 days) begins as soon the first direct deposit hits not the day I open account?
Meaning as soon as my first direct deposit hits from then I have 25 days to direct deposit 5K to get $300 bonus.
Correct, so if you're setting up a direct deposit for your biweekly paycheck, it gives you enough time to have both counted. I went through this recently and got the bonus without having to chase it down with their support (which sucks, by the way - had two issues with them so far and support was near worthless both times)
Reply
Joined Sep 2015
L5: Journeyman
> bubble2 850 Posts
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dagarwal3
12-12-2023 at 06:46 PM.
12-12-2023 at 06:46 PM.
Also, you can get $25 referral bonus.
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Joined Feb 2023
L6: Expert
> bubble2 1,018 Posts
114 Reputation
oasisallure
12-13-2023 at 01:25 PM.
12-13-2023 at 01:25 PM.
Quote from laplas :
Don't recommend this bank for serious users unless your goal is just to earn the signing bonus. I had SoFi for roughly 6 months, used them for direct deposit and bill pays as I normally did with other banks. One day I got an email saying my account was locked and needed to call their 800 number. I called multiple times and their CSRs were not only clueless but also rude by hanging up on customers if they didn't have answers. When asking to speak with their manager, their standard answer was "this is the highest escalation point". They could not tell you any reason why the account was locked, nor a timeline when the so-called internal review would be completed. During that review period, all scheduled payments will be declined and they are not responsible for any consequences. I filed complaints with CFPB, OCC and BBB, and got the restriction removed in a week or so. SoFi finally sent me a letter stating that "Regrettably, it was found that our system flagged your account in error, which caused the restriction. We offer our deepest apologies for the error and delay". As soon as the lock was removed, I closed my accounts and advised my family members and friends to do the same, because you never know when SoFi would decide to lock down your access to your own money without reasons and timelines.
Similar, bad experience with Samsung money by Sofi checking account DD bonus payout.
Received an email, do DD to get $200. Did it, not received $200. called, they don't admit email
sent to me. Long story shorts. Finally, closed sofi account. BTW, Their DD bonus evaluation period is a joke.
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