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

+154 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 Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.
    SoFi members with Eligible Direct Deposit can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.80% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% 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 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
  2. APY disclosures
    SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members 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 Eligible 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. 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. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. 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 Eligible 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 May 5, 2025 at 10:24 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 Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.
    SoFi members with Eligible Direct Deposit can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.80% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% 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 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
  2. APY disclosures
    SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members 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 Eligible 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. 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. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. 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 Eligible 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®
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Created 12-07-2023 at 11:06 AM by EfficientGame645
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546,143 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.

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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 Jan 2006
L6: Expert
> bubble2 1,162 Posts
51 Reputation
4deals
01-03-2024 at 10:28 PM.
01-03-2024 at 10:28 PM.
Quote from cgigate :
4.6% APY is very bad
what are other alternatives ? I was with HM Bradley , they closed last month
Reply

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Joined Dec 2011
L3: Novice
> bubble2 182 Posts
31 Reputation
urvim
01-05-2024 at 07:46 PM.
01-05-2024 at 07:46 PM.
Quote from 4deals :
what are other alternatives ? I was with HM Bradley , they closed last month

Try capital one. Pretty good rates.
1
Reply
Joined Aug 2010
B!tch Please
> bubble2 6,104 Posts
621 Reputation
Truth-Serum
01-06-2024 at 04:15 PM.
01-06-2024 at 04:15 PM.
How long do we have to keep the money in the account and how soon can we close it?
Reply
Joined Feb 2007
I'm a cucumber
> bubble2 1,712 Posts
266 Reputation
superdan54
01-07-2024 at 12:17 AM.
01-07-2024 at 12:17 AM.
Quote from magiccdeal123 :
Other than salary deposit any other way to qualify transfer as direct deposit?
The fine print says direct deposits from a government agency qualify so maybe tax refunds as well?
Reply
Joined Jan 2006
L5: Journeyman
> bubble2 574 Posts
46 Reputation
catman17
01-08-2024 at 03:59 PM.
01-08-2024 at 03:59 PM.
Quote from cgigate :
4.6% APY is very bad

That's an exaggeration. Are there better rates? Yes. Is 4.6% very bad? No way. 0.1% from big banks is very bad!
Reply

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Joined Aug 2019
Mom!! I made it to L2
> bubble2 53 Posts
18 Reputation
Mohit1908
01-08-2024 at 07:03 PM.
01-08-2024 at 07:03 PM.
Its a good offer, but their app sucks, so wouldn't keep money there too long
3
Reply
Joined May 2009
L2: Beginner
> bubble2 58 Posts
18 Reputation
baghodler
01-09-2024 at 11:29 AM.
01-09-2024 at 11:29 AM.
Been using sofi as my main bank for about a year now due to the high rates. Everything was great until a month ago when one of my bill payments was late. I scheduled the payment with sofi to arrive at amex 2 days before the due date, but amex claims it arrived a day late. sofi pointed their finger at amex and amex pointed their finger at sofi. After reading bunch of reddit posts on sofi, it seems their bill pay SUCKS. I now use autopay from my credit cards to pull the money from sofi instead. Even with the questionable auto pay, Im still satisfied with sofi (so long as they keep their savings rates relatively high).
Reply
Joined Jan 2006
Get back, witch!
> bubble2 3,565 Posts
Wasser
01-09-2024 at 11:46 AM.
01-09-2024 at 11:46 AM.
Quote from baghodler :
Been using sofi as my main bank for about a year now due to the high rates. Everything was great until a month ago when one of my bill payments was late. I scheduled the payment with sofi to arrive at amex 2 days before the due date, but amex claims it arrived a day late. sofi pointed their finger at amex and amex pointed their finger at sofi. After reading bunch of reddit posts on sofi, it seems their bill pay SUCKS. I now use autopay from my credit cards to pull the money from sofi instead. Even with the questionable auto pay, Im still satisfied with sofi (so long as they keep their savings rates relatively high).
Back when the rates were going up I went with SoFi, but then Primis came with significantly higher rates. Still at > 5% both Checking and Savings (maybe "grandfathered in"), no issues besides bill pay which fails the same way you are describing for SoFi.
Also Primis holds deposits maybe a day or two longer than one hopes, small niggles.
For bill pay I am keeping my regular B&M bank though.
Reply
Joined Oct 2011
L3: Novice
> bubble2 140 Posts
22 Reputation
blackmarlin8
01-09-2024 at 02:06 PM.
01-09-2024 at 02:06 PM.
Quote from 4deals :
what are other alternatives ? I was with HM Bradley , they closed last month
try Broker CD
I have few from raisin.com
they have many options, best right now is 14months / salliemae cd /5.40%.
They have no penalty CD's too with many options.
1
Reply
Joined Jan 2006
L6: Expert
> bubble2 1,162 Posts
51 Reputation
4deals
01-10-2024 at 10:37 AM.
01-10-2024 at 10:37 AM.
Quote from blackmarlin8 :
try Broker CD
I have few from raisin.com
they have many options, best right now is 14months / salliemae cd /5.40%.
They have no penalty CD's too with many options.

Thank you for sharing this, appreciated
Reply
Joined May 2020
L2: Beginner
> bubble2 85 Posts
14 Reputation
LivelyMarmot7835
01-10-2024 at 11:57 AM.
01-10-2024 at 11:57 AM.
Their website / app is pretty buggy and their support doesn't seem to know what they're talking about.
1
Reply
Joined Jan 2018
L3: Novice
> bubble2 209 Posts
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kbskt
01-11-2024 at 12:07 AM.
01-11-2024 at 12:07 AM.
banking on an App.
1
Reply

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Joined Oct 2017
L6: Expert
> bubble2 1,556 Posts
140 Reputation
Gor32
01-11-2024 at 07:14 PM.
01-11-2024 at 07:14 PM.
I tried getting an account with them, but they were asking for ridiculous amounts of info. Over 800 score but they asked for taxes, w2, and tax transcripts asking with a few other smaller items. The transcripts were repetitive of the other items but they asked it all. Not worth the hassle.
2
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