SoFi Checking & Savings: Earn Up to 3.80% APY + Up to $300 with Direct Deposit, terms apply
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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).
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.
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.
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/.
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.
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.
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.
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.
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).
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.
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.
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/.
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.
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.
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.
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.
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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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Too many red flags for this company. Not worth the hassle, especially if customer service is garbage as most here have experienced
I've been using them for about 8 years. First with a student loan refinance and then with banking and investing more recently. I've never had an issue. I have several other accounts with other banks but use SoFi more and more because of their ease of use, their rates, and their features. I have only good things to say about them.
This has high rate in savings and unlimited overdraft protection without fees, i.e, you can keep money in saving and use checking to pay while making high apr rate. Not sure which other bank does that matching the SoFi APR. for this reason only, I opened the account g and obviously $300 bonus is a plus.
Why not just use Charles Schwab and put the money in SWVXX at 5.27%, or open a chase brokerage and put the money into a money market fund earning 5.15% (VMVXX) ? while using their Chase Freedom and Chase Sapphire card? People still use debit cards? they should use Credit for all transactions, cash should be limited and only if necessary.
Why would anyone use a risky bank like Sofi?
Risky bank is the official bank of the NBA. Is that not a profitable enough affiliation?
This was mentioned in a previous comment, but reiterating it here for clarity. To maintain the 4.6% APY, one must have direct deposits of $5000 or more each month into the Savings and Checking account, in aggregate, or else it will drop. Unless SoFi is your main bank or you have an extra $5000/mo to direct deposit into SoFi each month, then there are other banks that offer higher APY with more manageable requirements.
I am currently moving my SoFi money into a CIT Bank Savings account which is currently at 5.05% APY so long as you maintain at least $5000 in the account daily.
This is incorrect information. You can direct deposit $10 each month and still get 4.6%. You're spreading misinformation..
I used Sofi for several months, and it was great. Then I started to not get the 4.6% rate and it was because of the minimum direct deposit requirement. This upset me as it wasn't a requirement for my account before.
I went looking elsewhere and found Milli. There isn't a direct deposit minimum and it is a better APY at 5.5%. I moved all of my money from Sofi to Milli and closed my account.
Our community has rated this post as helpful. If you agree, why not thank jasongw
02-18-2024 at 09:24 PM.
Been with SoFi since 2020. In process of moving everything off them. They're the masters of bait and switch. Used to be both checking and savings had high interest. They took it away. Used to be they reimbursed for ATM fees. They took it away. Their investment platform is limited and they'll lock you out of things at their convenience. One of your stocks is down and you want to DCA down? Nope! They'll lock you out of new purchases. And don't even get me started on how they first came in and forced the sale of certain crypto holdings with no options, then later came in and forced the transfer of others to blockchain.com
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02-19-2024 at 01:42 PM.
Quote
from catman17
:
Risky bank is the official bank of the NBA. Is that not a profitable enough affiliation?
You think affiliations have anything to do with anything?
Just look at the bank financials.. NBA has nothing to do with anything. Quite insane to even imply that. SOFI is primarily a student loan and low credit personal loan lender... they are holding the riskiest loans with the highest default rates in the world. Did you know student loans were the highest risk loan in the US, well above credit cards? Yeah... it's insane. They package up their student loans as asset backed securities... Which generally hold a AAA rating... but those... pretty much junk and rating agencies don't even want to rate them.
Sofi mainly operated as a shadow bank, they barely got a bank charter last year. They practically lose money every quarter with the exception of 4Q 2023 (mainly from the drop in rates)... Imagine a bank that loses money every quarter... a BANK... Yeah... extremely risky bank, and You should definitely reconsider banking with a bank that loses money.
Been with SoFi since 2020. In process of moving everything off them. They're the masters of bait and switch. Used to be both checking and savings had high interest. They took it away. Used to be they reimbursed for ATM fees. They took it away. Their investment platform is limited and they'll lock you out of things at their convenience. One of your stocks is down and you want to DCA down? Nope! They'll lock you out of new purchases. And don't even get me started on how they first came in and forced the sale of certain crypto holdings with no options, then later came in and forced the transfer of others to blockchain.com
SoFi is not a good company.
I've been a member for a couple years now and am still very happy. With the automatic overdraft protection and no monthly withdrawal limits on savings, it's essentially a 4.6% APY checking account still. I just leave all my money in savings and for ACH transfers, physical checks, debit card purchases, etc. I've never had any issues w/them going through and the funds automatically being pulled from savings. The only thing I'd caution people about is if somebody ever got your debit card info, it would be ridiculously easy for them to drain your savings with this setup. And I don't have any personal experience, but just from what I've read SoFi's fraud resolution and customer service absolutely does leave a lot to be desired. I personally use the debit card infrequently, so I just leave it locked when I don't need it. Another option is to put most of your money in savings inside vaults, which the auto overdraft will not pull from.
They definitely do seem to be transitioning from the VC funding/rapid growth phase to higher profitability and more modest growth, though. I think it was their latest results from Q4 2023 that they posted their first profitable quarter. So I'd expect more of the perks and free money they offer will start to go away. For example, they recently reduced or eliminated some of the rewards they offer for certain activities (such as for logging into the app daily, or recurring/scheduled deposits into invest). They're going to have to walk that line between being profitable and making shareholders money, but also not turn into just another big bank and still be a disruptor in the industry.
Also in SoFi's defense, they had no choice when it came to shuttering their crypto invest product. One of the conditions of receiving their bank charter was that they not engage in crypto services. Blame US regulators for that, not SoFi.
Quote
:
Upon consummation of this transaction, SoFi Bank, N.A., will have $5.3 billion in total assets and $718 million in capital at the end of the first year of operation, and will continue to offer a range of local commercial-focused loan offerings and deposit products previously offered by Golden Pacific. The bank will also provide a fully digital, mobile-first national lending platform for consumers across the country. The conditions imposed require specific capital contributions, adherence to an Operating Agreement, and confirmation that the resulting bank will not engage in any crypto-asset activities or services. In addition, the parent company of SoFi Bank, N.A., SoFi Technologies, has applied to the Federal Reserve to become a bank holding company and therefore subject to consolidated supervision.
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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.
- 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
Sign up for a Slickdeals account to remove this ad.
I've been using them for about 8 years. First with a student loan refinance and then with banking and investing more recently. I've never had an issue. I have several other accounts with other banks but use SoFi more and more because of their ease of use, their rates, and their features. I have only good things to say about them.
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remember it is not one time banking you want.
Local community bank that pays $0 in interest? No thanks!
Why would anyone use a risky bank like Sofi?
Risky bank is the official bank of the NBA. Is that not a profitable enough affiliation?
I am currently moving my SoFi money into a CIT Bank Savings account which is currently at 5.05% APY so long as you maintain at least $5000 in the account daily.
This is incorrect information. You can direct deposit $10 each month and still get 4.6%. You're spreading misinformation..
I went looking elsewhere and found Milli. There isn't a direct deposit minimum and it is a better APY at 5.5%. I moved all of my money from Sofi to Milli and closed my account.
What minimum direct deposit? There is no minimum!
Our community has rated this post as helpful. If you agree, why not thank jasongw
SoFi is not a good company.
Our community has rated this post as helpful. If you agree, why not thank BondTrader
Just look at the bank financials.. NBA has nothing to do with anything. Quite insane to even imply that. SOFI is primarily a student loan and low credit personal loan lender... they are holding the riskiest loans with the highest default rates in the world. Did you know student loans were the highest risk loan in the US, well above credit cards? Yeah... it's insane. They package up their student loans as asset backed securities... Which generally hold a AAA rating... but those... pretty much junk and rating agencies don't even want to rate them.
Sofi mainly operated as a shadow bank, they barely got a bank charter last year. They practically lose money every quarter with the exception of 4Q 2023 (mainly from the drop in rates)... Imagine a bank that loses money every quarter... a BANK... Yeah... extremely risky bank, and You should definitely reconsider banking with a bank that loses money.
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SoFi is not a good company.
They definitely do seem to be transitioning from the VC funding/rapid growth phase to higher profitability and more modest growth, though. I think it was their latest results from Q4 2023 that they posted their first profitable quarter. So I'd expect more of the perks and free money they offer will start to go away. For example, they recently reduced or eliminated some of the rewards they offer for certain activities (such as for logging into the app daily, or recurring/scheduled deposits into invest). They're going to have to walk that line between being profitable and making shareholders money, but also not turn into just another big bank and still be a disruptor in the industry.
Also in SoFi's defense, they had no choice when it came to shuttering their crypto invest product. One of the conditions of receiving their bank charter was that they not engage in crypto services. Blame US regulators for that, not SoFi.