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SoFi Checking & Savings: Earn Up to 3.80% APY + Up to $300 with Direct Deposit, terms apply
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:
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
- 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.
Original Post
Written by
Edited May 5, 2025
at 10:24 AM
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:
Slickdeals may be compensated by SoFi®
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
- 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.
Slickdeals may be compensated by SoFi®
Created 12-07-2023
at 11:06 AM
by EfficientGame645
in
Finance
(3)
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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
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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.
I think you need to revisit what was actually discussed in their last earning call.
I mean they fact that they managed to survive through the past few years and expand their revenue stream across other businesses while primarily being known for student lending is damn impressive.
They told us years ago estimated timing of when they would be profitable and I believe they were exactly right with 2023 Q4. They also managed to beat the streets estimates something like 10 quarters in a row...
With all that said, they have a lot of improvements to make on the customer service front. Not really sure how much they'll do here is that it's part of their strategy to manage that costs while rapidly growing...
I use it everyday and I don't find it to be buggy. The UI could be better however I wouldn't call it buggy. I also used their customer service and it's as good as any other big banks.
Q4 2023 earnings were weak... Idk what you're talking about... Estimates were they broke even, they posted 2 cents per share... They netted $42.6 million... a figure that was only higher due to higher rates meaning deposit spreads were up. They only provision $12.1 million for loan losses... Given their $23 BILLION DOLLAR loan book in god awful loans... they are under capitalized for a rise in delinquencies..
Because they were a shadow bank until now, they've avoided BASEL III... well, they just got a charter... They will need to start holding HTM, HFS, and high levels of liquidity to meet capital requirements. Yep, they'll have to allocate at least 6.5% to meet the minimum or 14% of RWA to get in line with other banks. They can't pass a FED stress test.
I find it funny a normal guy who hasn't even looked at the bank financials are tying to tell me, a professional investor who specialized in analyzing and investing in banks around the world from Swedbank, Credit Agricola, TD, Svenska, Bank of Montreal, Royal Bank of Canada, JP Morgan, Rabobank, Groupe BPCE, and the list goes on.... Imagine reading those 100+ page 10Ks for a living ... yeah. I'm the most qualified person to tell you SOFI is indeed a low quality horrible bank. Probably in the top 10 worst on the public market. Just because you bank with them, doesn't mean they are a "good" bank... they are far from it. Doesn't matter what platform they have... in Finance... the only thing that matters Is the cold HARD numbers... Costs will skyrocket for Sofi to meet capital requirements. I wouldn't be surprised if they file bankruptcy in less than 5 years. Even First Horizon makes a profit. lol. meanwhile SOFI lost $300.7 million in 2023, and has never had a profitable year since its existence. One "barely" profitable quarter means nothing.
Thanks for the insights. I've been looking at these higher interest rate banks and all of them seem to have shaky reviews at best. Can you recommend one that offers a very high interest rate, is financially healthy, and offers decent customer service?
Q4 2023 earnings were weak... Idk what you're talking about... Estimates were they broke even, they posted 2 cents per share... They netted $42.6 million... a figure that was only higher due to higher rates meaning deposit spreads were up. They only provision $12.1 million for loan losses... Given their $23 BILLION DOLLAR loan book in god awful loans... they are under capitalized for a rise in delinquencies..
Because they were a shadow bank until now, they've avoided BASEL III... well, they just got a charter... They will need to start holding HTM, HFS, and high levels of liquidity to meet capital requirements. Yep, they'll have to allocate at least 6.5% to meet the minimum or 14% of RWA to get in line with other banks. They can't pass a FED stress test.
I find it funny a normal guy who hasn't even looked at the bank financials are tying to tell me, a professional investor who specialized in analyzing and investing in banks around the world from Swedbank, Credit Agricola, TD, Svenska, Bank of Montreal, Royal Bank of Canada, JP Morgan, Rabobank, Groupe BPCE, and the list goes on.... Imagine reading those 100+ page 10Ks for a living ... yeah. I'm the most qualified person to tell you SOFI is indeed a low quality horrible bank. Probably in the top 10 worst on the public market. Just because you bank with them, doesn't mean they are a "good" bank... they are far from it. Doesn't matter what platform they have... in Finance... the only thing that matters Is the cold HARD numbers... Costs will skyrocket for Sofi to meet capital requirements. I wouldn't be surprised if they file bankruptcy in less than 5 years. Even First Horizon makes a profit. lol. meanwhile SOFI lost $300.7 million in 2023, and has never had a profitable year since its existence. One "barely" profitable quarter means nothing.
Yes you manage a 15 Billion portfolio and are looking for deals to buy things here on SD, I believe you 😁
Remaining funds are in tri-party repo agreements.
I'm still looking for those deals! You never make too much money to ignore obvious deals. That is what separates good investors from the bad.
Fidelity has a good checking that auto cash sweeps into their MMF, I believe at 5.2% right now
JP Morgan brokerage doesn't cash sweep, but you can place funds into their MMF also at 5.2%
All work the same. You get a debit card, and you can have the money invested at all times.
I'd say away from any bank that loses money and has a lot of advertisements.
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Apple savings by Goldman Sachs customer service is awesome and the current give 4.5% interest.
There's a strange requirement that you need Apple Card for this.
Q4 2023 earnings were weak... Idk what you're talking about... Estimates were they broke even, they posted 2 cents per share... They netted $42.6 million... a figure that was only higher due to higher rates meaning deposit spreads were up. They only provision $12.1 million for loan losses... Given their $23 BILLION DOLLAR loan book in god awful loans... they are under capitalized for a rise in delinquencies..
Because they were a shadow bank until now, they've avoided BASEL III... well, they just got a charter... They will need to start holding HTM, HFS, and high levels of liquidity to meet capital requirements. Yep, they'll have to allocate at least 6.5% to meet the minimum or 14% of RWA to get in line with other banks. They can't pass a FED stress test.
I find it funny a normal guy who hasn't even looked at the bank financials are tying to tell me, a professional investor who specialized in analyzing and investing in banks around the world from Swedbank, Credit Agricola, TD, Svenska, Bank of Montreal, Royal Bank of Canada, JP Morgan, Rabobank, Groupe BPCE, and the list goes on.... Imagine reading those 100+ page 10Ks for a living ... yeah. I'm the most qualified person to tell you SOFI is indeed a low quality horrible bank. Probably in the top 10 worst on the public market. Just because you bank with them, doesn't mean they are a "good" bank... they are far from it. Doesn't matter what platform they have... in Finance... the only thing that matters Is the cold HARD numbers... Costs will skyrocket for Sofi to meet capital requirements. I wouldn't be surprised if they file bankruptcy in less than 5 years. Even First Horizon makes a profit. lol. meanwhile SOFI lost $300.7 million in 2023, and has never had a profitable year since its existence. One "barely" profitable quarter means nothing.
Didn't we (i.e. US taxpayers) bail out a JP Morgan a couple years back because they couldn't handle their shizz? What's their bank rating and what was it saaaaay 2007ish?
I'm glad you remember that. Which must mean you remember the Dodd-frank act that was past the following year leading to the most regulated industry in the entire world in both IFRS and US GAAP. Just wait until you hear how much capital JP, the strongest US bank, has today
Ratings didn't have a bank framework in 2007. And today JP is AA+ only 2 notches from a perfect rating.
Ratings didn't have a bank framework in 2007. And today JP is AA+ only 2 notches from a perfect rating.
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I mean if you want your money tied up until they disburse the funds, then that's an option. But why even do that when they offer well below market rates.