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

+154 Deal Score
546,137 Views
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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Score
+154
546,137 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.

479 Comments

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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 Aug 2021
L2: Beginner
> bubble2 127 Posts
106 Reputation
fr0stedflakes
02-26-2024 at 03:30 PM.
02-26-2024 at 03:30 PM.
Quote from BondTrader :
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.
For the highly publicized bank failures last year there was basically no delay/wait for customers to have access to their funds. With SIVB, the FDIC and state regulators swooped in over the weekend and put the bank into receivership, and by 8AM on Monday branches were open again and it was business as usual for customers with full access to their funds, even those who had >$250k in deposits above the FDIC limits.

I would certainly not want to be a major shareholder and investor in a failed bank, because the US government seems to have no problem whatsoever leaving them to hold the bag. But history, both recent and old, seems to prove that depositors are quite well protected in the event of a bank failure. FDIC and the Federal Reserve are highly motivated to stem any potential domino effect and contagion that could impact the banking industry as a whole, because obviously they have the liquidity to absorb some failures, but not widespread loss of confidence and failure in the sector.

Let's also be clear that the chances of any SoFi customers having to deal with this is pretty small. Maybe if this was 10 years ago and their loan portfolio was still 90% student loan refis. But they've spent years taking all their eggs out of one basket and diversifying their loan portfolio, as well as expanding into into other products like traditional banking and brokerage accounts. I think I read during last quarter's results that their banking products now account for half of their revenue with loans making up the other half? They're also a chartered bank now and are subject to the all the reserve requirements and other regulations that go along with that for a bank of their size.

I'd be more far worried about SoFi's fraud algorithms or whatever they got going on behind the scenes randomly locking my account and access to my funds than I would be about them going bankrupt. Unfortunately that's a story that you seem to read more often than you should on r/SoFi and something they need to sort out.
Reply
Joined Sep 2012
Convexity
> bubble2 315 Posts
BondTrader
02-26-2024 at 03:35 PM.
02-26-2024 at 03:35 PM.
You must've not looked at the portfolio…

Majority of their revenue was interest income… on loans like a bank. You just don't seem to realize the quality of those underlying loans.

The odds SOFI goes bankrupt is very high.
2
Reply
Joined Dec 2007
L2: Beginner
> bubble2 47 Posts
210 Reputation
tkerugby
02-27-2024 at 03:24 AM.
02-27-2024 at 03:24 AM.
For those interested in SoFi, it's definitely worth giving it a try. I have been a customer now for a year. The experience is so much better than the big banks. Account opening from your phone is almost effortless. ACH transfers are completed much faster than I've seen anywhere else. Rewards points are a nice bonus and the app is good.

All this concern about SoFi and their financials is unwarranted. They are one of the few banks that offer $2 million in FDIC insurance so your money is protected. The advertising to some may seem out of place for a typical bank, but they are not a typical bank which is why they continue to grow deposits.

Give them a shot and you be the judge.
1
Reply
Last edited by tkerugby February 27, 2024 at 03:42 AM.
Joined Jul 2014
L1: Learner
> bubble2 3 Posts
10 Reputation
RamyB
02-28-2024 at 09:39 AM.
02-28-2024 at 09:39 AM.
How long I need to keep it open after collecting the bonus?
Reply
Joined Jul 2022
Techie_Review
> bubble2 513 Posts
135 Reputation
techie_review101
02-28-2024 at 10:05 AM.
02-28-2024 at 10:05 AM.
Quote from tkerugby :
For those interested in SoFi, it's definitely worth giving it a try. I have been a customer now for a year. The experience is so much better than the big banks. Account opening from your phone is almost effortless. ACH transfers are completed much faster than I've seen anywhere else. Rewards points are a nice bonus and the app is good.

All this concern about SoFi and their financials is unwarranted. They are one of the few banks that offer $2 million in FDIC insurance so your money is protected. The advertising to some may seem out of place for a typical bank, but they are not a typical bank which is why they continue to grow deposits.

Give them a shot and you be the judge.
I got into Ally Bank and they are so easy to navigate and easy to use
Reply
Joined Apr 2009
L2: Beginner
> bubble2 37 Posts
14 Reputation
dsw1210
02-29-2024 at 12:59 AM.
02-29-2024 at 12:59 AM.
Is there a duration that you need to keep the direct deposit funds in the new account?
Reply
Joined Nov 2009
L5: Journeyman
> bubble2 569 Posts
199 Reputation
bruce460460
02-29-2024 at 05:44 PM.
02-29-2024 at 05:44 PM.
Anyone else receive this message? I have an 850 credit score and both me and my wife were denied (separate applications).

Unfortunately, we are unable to open accounts for you at this time. This may be a result of:
Our inability to verify certain information that is required under the Patriot Act.
Data made available to us through public or private sources, which in this case does not include data obtained from any consumer credit reporting agency.
Certain transaction(s) or attempted transaction(s) with us or an affiliate.
We apologize for any inconvenience.

Best,
The SoFi Team
Reply

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Joined Dec 2008
L3: Novice
> bubble2 100 Posts
12 Reputation
mjawt
02-29-2024 at 06:52 PM.
02-29-2024 at 06:52 PM.
I'm getting 5.25% APY through Robinhood Gold.
1
Reply
Joined Jul 2019
L3: Novice
> bubble2 163 Posts
50 Reputation
BennyBenassi
02-29-2024 at 11:27 PM.
02-29-2024 at 11:27 PM.
Wells Fargo is offering $300 w/ new account opening and just $1000 deposite needed within the first 30 days to qualify.
Reply
Joined Jun 2007
L7: Teacher
> bubble2 2,146 Posts
188 Reputation
freephoneid
03-05-2024 at 10:49 PM.
03-05-2024 at 10:49 PM.
Quote from BondTrader :
You must've not looked at the portfolio…

Majority of their revenue was interest income… on loans like a bank. You just don't seem to realize the quality of those underlying loans.

The odds SOFI goes bankrupt is very high.
Are you real?? its going to go profitable in couple of quarters!
1
Reply
Joined Sep 2012
Convexity
> bubble2 315 Posts
BondTrader
03-06-2024 at 04:43 PM.
03-06-2024 at 04:43 PM.
Quote from freephoneid :
Are you real?? its going to go profitable in couple of quarters!
Doubt it...

I know you saw NYCB today.... Soon SOFI will be trading at $1 a share too. You saw them announce that debt offering... Wink yes, raise cash SOFI... raise it... try to stay afloat.
Reply
Joined Nov 2010
L5: Journeyman
> bubble2 648 Posts
93 Reputation
TopnotchDad
03-06-2024 at 05:51 PM.
03-06-2024 at 05:51 PM.
Quote from oasisallure :
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.

Why do you say it's a joke
1
Reply
Joined Nov 2010
L5: Journeyman
> bubble2 648 Posts
93 Reputation
TopnotchDad
03-06-2024 at 05:52 PM.
03-06-2024 at 05:52 PM.
Quote from BennyBenassi :
Wells Fargo is offering $300 w/ new account opening and just $1000 deposite needed within the first 30 days to qualify.

Can you close out right after and it doesn't hurt credit or anything?
Reply
Joined Jun 2007
L7: Teacher
> bubble2 2,146 Posts
188 Reputation
freephoneid
03-06-2024 at 07:48 PM.
03-06-2024 at 07:48 PM.
Quote from BondTrader :
Doubt it...

I know you saw NYCB today.... Soon SOFI will be trading at $1 a share too. You saw them announce that debt offering... Wink yes, raise cash SOFI... raise it... try to stay afloat.

Debt offering is good for Sofi as they are preparing themselves ahead!
Reply

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Joined Oct 2005
L3: Novice
> bubble2 166 Posts
93 Reputation
petersmm
03-07-2024 at 06:53 AM.
03-07-2024 at 06:53 AM.
don't do sofi, they're complete garbage. applied for student loan refi for 5k in 2017 with a credit score of 750 and was denied, they're extremely discriminatory.
Reply
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