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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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+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 Dec 2008
L3: Novice
> bubble2 232 Posts
141 Reputation
DeadDog
05-14-2024 at 09:14 PM.
05-14-2024 at 09:14 PM.
Quote from LavenderRecess144 :
My 2 paychecka do not exceed 4999.. 🙂.. so may be next time Sofi ❤️

It will actually be 3 paychecks so you might still qualify. The 30 day requirement doesn't start until the first deposit is made. So day 1$, day 15$, and day 29$. That's assuming you get bi-weekly.

Editing as I've been correctly informed it's a 25 day period not 30 as I thought. Still might be possible to get the 3 payments though as they do post early as they say. For me I get paid Wednesdays now instead of Friday but I understand that's not guaranteed and may be different for others.
1
Reply
Last edited by DeadDog May 30, 2024 at 06:25 PM.
Joined Sep 2012
L4: Apprentice
> bubble2 344 Posts
150 Reputation
Dajefe70
05-20-2024 at 11:49 AM.
05-20-2024 at 11:49 AM.
Quote from DeadDog :
It will actually be 3 paychecks so you might still qualify. The 30 day requirement doesn't start until the first deposit is made. So day 1$, day 15$, and day 29$. That's assuming you get bi-weekly.
The period after the first deposit received is actually called the direct deposit bonus period and it is only 25 days, so I think there is not a possibility of 3 pay checks unless, a bonus or something outside of a normal pay cycle is received.
Reply
Joined Sep 2012
L4: Apprentice
> bubble2 344 Posts
150 Reputation
Dajefe70
05-20-2024 at 11:54 AM.
05-20-2024 at 11:54 AM.
Quote from SenorPantalones :
Sign up through Nerd Wallet for an extra $100 on the direct deposit bonus. Sorry if somebody else already mentioned this.
I am not sure how this happened, but I clicked on the nerd wallet link and also the swagbucks link before applying for the account 2 weeks ago, and now after my direct deposits hit, it shows as $300 bonus pending from Sofi, a $100 bonus from nerd wallet, and a $200 bonus in Swagbucks. Not sure if the swagbucks is redeemable for cash, but they definitely have Amazon gift cards for purchase. Hopefully none of it errors out after I finish the evaluation period.
Reply
Joined Sep 2011
L4: Apprentice
> bubble2 368 Posts
242 Reputation
bruinfan07
05-22-2024 at 01:14 AM.
05-22-2024 at 01:14 AM.
Quote from poopmanIV :
who's YOLOing calls on earnings Mon?
Ouch. I'm sorry for your loss. I own sofi stock but buying call options into earnings is always a gamble, they say because they risk expiring worthless even if the earnings report is good buy not up to liking.
Reply
Joined Sep 2011
L4: Apprentice
> bubble2 368 Posts
242 Reputation
bruinfan07
05-22-2024 at 01:18 AM.
05-22-2024 at 01:18 AM.
I received my $300 bucks from sofi and an additional $100 from the nerdwallet offer, which was granted in redeemable sofi rewards points. I didn't see the swagbucks offer before applying or I would have loved that, too. Everything went very smoothly.
Reply
Joined Feb 2023
L6: Expert
> bubble2 1,071 Posts
169 Reputation
LivelySink338
05-22-2024 at 04:08 PM.
05-22-2024 at 04:08 PM.
Quote from happygooddeal :
Been using SOFI for 4 years. I just got laid off so no more direct deposit. Any tips how to get direct deposit ? Will ebay transfer or Paypal transfer consider direct deposit ?

Yea get a new job
2
Reply
Joined Mar 2011
All That Nerdy Stuff
> bubble2 3,093 Posts
381 Reputation
jasongw
05-23-2024 at 04:23 PM.
05-23-2024 at 04:23 PM.
Sofi's terms: "We will say whatever it takes to get you onboard, and cancel all promises and features as soon as it's convenient for us. You are irrelevant beyond our ability to milk you."
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Joined Nov 2023
L2: Beginner
> bubble2 39 Posts
16 Reputation
LavenderRecess144
05-30-2024 at 05:50 PM.
05-30-2024 at 05:50 PM.
Quote from DeadDog :
It will actually be 3 paychecks so you might still qualify. The 30 day requirement doesn't start until the first deposit is made. So day 1$, day 15$, and day 29$. That's assuming you get bi-weekly.

It is 25 days evaluation period for bonus
Reply
Joined Dec 2008
L3: Novice
> bubble2 232 Posts
141 Reputation
DeadDog
05-30-2024 at 06:26 PM.
05-30-2024 at 06:26 PM.
Quote from LavenderRecess144 :
It is 25 days evaluation period for bonus

My mistake. I've edited my original post to correct it.
Reply
Joined Sep 2023
L5: Journeyman
> bubble2 565 Posts
62 Reputation
RockHardRockCrawler
05-31-2024 at 03:33 PM.
05-31-2024 at 03:33 PM.
I don't even make enough for a $5k DD in a 25 day period. Why did they make such an unreasonable sign up bonus requirement?
3
Reply
Joined Dec 2011
L4: Apprentice
> bubble2 482 Posts
49 Reputation
SumoSushi
06-03-2024 at 03:27 PM.
06-03-2024 at 03:27 PM.
Sofi ftw!!
Reply
Joined Apr 2014
L3: Novice
> bubble2 169 Posts
34 Reputation
R6raven
06-03-2024 at 08:13 PM.
06-03-2024 at 08:13 PM.
I have Sofi and it's my main account for the past 3 years and I stash a lot of cash with them and zero problems
Reply
Joined May 2007
L4: Apprentice
> bubble2 490 Posts
32 Reputation
GoWhiteSox
06-04-2024 at 07:36 AM.
06-04-2024 at 07:36 AM.
Quote from R6raven :
I have Sofi and it's my main account for the past 3 years and I stash a lot of cash with them and zero problems
Do you know if I have to keep the direct deposit going in order to keep the high-yield return?
Reply
Joined Oct 2013
L2: Beginner
> bubble2 72 Posts
22 Reputation
chinqlinq89
06-04-2024 at 01:16 PM.
06-04-2024 at 01:16 PM.
Quote from nestroyer :
Naturally they up it to $300 right after I get my $250…
For anyone reading this, some banks, credit card companies and many other non-financial related companies will match their own offers/discounts if you reach out to them and ask to match.

There will be different terms and timeframes specific to each agreement where you'll be covered so either contact them or read agreement contract and terms & conditions.
Reply

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Joined Jun 2014
L5: Journeyman
> bubble2 649 Posts
94 Reputation
Mangolover111
06-06-2024 at 07:25 AM.
06-06-2024 at 07:25 AM.
do I have to have DD of $5k to qualify or can I just deposit $5k into the Savings or Checking within 30 days to get the $300 bonus?
Reply
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