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

+154 Deal Score
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SoFi® is offering up to $300 with direct deposit, terms apply. Up to 4.60% -> now 4.50% -> now 4.30% -> now 4.20% -> now 4.00% -> now 3.80% (as of 1/23/2025) annual percentage yield (APY) on savings and 0.50% APY on checking. No account fees.

The Direct Deposit Promotion will begin on 12/7/2023 at 12:01AM ET and end on 1/31/26 at 11:59PM ET.

Details/Features:
  • After Opening a New Account and setting up Direct Deposit, wait for your direct deposit to hit your account (typically 2-4 weeks).
  • Amount of Direct Deposit Cash Bonus depends on Total Direct Deposit amount in 30-day Evaluation Period :
    • $1,000 - $4,999 Total Direct Deposit: $50 Cash Bonus
    • $5,000 or more Total Direct Deposit: $300 Cash Bonus
  • SoFi will credit members who meet qualification criteria within seven business days of the end of the Evaluation Period.
  • No overdraft fees. No minimum balance fees. No monthly fees. Plus, 55,000+ fee-free ATMs within the Allpoint Network.
  • Up to 2-day-early-paycheck
  • Organize your money, set savings goals, and save your change with Vaults and Roundups.
  • You'll earn up to 4.60% -> now 4.50% -> now 4.30% -> now 4.20% -> now 4.00% -> now 3.80% annual percentage yield (APY) on savings balances (including Vaults) and up to 0.50% APY on checking balances.
  • There is no minimum direct deposit amount required. However, please note that there is a minimum direct deposit required for No-Fee Overdraft Coverage ($1,000).
  • Additional information can be found at https://www.sofi.com/banking/
  • Member FDIC
  1. Up to $300 Bonus Tiered Disclosure
    New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.
    SoFi members with Eligible Direct Deposit can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.80% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
  2. APY disclosures
    SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
  3. Fee Policy
    We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at
    sofi.com/legal/banking-fees/.
  4. Additional FDIC Insurance
    SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC's regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
  5. ATM Access
    We've partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi's ATM policies are subject to change at our discretion at any time.
  6. Early Access to Direct Deposit Funds
    Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
  7. Overdraft Coverage
    Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with Eligible Direct Deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the "Start Date" and "End Date" set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the "30-Day Evaluation Period"). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
Slickdeals may be compensated by SoFi®

Original Post

Written by
Edited May 5, 2025 at 10:24 AM by
SoFi® is offering up to $300 with direct deposit, terms apply. Up to 4.60% -> now 4.50% -> now 4.30% -> now 4.20% -> now 4.00% -> now 3.80% (as of 1/23/2025) annual percentage yield (APY) on savings and 0.50% APY on checking. No account fees.

The Direct Deposit Promotion will begin on 12/7/2023 at 12:01AM ET and end on 1/31/26 at 11:59PM ET.

Details/Features:
  • After Opening a New Account and setting up Direct Deposit, wait for your direct deposit to hit your account (typically 2-4 weeks).
  • Amount of Direct Deposit Cash Bonus depends on Total Direct Deposit amount in 30-day Evaluation Period :
    • $1,000 - $4,999 Total Direct Deposit: $50 Cash Bonus
    • $5,000 or more Total Direct Deposit: $300 Cash Bonus
  • SoFi will credit members who meet qualification criteria within seven business days of the end of the Evaluation Period.
  • No overdraft fees. No minimum balance fees. No monthly fees. Plus, 55,000+ fee-free ATMs within the Allpoint Network.
  • Up to 2-day-early-paycheck
  • Organize your money, set savings goals, and save your change with Vaults and Roundups.
  • You'll earn up to 4.60% -> now 4.50% -> now 4.30% -> now 4.20% -> now 4.00% -> now 3.80% annual percentage yield (APY) on savings balances (including Vaults) and up to 0.50% APY on checking balances.
  • There is no minimum direct deposit amount required. However, please note that there is a minimum direct deposit required for No-Fee Overdraft Coverage ($1,000).
  • Additional information can be found at https://www.sofi.com/banking/
  • Member FDIC
  1. Up to $300 Bonus Tiered Disclosure
    New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.
    SoFi members with Eligible Direct Deposit can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.80% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
  2. APY disclosures
    SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
  3. Fee Policy
    We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at
    sofi.com/legal/banking-fees/.
  4. Additional FDIC Insurance
    SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC's regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
  5. ATM Access
    We've partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi's ATM policies are subject to change at our discretion at any time.
  6. Early Access to Direct Deposit Funds
    Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
  7. Overdraft Coverage
    Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with Eligible Direct Deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the "Start Date" and "End Date" set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the "30-Day Evaluation Period"). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.

Slickdeals may be compensated by SoFi®
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Created 12-07-2023 at 11:06 AM by EfficientGame645
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546,137 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 Apr 2021
New User
> bubble2 12 Posts
10 Reputation
EdwardDaniels
10-03-2024 at 01:26 PM.
10-03-2024 at 01:26 PM.
Quote from FLgator727 :
Fine print says 7-day grace period . So really, within 32 days of signing up.
Isn't it saying they will give you the bonus within 7 days after the evaluation period?
Reply
Joined Jul 2009
L2: Beginner
> bubble2 59 Posts
10 Reputation
HillRock
10-03-2024 at 08:50 PM.
10-03-2024 at 08:50 PM.
will check it out.
Reply
Joined Nov 2011
L7: Teacher
> bubble2 2,726 Posts
739 Reputation
DealsByLees
10-07-2024 at 10:38 AM.
10-07-2024 at 10:38 AM.
Have been Sofi member for a year or two. Just wanted to point out I got an email stating my rate will go from 4.5 to 4.3 tomorrow 10/8. Not sure if this deal has something special but wanted to point out.
Reply
Joined Sep 2005
L4: Apprentice
> bubble2 394 Posts
229 Reputation
shark1987
10-07-2024 at 10:41 AM.
10-07-2024 at 10:41 AM.
Quote from DealsByLees :
Have been Sofi member for a year or two. Just wanted to point out I got an email stating my rate will go from 4.5 to 4.3 tomorrow 10/8. Not sure if this deal has something special but wanted to point out.

Was about to post same thing. They are going to 4.3% APY now starting tomorrow (10/8).
Reply
Joined Nov 2010
L10: Grand Master
> bubble2 12,102 Posts
3,466 Reputation
Pro
PeteyTheStriker
10-07-2024 at 10:43 AM.
10-07-2024 at 10:43 AM.
Quote from DealsByLees :
Have been Sofi member for a year or two. Just wanted to point out I got an email stating my rate will go from 4.5 to 4.3 tomorrow 10/8. Not sure if this deal has something special but wanted to point out.
Quote from shark1987 :
Was about to post same thing. They are going to 4.3% APY now starting tomorrow (10/8).
Sounds like they got a ton of people biting on the deal so they can adjust down the interest rate.
Reply
Joined Jun 2016
L3: Novice
> bubble2 174 Posts
30 Reputation
konjecture
10-07-2024 at 10:48 AM.
10-07-2024 at 10:48 AM.
Quote from PeteyTheStriker :
Sounds like they got a ton of people biting on the deal so they can adjust down the interest rate.
That's not how it works. The Feds have cut interest rates, so every bank will cut their own rates. In fact, SoFi is probably one of the higher ones still. Discover is at 4.2% (could be lower today), and Ally Savings is already at 4%
1
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Joined Apr 2013
L4: Apprentice
> bubble2 400 Posts
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XxFuturexX
10-07-2024 at 11:55 AM.
10-07-2024 at 11:55 AM.
Quote from DealsByLees :
Have been Sofi member for a year or two. Just wanted to point out I got an email stating my rate will go from 4.5 to 4.3 tomorrow 10/8. Not sure if this deal has something special but wanted to point out.

Me too, but I've only been a member for two weeks.
Reply
Joined May 2010
L5: Journeyman
> bubble2 780 Posts
123 Reputation
js619
10-07-2024 at 11:57 AM.
10-07-2024 at 11:57 AM.
Every high-yield savings account will be cutting APY rates along with the fed. It's just the nature of how they work, not SoFi pulling a bait-and-switch or whatever.
Reply
Joined Jan 2012
L3: Novice
> bubble2 242 Posts
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coolmaster121
10-07-2024 at 12:25 PM.
10-07-2024 at 12:25 PM.
they lowered it 4.3% now
Reply
Joined Sep 2019
L1: Learner
> bubble2 10 Posts
22 Reputation
ShankS1420
10-07-2024 at 01:05 PM.
10-07-2024 at 01:05 PM.
Also, just a heads up but SoFi resuced the APR from 4.50% to 4.30% (got an email this morning)
Reply
Joined May 2023
New User
> bubble2 19 Posts
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ElectricRaccoon
10-07-2024 at 01:33 PM.
10-07-2024 at 01:33 PM.
I know this post is mainly about a sign up bonus, but I saw some other horror stories above. FWIW, I have had SoFi for a while and have had zero issues. Getting a paycheck early, better rates than other quality online banks (Ally), easy to use software, even a good interest rate on their checking account balances (0.5% I believe?), etc.

My only complaint is that they don't offer CDs.
Reply
Joined Sep 2006
L7: Teacher
> bubble2 2,674 Posts
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teetee1
10-07-2024 at 03:11 PM.
10-07-2024 at 03:11 PM.
Got this earlier today. I have been their customer for a month with >1k monthly deposit into my saving account.

SOFI CHECKING AND SAVINGS
Your APY is changing.
Hi xxx,

Effective tomorrow, the APY for your SoFi Savings account will change from 4.50% to 4.30%. Everything else you know and love about banking with SoFi will stay exactly the same:

• No account fees.
• Access additional FDIC insurance up to $2M on deposits through a seamless network of participating banks.
• Manage it all through a single app.

Rate table:
https://d32ijn7u0aqfv4.cloudfront...r-2024.png

As always, thank you for being a SoFi member.
Reply
Joined Sep 2006
L7: Teacher
> bubble2 2,674 Posts
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teetee1
10-07-2024 at 03:16 PM.
10-07-2024 at 03:16 PM.
Quote from dubmang :
is this better than a usaa 4.3% cd
Even with the same rate, a saving account is much better than CD in that your money is liquid and can be withdrew (up to 6 times a month for typical savings account) without incur any penalties.
Reply
Last edited by teetee1 October 7, 2024 at 04:09 PM.

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Joined Aug 2009
L6: Expert
> bubble2 1,782 Posts
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claddaghmom
10-07-2024 at 04:18 PM.
10-07-2024 at 04:18 PM.
Chopped to 4.3 today
Reply
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