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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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Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser.
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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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In the long run a bank will look at multiple factors, but it has a lot of leeway to set their interest rates to their liking depending on their goals.
More and more rate cuts = banks offering you less money to park your cash there. It has nothing to do with the amount of people using the promotion.
The opposite is also true though, rates "could" go up, but very unlikely for a long while.
Just depends on your situation. I personally am keeping my money in Sofi as I need the liquidity, but there is no one option "better" than the other. Just depends on use-case.
Our community has rated this post as helpful. If you agree, why not thank dragoNav
Our community has rated this post as helpful. If you agree, why not thank Nariz
re-read post trashing SoFi again, a post that got over 250 thumbs up here!
https://slickdeals.net/f/17147338-sofi-checking-and-savings-earn-up-to-4-30-apy-up-to-300-with-direct-deposit-terms-apply?p=1679163
In my case, I had some money in an invest account, and just left it alone. All of a sudden, I get an email some of my assets were sold. Turns out, I was hit with an inactivity fee because I didn't LOGIN to my account for SIX MONTHS. What?
Contacted them, they wouldn't reverse it.
CFPB Complaint, they stuck to their guns. They claimed since I unsubscribed from their barrage of SPAM emails always pushing LOANS (which I was not interested in), they were not obligated to send me the notice that they were implementing a six month no login inactivity fee.
I was just so shocked they would hold that position on a CUSTOMER who had THOUSANDS of dollars in my account for a measly $25 fee I just let it go, withdrew everything, and closed my account.
You've been warned
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https://youtu.be/09tMz2_t9Qs?si=
Direct Deposit Bonus Period: The Direct Deposit Bonus Period begins when SoFi receives a Direct Deposit of $1 or more within the Promotion Period and ends 25 calendar days later (the "Direct Deposit Bonus Period"). For the avoidance of doubt, the Direct Deposit Bonus Period shall not extend beyond the Promotion Period. The bonus amount will vary based on the total amount of Direct Deposits received during the Direct Deposit Bonus Period. Once the Direct Deposit Bonus Period has elapsed, SoFi will determine if you have met the offer requirements and will deposit any earned bonus into your checking account within seven (7) business days. For example, if SoFi receives between $1,000.00 and $4,999.99 in Direct Deposits during the Direct Deposit Bonus Period, you will receive a one-time cash bonus of $50. A member may only qualify for one bonus tier and will not be eligible for future bonus payments if Direct Deposits subsequently increase after the Direct Deposit Bonus Period.
I banked primarily with Ally for years until last year. All of a sudden my debit card was getting flagged for fraudulent transactions and my accounts were getting locked. I checked my credit and the transactions and there was nothing suspicious. So I called and asked about why suddenly evey other transaction was causing a fraud lock and the CSR basically just says "qe have a master list of fraudulent vendors" to which I responded "DMV is a fraudulent vendor?" didn't get a straight answer after that.
I switched my banking over to American Express. Both checking and savings. Only downside to Amex is no Zelle support yet but I imagine it's coming soon and the APY rates are similar on savings and the checking APY is better at 1%. Another downside is no auto drafting so I had to setup my bills to hit the savings account directly where possible and then setup recurring transfers to the checking account for everything else
Edit: Amex banking is fairly new so there's a lot of things you wish were just better but overall I'm satisfied. Not overly happy, but happy enough to recommend Amez banking products.
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