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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).
- +0.20% Boost on Savings APY for 6 months on new accounts with Direct Deposit. Terms apply.
- 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. - 0.20% Savings APY Boost
Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.20% APY Boost (added to the 3.80% APY as of 7/10/25) for up to 6 months. Open a new SoFi Checking & Savings account and enroll in SoFi Plus by 8/12/25. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
Original Post
Written by
Edited July 10, 2025
at 01:17 PM
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).
- +0.20% Boost on Savings APY for 6 months on new accounts with Direct Deposit. Terms apply.
- 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. - 0.20% Savings APY Boost
Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.20% APY Boost (added to the 3.80% APY as of 7/10/25) for up to 6 months. Open a new SoFi Checking & Savings account and enroll in SoFi Plus by 8/12/25. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
Slickdeals may be compensated by SoFi®
Created 12-07-2023
at 11:06 AM
by EfficientGame645
in
Finance
(3)
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Featured Comments
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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If you get 5k via direct deposit anyway, there's no holding period. Just transfer out to savings account even at Sofi. It's not like you're locking up the 5k for a year at 0 percent interest or something
Just depends on how much total you have
If you've got an emergency fund already, put it into globally diversified stocks VT
Future self will thank you
Are a million reasons not to invest. But invest you must. Especially as young person, the compounding effects are amazing
Again, bogleheads, look into it
The Sofi one? It should be okay but double check the fine print
I sent to checking. Then transfer out to savings. It's instant transfer
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This is true
There is one functioning workaround - - a transfer through Wise
For more information, look up the Sofi savings and checking account page on the site doctor of credit
You can also go through a cashback site I can't mention here to get another 300 on top
Worked like a charm for me a few months ago
You gave up too easy, you got an incompetent CSR and should have called again at a different hour of the day and would have gotten another person from a different region. You'll run into lots of incompetent people, I've had one bad experience with a workers in just about every company I do business with, Amex, Toyota, Verizon, Chase, Cox…etc. these workers does not exemplify the company's culture.
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Their UI was also terrible. I use Mac and PCs for video editing and can navigate all kinds of arcane software but SoFi was almost impossible to use - let alone get out of.
And their support was terrible. Another "let's hide this as best we can" greedy company.
Don't use them.