SoFi Checking & Savings: Earn Up to 4.60% APY + Up to $300 with Direct Deposit, terms apply

Agree. Good luck with getting any money back if your account is ever compromised- they will simply determine they were not at fault and leave u screwed with no recourse unless filing complaints which gets them to act.

That's how these scam banks offer high rate checking/savings - by pinching customers on all the other basics. Simple as.

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I, like many other slickdeals patrons, thought this would be a slick deal to get $300 and 4.6% on savings account. I set up my direct deposit, got my debit card and set up biometric login with the mobile app. Within 60 days of account opening, my account was hacked and $50K was siphoned from the account in one day. When you call customer service, it is likely a non-US based customer service representative. They can lock your account, but they are unable to assist with any security specialists to start the process of returning stolen funds to you. It took an additional 72+ hrs to have a US based security specialist for SoFi to contact you and assist with the process of locking account, investigating the fraud and eventually returning funds to you. It took about 7-10 business days for everything to shake out and thankfully have the funds returned. You can imagine, I transferred the funds back to my normal bank account and closed the SoFi account immediately after funds cleared. The security analyst was unable to say how the fraudsters got into my account or accessed it from >3000 miles away. The bank the perpetrators used was TD Bank and interestingly, I was able to speak to their security department immediately and they were able to tell me that the TD Bank account was created through identity theft and they had flagged the account as "fraudulent" within a day and the money funneled from my SoFi account was not allowed to leave TD Bank. They further were able to tell me that they have been waiting for SoFi to contact them for a few days to return my money. They also gave me helpful tips to lock my identity down to prevent further fraud from occurring. They advised me to file a police report, an identity theft report with the FTC and also looking into an ic3 report. They said to lock my SSN and get an IRS pin. They were very very helpful and spotted the fraud before SoFi did. I think the mobile app is how the thieves got in but in the end SoFi couldn't tell. I also think the recent AT&T hack with the leaking of my SSN didn't help at all as all the identity theft occurred during 2nd week of March just as the AT&T leak was being reported. Be careful out there my Slickdeals friends. There is going to be a lot of identity theft going on now that SSN's got leaked. On a darkweb monitoring search, I have been in >15 data leaks but none involved my SSN until this recent AT&T data leak per the darkweb report. Consider freezing your credit with the big 3 and the minor 4 (ChexSystems, Lexis Nexis, Innovis and NCTUE) and also freezing your SSN with e-verify.gov and gettng an IRS pin so no one files for a refund with your SSN. Good luck. I would avoid SoFi, the headache and pain was not worth the bonus or the increased savings APY in my opinion.

Can someone explain?
My understanding is, the bonus period (25 days) begins as soon the first direct deposit hits not the day I open account? Meaning as soon as first direct deposit hits I have 25 days from that day to deposit 5K to get $300 bonus.

This happens at big banks as well.

Great bank, using for 2 years, initially signed up for the HYSA but really like the idea of having everything in one app, specially during the tax season so moved everything from various accounts to SoFi and am happy with it. I do compliment it with my Wells Fargo, which I have kept since there is a physical branch next to me and use to pay bills. Chase and Capital One got the boot, I never liked capital ones app and Chase is eager to charge fees for smallest things.