SoFi is offering new and existing SoFi Checking & Savings customers up to a $300 bonus.
The language can be a little confusing, so here's how this one works: Once your first direct deposit posts to your account, you'll have 25 days (or until the end of the promotion, whichever happens first) to accumulate additional direct deposits that in total will determine your bonus amount. $1,000 in direct deposits will earn you $50, and $5,000 will earn you the full $300.
For example, you set up a $2,500 recurring direct deposit. It posts to your account on April 1. The 25-day clock starts on April 1, so you'll have until April 25 to receive a second occurrence of another $2,500, which would give you a total of $5,000.
Readers especially like the fast payout, with SoFi promising your reward within 7 days.
As with most reputable banks, money in your SoFi account is FDIC insured. Plus, you can opt into their "SoFi Insured Deposit Program" which leverages their seamless network of participating banks to provide additional insurance up to $3M – much higher than the typical $250k.
How To Earn The Bonus
The SoFi Checking and Savings promotion requires you to set up eligible direct deposits in order to earn the up to $300 bonus (step-by-step breakdown is listed above!).
As with any offer, don't forget to read the fine print before opening your new account. It's where the bank will clearly state who is eligible for the deal along with any nuances you'll want to be aware of.
The fine print
- 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 Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of 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.
- Direct deposits are defined as deposits from enrolled member’s employer, payroll, or benefits provider via ACH deposit.
- Deposits that are not from an employer (such as check deposits; P2P transfers such as from PayPal or Venmo, etc.; merchant transactions such as from PayPal, Stripe, Square, etc.; and bank ACH transfers not from employers) do not qualify for this promotion.
- No bonuses shall be paid for direct deposits of less than $1,000 during the Direct Deposit Bonus Period (defined below).
- Direct Deposit Bonus Period: The Direct Deposit Bonus Period begins when SoFi receives a Direct Deposit within the Promotion Period and ends 25 days later (the “Direct Deposit Bonus Period”). For the avoidance of doubt, the Direct Deposit Bonus Period shall not extend beyond the Promotion Period.
- A member may only qualify for one bonus tier and will not be eligible for future bonus payments if inflows subsequently increase beyond the Evaluation Period.
Open a SoFi Checking and Savings account before the bonus expires on January 31, 2026
How does this personal checking offer from SoFi compare?
To help you determine how this bonus stacks against the rest, here are some of the most popular offers available right now:
TD Bank
Beyond Checking
- Bonus
- $300
- Account Type
- Personal Checking
- Expires In
- 53 days
- Requires
- Direct Deposit
BMO
Personal Checking
- Bonus
- $400 Cash Bonus*
- Account Type
- Personal Checking
- Expires In
- 123 days
- Requires
- Direct Deposit
Discover
Discover® Cashback Checking
- Bonus
- up to $360
- Account Type
- Personal Checking
- Expires In
- Limited Time
- Requires
- Card Spend
Recent Versions of This Offer
Banks often tweak the requirements and the reward amount of their welcome offers. Track how this welcome bonus from SoFi has changed over time:
| Promo Dates | Amount | Requirement Notes |
|---|---|---|
| Jan 1 - Dec 7, 2023 | up to $250 | $1,000 minimum DD, earn $50; $5,000 minimum DD earn $250 |
Why SoFi?
Social Finance Inc., most commonly known as SoFi, is an online personal finance company out of San Francisco.
SoFi is best known for offering competitive student loan refinancing rates. The growing fintech firm now offers financial products like personal loans, credit cards, and an investment platform.
The neobank has no account fees, above-average interest rates, a highly rated mobile app, and an ATM network that provides free access to more than 55,000 ATMs.
Your money is FDIC insured. Plus, you can access additional insurance up to $3M on deposits through a seamless network of participating banks.
SoFi Checking and Savings
SoFi Checking and Savings offers a highly competitive interest rate and no monthly account fee. Keep in mind that you'll need to make a direct deposit each month to qualify for the max interest rate.
The account has several cool features.
First, it's essentially an "all-in-one" account, allowing you to use it as both a checking and savings account. Within the separate savings account, you can create "vaults", which allow you to save for different goals. You can have as many as 20 vaults.
Second, the account features an automated savings roundup, which automatically rounds your debit card purchases to the nearest dollar and puts the difference into one of your saving vaults.
Lastly, SoFi Bank is a member FDIC and provides up to $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC's regulations. With that said, additional FDIC insurance up to $2 million is provided by the SoFi Insured Deposit Program, a seamless network of participating banks.
Fees
SoFi Checking and Savings does not charge a monthly maintenance fee.
Apply now for a SoFi Checking and Savings account to earn the up to $300 bonus offer
Additional Disclosures:
- 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 https://www.sofi.com/legal/banking-rate-sheet.
- 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. Only SoFi Plus members are eligible for other SoFi Plus benefits. 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 https://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus
- 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.
- 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.
- 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.
Share Your Thoughts or Questions
There have been 18 comments about the SoFi Checking and Savings up to $300 Bonus.
BR
September 18, 2024Quick and easy to get the bonus. But it's not clear in the fine print as to when one could close the account without losing the bonus.
ReplyReply to BR
J.J.
March 11, 2024The 25 day window (“The direct deposit bonus period”) seems a little odd to me since it’s less than one full month. That seems to mean that only those who are paid weekly or bi-monthly will be able to make more than one direct deposit within that 25 day window. For those who are paid monthly, in order to qualify for the $300 bonus, the one direct deposit must be $5000 or more. Am I interpreting the fine print correctly?
Here’s the fine print:
Deposit Bonus Period: The Direct Deposit Bonus Period begins when SoFi receives a Direct Deposit within the Promotion Period and ends 25 days later (the “Direct Deposit Bonus Period”). For the avoidance of doubt, the Direct Deposit Bonus Period shall not extend beyond the Promotion Period.
Reply to J.J.
Rebecca
November 17, 2023I got my $300 Sofi bonus 5 weeks from opening. I had to get to $5000 direct deposits, though, so the current offer is easier.
ReplyReply to Rebecca
L.T.
November 17, 2023I attempted to qualify for this bonus. My direct deposits did not transfer in time. SoFi seems to send me offers for other products in my email every day since I opened the account.
ReplyReply to L.T.
Ankit Jain
November 16, 2023Sofi is a good account to keep as its not churnable and has a great customer care service and user friendliness of the consolidated accounts. Lot of requirements to accomplish for this offer so I would give it a pass
ReplyReply to Ankit Jain
Tom
November 16, 2023Sofi is great to have. Great rates and very user friendly platform. You can only get a bonus once for a new checking account, for a direct deposit, or Invest account or a loan.
ReplyReply to Tom
JAMON
November 16, 2023I achieved a $300 bonus within 1 month of applying! Super fast, despite fairly high direct deposit requirements. Easy and straightforward.
ReplyReply to JAMON
Jake
November 16, 2023SOFI made good on this bonus for me by sending the $250 within a couple days of my final DD. I have kept my account and enjoy it because it is a checking account but also sends interest payments, so it is the best of both worlds for me.
ReplyReply to Jake
Nicholas
November 15, 2023I'm not eligible for this bonus because I got $400 for opening a checking account with SoFi in the past, but they're definitely a good bank. I especially like the fast transfers between external accounts. If you've never used SoFi, you should take advantage of this.
ReplyReply to Nicholas
John
November 15, 2023Doesn't seem like a whole lot of money with respect to how much they want in DD.
ReplyReply to John
Lee Shaw
November 15, 2023I highly recommend this SOFI bonus promotion offer. It was a very easy bonus to earn, and more importantly, SOFI works as great hub account b/c it works for triggering other bonus payouts.
ReplyReply to Lee Shaw
Kevin
November 14, 2023Lifetime language. Be cautious when seeing offer/upgrades call customer service to verify if you are eligible for specific offer.
ReplyReply to Kevin
Laura Hinson
November 14, 2023I have used a bank bonus.com previously for a high yield savings account promo and was very happy with the experience and still have the account. I am considering the SoFi account option as well as I know the experience has been good in the past and like to grow my savings accounts where possible which can mean exploring new options like this one with SoFi. I’ve seen others have good experiences.
ReplyReply to Laura Hinson
Jon Snow
November 14, 2023This is an easy promotion to do and I really like their mobile app because of how intuitive it is.
ReplyReply to Jon Snow
Bill B
November 11, 2023I was able to earn the SoFi $250 bonus in mid 2023. It was quite easy and there were no problems. SoFi actually has a pretty robust set of banking offerings on their website (including easy ability to invest in stocks...along with a small bonus if you do that). I would definitely recommend pursuing this bonus.
ReplyReply to Bill B
Mohammed Elkhatib
November 3, 2023This is a Financial Institution I am considering banking with for several reasons.
- The bonus is actually decent compared with the competition
- From Family and Friends, they have a nice mobile platform that makes it super easy to move money around
- The bonus is deposited on time from what I am hearing, once the criteria is fulfilled.
I plan on applying and will relay my personal experience once I do.
Reply to Mohammed Elkhatib
Stevie
November 3, 2023Easy bonus to earn, fast payout, and an all-around outstanding bank! With zero fees, high APY, and extremely fast transfers, it has become my main online account. I even signed up for the credit card and the $200 bonus and 3% bonus for 6 months.
ReplyReply to Stevie
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