Recently extended, but for a slightly lower amount, SoFi is offering new and existing SoFi Checking & Savings customers up to a $250 bonus. You'll need to set up direct deposit, but you'll have until the promo ends to complete one. This is still setup as a tiered bonus, the more you direct deposit, the more you'll earn.
How To Earn The Bonus
The SoFi Checking and Savings promotion requires you to set up direct deposits in order to earn the up to $250 bonus.
Full requirements to receive this bonus are:
- Open a new SoFi Checking and Savings account using the link below.
- Complete at least 1 direct deposit during the promotion period.
- During the next 30 days, complete direct deposits to reach your desired tier as follows: $1,000 - $4,999, earn $50; $5,000+, earn $250.
- Bonus will be credited within 7 days of the end of the Evaluation Period.
Open a SoFi Checking and Savings account before the bonus expires on March 31, 2023
The fine print
- In order to qualify for eligibility for a bonus, SoFi must receive at least one Qualifying Direct Deposit from an Eligible Participant during the Promotion Period.
- Qualifying 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 qualifying Direct Deposits of less than $1,000 during the Evaluation Period (defined below).
- Evaluation Period: The Evaluation Period is defined as 30 days from the date your first Qualifying Direct Deposit is received.
- 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.
How does this 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:
Chase
Chase Business Complete Banking℠
- Bonus
- $300
- Account Type
- Business Checking
- Expires In
- 49 days
- Requires
- Min Balance
- Card Spend (optional)
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, an investment platform, and a cash management account.
The neobank has low fees, above-average interest rates, a highly rated mobile app, and an ATM network that provides free access to more than 55,000 ATMs.
SoFi Checking and Savings
SoFi Checking and Savings replaces their old cash management account, SoFi Money. It offers an industry-leading interest rate on the first $50,000 of your balances and no monthly 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. In this single account, your savings are separated into "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, since SoFi isn't a bank itself and instead partners with 6 banks, your account is FDIC-insured for up to $1.5M. To accomplish this, SoFi automatically splits your cash to multiple partners as you max out the $250k limit. To you, however, your funds will still appear to be conveniently pooled into a single account.
Fees
SoFi Checking and Savings does not charge a monthly fee.
Apply now for a SoFi Checking and Savings account to earn the $250 bonus offer