With inflation remaining high, consumers have been forced to cut necessities, seek cheaper alternatives, and hunt for the best incentives across their accounts. These incentives, such as checking and savings account bonuses, can provide the impetus for making the switch to a new financial institution. SoFi is an online bank offering such programs, and it took its $250 bonus and increased it up to $300 with qualifying direct deposits–whether you’re an existing or new banking customer. Here’s what you need to know about qualifying for its new bonus.
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 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 12/31/24. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Direct Deposit can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.50% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% 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 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
SoFi increases welcome bonus for new customers
SoFi checking and savings accounts have an attractive new sign-up bonus. New and existing bank account holders can earn up to a $300 bonus for setting up qualifying direct deposits from a government agency, payroll provider, benefits provider, or their employer, provided it's sent via ACH deposit. This marks a notable 20% increase from the previous maximum incentive of $250.
Earning the maximum bonus of up to $300 is relatively straightforward for both new and existing account holders who have never set up direct deposit with a SoFi Money or SoFi Checking and Savings account. The key? The direct deposit must be $5,000 or more during the 25-day direct deposit period. Those below that threshold still have an incentive on the table, though it isn’t as substantial. For direct deposits between $1,000 and $4,999, the cash bonus is $50. Anything below that does not qualify for a bonus.
These payouts are quick–bonuses are added to accounts seven days following the direct deposit bonus period.
Overview of SoFi Bank
SoFi Technologies is an online bank specializing in personal finance such as credit cards, banking, loans, investments, and mortgages. When opening a banking account with SoFi, you get both a checking and a savings account. Here are benefits you need to know about:
SoFi checking accounts
Minimum balance fee: none
Benefits:
- Receive your direct deposit up to two days early
- 0.50% APY on your checking balance
- Requires no minimum balance
- Offers overdraft protection
- No limit on withdrawals or transfers between accounts
- Each debit card purchase rounds up to the nearest dollar, funneling the difference directly into your savings Vault
- It's FDIC insured up to an additional $2M on deposits
Fine print:
- SoFi doesn’t offer CDs
- SoFi doesn’t offer business accounts
SoFi savings accounts
Minimum balance fee: none
Benefits:
- Up to 4.50% APY on your savings account balance, with no cap
- Requires no minimum balance
- AutoSave will sweep a percentage of your paycheck into your savings
- Offers Vaults, where you can save for big expenses, such as vacation or down payment on a mortgage
- It's FDIC insured up to an additional $2M on deposits
Compare more checking account bonuses
While SoFi's $300 direct deposit bonus is appealing, it isn't the best the market has to offer. Some banks offer as much as $600, while others give back as little as $200. Curious about where SoFi stands among the competition? For a detailed comparison, check out our guide on the best checking account bonuses.
Disclaimer: Please note that offer details are accurate as of the publication date but are subject to change at any time at the discretion of the institution. Please contact SoFi to verify rates, fees, and benefits before opening an account.
