$300 Bonus + up to 4.30% APY -- This Bank's Doing Both Right Now
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Finding a high savings rate and a cash bonus welcome offer in the same place? That's rare these days.
But right now, SoFi®'s doing exactly that.
For a limited time, SoFi® is offering new customers an annual percentage yield (APY) up to 4.30% on savings and a cash bonus of up to $300 when you open a new SoFi Checking and Savings (Member FDIC) account. It's the kind of "have your cake and eat it too" offer that doesn't come around often.
Here's how to qualify and why this limited-time offer is worth jumping on.
High APY + cash bonus offer
Here's the scoop: Earn up to $300 and +0.70% Boost on Savings APY with direct deposit. Terms apply.
The standard savings APY currently sits at 3.60%, which already beats most banks. But once you activate direct deposit and enroll in SoFi® Plus by Jan. 31, 2026, your rate jumps up to 4.30% APY for the next six months.
To grab the $300 cash bonus, you'll need to have at least $5,000 in direct deposits hit your new account within the first 25 days. Smaller deposits still earn a smaller bonus ($1,000 qualifies for $50 bonus).
You can open the account in minutes online or through the SoFi® app. Just make sure to set up a direct deposit to qualify for both perks.
On SoFi's Secure Website.
Member FDIC.
SoFi Checking and Savings
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- Competitive APY on both Savings and Checking
- No monthly account fee
- Welcome bonus up to $300 (direct deposit required)
- ATM access
- Unlimited number of external transfers (up to daily transaction limits)
- FDIC insured (up to $3M with opt-in to SoFi Insured Deposit Program)
- Early access to direct deposits
- Tools to help you track savings goals
- Combo account only; no stand-alone savings or checking
- Maximum Savings APY requires direct deposit
- No branch access; online only
- Overdraft protection requires monthly direct deposit minimum
For those who plan to set up direct deposit with their new account, we think SoFi Checking and Savings (Member FDIC) is hard to beat. Not only does this savings account offer a strong APY, but the linked checking account earns an above-average rate, too -- which is a rare perk. Plus, new customers earn a bonus of up to $300 with eligible direct deposit. Frankly, it's the kind of combo that could make it worthwhile to switch banking relationships.
How much you can earn in just 6 months
Here's a look at what you could earn with this offer depending on your savings balance:
| Deposit Balance | Interest Earned | Cash Bonus | Total |
|---|---|---|---|
| $1,000 | $22 | $50 | $72 |
| $5,000 | $108 | $300 | $408 |
| $10,000 | $215 | $300 | $515 |
If you deposit $10,000 into your SoFi Checking and Savings (Member FDIC) account and earn up to 4.30% APY, you'd collect roughly $215 in interest over 6 months (assuming rates held steady). Add the $300 cash bonus, and you're looking at over $500 total.
That's a pretty sweet payday for money you were already planning to park somewhere safe.
No fees, clean app, and fee-free ATMs
SoFi®'s a perfect fit for folks who want modern banking without junk fees or traditional headaches.
Everything can be managed from the app. It has a clean layout, real-time notifications, and easy tools to move or track your money.
Here's what you get when you open an account:
- No monthly fees or minimum balance requirements
- Early direct deposit access -- get paid up to two days sooner
- FDIC insurance up to $3 million when opted in to the SoFi Insured Deposit Program
- 40,000+ fee-free ATMs in the Allpoint® network
- Unlimited transfers and payments (within daily limits)
- Simple budgeting tools to help you save automatically
You might sign up for the boosted APY or the $300 bonus, but what keeps people around is how effortless the whole experience feels.
It's one of those rare apps that actually makes managing money less stressful.
Why this offer hits the sweet spot
In today's environment, it's tough to find both high returns and flexibility.
Certificates of deposit (CDs) may offer similar APYs as top savings accounts, but your cash gets locked up for months or years.
And traditional banks are very stingy when it comes to paying interest -- many still pay well below 1.00% for checking or savings.
SoFi®'s hybrid approach is truly the best of both worlds. You get a flexible checking-and-savings combo, with high yields and a solid cash bonus offer.
Even if rates fall in 2026 (odds are they will), locking in that 0.70% APY boost now is like grabbing dessert before dinner.
The bottom line
I'm a big fan of simplicity when it comes to money. If one account can handle my everyday banking and help my cash grow faster, I'm in.
If you've been waiting for the right moment to move your savings, this might be it.
Check out all our top high-yield savings accounts to find your best fit.
Our Research Expert
Joel O’Leary is a full-time Personal Finance Writer at Motley Fool Money, covering credit cards, bank accounts, investing, mortgages, and other personal finance topics. Joel has been writing about personal finance since 2018, previously leading editorial content for the How To Money podcast and serving as a resident writer at Budgets Are Sexy. He bought his first rental property at age 18, funding the down payment with savings from his high school job at McDonald’s -- a testament to his lifelong passion for smart money decisions. His work aims to make personal finance accessible and actionable for everyday readers. When he’s not writing, Joel enjoys surfing and spending time with his family.