Act Now: Earn up to 4.50% APY on Your Cash for 6 Months With This Savings Account
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Looking for one of the best banking bonuses out there? If so, SoFi® has you covered -- but you'll have to act fast.
Right now, SoFi® is offering a new-member bonus: Earn up to $300 and +0.70% Boost on Savings APY with direct deposit. Terms apply. That's one of the best welcome bonuses I've seen from any bank, but it won't be around long.
Here's how to earn this bonus, plus other reasons to open a SoFi® account today.
Earn up to a $300 bonus and up to 4.50% APY
Stick with me -- here's the breakdown of this SoFi® bonus. First, you'll get:
- A $50 bonus for direct deposits totaling $1,000-$4,999.99 within a 25-day period, OR;
- A $300 bonus for direct deposits of $5,000 or more during a 25-day period
Plus, new customers can get an additional 0.70% bonus annual percentage yield (APY) on their savings for up to six months with qualifying direct deposits. Right now, new members can earn up to 4.50% APY for up to six months.
Let's say you put $10,000 in your new SoFi® account. With that amount, you could earn $525 in your first six months -- a $300 bonus, plus $225 from earning 4.50% APY for six months (assuming no change to the APY during that time).
What are you waiting for? Read our full review of SoFi Checking and Savings (Member FDIC) to open an account now.
On SoFi's Secure Website.
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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.
Other reasons to love SoFi®
A higher APY isn't the only reason to move your money. SoFi®'s also great because it has:
- Up to $50 in no-fee overdraft coverage when you set up direct deposit
- Early payday (up to two days) with direct deposit
- No account fees or minimum deposit requirements
- A linked checking account that pays 0.50% APY with direct deposit
- FDIC insurance
With SoFi®, you'll earn more and pay less, all while keeping your money safe and accessible.
Opening a SoFi® account is a breeze
I made the move to SoFi® myself a few months ago, and it was one of the best financial decisions I ever made. It also took me less than half an hour. Here's how to do it:
- Apply online. SoFi®'s application is quick and easy.
- Transfer your funds to your new account.
- Move direct deposits and other automatic transfers to your new account.
- Close your old account if you no longer have a use for it.
Once you set up an eligible direct deposit, you'll be on your way to earning that sweet bonus and boosted APY, too.
Like I mentioned, though, the bonus won't stick around forever. If you're interested, I suggest you jump on it.
Our Research Expert
Ryan Wilcox is a full-time Personal Finance Writer at Motley Fool Money, covering credit cards, bank accounts, investing, auto insurance, and other personal finance topics. Ryan has been writing about credit cards and savings since 2022. Before joining Motley Fool Money, he was a full-time writer at The Points Guy, where he focused on maximizing credit card rewards and travel strategies. He holds a bachelor’s degree in English and American History from the University of North Carolina at Chapel Hill, where he also spent four years reporting for The Daily Tar Heel. With a background in both journalism and consumer finance, he brings a clear and thoughtful voice to money topics. Outside of work, Ryan is likely reading, writing, or updating his Letterboxd account.