I Got a $300 Bonus With My New Savings Account. Here's Why I Wish I'd Waited
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A few months back, I ditched my low-earning Wells Fargo account for a SoFi Checking and Savings account (Member FDIC). It was one of the easiest financial decisions I've ever made: I'm earning a sky-high APY on my cash, and I got a sweet $300 bonus for switching.
My only regret? I wish I'd waited a little longer.
That's because SoFi®'s current bonus is even better than the one I got. Earn up to $300 and +0.70% Boost on Savings APY with direct deposit. Terms apply. If SoFi®'s current APY holds, that means users can get a whopping annual percentage yield (APY) of up to 4.50% for their first six months.
Sound good enough? Here's how to make sure you don't miss out.
Earn $300 and a limited-time boosted APY
The current SoFi® bonus breaks down into two parts. First, you can earn:
- 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 within a 25-day period
That means if you direct deposit at least $5,000 in your first 25 days, you'll get a $300 bonus automatically added to your account. Lower deposit amounts can still get $50 in bonus cash.
Then there's the APY boost -- the part I missed out on. Right now, new SoFi® customers can get an additional 0.70% bonus APY on their savings for six months with qualifying direct deposits. New members could earn up to 4.50% APY for six months.
Add it all up, and here's how it shakes out: $10,000 in a new SoFi® account could earn you about $525 in your first six months -- a $300 bonus, plus about $225 from earning up to 4.50% APY for six months. Not too shabby.
Ready to get started? Read our full review of SoFi Checking and Savings (Member FDIC) and open an account now.
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.
SoFi® comes with more than a nice bonus
SoFi® lured me in with its valuable new-member bonus -- but its long list of perks is what's keeping me there. My account comes with:
- No account fees or minimum deposit requirements
- Early payday (up to two days) with direct deposit
- Up to $50 in no-fee overdraft coverage when you set up direct deposit
- FDIC insurance up to $250,000, just like traditional banks
Another plus: Opening my SoFi® account was a breeze. It was incredibly easy to move my money, transfer my direct deposits, and start earning a higher APY on day one.
Once you do the same, you'll be well on your way to earning a $50 or $300 bonus. And you can do me one better, too, by earning a six-month APY boost. Just don't let me hear about it -- I get jealous.
Looking to explore other options before applying? Check out our full list of the best high-yield savings accounts available today.
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.