Limited Time: Open This Savings Account to Get an APY Boost and up to a $300 Bonus
KEY POINTS
- New SoFi Checking and Savings account (Member FDIC) holders can get a savings rate boost for their first six months.
- Even after the promo period ends, the account pays a high interest rate.
- The account also offers a bonus for qualifying direct deposits, as well as other perks.
The SoFi Checking and Savings account (Member FDIC) was already one of our favorite high-yield savings accounts. And it just got even better.
Earn up to $300 bonus with direct deposit. Plus, new customers earn an extra 0.20% APY on savings for up to 6 months with direct deposit (terms apply) — that equals up to 4.00% APY!
Keep reading to find out the details.
How to get the bonus and the top APY
To earn the bonus, you need to:
- Open a SoFi Checking and Savings account (Member FDIC)
- Direct deposit a certain amount within a 25-day period
Direct depositing $1,000 to $4,999.99 in that window will get you a $50 bonus. Direct deposits totaling $5,000 or more will get you a $300 bonus.
So you could have your paychecks direct deposited and earn a bonus within a few weeks.
To earn the up to 4.00% APY, new customers need to set up direct deposit to earn an extra 0.20% APY on savings for up to 6 months with direct deposit (terms apply) on top of the regular up to 3.80% APY.
Those rates are 9X the national average. How much more could that earn you? Let's compare the earnings on a $10,000 balance.
| Account | APY | Interest Earned in 1 Year |
|---|---|---|
| SoFi Checking and Savings (Member FDIC) | up to 4.00% (+0.20% APY boost for six months with direct deposit, terms apply, on top of the regular up to 3.80%) | $390 |
| Average savings account | 0.42% | $42 |
The SoFi Checking and Savings account (Member FDIC) would earn almost $350 more -- not including the bonus.
Other reasons to love the SoFi Checking and Savings account (Member FDIC)
This account offers more than a high APY.
For starters, you automatically get a great checking account to go along with your savings account. It comes with:
- $0 fraud liability for debit card purchases
- Access to over 55,000 fee-free ATMs
- A 0.50% APY -- far above average for checking accounts (requires $1,000 or more in monthly direct deposits)
- $50 in overdraft coverage (requires $1,000+ in monthly direct deposits)
On top of that, neither account has minimum balances or monthly fees.
I opened a SoFi Checking and Savings account (Member FDIC) back in December, and I love it. I'm earning way more interest than I was before, and the mobile app is smooth as butter.
To open your own SoFi Checking and Savings account (Member FDIC) while this offer lasts, click here.
Want an ultra-high APY? Check out this account
The SoFi Checking and Savings account (Member FDIC) is one of our favorite high-yield savings accounts for good reason. But serious APY-maxers may want to check out the LendingClub LevelUp Savings account, too.
This account pays a 4.40% APY with $250+ in monthly deposits. However, there's no cash bonus for new customers, and LendingClub's checking account has a lower APY.
However, the top-tier savings APY could earn you more cash over time -- especially if you're depositing a large amount. To earn one of the highest APYs on the market, click here to open a LendingClub LevelUp Savings account now.
Our Research Expert
Managing editor for Motley Fool Money. James has worked full-time for The Motley Fool since 2012. A longtime editor and former reporter, James oversees the production and quality of Motley Fool Money's editorial content.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.