The Easiest $300 You'll Ever Make -- Plus up to 4.50% APY. Why Now's the Time to Open a SoFi® Account
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Want an easy way to earn a few hundred bucks? (Who doesn't?) If so, now's the time to open a SoFi Checking and Savings account (Member FDIC).
Right now with SoFi®, new members can get a limited-time deal: 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 -- so I can't imagine it'll be around long.
Here's how to earn this bonus, plus some other reasons to save with SoFi® today.
Get $300 and a boosted APY for six months
Stay with me now -- there are a few important caveats to these bonuses. First, you can 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 within a 25-day period
If you can deposit at least $5,000 in your first 25 days, you're looking at an easy $300 automatically added to your account. Lower deposit totals can still earn a solid $50 bonus.
Now for the APY boost. Right now, new SoFi® customers can get an additional 0.70% bonus APY on their savings for six months with qualifying direct deposits. This means new members could earn an annual percentage yield (APY) of up to 4.50% for six months if that APY holds.
At that rate, $10,000 in your SoFi® account could earn about $525 in your first six months -- a $300 bonus, plus about $225 in interest from earning up to 4.50% APY for six months.
What are you waiting for? 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.
Other reasons to pick SoFi®
I opened a SoFi® account myself a few months ago -- but it wasn't just for the bonus. I also love how SoFi® offers:
- 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
- FDIC insurance up to $250,000, just like traditional banks
In short, SoFi® helps you earn more and pay less, all while keeping your money protected.
Here's how easy it is to open an account:
- Apply online. It only took me a few minutes to fill out my application.
- Move your money to your new account.
- Transfer direct deposits and other automatic transfers to your new account.
- Close your old account if it no longer serves a purpose
Once you set up direct deposits, you'll be well on your way to earning a $50 or $300 bonus and boosted APY. This bonus won't stick around forever, though. There's only one way to make sure you earn it: Open your account today.
Want to explore other options first? See our full list of the best high-yield savings accounts available now.
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.