The HYSA Trick That Can Earn You an Extra $300 Right Now
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Most people know they should move their savings out of a big bank earning 0.01% APY. But there's an added incentive with SoFi® right now: Earn up to $300 and +0.70% Boost on Savings APY. Terms apply.
I've written about savings accounts for years, and I'll tell you this is one of the easiest wins I've seen.
Here are all the details you need to know about this limited-time SoFi® offer.
How the $300 welcome offer works
When you open a SoFi Checking and Savings (Member FDIC) account and set up a direct deposit, you'll qualify for a limited-time cash bonus:
- Deposit between $1,000 and $4,999 in the first 25 days → earn $50
- Deposit $5,000 or more in the first 25 days → earn $300
There are no account fees to worry about. Just make sure your direct deposits land within the 25-day window and you'll earn the bonus.
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.
You can earn the maximum APY either by making direct deposits into checking or savings, or by depositing $5,000 or more every 30 days. Learn more.
You'll get a boosted APY for 6 months, too
The cash bonus is great on its own, but the limited-time boosted APY being offered alongside it makes this an absolutely killer deal.
It's an amazing rate. And it beats the pants off of traditional bank savings accounts, like Bank of America, Chase, or Wells Fargo who all offer 0.01% APY on basic savings.
Here's a quick comparison of how that could play out on a $10,000 balance over the next six months:
| Account | APY | Interest Earned |
|---|---|---|
| Big bank savings | 0.01% | $0.50 |
| SoFi Checking and Savings (Member FDIC) | up to 4.50% | $225 |
Combined with the welcome bonus, you could easily earn over $500 over the next six months.
Even when the promo APY ends, you'll continue earning one of the strongest APYs around. That's the beauty of any high-yield savings account. You earn easy interest on idle cash just by moving your money to a smarter account.
Extra perks that make SoFi® stand out
Even without the limited-time offer, I'm a huge fan of SoFi®. I recommend it year-round as one of the top online banks.
Here are few other features make it worth a look:
- No annoying fees. Many banks still charge monthly fees or minimum balance fees. SoFi® doesn't.
- FDIC insurance. SoFi® is a legit bank, and your money is FDIC insured up to $250,000.
- 55,000+ fee-free ATMs. Access cash easily through the Allpoint® network.
- All-in-one banking. Checking and savings accounts under one roof, so money transfers are super easy.
There's a reason SoFi® has tripled its member base over the last few years. It's refreshingly easy to use, with a clean mobile app, competitive rates, and no hidden "gotchas." Read our full SoFi Checking and Savings (Member FDIC) review here for more details.
Who should consider switching
Switching banks feels like a hassle. But this is one of those rare times where the upside is just too good to ignore. The math is simple:
- Already have a steady paycheck? Reroute it to SoFi® and collect up to $300.
- Sitting on a large balance at a big bank? Move it and start earning a much higher APY.
- Want hassle-free banking? Enjoy no account fees, no minimum balance fees, and still have ATM access across the country.
Even if you only qualify for the $50 bonus tier, that's still free money on top of earning way more interest than your current bank likely offers.
Plus, you don't have to ditch your old bank completely. Personally, I still use my big bank for checking and day-to-day activity. Then all my idle cash sits in an online HYSA earning killer interest. Best of both worlds.
Our Research Expert
Joel is a full-time Personal Finance Writer at Motley Fool Money, known for his clear, approachable voice on topics like credit cards, savings hacks, and side hustles. He’s been writing about money since 2018 and previously managed editorial content for the How To Money podcast.