Up to $300 Bonus + High APY -- This Bank Account Gives You Both
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I've reviewed dozens of bank accounts this year, and one name keeps popping up for both saving and spending: SoFi®.
Right now, SoFi Checking and Savings (Member FDIC) has a limited-time offer that sweetens the deal even more. Earn up to $300 and +0.70% Boost on Savings APY with direct deposit. Terms apply.
Here's why SoFi® just won Motley Fool Money's Best Digital-Only Bank Award for 2025 -- and why it will probably win you over, too.
A rare double win for savers
SoFi® is offering a limited-time deal: Earn up to $300 and +0.70% Boost on Savings APY with direct deposit. Terms apply.
Here's how it works: The baseline eligible member annual percentage yield (APY) on SoFi®'s savings account is already competitive. But with a qualifying direct deposit, you unlock the full +0.70% boost for six months, giving you an effective APY of up to 4.50%.
That's on top of the welcome bonus.
To earn the full $300, you'll need to receive at least $5,000 in direct deposits within a 25-day bonus period. Smaller deposits still qualify you for a partial bonus, starting at $1,000. Terms apply.
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.
No fees, slick app, and smart savings tools
SoFi®'s banking experience is built entirely for digital users (which is most people these days).
Here's what you get with the account:
- No monthly fees or minimum balance requirements
- Early paycheck access with eligible direct deposit
- FDIC insurance up to $3 million when enrolled in the SoFi® Insured Deposit Program
- 40,000+ fee-free ATMs through the Allpoint® network
- Unlimited external transfers, up to daily limits
- Built-in tools to track spending and saving
The app's clean, the tools are really easy to use, and it fits into your daily banking routine without making things harder. You might show up for the high APY or the $300 bonus -- but what really gets people hooked is how sticky it is.
Why I personally recommend SoFi®
It's rare to find a high-yield savings account that feels like it was actually designed around your life.
The direct deposit takes a little effort to set up, but once it's set on autopilot everything else is a breeze. Moving money between checking and savings happens instantly, and there are no hidden fees or "gotchas" to worry about.
I've opened a lot of bank accounts over the years for research, sign-up bonuses, or just curiosity. Most of them end up getting closed or forgotten. But SoFi Checking and Savings (Member FDIC) is one I kept because it's continually being innovated and expanded.
A smart move for your money
If you're looking for a bank account that rewards you for saving and simplifies your day-to-day finances, SoFi® hits the mark.
The APY is strong, the bonus is generous, and the app makes it easier to manage your money.
Whether you're building an emergency fund, stacking cash for a trip, or just tired of your old bank dragging its feet -- this could be your upgrade moment.
Earn up to 4.50% + up to $300 bonus with direct deposit -- Check out our full SoFi Checking and Savings (Member FDIC) review here to see if it's a fit for you.
Our Research Expert
Joel O’Leary is a full-time Personal Finance Writer at Motley Fool Money, covering credit cards, bank accounts, investing, mortgages, and other personal finance topics. Joel has been writing about personal finance since 2018, previously leading editorial content for the How To Money podcast and serving as a resident writer at Budgets Are Sexy. He bought his first rental property at age 18, funding the down payment with savings from his high school job at McDonald’s -- a testament to his lifelong passion for smart money decisions. His work aims to make personal finance accessible and actionable for everyday readers. When he’s not writing, Joel enjoys surfing and spending time with his family.