Why Everyone's Talking About This Highly Competitive SoFi Account
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How would you like a savings account with a cash bonus, high interest, and no monthly fees?
Right now, new SoFi Checking and Savings (Member FDIC) customers can take advantage of a limited-time offer: 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!
That rate blows traditional savings accounts out of the water.
Here are all the details.
How to earn the bonus and boosted APY
SoFi®'s promo is open to first-time account holders and is pretty simple to qualify for -- especially if you already get paid by direct deposit.
Here's how to claim the offer:
- Open a new SoFi Checking and Savings (Member FDIC) account
- Set up direct deposit
- Direct-deposit $5,000 or more within 25 days of your first direct deposit to get the $300 cash bonus
- Direct-deposit $1,000 to $4,999 within a 25-day period to earn a $50 bonus
To earn the temporary 4.00% APY, just keep any amount of direct deposit flowing in each month. After the six-month promotional period ends, your rate reverts to the standard APY at the time.
Ready to level up your savings? Open your SoFi® account and earn up to $300 and a limited-time boosted APY.
See how 4.00% APY compares
SoFi®'s promotional APY is one of the best across top high-yield savings accounts right now. And when you compare it to the national average of 0.38%, the difference is huge.
Here's how much interest a $10,000 balance would earn at the average rate vs. 4.00% over six months:
| APY | Interest Earned |
|---|---|
| 0.38% | $19 |
| 4.00% | $200 |
That's $181 more in interest, plus a potential $300 in bonus cash, in six months. All for just moving around some of your money.
Features that make SoFi® a keeper
Even after the promo ends, there are a lot of reasons to love the SoFi Checking and Savings (Member FDIC) account.
- No account minimums or balance requirements
- No account fees or overdraft fees
- Overdraft coverage up to $50 with direct deposit
- Early paycheck access (up to two days early with direct deposit)
- Free access to 55,000+ ATMs in the Allpoint network
It's really everything you want from a modern online bank. It certainly has way more upside than the old clunky bank my grandpa uses.
Don't sleep on this promo
This isn't one of those "maybe I'll do it later" opportunities.
It takes minutes to set up an account, transfer your funds, and redirect your direct deposits. You can start earning a much higher APY right away.
Between the bonus, up to 4.00% APY for up to six months, and all the fee-free features, this is a seriously competitive offer worth jumping on.
Open your SoFi® account now and grab this limited-time offer while it lasts.
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.
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.