SoFi® Banking Promotions of 2025
Review
Updated
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SoFi® (Member FDIC) currently offers a bank bonus on the SoFi Checking and Savings account (member FDIC). Whether you have a SoFi® account already, or you're looking for a new bank, let's take a look at what this promotion entails.
On SoFi's Secure Website.
Member FDIC.
SoFi Checking and Savings
On SoFi's Secure Website.
On SoFi's Secure Website.
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, there's the opportunity for a bonus of up to $300 and a long list of extra account features. 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.
How you earn it:
How you qualify: The offer is open to new and existing account holders who have never set up direct deposit. If you already have a history of direct deposit on your bank account, whether it's still active or not, unfortunately this offer isn't for you.
Where to open an account: You can open an account on SoFi®'s website.
Monthly fees: $0
Offer expires: Dec. 31, 2024
The SoFi® banking bonus is a little unusual in that it can apply to those who currently have a SoFi Checking and Savings account, as well as new members. Many bank bonuses only apply to new customers, so this can certainly make the bonus more inclusive. That is, you're only eligible if you've never enrolled in direct deposit on a SoFi® bank account. This includes both the SoFi Checking and Savings and the former SoFi® Money account. As long as you have no history of direct deposit transactions into your checking account, you're good to go.
It's definitely worth it if you can get the $300 bonus, that is, if you can receive over $5,000 in direct deposits within a 25 calendar-day period. Earning $300 on a checking or savings account is on par with other bank bonuses, plus you won't have to pay any account fees.
Related: SoFi Invest Promotions
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Open Account for American Express® High Yield Savings Account
On American Express's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
3.60%
Rate info
3.60% annual percentage yield as of June 5, 2025. Terms apply.
Min. to earn: $0
|
N/A
|
Open Account for American Express® High Yield Savings Account
On American Express's Secure Website. |
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 3.80%
Rate info
SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for Barclays Tiered Savings
On Barclays' Secure Website.
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.00%
Rate info
Balances less than $250,000 earn 4.00%, and balances greater than $250,000 earn 4.20%.
Min. to earn: $0
|
N/A
|
Open Account for Barclays Tiered Savings
On Barclays' Secure Website. |
Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.
These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.
We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.
Learn more about how Motley Fool Money rates bank accounts.
There are two components to this. One, you need to get through the "bonus period," which lasts 25 calendar days after you're enrolled in direct deposit. Once this period ends, your bonus will be paid within seven business days. So, counting from the moment you set up direct deposit, it could take longer than a month before the bonus shows up in your account.
Your bonus will be considered taxable income. SoFi® will send you a 1099-MISC during the tax season, which will help you report it on your tax return.
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.
