Please ensure Javascript is enabled for purposes of website accessibility

This device is too small

If you're on a Galaxy Fold, consider unfolding your phone or viewing it in full screen to best optimize your experience.

Skip to main content
Advertiser Disclosure Many of the offers that appear on this site are from companies from which The Motley Fool receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear), but our reviews and ratings are not influenced by compensation. We do not include all companies or all offers available in the marketplace.
    |    Accessibility Options

SoFi Bank Promotions of 2024

Review Updated
Steven Porrello
By: Steven Porrello

Our Banking Expert

Eric McWhinnie
Check IconFact Checked Eric McWhinnie
Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

SoFi currently offers a bank bonus on the SoFi Checking and Savings account. 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.

SoFi Checking and Savings Bonus: Earn up to $300 with $5,000 or more in direct deposits

Ratings Methodology
Rates as of May 01, 2024
Award Icon 2024 Award Winner

SoFi Checking and Savings

Open Account for SoFi Checking and Savings
Member FDIC.
Rating image, 4.75 out of 5 stars.
4.75/5 Circle with letter I in it. 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
Rating image, 4.75 out of 5 stars.
4.75/5 Circle with letter I in it. 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
Open Account for SoFi Checking and Savings

Offer Alert

New customers can earn up to a $300 bonus with qualifying direct deposits!
APY
up to 4.60% Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. To Earn APY
$0
  • Competitive APY on both Savings and Checking
  • No account fees
  • Welcome bonus up to $300 (direct deposit required)
  • Early access to direct deposits
  • Tools to help you track savings goals
  • Unlimited number of external transfers (up to daily transaction limits)
  • ATM access
  • FDIC insured (up to $2M with opt-in to SoFi Insured Deposit Program)
  • Combo account only; no stand-alone savings or checking
  • Maximum Savings APY requires direct deposit
  • Overdraft protection requires monthly direct deposit minimum
  • No branch access; online only

For those who plan to set up direct deposit with their new account, we think SoFi Checking and Savings 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 an up to $300 bonus 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.

Read Full Review

How you earn it:

  1. Open a SoFi Checking and Savings account and set up direct deposit. If you already have a SoFi Checking and Savings account, but have never set up direct deposit, you can still qualify by enrolling in it.
  2. Receive at least one direct deposit of $1,000 or more. This could be an electronic paycheck from your employer, pension payments, Social Security payments, among other eligible deposits.
  3. Tally up your direct deposits over a 25-day period. After your first direct deposit, you'll have a 25-day period called the "bonus period." Whatever you receive in direct deposits during this period will determine your bonus amount. If your direct deposits total $4,999.99 or less, you'll get $50. If they total $5,000 or more, you'll get $300.
  4. Receive your bonus. You'll get your bonus within seven business days after the end of your bonus period.

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: June 30, 2024

What else should you know about SoFi Bank bonuses?

The SoFi Bank 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.

Are SoFi Bank promotions worth it?

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

High-yield savings account comparison

We recommend comparing high-yield savings account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.

Account APY Promotion Next Steps
up to 4.60%
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!
5.05% APY for balances of $5,000 or more
Rate info Circle with letter I in it. 5.05% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000 for max APY
N/A
4.35%
Min. to earn: $0
New customers can earn a $200 bonus with a minimum $25,000 qualifying deposit. Terms apply.

Our bank and credit union methodology

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 The Motley Fool Ascent rates bank accounts.

FAQs

  • 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.

Our Banking Experts

Steven Porrello
By: Steven Porrello

Writer

Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.

Eric McWhinnie
Check IconFact Checked Eric McWhinnie

Eric McWhinnie has been writing and editing digital content since 2010. He specializes in personal finance and investing. He also holds a bachelor’s degree in Finance.