SoFi Checking and Savings Account: Up to $300 Bonus Offer

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SoFi Checking and Savings

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Member FDIC

• Our Rating 5/5 How our ratings work
• APY0.50% - 4.00% More Info

  SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

• Minimum
  Deposit RequiredN/A
• Intro Bonus $50-$300Expires January 31, 2026 More Info

  New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Direct Deposit can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.00% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% 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 12/3/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

SoFi Checking and Savings boasts an impressive APY of up to 4.00% on savings balances for customers who set up direct deposit, or who deposit at least $5,000 each month. This account also offers 0.50% APY on checking balances. There are no monthly maintenance fees, and new customers can even earn a generous signup bonus worth up to $300. If you don’t care about physical bank locations, this is a great option.

SoFi Checking and Savings has a lot to offer, including no monthly maintenance or overdraft fees³, fee-free ATM access⁵ to a wide network nationwide and early direct deposit up to two days early. But it also comes with one big benefit—you can earn up to 4.00% APY² on your savings balance, as well as 0.50% APY on your checking balance. New customers can also currently earn a generous sign-up bonus worth up to $300 just for opening a new SoFi Checking and Savings account and receiving qualifying direct deposits¹.

Bonus Offer: Up to $300

It's pretty common for banks to offer a welcome bonus when you sign up and meet certain requirements, and the SoFi Checking and Savings account is no different.

New customers can currently earn a one-time bonus of up to $300¹ when they open a new SoFi Checking and Savings account before January 31, 2026.

To qualify for the $300 SoFi Checking and Savings bonus:

1. Open a new SoFi Checking and Savings Account.
2. Receive at least $1,000 in qualifying direct deposits within a 25-day "Evaluation Period," which begins the day your first qualifying direct deposit is received.
3. Hit the minimum requirement to earn a $50 cash bonus.
4. Reach the next tier to earn you a $300 bonus.

Once you meet the direct deposit requirement, you'll receive your bonus within seven business days after the Evaluation Period.

If you're looking a new account with a higher sign-up bonus, there are several banks that have more enticing bank account bonus offers.

Recommended Bank Bonuses

Bank Account	Intro Bonus	Minimum Deposit	Learn More
SoFi Checking and Savings Open Account Member FDIC Member FDIC	$50-$300Expires January 31, 2026 More Info New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Direct Deposit can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.00% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% 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 12/3/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.	N/A	Open Account
U.S. Bank Smartly® Checking Account (Member FDIC) Open Account	Up to $450Expires December 30, 2024 More Info Earn up to $450 when you open a new U.S. Bank Smartly® Checking account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through December 30, 2024. Member FDIC. Offer may not be available if you are an existing U.S. Bank customer or live outside of the U.S. Bank footprint.	$25	Open Account
Chase Total Checking® Account Open Account	$300Expires January 22, 2025 More Info New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities	N/A	Open Account
Key Smart Checking® Open Account	$300Expires May 16, 2025 More Info Earn $300 after qualified activities until 05.16.25 with the no-monthly-maintenance-fee Key Smart Checking®. Geographic restrictions apply and account opening is subject to approval. Offer is available in these states: AK, CO, CT, ID, IN, ME, MA, MI, NY, OH, OR, PA, UT, VT, WA	$10	Open Account
Chase Business Complete Checking® Open Account	$300Expires January 16, 2025 More Info Earn $300 when you open a new Chase Business Complete Checking® account. For new Chase business checking customers with qualifying activities.	N/A	Open Account

SoFi Direct Deposit Bonus Fine Print

• Deadline to open an account: To be eligible for the bonus, you'll need to open an account by January 31, 2026.
• Qualifying direct deposit: The deposit must come from your employer, payroll or benefits provider—such as a paycheck or government-issued benefits check.
• Bonuses are reported as taxable income: This bonus, like many bank bonuses, is considered miscellaneous income for tax purposes. You may receive a Form 1099-MISC (or Form 1042-S, if applicable) at the start of tax season, and you'll need to claim that income on your tax return, but the value of the bonus tends to outweigh the tax bill.

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U.S. Bank Bonus Offers: Up to $900 for Opening New Accounts

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APY: Earn Up to 4.00%

SoFi Checking and Savings isn't a high-yield savings account, but it offers a much higher annual percentage yield (APY) than the majority of checking accounts—and also many savings accounts on the market.

You won't have to jump through a lot of hoops to earn the highest APY. All you have to do is set up monthly direct deposits of your paycheck or government-issued benefits. You won't even have to receive a minimum direct deposit amount to earn the increased APY. If you don't receive monthly direct deposits, you can still earn the top savings rate by depositing $5,000 or more each month.

You can earn a 4.00% APY² interest rate on your SoFi savings account in one of two ways:

1. Monthly direct deposit: Set up a recurring monthly direct deposit of your paycheck or benefits provider via ACH deposit.
   • Qualifying deposits: SoFi defines qualifying direct deposits as transactions made from an enrolled member’s employer, payroll or benefits provider via ACH deposit. There's no minimum deposit required for this method.
2. Deposit $5,000 each month: If you don't receive direct deposit, you can still earn the top interest rate by adding $5,000 or more in qualifying deposits every 30 days. This includes funds you add to both your checking and savings accounts.
   • Qualifying deposits: In this case, qualifying deposits include ACH deposits, inbound wire transfers, cash or check deposits, peer-to-peer transfers such as PayPal or Venmo, instant funding to your SoFi debit card and push payments to your SoFi debit card.

While it's nice to have multiple ways to earn the top interest rate, the direct deposit method is a little more straightforward, only because there's no minimum deposit requirement. Regardless if you get a $100 or $4,000 direct deposit from your employer each month, you'll earn 4.00% APY on your savings.

What APY Do You Earn if You Don't Qualify for 4.00%?

If you don't meet any of the requirements to earn 4.00% APY², your APY will be a healthy 1.20% APY on your savings balance, which is still higher than rates offered by many traditional banks. Plus, you earn 0.50% APY on checking balances, regardless of whether you set up direct deposit.

Benefits of SoFi Checking and Savings

Until recently, SoFi® was not officially a bank—although customer deposits were FDIC insured⁴. SoFi became an online bank in 2022 and can now offer traditional banking products. If you opened a SoFi Money account prior to the firm's incorporation as a bank, don't worry—you'll keep your benefits until your spending account is converted to the new Checking and Savings product.

• SoFi Checking and Savings Work Together: One thing to know is that you have to open both a checking account and savings account; you can't do solely one or the other. But remember, everyone who opens this account can get 0.50% APY on checking balances and 4.00% APY² on savings with direct deposit or monthly deposits of at least $5,000.
• No Account Fees³: You won't need to worry about overdraft fees³, monthly fees or punitive fees for not meeting a minimum balance requirement. Plus, you'll have fee-free access to the Allpoint ATM network⁵, which operates 55,000 cash points nationwide. Still, if you use a non-network ATM, you will incur third-party fees.
• Get Paid Up to Two Days Early⁶: When you set up direct deposit, you'll receive your paycheck up to two days earlier. This is based on the timing of when SoFi receives notice of impending payment from your employer or depositor. It's typically up to two days before the scheduled payment date, but your mileage may vary.

Useful Banking Tools

The SoFi Checking and Savings also comes with several useful tools to help you manage your finances.

• Vaults: SoFi Savings Vaults are extensions of your account, where you can earmark funds for certain goals. You can create up to 20 Vaults, and there are no fees or minimum balance requirements.
• Roundups: Every purchase you make with your debit card is rounded up to the nearest dollar. The difference is automatically transferred to one of your Vaults, which you can dedicate for that savings. Saving a few cents every time you swipe your card may not sound like a lot, but it can add up over time.
• Money transfers: The app lets you transfer money to anyone, similar to Venmo or Cash App. If they're a SoFi member, they'll receive the funds instantly. If not, they'll receive the cash within two to three business days after they submit their bank account information to get the funds.
• Mobile deposit: While you can't deposit cash into a SoFi account super easily, you can deposit checks via the mobile app.

Account Fees

While a big benefit of SoFi Checking and Savings is that you don't have to worry about account fees³, such as a monthly servicing fee, that doesn't mean SoFi Checking and Savings is completely fee free.

Here are some fees to watch out for with this account:

• Out-of-network ATM fees: You'll be charged a fee by the ATM owner, and SoFi won't reimburse that fee like some online banks do.
• Foreign currency conversion fee: You pay 0.2% if you use your debit card to make a purchase or ATM withdrawal in a foreign currency.

Alternatives to SoFi Checking and Savings

If you're not quite sure that a SoFi Checking and Savings is the right choice for you, here are a few alternatives to consider:

Recommended High-Yield Savings Accounts

Bank Account	APY	Features	Learn More
BrioDirect High-Yield Savings Account Open Account	4.85% More Info *Annual Percentage Yield (APY) is variable and is accurate as of 11/15/2024. Rate is subject to certain terms and conditions. You must deposit at least $5,000 to open your account and maintain $25 to earn the disclosed APY. Rate and APY may change at any time. Fees may reduce earnings.	$5,000 min. deposit No monthly fee	Open Account
Axos ONE® Savings and Checking Bundle Open Account	Up to 4.86% More Info Earn up to 4.86% APY on savings, and 0.51% APY on checking when you meet requirements.	No minimum deposit No monthly fee	Open Account
SoFi Checking and Savings Open Account Member FDIC Member FDIC	0.50% - 4.00% More Info SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.	No minimum deposit No monthly fee	Open Account
CIT Bank Platinum Savings Account Open Account	4.35% More Info Earn 4.35% APY on balances over $5,000. Balances of less than $5,000 earn 0.25% APY. Annual Percentage Yield is accurate as of December 20, 2024. Interest rates for the Platinum Savings account are variable and subject to change at any time without notice.	$100 minimum deposit No monthly fee	Open Account

How to Maximize SoFi Checking and Savings

SoFi Checking and Savings offers a lot of features you can't get with a traditional checking or savings account. And because it's partnered with SoFi Invest, it makes it easier to transfer funds between its banking and investment accounts, if that's something you want to do.

Here's how to maximize the value you can get from SoFi Checking and Savings:

• Read the fine print on the sign-up bonus to make sure you receive the full amount.
• Meet the monthly requirements to qualify for the higher APY.
• Check your mobile app regularly for the latest limited-time cash-back offers.
• Take advantage of your Vaults to establish and track savings goals.
• Turn on the Roundup feature so you can save every time you use your debit card.

Is a SoFi Checking and Savings Account Right for You?

SoFi isn't right for everyone. If you like in-person service or deal with a lot of cash, using SoFi may be more trouble than it's worth. But if you don't use cash regularly and prefer an online banking setup, it's one of the better banking options out there. Plus, the bonus for new account holders gives you a great excuse to test drive membership.

That said, take some time to compare SoFi Checking and Savings with checking accounts and high-yield savings accounts, and compare rates and other features to find the right fit for you.

Strong APY for Checking and Savings

Ready to Open a SoFi Checking and Savings Account? Start Here

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Disclosures

FAQs

1. Up to $300 Bonus Tiered Disclosure

New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.

SoFi members with Direct Deposit can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.00% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% 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 12/3/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

2. APY disclosures

SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on
checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn
1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at
any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

3. Fee Policy

We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee
for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at
sofi.com/legal/banking-fees/.

4. Additional FDIC Insurance (must be bolded)

SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at SoFi.com/banking/fdic/terms See list of participating banks at SoFi.com/banking/fdic/receivingbanks

5. ATM Access

We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.

6. Early Access to Direct Deposit Funds

Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

7. Overdraft Coverage

Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.

• How does the SoFi Checking and Savings Roundup Bonus work?

  When you set up a Vault, purchases made with a SoFi debit card are automatically rounded up to the nearest dollar and deposited into the Vault. For example, if you spend $2.75 on a cup of coffee, SoFi debits your account $3 and deposits the extra $0.25 into your Vault. Periodically, SoFi offers roundup bonuses where members can earn an additional cash just for using the roundup feature.

Featured photo courtesy of SoFi