Most products on this page are from partners who may compensate us. This may influence which products we write about and where and how they appear on the page. However, opinions expressed here are the author's alone, not those of any bank, credit card issuer, airline or hotel chain.

SoFi Checking and Savings is currently offering new customers a chance to grab a sign-up bonus of up to $300. To earn the bonus, you'll need to open a new account and receive qualifying direct deposits within a 25-day "Evaluation Period." After that, you can sit back and watch the bonus land in your account within seven business days of the evaluation period concluding.

SoFi Checking and Savings

Open Account

at SoFi

  • Our Rating 5/5 How our ratings work Read the review
  • APY0.50% - 4.60% More Info

    Customers earn 4.60% APY on savings balances when they set up recurring monthly direct deposit of their paycheck or benefits provider via ACH deposit. Alternatively, deposit at least $5,000 each month to earn 4.60% APY on your savings balance. Checking balances earn 0.50% APY

  • Minimum
    Deposit Required
  • Intro Bonus $50-$300Expires June 30, 2024 More Info

    New customers can earn a $300 bonus for opening a new SoFi Checking and Savings account and receiving a total of $5,000+ in qualifying direct deposits within the specified evaluation period; receive $1,000 - $4,999 in qualifying direct deposits to earn a $50 bonus.

SoFi Checking and Savings boasts an impressive 4.60% APY 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 features remarkably strong interest rates for customers who receive recurring monthly direct deposit, or who deposit $5,000+ every 30 days. This account also doesn’t have any maintenance fees, overdraft fees or non-sufficient funds fees. To top it off, new customers can earn a signup bonus worth up to $300.


  • Accounts with monthly direct deposit earn interest
  • No minimum opening balance or minimum monthly balance
  • No maintenance fees, non-sufficient fund fees or overdraft fees
  • Access to Allpoint’s worldwide ATM network
  • Get paid up to two days early


  • No physical branch locations

Beyond the bonus, SoFi provides customers with long-term value with a robust 4.60% annual percentage yield (APY) on savings balances, enticing rewards on debit card purchases and a range of features from smart savings options to reliable overdraft protection. Dive into the details to maximize your financial gains with SoFi.

How to Qualify for the New $300 SoFi Checking and Savings Bonus

Sign-up bonuses are pretty common these days for checking and savings accounts, so it takes a lot for a welcome offer to stand out. SoFi Checking and Savings might not have the most valuable bonus on-offer right now, but it does offer one unique convenience: simplicity. Here's what you need to do to earn the bonus.

  • Open a New Account: Start by opening a new SoFi Checking and Savings account. The account creation process is user-friendly and designed to get you up and running swiftly. To qualify for the current bonus, you must open your account before June 30, 2024.
  • Receive Qualifying Direct Deposits: The main requirement to earning this bonus involves receiving qualifying direct deposits within a 25-day "Evaluation Period." During this period, you need to accumulate one or more direct deposits totaling at least $1,000. The bonus structure is tiered as follows:

SoFi Checking and Savings Bonus Tiers

Total Qualifying Direct Deposits Cash Bonus

$1,000 – $4,999.99




Once you've successfully met the direct deposit requirements, you can expect to see the bonus deposited into your account within seven business days after the end of the promotional period. From end to end, this bonus can be earned in about a month; this is noteworthy, as many similar bonuses can take three months or longer to earn.

How the SoFi Sign-up Bonus Compares to Competition

While some may reminisce about larger bonuses tied to this account in the past (we've seen $300 bonuses before), the current landscape of SoFi Checking and Savings is marked by a higher interest rate on savings balances. This change helps compensate for the slightly lower cash payout in the sign-up bonus.

small business owner in gardening center Related Article

6 Best Business Bank Account Bonuses and Promotions (2024)

Read More

Beyond the Bonus: What are SoFi's Benefits and Rewards?

SoFi Checking and Savings isn't just about securing a one-time bonus; it's a holistic financial platform that caters to the diverse needs of its users. Let's delve into some of the main benefits that extend beyond the initial sign-up reward:

  • High-Yield Savings: Beyond the bonus, SoFi offers an impressive 4.60% APY on your savings balances when you set up direct deposit or deposit a minimum of $5,000 into the account every 30 days. Even if you don't meet these specific criteria, you'll still earn 1.20% APY on your savings balances and 0.50% APY on checking balances either way.
  • Rewarding Debit Card Use: SoFi's commitment to rewarding its users extends to everyday transactions. When you use your debit card at participating local merchants, you can earn up to 15% cash back on your purchases. The process is seamless, with offers easily discoverable and claimable through the intuitive SoFi mobile app.
  • Savings Features: SoFi doesn't just encourage you to save; it empowers you to do so with purpose. You can create up to 20 vaults for individual savings goals, each with a defined target amount. Track your progress with a percentage display, set up recurring transfers and utilize the roundup feature, which effortlessly directs spare change into a vault of your choice.
  • Overdraft Protection and Coverage: SoFi takes a comprehensive approach to financial well-being, offering both overdraft protection and coverage. With overdraft protection, funds are pulled from your savings account whenever you overdraw your checking account. Overdraft coverage steps in, spotting you up to $50 for a debit card purchase when your savings account balance falls short.
  • FDIC Insurance Coverage: Safety and security are paramount in the financial world, and SoFi ensures peace of mind with FDIC insurance coverage. If your funds exceed the typical FDIC insurance limit of $250,000, SoFi intelligently spreads your money across a network of banks, potentially increasing your maximum coverage to an impressive $2 million.
  • Additional Perks: SoFi goes the extra mile by offering early direct deposit, providing access to over 55,000 fee-free ATMs in the Allpoint® Network, and allowing cash deposits at local retailers through the Green Dot® Network (with some limitations and associated fees).
  • Largely Fee-Free Experience: Perhaps one of the most appealing aspects of SoFi Checking and Savings is its commitment to a fee-free experience. There are no account fees or service charges, and even using an out-of-network ATM won't incur a fee from SoFi – though third-party fees from the ATM owner may still apply.

Bottom Line

While the sign-up bonus serves as an attractive introduction, the real value lies in the array of features and benefits that SoFi continues to offer, supporting you in achieving your financial goals. That said, as with any financial decision, you should take your time and consider all of your options.

Top-Tier Online Banking

Ready to open an account? Start here.

Open Account

at SoFi

If you deal with cash on a regular basis and need to make substantial deposits, SoFi may not be the right fit for you as it has no brick and mortar locations. However, if you are largely cashless, then the substantial perks and benefits associated with most digital-only banks these days might be exactly what you're looking for.


Slickdeals Money Staff

The Slickdeals Money editorial team is dedicated to helping readers navigate the personal finance space. We’re passionate about educating our readers on the very best financial tools & products on the market today.