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SoFi has increased its maximum direct deposit bonus from $250 to $300, and existing customers can take advantage of this offer. Simply sign up for direct deposit with your current or new SoFi Checking and Savings Account to become eligible.
You can earn $50 bonus when you receive $1,000 to $4,999.99 in qualifying direct deposits or a $300 bonus when you receive at least $5,000 in qualifying direct deposits.
Annual percentage yields (APYs) and account details are accurate as of December 14, 2023.
The Requirements
To earn a bonus from SoFi, eligible customers must receive at least one direct deposit in their SoFi Checking and Savings account by June 30, 2024.
The cash bonus amount is either $50 or $300. How much you earn is determined by the total amount you receive in direct deposit transfers within the bonus period, which starts after you receive your first direct deposit and ends 25 days after that. When the bonus period ends, you will receive your bonus within seven business days.
Here are the bonus tiers and the direct deposit amounts required to earn them:
- Direct deposit total of $1,000 to $4,999.99 earns a cash bonus of $50
- Direct deposit total of $5,000 or more earns a cash bonus of $300
Direct deposits are defined as ACH deposits of at least $1,000 from an employer, payroll, benefits provider or government agency. All other deposits and transfers do not qualify.
Only new and current customers without direct deposit in an existing SoFi bank account are eligible for the bonus. Only one bonus is permitted for each SoFi Checking and Savings account. Keep in mind that bonuses must be reported as income using IRS Form 1099-MISC.
Get More Benefits With SoFi Plus
When you enroll in direct deposit, you’ll not only be eligible for a one-time cash bonus, but you’ll also receive ongoing benefits with SoFi Plus. SoFi Plus is a free membership program exclusively available to SoFi customers who receive direct deposits into a Checking and Savings account.
SoFi Plus members earn 0.50% APY on checking and 4.60% APY on savings if you set up direct deposit or by depositing $5,000 or more every 30 days. Customers who don’t make direct deposits or deposit $5,000 or more every 30 days earn 1.20% APY on account balances*. That lower APY is still well above the national average savings rate of 0.46% APY per the Federal Deposit Insurance Corp. (FDIC) as of November 20, 2023, but it’s still a fraction of what SoFi Plus customers earn.
SoFi Plus also includes other benefits, such as the ability to get paid up to two days early, receive a 0.25% rate discount on personal loans and earn double rewards points on qualifying purchases. SoFi Plus members additionally receive 3% cash back on credit card purchases with the rather than 2% earned by non-Plus customers.
Account Features
All SoFi Checking and Savings customers earn lower APY on checking balances regardless of direct deposit activity. Other features available to all customers include:
- No account monthly fees, overdraft fees or minimum balance requirements
- Up to 15% cash back on eligible debit card purchases from local businesses
- Bill pay, mobile check deposit and free ACH transfers
- 24/7 account monitoring and customer support
*SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.60% 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. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.