SoFi Checking & Savings, Earn $475 Bonus and 1.25% APY
SoFi has announced that its SoFi Checking & Savings will now offer a 1.25% annual percentage yield (APY) for all members who have direct deposit, an increase from the previous rate of 1.00% APY. SoFi will offer 0.70% APY for those looking for a high yield opportunity without direct deposit.
SoFi Checking and Savings is an account with no fees, and fee-free ATM access via the Allpoint network. It replaced the SoFi Money account. There’s also a new signup bonus of $300, which gets even better with an additional $175 from Swagbucks. Let’s see the details of this offer.
The Offer
The bonus is based on the total Qualifying Direct Deposits received during the Evaluation Period. The Evaluation Period is defined as 30 days from the date your first Qualifying Direct Deposit is received. Here’s how it works:
| Total Qualifying Direct Deposit amount in 30-day Evaluation Period | Cash bonus |
| $1,000 – $1,999 | $50 |
| $2,000 – $4,999 | $100 |
| $5,000 or more | $300 |
In order to qualify for eligibility for a bonus, SoFi must receive at least one Qualifying Direct Deposit from an Eligible Participant during the Promotion Period. No bonuses shall be paid for qualifying Direct Deposits of less than $1,000 during the Evaluation Period.
SoFi will credit members who meet qualification criteria within 14 days of the end of the Evaluation Period. Offer is valid though 5/31/2022.
Extra $175 from Swagbucks
Swagbucks is also offering a $175 bonus for new SoFi Checking & Savings customers. Just click through Swagbucks and open a new SoFi Checking & Savings account. You then need to deposit at least $200 to earn 17,500 SBs (worth $175). Search for “SoFi” to find this offer.
- Must deposit at least $200 to earn SB.
- SB will appear as Pending for 32 days.
- Must enter valid sign-up information, including credit card information to earn SB.
- Offer may only be redeemed once (1) per user
How to Earn 1.25% APY
SoFi members with direct deposit can earn up to 1.25% annual percentage yield (APY) interest on all account balances in their Checking and Savings accounts (including Vaults). There is no minimum direct deposit amount required to qualify for 1.25% APY.
Members without direct deposit will earn 0.70% APY on all account balances in Checking and Savings (including Vaults).
Interest rates are variable and subject to change at any time.
Conclusion
This is a very good good bonus for new SoFi customers. You get $300 from SoFi when you complete $5,000 or more in direct deposits, and another $175 from Swagbucks for depositing $200. You must have a Swagbucks account, and if you don’t, you can also get a $10 bonus when you create one.
The account will also earn 1.25% APY with a direct deposit, which is a very good rate currently. With no direct deposit you only get 0.70%.
HT: Doctor of Credit
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Early members with SoFi had ATM fees repaid anywhere I believe. With the new setup if you update your profile you get only the Allpoint ATMs if I’m reading correctly.
If I’m wrong I apologize
Geo
You’re right. In fact SoFi has been sending emails to grandfathered members to get them to switch to the new account.
How do you get direct deposit to count without moving over your paycheck?
You can find some options here (PNC, Wells Fargo) https://dannydealguru.com/direct-deposit-requirements-for-bank-accounts/#SoFi_Checking_Savings
Although the data points are from when the account was called SoFi Money, so I’m not sure if anything has changed in terms of what counts as DD.