SoFi Checking & Savings Bonus
SoFi is now offering up to 4.00% APY for its SoFi Checking & Savings account for all members who have direct deposit. Additionally you can earn a bonus of up to $715 when you open a new account. A bonus of $300 comes from SoFi and another $415 from Swagbucks. Let’s see the details.
The Offer
The bonus amount will vary based on the total amount of 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. You can see the bonus here.
| Total Qualifying Direct Deposit amount in 30-day Evaluation Period | Cash bonus |
| $1,000 – $4,999 | $50 |
| $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. SoFi will credit members who meet qualification criteria within 14 days of the end of the Evaluation Period.
Extra $415 from Swagbucks
Open a new account and earn $15. Plus, earn an additional $400 when you set up a qualifying direct deposit. Must be a new SoFi Checking & Savings user.
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Award for account open is independent of the award for Direct Deposit. Must be a new SoFi Checking & Savings user.
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To receive the account open award, you must complete the offer via website or app and directly apply and open a SoFi Checking & Savings account within 45 days.
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To receive the direct deposit award, you must open a new SoFi account and make a qualifying direct deposit of $400 or more as your very first deposit within 45 days.
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This reward cannot be combined with any other enrollment bonuses, including a referral reward.
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To earn, you must complete the offer via website or app and apply directly to SoFi Checking & Savings.
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Award will pend for 31 days
How to Earn 4.00% APY
SoFi members with direct deposit can earn up to 4.00% 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 4.00% APY, which will last for six months only.
Members without direct deposit will earn 1.00% APY on all account balances in Checking and Savings (including Vaults).
Interest rates are variable and subject to change at any time.
Conclusion
We have seen better offers in the past for up to $800 total, but this is still a very good bonus for a new account. You get $300 from SoFi when you complete $5,000 or more in direct deposits, and another $415 from Swagbucks for completing a $400 direct deposit.
I don’t see an expiration date this time around, but these offers are usually refreshed at the end of the month.
I did the $600 combo deal with Rakuten. It was very smooth. I actually like some of the features.
They stop giving the better interest rate if you don’t keep doing direct deposit.
Most employers and SS require 2 cycles to change direct deposit banks. That would mean I miss the window for this.
Anyone know if this is churnable? Closed a Sofi account back in 2019.
The offer is good but I will have direct deposit issue since they are strict about the source of direct deposit.