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 $725 when you open a new account. A bonus of $425 comes from SoFi and another $300 from Rakuten. 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, with an extra $25 for applying through a referral.
| Total Qualifying Direct Deposit amount in 30-day Evaluation Period | Cash bonus |
| $1,000 – $4,999 | $50 |
| $5,000 or more | $400 |
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 $300 from Rakuten
Rakuten is offering a bonus of $300 or 30,000 Amex/Bilt points. To qualify for Cash Back, the customer must apply for a new SoFi Checking and Savings account directly through the Rakuten link and set up and post a direct deposit with their net INITIAL direct deposit for a minimum of $500 within 45 days of clicking the Cash Back link. You can see the offer here.
If you go directly through Rakuten you will only see a $400 bonus on the SoFi page. So you should start by clicking a referral link that gives you $425, and then click the Rakuten link in a different tab and proceed with account opening from there.
This offer is applicable only to SoFi members who have not previously opened a SoFi Checking and Savings account. Must be 18 years or older. Must provide social security number or Individual Taxpayer Identification Number (ITIN).
Limit one Cash Back offer per Rakuten account
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 $815 total, but this is still a very good bonus for a new account. You get $425 from SoFi when you complete $5,000 or more in direct deposits, and another $300 (or 30,000 Amex/Bilt points) from Rakuten for completing a $500 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.