SoFi Checking & Savings Bonus
SoFi is now offering up to 3.80% APY for its SoFi Checking & Savings account for all members who have direct deposit. Additionally you can earn a bonus of up to $765 when you open a new account. A bonus of $400 comes from SoFi and another $360 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, 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 $365 with Swagbucks
Swagbucks is offering an extra bonus of $15 for opening a new SoFi Checking & Savings account and another $350 for completing a direct deposit requirement. That’s a total bonus of $365. You can see the offer here.
- Award for account open is independent of the award for Direct Deposit. Must be a new SoFi Checking & Savings user.
- To receive the account open award, you must complete the offer via Swagbucks and directly apply and open a SoFi Checking & Savings account within 45 days.
- 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.
- This reward cannot be combined with any other enrollment bonuses, including a referral reward.
- To earn, you must complete the offer via Swagbucks and apply directly to SoFi Checking & Savings.
- Award will pend for 31 days
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 3.80% APY
SoFi members with direct deposit can earn up to 3.80% 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 3.80% 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 $405 from SoFi when you complete $5,000 or more in direct deposits, and that will also satisfy the requirements for the $365 bonus from Swagbucks.
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.
Check DoC – he has extensive data points on what every bank codes as a qualifying direct deposit. Having said that, I only saw that he lists DD info for “SoFI Invest”, but I think you need to have a checking account to make the Invest account work, so I’m navigating this too.
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.