SoFi Checking & Savings: $700 Bonus & 3.80% APY
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The SoFi Checking and Savings account offers a tiered bonus structure, with a maximum reward of $300 for direct deposits of $5,000 or more within the first 30 days. Smaller bonuses are available for lower deposit amounts, starting at $50 for deposits between $1,000 and $4,999. An additional $25 bonus is available through referral links, bringing the potential SoFi bonus to $325.
Combined with shopping portal bonuses, the total potential reward can reach $700. As of May 4, 2025, Rakuten offers a $375 bonus, resulting in a combined $700 potential reward when coupled with the SoFi bonus and a referral. Other past shopping portal bonuses have included MyPoints ($255 in April 2025) and InboxDollars ($265 in April 2025).
The SoFi account offers a competitive interest rate, with up to 3.80% APY for members with direct deposit and 1.00% APY for those without. This rate applies to all balances, including Vaults, with no minimum direct deposit requirement to qualify for the higher rate. The interest rate is variable and subject to change.
Direct deposit is a key requirement for both the bonus and the higher interest rate. Qualifying direct deposits must come from an employer, payroll, or benefits provider via ACH. Other deposit methods, such as P2P transfers, merchant transactions, and bank ACH transfers not from employers, do not qualify. The bonus is credited within 14 days of the end of the 30-day evaluation period.
While the SoFi offer provides a substantial bonus and competitive interest rate, it's important to note that these offers can change frequently. Shopping portal bonuses, in particular, are subject to fluctuation. Always check the latest terms and conditions before opening an account.
(Source: https://dannydealguru.com/sofi-checking-savings-250-bonus/)
