Offer & Redeem Link: https://www.sofi.com/invite/money?gcp=0d9ee87e-840c-44cb-a276-7065ece92c5f&isAliasGcp=false
SoFi Bank offers a welcome bonus of up to $300 for new and eligible existing customers who set up direct deposit into their SoFi Checking and Savings account. Here’s how it works:
Bonus Tiers:
- $50 Bonus: Receive total direct deposits between $1,000 and $4,999.99 during the Direct Deposit Bonus Period.
- $300 Bonus: Receive total direct deposits of $5,000 or more during the Direct Deposit Bonus Period.
Eligibility Criteria:
- New Customers: Open a SoFi Checking and Savings account during the promotion period.
- Existing Customers: Must not have a prior history of direct deposit transactions into their SoFi Checking and Savings account.
- Ineligible Participants: Members who previously enrolled in direct deposit into either SoFi Money or SoFi Checking and Savings, whether currently still enrolled or not, do not qualify for this promotion.
Promotion Period:
- Start Date: December 7, 2023, at 12:01 AM ET.
- End Date: January 31, 2026, at 11:59 PM ET.
Direct Deposit Bonus Period:
- Begins when SoFi receives a direct deposit of $1 or more within the promotion period and ends 25 calendar days later.
Additional Details:
- Direct Deposit Definition: A recurring deposit of regular income (e.g., payroll, pension, government benefits) made by your employer, payroll, benefits provider, or government agency via the Automated Clearing House (ACH) Network.
- Exclusions: Deposits not from an employer or government agency, such as check deposits, peer-to-peer transfers (e.g., PayPal, Venmo), merchant transactions, bank ACH transfers, wire transfers from external accounts, or non-recurring deposits (e.g., IRS tax refunds), do not qualify as direct deposits.
- Bonus Payment: After the Direct Deposit Bonus Period, SoFi will determine if you’ve met the requirements and will deposit any earned bonus into your checking account within seven (7) business days.
- Tax Implications: Bonuses are considered miscellaneous income and may be reportable to the IRS on Form 1099-MISC (or Form 1042-S, if applicable).
- Interest Rates with Direct Deposit:
- Savings (including Vaults): 4.00% Annual Percentage Yield (APY).
- Checking: 0.50% APY.
- Note: Rates are variable and subject to change; current as of December 3, 2024.
Read more below:
SoFi Bank offers an enticing Checking and Savings account welcome bonus of up to $300 for new customers who set up direct deposit and meet the required deposit amounts. To earn the bonus, you need to have direct deposits of at least $1,000 for the $50 bonus or $5,000 for the $300 bonus within the first 25 days of opening your account. With no monthly fees, high-interest savings rates, and a user-friendly mobile app, SoFi provides a seamless banking experience. The welcome bonus is just the beginning, as customers also gain access to tools like credit score monitoring, financial planning resources, and a range of personal finance products. Whether you’re looking to start saving or manage your finances more effectively, SoFi’s checking account offers valuable benefits with a straightforward path to earning your welcome bonus.