SoFi Checking & Savings Bonus
SoFi is now offering up to 4.60% APY for its SoFi Checking & Savings account for all members who have direct deposit. Additionally you can earn a bonus of up to $650 when you open a new account. A bonus of $300 comes from SoFi and another $350 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. It is available through 8/30/2024.
| 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 $350 from Rakuten
Rakuten is also offering a $$350 bonus for new SoFi Checking & Savings customers. Just click through Rakuten and open a new SoFi Checking & Savings account. You then need to set up a Direct Deposit of $500 or more to earn the bonus.
- Must set up a Direct Deposit of $500 or more within 45 days of account opening.
- Cash Back will be automatically added to your Rakuten account within 45 days after a direct deposit is posted to your SoFi Checking & Savings account.
- Must be a new SoFi Checkings & Savings user.
How to Earn 4.60% APY
SoFi members with direct deposit can earn up to 4.60% 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 4.60% APY.
Members without direct deposit will earn 1.20% APY on all account balances in Checking and Savings (including Vaults).
Interest rates are variable and subject to change at any time.
Conclusion
This is a very good bonus for new SoFi Checking & Savings customers. You get $300 from SoFi when you complete $5,000 or more in direct deposits, and another $350 from Rakuten for completing a $500 direct deposit.
You must have a Rakuten account, and if you don’t, you can also get a $30 bonus when you sign up now.
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