Earn more on your money with 3.30% APY and a $425 bonus when you set up direct deposit into a SoFi Checking and Savings account.
Plus, pay no account or overdraft fees, get 2-day-early-paycheck, and more.
You can also get a 6-month boost of 0.70% for up to 4.30% APY!
Update 3/24/26: The offer has been extended through 3/30/26. You can earn $425 bonus plus a high rate of 3.30% APY, so sign up for a SoFi Checking & Savings account with direct deposit.
| Total Qualifying Direct Deposit Amount | Cash Bonus |
| $1.00 – $999.99 | $0 |
| $1,000.00 – $4,999.99 | $50 |
| $5,000 or more | $400 |
In order to qualify for the highest bonus, an Eligible Participant must have $5,000 or more in total qualifying Direct Deposit transactions within any consecutive 30-day window during the Promotion Period.
SoFi Checking & Savings $425 Bonus + 3.30% APY
- What you’ll get: $425 Bonus + 3.30% APY
- Account Type: SoFi Checking & Savings
- Availability: Nationwide, Online
- Direct Deposit Requirement: Yes
- Credit Inquiry: Soft Pull
- Credit Card Funding: None
- Monthly Fee: None
- Early Account Termination Fee: None listed
- Household Limit: None
Reward yourself with a SoFi Checking and Savings account today
SoFi ACH Capabilities & Limits
| ACH Type | Speed | Daily $ Limit | Monthly $ Limit | Notes |
| Push | 1 – 2 days | $1M | $2M | Up to 5 linked accounts |
| Pull | 1 – 2 days | $100K | $200K |
SoFi Checking & Savings Account Summary
- Earn up to 3.30% APY
- Say goodbye to bank fees: The average American paid $53.79 in bank fees in 2020. We don’t believe in fees, so with SoFi there’s no overdraft fees, no minimum balance fees, and no monthly fees. Plus, 55,000+ fee-free ATMs with Allpoint.
- FDIC insured: Breathe easy knowing your funds are insured up to $250K. (Joint accounts receive $500K in total insurance.)
- 2-day Early Paycheck: Feel the magic of pay day up to two days early – automatically – when you set up direct deposit.
- Cash back, close to home: Get up to 15% cash back at local establishments when you pay with your SoFi debit card.
- Automatic savings features: Organize your money, set savings goals, and save your spare change with Vaults and Roundups.
- No fee Overdraft Coverage: Overspent by accident? No problem. You’ll be covered up to $50 with no fees with qualifying direct deposits.
Fine Print
- New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
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Bottom Line
I would recommend this account as I use this personally in my day to day life.
This is an online account so it would be ideal to have an account with a local branch nearby in the event you may need to deposit / withdraw cash.
One of the best perks of having this account in lieu of your typical checking accounts is the ability to earn interest (a high, competitive rate at that).
Be sure to check out our latest banking offers from SoFi or check out our full list of bank promotions to keep updated on amazing offers!
In addition, keep up with the best interest rates for savings accounts here.
Hi Joe,
Qualifying direct deposits must be an ACH deposit from an active SoFi Checking and Savings member’s:
Employer (including pension plans)
Payroll
Benefits provider
Other government entities (like Social Security)
Non-qualifying direct deposits include ACH transfers from other institutions such as:
Check deposits
P2P transfers such as from PayPal or Venmo, etc…
Merchant transactions such as from PayPal, Stripe, Square, etc…
Bank ACH transfers not from employers
Can you write more about what is consider a direct deposit with sofi besides employer, pebsion etc. to qualify for there 1.25% rate.