SoFi Checking and Savings is much like other deposit accounts, except with one big benefit—you can earn up to 4.50% APY on your savings balance, as well as 0.50% APY on your checking balance. New customers can also currently earn a sign-up bonus worth up to $250 just for opening a new Sofi Checking and Savings account and receiving qualifying direct deposits.
You also won't have to jump through a lot of hoops to earn that elevated annual percentage yield (APY). All you have to do is set up monthly direct deposits of your paycheck or government-issued benefits. You won't even have to receive a minimum direct deposit amount to earn the increased APY. If you don't receive monthly direct deposits, you can still earn the top savings rate by depositing $5,000 or more each month.
Read more to find out if signing up for a new account is right for you.
SoFi Checking and Savings: $250 Bonus
It's pretty common for banks to offer a welcome bonus when you sign up and meet certain requirements, and the SoFi Checking and Savings account is no different.
New customers can currently earn a one-time bonus of up to $250 when they open a new SoFi Checking and Savings account before December 31, 2023.
To qualify for the bonus:
SoFi Checking and Savings Referral Bonus: $25
Once you become a SoFi member, you can use the app to send referral links to friends or family to also open an account. If they use your unique referral link to open an account, then fund it with $100 or more via qualifying transfers within five days, you will both receive a $25 referral bonus.
How to Get the Referral BonusUsing the SoFi app, log into your account to access your unique referral link and then do the following:
SoFi Promo Codes
No SoFi promo codes are necessary to claim these bonuses. Simply follow the steps above and you can receive your bonus!