Offer at a glance
| Item | Details |
|---|---|
| Maximum bonus amount | $50 – $300 |
| Availability | Nationwide |
| Direct deposit required | Yes, $1,000 – $5,000 |
| Additional requirements | None |
| Hard/soft pull | Soft |
| Credit card funding | None, but can fund with a debit card up to $300 |
| Monthly fees | None |
| Early account termination fee | ? |
| Household limit | None listed |
| Expiration date | May 31, 2022 July 31, 2022 September 30, 2022 January 31, 2023 |
The Offer
- SoFi is offering bonus of up to $300 for new customers who signup for their SoFi hybrid checking & savings account and receive direct deposit within 30 days.
- Get $50 bonus with direct deposit of $1,000 – $1,999.
- Get $100 bonus with direct deposit of $2,000 – $4,999.
- Get $300 bonus with direct deposit of $5,000+.
- They seem to have rebranded from “SoFi Money” to “SoFi Checking and Savings”.
In depth details
Eligible Participants: All new members who open a SoFi Checking and Savings account during the Promotion Period and all existing SoFi Checkings and Savings customers who have not previously set up Direct Deposit transactions into their SoFi Checking and Savings account as of the beginning of the Promotion Period are eligible for the Program.
Bonus Terms: In order to qualify for eligibility for a bonus, SoFi must receive at least one Qualifying Direct Deposit before the end of the Promotion Period. Qualifying Direct Deposits are defined as deposits of $1,000.00 or greater from an enrolled member’s employer, payroll, or benefits provider via ACH deposit. Deposits that are not from an employer do not qualify for this Direct Deposit promotion. The amount of the bonus, if any, will be calculated during the Evaluation Period.
Evaluation Period: 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 25 days from the date your first Qualifying Direct Deposit is received. A member may only qualify for one bonus tier and will not be eligible for future bonus payments if inflows subsequently increase beyond the Evaluation Period.
Payment timeline: SoFi will credit members who meet qualification criteria within 14 days of the end of the Evaluation Period.
This offer cannot be combined with the SoFi Checking and Savings Direct Deposit rate discount on a SoFi personal loan. Bonuses are considered miscellaneous income. SoFi reserves the right to exclude any Members from participating in the Program for any reason. SoFi also reserves the right to stop or make changes to the Program at any time.
Avoiding Fees
This account doesn’t have any monthly fees to worry about.
Not sure if there is any early termination fee or not.
Update History
Update 10/5/25: back up to $415 for some.
Update 9/8/25: back at $375/37,500.
Update 9/1/25: $375/37,500 + $300. Not as good as the recent $400 deal but close. (Try stacking with this deal for an additional $75 with SoFi Plus.)
Update 7/30/25: $400/40,000 + $300. Highest ever. Today only. (Try stacking with this deal for an additional $75 with SoFi Plus.)
Update 7/23/25: next week the offer will be $400/40,000. Highest ever.
Update 7/19/25: $375 available again.
Update 7/2/25: $375/37,500 now available. This matches the highest offer ever. Update: now at $350.
Update 6/2/25: $350/35,000 or $375/37,500. This matches the highest offer ever.
(Expired) Update 6/12/25: $300/30,000 is back.
(Expired) Update 6/4/25: $300/30,000 is back.
Update 5/25/25: [Expired] seeing $375/37,500.
Update 5/12/25: down to $300 for some, back up to $375 for others.
Update 5/4/25: $375, highest ever. Apparently others are seeing $300.
Update 4/7/25: Increased slightly to $265 and like $280. Still $250 in some cases.
Update 3/18/25: $250, $230, around $245 now. That’s on top of the $300.
Our Verdict
I believe $300 is the most we’ve seen, though this does require a $5,000 direct deposit. Some are strict about what they consider to be a “direct deposit.”
It’s not clear how quickly you need to get the direct deposit, but it is clear that you have 30 days from when your first direct deposit posts to rack up the $5,000 in direct deposits.
The fine print states that the income might be reported on a 1099-MISC. Regardless, you’d be legally required to report the bonus.
The account is actually a nice account to have your regular direct deposit go to. At time of this writing that rate is 1.25% APY with no deposit limit.
There’s one rumor that upgrading an existing account to the new account will be eligible for the $300 bonus as well, but don’t assume this is true unless it gets confirmed.
