Qualifying direct deposits include payroll deposits made via the Automated Clearing House (ACH) network, Social Security payments, pension payments and most government benefits payments.
How many deposits does SoFi require
One qualifying deposit during the evaluation period can earn a bonus. The minimum deposit required to receive the SoFi $50 bonus is $1,000 or the minimum deposit to receive the SoFi $300 bonus is $5,000. Technically that means you don't have to set-up a recurring deposit in order to earn the bonus.
When do you receive your bonus?
You’ll get your SoFi bonus within seven business days after the 25-day evaluation period ends. The evaluation period starts the day you receive your first direct deposit.
How long is the SoFi Promotion Period?
The Direct Deposit Promotion period goes through 6/30/24 at 11:59PM ET.
What SoFi Checking Offers
Get paid up to two days early
Once you open the SoFi checking account—which also includes a savings account—sign up for direct deposit to receive your paycheck up to two days early.
Earn cash back on local purchases
Earn up to 15% cash back when you use your SoFi debit card to make purchases at qualifying local businesses. Once you open the SoFi checking account, visit the “Shop local” page to find local stores and restaurants that have rewards enabled and then activate the specific offer(s).
When you use your SoFi debit card at those participating merchants, you’re eligible to get cash back but you must swipe your card and run as ‘Credit’ to receive the cash back rewards.
Overdraft coverage with no fees
SoFi will cover up to $50 with no fees if you overdraft your account but you must have a direct deposit of at least $1,000 set up. Your next deposit will automatically be applied to your negative balance.
Access to 55,000+ ATMs
Use your debit card to access funds anytime and anywhere, with more than 55,000+ ATMs within the Allpoint® Network.
Roundups on all debit card purchases
Earn more with automatic roundups on all debit card purchases. Roundups are transferred to your savings Vault, where they can continue to grow.
Do it all in one app
Pay bills, deposit checks, send money, and manage your digital wallet all in the SoFi app.
Who is SoFi Bank
SoFi Bank, NA provides banking services such as checking and high-yield savings accounts, investment planning, as well as student, mortgage and personal loan products.
Social Finance, Inc. (SoFi) started as a financial technology company founded in 2011 by Mike Cagney, Ian Brady, James Finnigan, and Dan Macklin. The company initially started to address the challenges faced by individuals with student loan debt by offering student loan refinancing services.
In Jan. 2022, SoFi received approval from the Office of the Comptroller of the Currency (OCC) for a national bank charter. As a national bank, SoFi directly insures customer deposits through FDIC unlike banks like Chime that have to partner with real banks to insure customer deposits.
SoFi Bank customers enjoy competitive loan interest rates while earning high-interest on checking and savings accounts. The company's goal is to provide a one-stop-shop for individuals to manage various aspects of their financial lives including free career planning and financial planning with access to a certified financial advisor.