SoFi Bank Welcome Bonus Review

SoFi Bank bonus offer is one of the highest in the industry with new customers eligible to earn up to $325.

Key Points

SoFi Bank is offering a $325 welcome bonus for opening the checking/savings account.

To get the full bonus direct deposits in the amount of $5,000 is required.

Earn 4.60% APY on the SoFi Savings Account for setting up direct deposit.

SoFi Bank Bonus Review

The SoFi Bank bonus offer is one of the highest in the industry. New SoFi Bank customers can earn up to $325 as a checking account bonus.

Banks often invest in marketing strategies, including sign-up bonuses, with the expectation that these incentives will attract new customers.

Here is a quick look at how to earn the SoFi bank bonus:

How to Earn the Maximum Bonus

  • Everyone who opens an account with an initial $10 deposit will earn a $25 bonus
  • To earn an additional $50 bonus you’ll have to receive at least one $1,000 in qualifying direct deposits or
  • To earn the maximum $300 bonus you’ll have to receive at least one $5,000 in qualifying direct deposits
  • You'll earn 4.60% APY on savings and 0.50% APY on checking after you set up direct deposit 



What SoFi Considers as a Direct Deposit?

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.


Get In Touch

6080 Center Dr, 6th Fl
Los Angeles, CA 90045