SoFi Checking and Savings Bonus

SoFi Checking and Savings, Up to 1.80% APY and $300 Bonus

Update: The $300 offer has been extended until 09/30/22. But the $175 bonus from Swagbucks is no longer available. Interest rate is now up to 1.80%.

SoFi has announced that SoFi Checking & Savings will now offer an industry-leading 1.80% annual percentage yield (APY) for all members who have direct deposit. This account will also offer 1.00% APY for those looking for a high yield opportunity without direct deposit. There are no limits or balance caps to earn interest.

This is the latest in a series of improvements SoFi has launched to provide better banking for their members, which also includes no-fee crypto purchases via direct deposit, zero account or overdraft fees, no minimum balance, no limits on transfers between checking and savings accounts, up to two-day early paychecks, and fee-free ATM access via the Allpoint network.

SoFi Checking & Savings launched in February, replacing the SoFi Money account. There’s also a big signup bonus. New SoFi Checking and Savings customers can get $300 from SoFi and another $175 from Swagbucks. That’s a total bonus of $475.

SoFi Checking and Savings $300 Bonus

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 30 days from the date your first Qualifying Direct Deposit is received. For example, if you receive $1,000-$1,999 in Qualifying Direct Deposits in the Evaluation Period, you will receive a cash bonus of $50. 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. You can see the bonus here, but apply through Swagbucks to get the additional bonus.

Total Qualifying Direct Deposit amount in 30-day Evaluation Period Cash bonus
$1,000 – $1,999 $50
$2,000 – $4,999 $100
$5,000 or more $300

In order to qualify for eligibility for a bonus, SoFi must receive at least one Qualifying Direct Deposit from an Eligible Participant during the Promotion Period. Qualifying Direct Deposits are defined as deposits from enrolled member’s employer, payroll, or benefits provider via ACH deposit. Deposits that are not from an employer (such as check deposits; P2P transfers such as from PayPal or Venmo, etc.; merchant transactions such as from PayPal, Stripe, Square, etc.; and bank ACH transfers not from employers) do not qualify for this promotion. The amount of the bonus, if any, is described below. No bonuses shall be paid for qualifying Direct Deposits of less than $1,000 during the Evaluation Period (defined below).

SoFi will credit members who meet qualification criteria within 14 days of the end of the Evaluation Period.

$175 Bonus from Swagbucks

Swagbucks is also offering a $175 bonus for new SoFi Checking & Savings customers. All you need to do is click through Swagbucks and open a new SoFi Checking & Savings account. You then need to deposit at least $200 to earn 17,500 SBs (worth $175). Just search for “SoFi” to find this offer.

  • Must deposit at least $200 to earn SB.
  • SB will appear as Pending for 32 days.
  • Must enter valid sign-up information, including credit card information to earn SB.
  • Offer may only be redeemed once (1) per user

Earning 1.80% APY

SoFi members with direct deposit can earn up to 1.25% annual percentage yield (APY) interest on all account balances in their Checking and Savings accounts (including Vaults). There is no minimum direct deposit amount required to qualify for 1.25% APY. Members without direct deposit will earn 0.70% APY on all account balances in Checking and Savings (including Vaults). Interest rates are variable and subject to change at any time. Rate of 1.25% APY is current as of 04/05/2022. Additional information can be found at

Guru’s Wrap-Up

This is a good bonus for those who don’t already have a SoFi account. You can get $300 from SoFi when you complete $5,000 or more in direct deposits, and another $175 from Swagbucks for depositing $200. The account will also earn 1.25% APY with a direct deposit, which is a very good rate currently.

If this bonus is not for you, then you can check our full list of available bank bonuses. And, if you’re new to bank account bonuses, you can learn more about churning bank accounts here.

Offer Details

  • Bonus: $475
  • Account Type: SoFi Checking & Savings
  • Availability: Nationwide
  • Inquiry Type: Soft pull
  • Credit Card Funding: No
  • Direct Deposit Requirement: $1,000 or more (see what works)
  • Other Requirements: $200 deposit
  • Monthly Fee: No
  • Closing Account Fee: Unknown
  • Expiration Date: 5/31/22 7/31/22

HT: Doctor of Credit

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