This Bank Account Offers a $300 Bonus and a 4.60% APY. Should You Sign Up?

Whether you're looking for a high-yield bank account or want to snag a super generous bank bonus, signing up for the free SoFi Checking and Savings is a deal worth considering. As an account holder, I can testify that the process is easy, the account is simple to manage, and the bonus, when requirements are met, is deposited quickly.

If earning an APY of up to 4.60% and a $300 bonus (less taxes) sounds like a steal to you, that's because it is. Here's why I recommend it.

Top reasons to sign up for the SoFi Checking and Savings

The main draw of the SoFi Checking and Savings is the high APY. You can get up to 4.60% on your savings by setting up direct deposit into your checking or savings account. What's more, the checking account also earns 0.50%. Not bad, especially since most free checking accounts earn nada.

The bank bonus is another draw. New account holders can earn up to $300 when they receive at least $5,000 in direct deposits within a bonus period (25 days starting after SoFi receives your first direct deposit). If you don't receive $5,000, you can still get a $50 bonus for receiving between $1,000 and $4,999.99 within the same bonus period. Earning $300 in cash is one of the best bank bonuses on a free account.

Our Picks for the Best High-Yield Savings Accounts of 2024

Capital One 360 Performance Savings APY 4.25% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening. Min. to earn $0 Open Account for Capital One 360 Performance Savings Member FDIC.	APY 4.25% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.	Min. to earn $0
American Express® High Yield Savings APY 4.25% Rate info 4.25% annual percentage yield as of July 1, 2024 Min. to earn $1 Open Account for American Express® High Yield Savings Member FDIC.	APY 4.25% Rate info 4.25% annual percentage yield as of July 1, 2024	Min. to earn $1
Citizens Access® Savings APY 4.50% Min. to earn $0.01 Open Account for Citizens Access® Savings Member FDIC.	APY 4.50%	Min. to earn $0.01

High APYs and cash bonuses are major perks. But the account has other features that I really like. The app is easy to use and notifies me when direct deposits hit my account, as well as when transferred money leaves it. My credit score is updated daily and accessible within the app. On top of that, cardholders of the SoFi Unlimited 2% Credit Card can boost their cash back rate to 2.2% when they link it to a SoFi account with active direct deposits. All these features make SoFi one of the most interesting checking and savings account hybrids on the market today.

Top reasons you might say no

A major downside to this account is the lack of free cash deposits. While you can withdraw cash at in-network ATMs for free, you'll pay a $4.95 fee to deposit it. If you deposit cash frequently, this will certainly be a buzzkill.

One way around this is to open a free checking account that lets you deposit cash without a fee and link it to your SoFi account. I use the Capital One 360 Checking for my cash transactions. As a Capital One 360 Checking account holder, you can deposit up to $999 per day at CVS and Walgreens locations. It's easy, takes about 30 seconds, and puts the cash in your checking account on the same day you deposit it. You can then transfer the money to your SoFi account without incurring any extra charges.

Another con is the high direct deposit amount needed to earn the cash bonus. Many workers can't get $5,000 in direct deposits over a 25-day period. That said, if you have a partner who is paid via direct deposits, the two of you could combine forces to help meet the steep requirement.

Even if you can't receive $5,000 in 25 days, you can get a $50 bonus for getting at least $1,000. This isn't the most generous bank bonus I've ever seen, but when combined with the up to 4.60% APY and zero fees, it could make the SoFi Checking and Savings worth opening anyway.