This Bank Account Offers a $300 Bonus and a 4.60% APY. Should You Sign Up?
KEY POINTS
- The SoFi Checking and Savings account is a free checking and savings account hybrid with a few attractive features.
- Account holders will earn up to 4.60%² on their savings and 0.50% on checking account balances with active direct deposits.
- New account holders can get up to $300 in bonus money for receiving direct deposits within a bonus period.
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%² 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%² 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
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American Express® High Yield Savings
APY
4.25%
Rate info
4.25% annual percentage yield as of July 16, 2024
Min. to earn
$1
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
APY
4.25%
Rate info
4.25% annual percentage yield as of July 16, 2024
|
Min. to earn
$1
|
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Bask Interest Savings
APY
5.10%
Min. to earn
$0
Open Account for Bask Interest Savings
On Bask Bank's Secure Website. |
APY
5.10%
|
Min. to earn
$0
|
|
Citizens Access® Savings
APY
4.50%
Min. to earn
$0.01
Open Account for Citizens Access® Savings
On Citizens' Secure Website. |
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.
2024 Award Winner
SoFi Checking and Savings
On SoFi's Secure Website.
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- Competitive APY on both Savings and Checking
- No account fees³
- Welcome bonus up to $300 (direct deposit required)¹
- Early access to direct deposits⁶
- Tools to help you track savings goals
- Unlimited number of external transfers (up to daily transaction limits)
- ATM access⁵
- FDIC insured (up to $2M with opt-in to SoFi Insured Deposit Program)⁴
- Combo account only; no stand-alone savings or checking
- Maximum Savings APY requires direct deposit
- Overdraft protection⁷ requires monthly direct deposit minimum
- No branch access; online only
For those who plan to set up direct deposit with their new account, we think SoFi Checking and Savings (Member FDIC) is hard to beat. Not only does this savings account offer a strong APY, but the linked checking account earns an above-average rate, too -- which is a rare perk. Plus, there's the opportunity for a bonus of up to $300¹ and a long list of extra account features. Frankly, it's the kind of combo that could make it worthwhile to switch banking relationships.
You can earn the maximum APY either by making direct deposits into checking or savings, or by depositing $5,000 or more every 30 days. Learn more.
SoFi Disclosures
- Bonus disclosure: New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 during the Direct Deposit Bonus Period. Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/24. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.
- APY disclosure: SoFi members with Direct Deposit can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.60% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
- Fee policy: Our account fee policy is subject to change at any time.
- Additional FDIC insurance: SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership,asdescribed in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at SoFi.com/banking/fdic/terms. See list of participating banks at SoFi.com/banking/fdic/receivingbanks.
- ATM access: We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You willnot be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
- Early access to direct deposit funds: Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
- Overdraft protection: Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
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%² APY and zero fees, it could make the SoFi Checking and Savings worth opening anyway.
These savings accounts are FDIC insured and could earn you 14x your bank
Many people are missing out on guaranteed returns as their money languishes in a big bank savings account earning next to no interest. Our picks of the best online savings accounts could earn you 14x the national average savings account rate. Click here to uncover the best-in-class accounts that landed a spot on our short list of the best savings accounts for 2024.
Two of our top online savings account picks:
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| American Express® High Yield Savings | Citizens Access® Savings |
| Member FDIC. | Member FDIC. |
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Rating image, 4.00 out of 5 stars.
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4 stars equals Excellent.
3 stars equals Good.
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= Best
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Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
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Open Account
On American Express's Secure Website. |
Open Account
On Citizens' Secure Website. |
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APY: 4.25% Rate info 4.25% annual percentage yield as of July 16, 2024 |
APY: 4.50% |
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Min. to earn APY: $1 |
Min. to earn APY: $0.01 |
Our Research Expert
Steven Porrello writes about personal finances topics ranging from credit card offers to Costco deals to choosing the best places to park your cash.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
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