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% 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% 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
|
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 6, 2024
Min. to earn
$1
|
APY
4.25%
Rate info
4.25% annual percentage yield as of July 6, 2024
|
Min. to earn
$1
|
Citizens Access® Savings
APY
4.50%
Min. to earn
$0.01
|
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.
SoFi Checking and Savings
= Best
= Excellent
= Good
= Fair
= Poor
= Best
= Excellent
= Good
= Fair
= Poor
- Competitive APY on both Savings and Checking
- No account fees
- Welcome bonus up to $300 (direct deposit required)
- Early access to direct deposits
- Tools to help you track savings goals
- Unlimited number of external transfers (up to daily transaction limits)
- ATM access
- FDIC insured (up to $2M with opt-in to SoFi Insured Deposit Program)
- Combo account only; no stand-alone savings or checking
- Maximum Savings APY requires direct deposit
- Overdraft protection 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 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 $300 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.
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.
These savings accounts are FDIC insured and could earn you 11x 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 11x 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.
Our Research Expert
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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