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SoFi currently offers a bank bonus on the SoFi Checking and Savings account. Whether you have a SoFi account already, or you're looking for a new bank, let's take a look at what this promotion entails.
SoFi Checking and Savings
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.
How you earn it:
How you qualify: The offer is open to new and existing account holders who have never set up direct deposit. If you already have a history of direct deposit on your bank account, whether it's still active or not, unfortunately this offer isn't for you.
Where to open an account: You can open an account on SoFi's website.
Monthly fees: $0
Offer expires: Dec. 31, 2024
The SoFi Bank bonus is a little unusual in that it can apply to those who currently have a SoFi Checking and Savings account, as well as new members. Many bank bonuses only apply to new customers, so this can certainly make the bonus more inclusive. That is, you're only eligible if you've never enrolled in direct deposit on a SoFi bank account. This includes both the SoFi Checking and Savings and the former SoFi Money account. As long as you have no history of direct deposit transactions into your checking account, you're good to go.
It's definitely worth it if you can get the $300 bonus, that is, if you can receive over $5,000 in direct deposits within a 25 calendar-day period. Earning $300 on a checking or savings account is on par with other bank bonuses, plus you won't have to pay any account fees.
Related: SoFi Invest Promotions
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
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There are two components to this. One, you need to get through the "bonus period," which lasts 25 calendar days after you're enrolled in direct deposit. Once this period ends, your bonus will be paid within seven business days. So, counting from the moment you set up direct deposit, it could take longer than a month before the bonus shows up in your account.
Your bonus will be considered taxable income. SoFi will send you a 1099-MISC during the tax season, which will help you report it on your tax return.
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