SoFi Money: $300 New Direct Deposit Bonus, 1.25% APY on All Balances, $25 Opening Bonus

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SoFi has added an excellent deposit bonus worth up to $300 to the new member referral offer on their SoFi Money checking account:

  • $25 bonus if you open a new SoFi Checking & Savings account and deposit at least $10.
  • Additional $300 bonus if you deposit at least $5,000 within 30 days from the date of your first Qualifying Direct Deposit. SoFi will credit members who meet qualification criteria within 14 days of the end of the 30-day Evaluation Period. Promo ends 5/31/22. (Alternatively, $100 bonus for $2,000 deposit, $50 bonus for $1,000 deposit. See table below.)
  • 1.25% APY on ALL account balances (no more cap) in Checking and Savings accounts (including Vaults) with monthly direct deposit (of any amount). 0.70% APY without direct deposit. Rates are as of 4/7/22.
  • Overdraft coverage of up to $50 on on debit card purchases available to customers with monthly direct deposits of $1,000 or more.

$300 is a very high bonus for only having to commit $5,000 for 15-30 days. Even the lower bonus tiers are solid. Assuming a 30-day holding period, the bonus is the equivalent of earning 60-72% APY on top of the standard APY!

What makes it harder is that it must be “qualifying direct deposits” per their discretion. Based on the fine print below (emphasis mine), you should still be eligible for this promo if you are an existing SoFi Money account before today and have yet to complete your first direct deposit.

Eligible Participants: All new members who open a SoFi Checking and Savings account during the Promotion Period and all existing SoFi Checking and Savings customers who have not previously set up Direct Deposit transactions(“Direct Deposit”) into their SoFi Checking and Savings account as of the beginning of the Promotion Period are eligible for the Program.

Promotion Period: The Program will be available from 4/5/22 12:01AM ET to 5/31/22 11:59PM ET.

Bonus Terms: 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).

Evaluation Period: 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.

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Comments

  1. Jonathan — correct me if I’m wrong, but this is not quite as easy as you make it out to be — you need an EMPLOYER direct deposit of $5,000+ (It’s in the terms that things like PayPal, Venmo, and bank ACH do not count towards this)

    • You are correct, it needs to be a direct deposit. But if you make $50,000 a year, that should be enough to create $2,000 in direct deposits within 30 days. There may be other types of transactions that qualify, but I will not speculate here as it is up to SoFi to decide.

      • Also, the evaluation period starts after the first direct deposit.. the first direct deposit is not counted.. so basically you now need to get two direct deposits in 30 days.. if it happens in 31 days which could in some folks case, you’ll be eligible for the lower tier.

        • Jason Boxman says

          True, I’m still trying to determine how to pull that off. Some employers pay weekly, or bi-weekly, or twice monthly. Makes it challenging. Need to look at a calendar and mark it up.

        • Lily Melendez says

          Hi Vivek!

          Thanks for taking the time to write to us. Vivek did you get to confirm with Sofi Bank if the first Direct Deposit does not count?

        • It says the first direct deposit is a “QUALIFYING Direct Deposit.” “Qualifying” means it QUALIFIES as one of the direct deposits in the 30 day evaluation period. My interpretation is that yes, it gets counted. That means you can have 3 Direct Deposits in a 30-day period if you get paid biweekly.

          • I stand corrected. I just got the bonus and it looks my first dd was counted as part of the 30 day period

          • Jennifer says

            Can confirm that the first direct deposit does count as well.

  2. Jason Boxman says

    Sign-up with the link was quick and easy. There’s no indication regarding promotion status, unlike say at HMBradley where it tracks your progress for tiers, or Wells Fargo where I was given a paper statement showing the bonus was applied. So you need to make sure you keep track of the requirements and follow them, starting with the $10+ initial deposit when you link a bank account at sign-up. (Doesn’t state if this goes into checking or savings, so I did checking.) If you miss that, the game might be up already?

    The routing and account numbers for DD are prominently displayed, so getting that going is easy. Then just wait for this to ripen and harvest the bonus.

    Thanks!

  3. Does the money need to be held in the account after direct deposit?

  4. Graham Weedon says

    Jonathan, I’m a big fan of your blog and have had a lot of success with your bonus checking links (and 0% arbitrage back in the day). That said, I’ve had a ridiculously difficult time with SoFi. Admittedly, I made one up-front error in the application process: I thought I was creating a profile when they wanted a legal first name. It has been two full weeks trying to get the first name changed. There is no one to speak with. A text links you to a special page. I did get a secure message quickly with the promise of a rapid turnaround if I sent a front/back of my ID. (not so much). Zero indications of receiving ID or working on solution. Subsequent failed ‘applications’ lock me out for a week. I’ve not given up, but Man am I disappointed and frustrated.

  5. Jennifer says

    This can also be stacked with a Swagbucks deal, worth about $175. I think that one is also still live.

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