Home » Banking accounts » SoFi Checking & Savings – Earn Up to $300 Bonus

SoFi Checking & Savings – Earn Up to $300 Bonus

Welcome Bonus: Earn Up to $300

Apply

Getting started with SoFi is easy, and the rewards are impressive:

Open an account: Provide your basic information and sign up for a SoFi Checking and Savings Account.
Set up direct deposit: Deposit qualifying amounts to unlock your bonus:
- Receive $50 for a $1,000 direct deposit.
- Receive $100 for $2,000 in direct deposits.
- Receive the full $300 with $5,000 in direct deposits.
Start earning: The bonus will be deposited into your account within 14 business days of meeting the requirements.

Key Account Features

High-Yield Interest Rates:
- Earn 0.50% APY on checking balances, 6x the national average.
- Earn up to 4.00% APY on savings balances with direct deposit.
Fee-Free Banking:
- No account fees, including overdraft fees (up to $50 with $1,000 in direct deposits), minimum balance fees, or ATM fees.
Early Paychecks: Get your paycheck up to 2 days early with direct deposit.
Automatic Savings: Round up debit card purchases and transfer the difference to your savings Vault, helping your money grow effortlessly.
All-in-One App: Pay bills, deposit checks, send money, and manage your digital wallet through the SoFi app.
Access to Over 55,000 ATMs: Use your debit card at Allpoint network ATMs without any fees.

Monthly Fees and How to Avoid Them

SoFi Checking and Savings accounts have no monthly fees, no minimum balance requirements, and no hidden charges.

Pros and Cons

Pros:
✅ Generous sign-up bonus of up to $300.
✅ High APY rates: 0.50% on checking and up to 4.00% on savings with direct deposit.
✅ No fees for overdrafts (up to $50), ATM transactions, or account maintenance.
✅ Early direct deposit: Get paid up to two days early.
✅ Automatic savings tools: Roundups and Vault features make saving seamless.
✅ Extensive ATM access: 55,000+ fee-free ATMs.

Cons:
❌ Must set up direct deposit to unlock the highest APY rates and bonuses.
❌ No standalone savings or checking accounts—both are bundled together.
❌ Some users may prefer physical branches, which SoFi does not offer.

Conclusion

The SoFi Checking and Savings Account is ideal for anyone seeking to maximize their savings potential while minimizing fees. With up to $300 in bonuses, high-yield APY rates, and a fee-free structure, it’s designed to help you make the most of your money. Paired with a modern, user-friendly app, it’s an excellent choice for people looking to simplify and enhance their financial journey.