Savings rate increased to 3.25% APY on 11/29, $275 promo extended through 1/31/2023. You may wish to transfer funds from Checking to Savings now that the rates are different. Also, if you did the deposit bonus in September, a reminder that you had to hold only through 11/30. SoFi has added an excellent deposit bonus worth up to $250 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.
- $250 additional bonus if you deposit at least $5,000 in total Qualifying Direct Deposits within 25 days from the date of your first Qualifying Direct Deposit. Promo ends 1/31/2023. (Alternatively, $50 for $1,000+ deposit. )
- 3.25% APY on all Savings and Vault balances (no cap) and 2.50% APY on checking balances with monthly direct deposit (of any amount). You may wish to transfer funds from Checking to Savings now that the rates are different. 1.20% APY without direct deposit. Rates are as of 11/29/22.
- Overdraft coverage of up to $50 on on debit card purchases available to customers with monthly direct deposits of $1,000 or more.
Not a bad deal if only for the $25 easy bonus and 3.00% APY with any direct deposit amount. Even a $1 direct deposit works to get the higher APY. On top of that, $250 is a very high bonus for only having to commit $5,000 for less than a month.
What makes it harder is that it must be “qualifying direct deposits” as described below (emphasis mine). You should still be eligible for this promo if you have an existing SoFi Money account before today and have yet to complete your first direct deposit.
Eligible Participants: All new and existing members without a history of direct deposit transactions into their SoFi Checking and Savings account are eligible for the Program.
Members who previously enrolled in direct deposit into either SoFi Money or SoFi Checking and Savings do not qualify for this Promotion.
Promotion Period: The Program will be available through 1/31/23 11:59PM ET.
Bonus Terms: In order to qualify for eligibility for a bonus, SoFi must receive at least one Qualifying Direct Deposit (as defined below) from an Eligible Participant before the end of the Promotion Period. Qualifying Direct Deposits are defined as deposits from an 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 Evaluation Period begins when SoFi receives a Qualifying Direct Deposit (within the Promotion Period) and ends 25 days later (the “Evaluation Period”). The bonus amount will vary based on the total amount of Qualifying Direct Deposits received during the Evaluation Period. Once the Evaluation Period has elapsed, we will determine if you have met the offer requirements and will deposit any earned bonus into your checking account within 7 business days. For example, if SoFi receives between $1,000.00 and $4,999.99 in Qualifying Direct Deposits during 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 after the Evaluation Period.
Total Qualifying Direct Deposit amount in 25-day Evaluation Period
$1,000.00 – $4,999.99: $50 cash bonus
$5,000.00 or more: $250 cash bonus