SoFi promotions of July 2024
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“Verified by an expert” means that this article has been thoroughly reviewed and evaluated for accuracy.
BLUEPRINT
Updated 10:27 a.m. UTC June 13, 2024
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SoFi bank currently has two bank bonuses — one for new banking customers and one for current customers who refer a friend. SoFi’s Checking and Savings account earns a competitive interest rate and has no hidden fees, so it’s worth checking out if you’re in the market for a new account and want to earn a good bank promotion too.
Account details and annual percentage yields (APYs) are accurate as of June 13, 2024.
SoFi Checking & Savings: Get a $50 to $300 direct deposit bonus
SoFi’s Direct Deposit Welcome Offer is designed to reward new customers who set up and receive qualifying direct deposits into a SoFi Checking and Savings Account. There’s a 0.50% APY on checking and up to 4.60% APY on savings when enrolled in direct deposit — the savings yield drops to 1.20% if deposit requirements aren't met— a rate that beats most online banks and even some of the best CDs.
How to qualify
To qualify for this bonus, you must set up direct deposits to your SoFi Checking & Savings account. Your bonus amount will be determined by how much you receive via direct deposit in the first 25 days after your first direct deposit hits your account.
Within that 25 day window, you need to receive $1,000 or more total from direct deposits to qualify for a bonus.
The amount of the bonus ($50 to $300) depends on how much you deposit:
- Get a $50 bonus for receiving $1,000 to $4,999 in direct deposits.
- Get a $300 bonus for receiving at least $5,000 in direct deposits.
Direct deposits must come from an employer or benefits provider, such as a Social Security check. Funds from peer-to-peer payments, check deposits and bank transfers don’t count.
Any SoFi member who hasn’t yet enrolled in direct deposits is eligible for this promotion; you don’t have to be a new customer. You’ll get the bonus seven days after the 25-day evaluation period ends.
Expiration date
Dec. 31, 2024.
How to waive fees
SoFi aims to ditch many of the annoying fees charged by traditional banks, which is why its bank account is one of our best cash management accounts. It has no monthly account fees, no minimum balance fees, no overdraft fees and no ATM fees at Allpoint ATMs.
When you combine SoFi’s lack of fees with its competitive interest rates, it’s easy to see why it’s one of the best checking accounts.
SoFi Checking & Savings: Get a $100 refer-a-friend bonus
The SoFi Bank Refer-a-Friend Program allows existing SoFi Checking & Savings customers to earn rewards when a friend opens a new account.
How to qualify
Getting a SoFi referral bonus is quite easy. Here’s how it works:
- You generate a unique referral link from your SoFi account and send it to friends who are not current customers of SoFi.
- If a friend uses your link to open a new SoFi Checking & Savings account and funds it within 14 days, you’ll earn $100.
- Your referred friend will earn $25 when they open their new account using your link.
Both bonuses are deposited into your SoFi accounts within seven business days of your friend’s funds settling in their new account. Your friend must be a completely new SoFi customer to qualify. Existing customers don’t count for the bonus.
Expiration date
No expiration date.
How to waive fees
The SoFi Checking & Savings account has no account fees. So if you have a friend who’s looking for a new checking and savings account, this may be a good way for them to earn interest (and a bank bonus) without worrying about extra fees.
How to open a SoFi Bank account
You can open a bank account with SoFi entirely online in just a few steps:
- Visit SoFi.com and click “Banking” or “Open an account.”
- Complete the application form by providing basic personal information like your name, address, date of birth and Social Security number.
- Fund your new account by transferring money from an existing bank via electronic transfer or linking your bank account.
Once verified and funded, your SoFi Bank account is ready to use. You can access it online or via the SoFi mobile app to manage finances, deposit checks, save money, pay bills and refer friends.
Frequently asked questions (FAQs)
You can earn the SoFi Checking and Savings referral bonus by referring a friend using your unique referral link. If your friend opens a new SoFi Checking and Savings account and funds it within 14 days, you’ll receive $10 and your friend will receive $25.
Yes, SoFi offers a variety of bonuses to reward you for referring friends. Some top referral bonuses include $100 for referring a friend to SoFi Checking and Savings, $75 for referring a friend to SoFi Active Investing, $300 for referring a friend to SoFi personal loans, up to $500 for referring a friend to SoFi private student loans, $100 for referring a friend to the SoFi Unlimited Credit Card * The information for the SoFi Unlimited Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. and up to $1,000 for referring a friend to SoFi student loan refinancing.
Yes, SoFi currently has a direct deposit bonus for new banking customers. With this bonus, you can earn $50 to $300 cash bonus after opening an account, depending on the direct deposit amount within a 25-day evaluation period.
*The information for the SoFi Unlimited Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
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