SoFi® Checking and Savings is offered through SoFi Bank, N.A. The SoFi® Bank Debit Mastercard® is issued by The Bancorp Bank pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
1 SoFi members with direct deposit can earn up to 1.50% annual percentage yield (APY) interest on all account balances in their Checking and Savings accounts (including Vaults). Members without direct deposit will earn 0.90% APY on all account balances in Checking and Savings (including Vaults). Interest rates are variable and subject to change at any time. Rate of 1.50% APY is current as of 06/28/2022. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet
†The following describes the terms that apply to participation in the SoFi® Checking and Savings / SoFi Money® / Samsung Money by SoFi direct deposit promotional program (“Program”) offered by SoFi Bank, N.A. (“SoFi”).
The following describes the terms that apply to participation in the SoFi Checking and Savings direct deposit program (“Program”) offered by SoFi Bank, N.A Member FDIC (“SoFi”).
Eligible Participants: All new members who open a SoFi Checking and Savings account during the Promotion Period (as defined below) and all existing SoFi Checkings and Savings customers who have not previously set up direct deposit transactions into their SoFi Checking and Savings account as of the beginning of the Promotion Period are eligible for the Program. SoFi Money members who previously received a bonus for enrolling in direct deposit do not qualify for this promotion.
Promotion Period: The Program will be available from 4/5/22 12:01AM ET to 7/31/22 11:59PM ET.
Bonus Terms: In order to qualify for eligibility for a bonus, SoFi must receive at least one Qualifying Direct Deposit (as defined below) 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.
|Total Qualifying Direct Deposit amount in 30-day Evaluation Period||Cash Bonus|
|$1,000 – $1,999||$50|
|$5,000 or more||$300|
Payment timeline: SoFi will credit members who meet qualification criteria within 14 days of the end of the Evaluation Period.
This offer cannot be combined with the SoFi Checking and Savings direct deposit rate discount on a SoFi personal loan. Bonuses are considered miscellaneous income, and may be reportable to the IRS on Form 1099-MISC (or Form 1042-S, if applicable). SoFi reserves the right to exclude any Members from participating in the Program for any reason, including suspected fraud, misuse, or if suspicious activities are observed. SoFi also reserves the right to stop or make changes to the Program at any time.
250x based on FDIC monthly interest checking rate as of March 21, 2022.
3We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
4 Overdraft Coverage is limited to $50 on debit card purchases only and is available to customers with monthly direct deposits of $1,000 or more. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
5 Earn up to 15% cash back on local retailers. List of retailers may vary. See our terms and conditions.
^ Our account fee policy is subject to change at any time.
*Requires direct deposit of funds. Early access to direct deposit funds is based on the timing in which we receive notice of impending payment, which is typically up to two days before the scheduled payment date. Deposits in checking and savings accounts are insured up to $250,000 per depositor for each account ownership category under the FDIC’s general deposit insurance rules.
0.50% Combo Rate Reduction Terms and Conditions:
Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make your scheduled monthly payments by an automatic monthly deduction (ACH) from a savings or checking account, or from SoFi Money®. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account or SoFi Money. Enrolling in autopay is not required to receive a loan from SoFi.
Direct Deposit: To qualify for an additional 0.25% APR direct deposit discount you must: (1) set up autopay with a SoFi Checking and Savings or a SoFi Money account within 20 days of the funding of your loan, AND (2) setup payroll direct deposits of at least $1,000/mo to a SoFi Checking and Savings account or a SoFi Money account within 35 days of the funding of your loan. If you do not set up autopay with a SoFi Checking and Savings account or a SoFi Money account within 20 days of the funding of your loan, AND set up payroll direct deposits to a SoFi Checking and Savings account or a SoFi Money account within 35 days of the funding of your loan, you will not be qualified for this additional 0.25% direct deposit rate reduction. Once qualified, you will receive this additional 0.25% direct deposit discount during periods in which you have direct deposits of at least $1,000/mo turned on with your SoFi Checking and Savings account or SoFi Money account. This additional direct deposit discount will be lost during periods in which you have turned off direct deposits for your SoFi Checking and Savings account or SoFi Money account. You are not required to enroll in autopay or direct deposits to receive a loan. The Direct Deposit Rate Reduction excludes members from receiving any other cash incentive related to the SoFi Checking and Savings direct deposit promotional program.
SoFi Money® is a cash management account, which is a brokerage product, offered by SoFi Securities LLC. Member FINRA/SIPC. SoFi Securities LLC is an affiliate of SoFi Bank, N.A. SoFi Money Debit Card issued by The Bancorp Bank.
SoFi ® Checking and Savings offered by SoFi Bank, N.A.
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