SoFi Checking and Savings is offered through SoFi Bank, N.A.. The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., 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. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
1 / †SoFi members with direct deposit can earn up to 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 1.20% APY on checking balances. There is no minimum direct deposit amount required to qualify for the 4.00% APY for savings. Members without direct deposit will earn 1.20% APY on all account balances in checking and savings (including Vaults). Interest rates are variable and subject to change at any time. These rates are current as of 3/17/2023. 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 direct deposit promotion (the “Promotion”) offered by SoFi Bank, N.A, Member FDIC (“SoFi”).
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. Bonuses are limited to one per SoFi Checking & Savings account. In the case of a joint account, only the primary account holder (the member who signed up first) is eligible for a bonus.
Promotion Period: The Program will be available through 12/31/23 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||Cash Bonus|
|$1,000.00 - $4,999.99||$50|
|$5,000.00 or more||$250|
Payment timeline: SoFi will credit members who meet qualification criteria within 7 business days of the end of the Evaluation Period.
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 change the Program at any time.
SoFi members with direct deposit can earn up to 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 1.20% APY on checking balances. There is no minimum direct deposit amount required to qualify for the 4.00% APY for savings. Members without direct deposit will earn 1.20% APY on all account balances in checking and savings (including Vaults). Interest rates are variable and subject to change at any time. These rates are current as of 3/17/2023. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet
‡Awards or rankings are not indicative of future success or results. Neither SoFi Bank, N.A. nor its employees paid a fee in exchange for ratings. Awards and ratings are independently determined and awarded by their respective publications. Awards or rankings from Money.com are not indicative of future success or results. This award and and its ratings are independently determined and awarded by their respective publications.
211x based on FDIC monthly interest savings rate as of March 17, 2023.
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.
6 SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC's regulations. Any additional FDIC insurance is provided by a network of participating banks. Deposits may be insured up to $2M through participation in the program. See full terms at sofi.com/banking/fdic/terms/. See list of partner banks at sofi.com/banking/fdic/receivingbanks
720x based on FDIC monthly interest checking rate as of March 17, 2023.
^ 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
**Based on user research from SoFi Direct Deposit Member Survey, 2020
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.
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©2022 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.