How to Set Up Direct Deposit with SoFi
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Make the most out of SoFi with direct deposit.
Learn how to set up direct deposit with SoFi. And for a limited time, get a $50 or $300 cash bonus when you set up an eligible direct deposit of $1,000 or more.1 Terms apply.
Open an account
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Direct deposit:
The easier way to get paid.
From overdraft coverage to getting paid early (you heard that right), there’s lots to love about direct deposit. Plus, you can set up direct deposit right from home.
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MOST POPULAR! Use your account and routing number.
If your employer has an HR portal that allows you to set up direct deposit yourself, you can access your SoFi Checking and Savings account and routing numbers here.
Download, sign, and submit a direct deposit form.
Simply download this pre-filled form, sign it, and submit it to your employer’s payroll department.
Connect to your SoFi Checking and Savings account online.
Once you’re logged in online or on the SoFi app, you can easily connect your SoFi account to your employer’s payroll systems.
3 ways to set up direct deposit.
What do you need to set up direct deposit? With SoFi, you have three different options to get started:
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Unlock the benefits of direct deposit.
Open an account
Get your paycheck early.
With direct deposit, you’ll automatically get your paycheck up to two days early every time you get paid.2
No-fee Overdraft Coverage.
After you set up direct deposit, we’ll cover you up to $50 with no fees if you accidentally spend more than you have.3
$300 direct deposit bonus.
Cha-ching! Get a $50 or $300 bonus deposited in your bank account when you set up an eligible direct deposit of $1,000 or more.1 Terms apply.
Up to 3.30% APY.
Members with eligible direct deposit can earn up to 3.30% APY on their savings and Vault balances, and 0.50% APY on their checking balances.4 Terms apply.
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More direct deposit information
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FAQs
Direct deposit is a form of electronic payment. It eliminates the need for a physical deposit, like a paper check. Instead you receive the money directly into your checking and savings account.
Direct deposit is by far the most common way to get paid in America. In fact, 82% of U.S. workers get their paychecks electronically as a direct deposit, according to the National Automated Clearing House Association.
SoFi’s routing number is: 031101334. This applies to SoFi Bank Checking and Savings account, SoFi Money Cash Management Account, and Samsung Money by SoFi.
To access your account numbers, log in to your account or go to the Banking tab of your SoFi mobile app and tap “More.”
Many employers allow you to change your own direct deposit settings by inputting your account and routing numbers into their HR portal.
You’ll receive your payout within seven business days following the 25-day promotional period. See full terms below.
On average, it takes two to four weeks for a direct deposit to hit.
You can earn up to 3.30% APY (annual percentage yield) on savings (including Vaults) balances with eligible direct deposit, and 0.50% APY on your checking balances. That’s 8x the national average savings account rate!5
Members without direct deposit will earn 1.00% on savings balances and 0.50% on checking balances.
A qualifying direct deposit is any ACH deposit from your employer, payroll provider, benefits, provider, or certain other government entities, such as Social Security.
It typically takes 1 to 2 pay periods for your direct deposit to become active. After this time frame, you’ll know your direct deposit works when you receive funds on or before your expected payday.
Because direct deposit happens digitally, it’s more secure than paper transactions. Gone are the days of paper checks getting lost in the mail, stolen, or fraudulently cashed. SoFi bank deposits are also insured by the FDIC up to $250,000 per individual and $500,000 per joint account. Plus, access additional FDIC insurance up to $3M on deposits through a seamless network of participating banks.6
With a SoFi account, you can automatically set up direct deposit without a voided check. However, if you want or need to set up direct deposit manually, you can receive a pre-filled direct deposit form with a voided check.
