Table of contents
What bonus will you get?
The bonus comes in tiers. SoFi adds up every eligible direct deposit received in the 25 calendar days after your first, and that total sets your tier.
| Direct Deposits in 25 Days | Bonus |
|---|---|
| $1.00 - $999.99 | $0 |
| $1,000 - $4,999.99 | $50 |
| $5,000 or more | $400 |
The $400 tier needs about $5,000 of qualifying pay to land inside 25 days. That is realistic if you are paid weekly or twice a month, and tighter if you are paid monthly, since a single monthly paycheck may not clear $5,000 before the window closes. The $50 tier is the easy one to hit. Under $1,000 in that window pays nothing, so the timing of your first deposit matters.
How to claim your bonus
- 1
Open a SoFi Checking and Savings account.
Apply as a new member, or as an existing member who has never set up direct deposit. It is a single combined account, and both the checking and savings sides earn interest.
- 2
Set up your first eligible direct deposit.
Point a recurring payroll, pension, or government benefit payment at your SoFi account. SoFi has to receive your first eligible direct deposit on or before 31 December 2026 for it to count.
- 3
Keep deposits flowing for 25 days.
SoFi totals every eligible direct deposit received in the 25 calendar days after that first one. Reaching $1,000 earns you $50; reaching $5,000 earns you $400.
- 4
Get paid.
The bonus lands in your Checking account within 7 business days of you meeting the requirements. Your account has to be open and in good standing when it is paid.
What we found testing SoFi
SoFi is a rapidly growing bank, and after my own independent testing I can see why. Unlike the standard large banks where most Americans keep their money SoFi has managed to build something that feels fresh, with features banks their size usually lack. After having looked through the options being available to me for lending through the platform, I can say that their rates are in fact competitive. They do a lot of different forms of lending as well. Pulled from their website, they do: personal loans, student loan refinancing, mortgages, auto refinancing, and small business loans.
Now let's be real, this is not a welcome offer you should go for if you're just trying to take the bonus and go. You become eligible for the $50 at a $1,000 or more and the full $400 bonus at $5,000 and up. So would I say the welcome offer is worth it? Actually yes, I think SoFi has built a great platform and is a place worthy of keeping your money. I don't regret having moved over some of my personal funds to this bank, and the welcome offer was a really nice bonus. Approved!
Expected Timeline
Day 0
First Direct Deposit
25 days
Deposits Counted
+7 days
Bonus Paid
Dec 31
Offer Deadline
What counts as a direct deposit
This is where most people trip up. Only a recurring ACH deposit of regular income counts. Moving your own money in from another bank does not, even if you set it to repeat.
Counts
- Payroll from your employer
- Pension payments
- Government benefits, such as Social Security
Does not count
- Check deposits
- Zelle, PayPal, Venmo, or Wise transfers
- Merchant payouts from PayPal, Stripe, or Square
- Bank ACH transfers and wire transfers
- IRS tax refunds
A few employers and payroll providers do not flag their payments as direct deposit. If you have met the requirement but no bonus shows up, SoFi asks you to call so it can verify the deposit and apply the right tier.
Rates, fees and the account
| Item | Detail |
|---|---|
| Savings APY (with direct deposit) | 3.10% |
| Savings APY (without) | 0.80% |
| Checking APY | 0.50% |
| Monthly and account fees | $0 |
| Overdraft fees | None |
| ATM network (Allpoint) | 55,000+ free |
| Cash deposits (via Green Dot) | Up to $4.95 |
| FDIC insurance | Up to $3M via SoFi program |
APYs are variable and can change; the 3.10% savings rate is current as of 28 May 2026. There are no account or maintenance fees, but SoFi does charge for outgoing wires, Instant Transfers, and global remittances. Direct deposit also means paychecks land up to two days early, and depositing $1,000 or more a month adds access to overdraft coverage. Always check SoFi's current rate and fee sheets before you rely on a figure.
Eligibility requirements
- US customer with a SoFi Checking and Savings account.
- New or existing SoFi member who has never set up direct deposit before.
- One bonus per member. On a joint account, only the primary holder's direct deposit activity counts.
- First eligible direct deposit received by SoFi on or before 31 December 2026.
- Checking account open and in good standing when the bonus is paid.
- The bonus is taxable and may be reported to the IRS on Form 1099-MISC.
Start banking with SoFi
Open a SoFi Checking and Savings account, set up a qualifying direct deposit, and earn up to $400 plus 3.10% APY on savings. There are no monthly fees or account minimums.
Visit SoFi