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Banking Bonus: $50 or $400 Cash Offer

By: Conor Keenan, AWMA® · Last verified: November 13, 2026

New SoFi® Checking & Savings customers. Details:

  • $50 or $400 cash bonus based on eligible direct deposits.1
  • $0 minimum to open & no monthly service or overdraft fees.3
  • 55,000+ fee-free ATMs available at Allpoint® locations like Target®, CVS®, Walgreens®, Costco® & more!5
  • Get paid up to two days early with eligible direct deposit6
  • NEW! Up to 4.40% Savings APY, including a +1.10% APY Boost for up to six months.Terms apply.8
Open Account On SoFi's secure site · SoFi Bank, N.A., Member FDIC

Why the account earned our 5/5 score

The cash bonus is a reason to take a look. Imagine what you could do with that, pay off a few bills, add it to your savings, or treat yourself to something nice.

Pro Tip: This is an online only offer. So we recommend opening your account through this specific SoFi promotion page.

Everyday features matter after the promotion ends: no monthly service fees, no overdraft fees, early access to eligible paychecks, a large fee-free ATM network and a Savings account that can earn a competitive APY.3, 5, 6, 8

Opening the account doesn't require moving every bill, subscription and deposit on day one. SoFi has a $0 minimum to open, so you can try the banking activity that matters to you and decide later whether to move more.

How the $50 or $400 bonus works

New and existing SoFi Checking and Savings members who have not previously enrolled in SoFi Direct Deposit may qualify. SoFi totals eligible direct deposits received in the 25 calendar days starting with the first eligible deposit of $1 or more.1

SoFi direct deposit bonus tiers
Eligible direct deposits in 25 days Cash bonus
$1–$999.99 $0
$1,000–$4,999.99 $50
$5,000 or more $400

The $5,000 threshold applies to the highest bonus tier; it is not the account-opening minimum. SoFi must receive your first Eligible Direct Deposit by December 31, 2026. If you qualify, the bonus is deposited within seven business days after requirements are completed. Terms apply.1

See SoFi account On SoFi's secure site · SoFi Bank, N.A., Member FDIC

What you get beyond the bonus

Eligible new customers can earn up to 4.40% APY on one SoFi Savings account. That figure includes the +1.10% APY Boost; the boost is not added again on top of the advertised APY. The boost can last for up to six months when qualifying deposit activity requirements are met.8

SoFi also offers 55,000+ fee-free Allpoint ATMs and early access to eligible direct deposits, depending on when SoFi receives payment notice. Out-of-network ATM fees and certain transaction fees may apply.5, 6, 3

Is SoFi a good fit for you?

The account may be a strong fit if you prefer online or mobile banking, want checking and savings together, and value low routine fees and eligible direct-deposit benefits. Another account may fit better if you regularly use a local branch, frequently deposit cash or want a standalone checking account.

Our take: SoFi earned our 5/5 score for its ongoing account features. The $50 or $400 direct-deposit bonus and current promotional Savings APY add value, but a temporary offer should not be the only reason to choose a checking account.

The full SoFi review considers account features, fees, rates, accessibility and overall consumer usefulness.

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