💰 Earn Up to $300 Just for Switching Where You Bank
By: Conor Keenan Last updated February 24, 2026
Conor Keenan is the Co-Founder of CompareAccounts and an Accredited Wealth Management Advisor candidate. He has covered consumer banking & investing trends for over a decade, his work has appeared in The Wall Street Journal, Reuters & Yahoo Finance.
Editorial Independence: Our opinions, reviews, and recommendations are our own. Partner commissions keep our site free, but our content remains independent.
💡 Start with Just $10
There’s no minimum deposit required to open—yet making a first deposit of $10 is a smart move. It helps you get in the habit of using your new account, sets you on the path toward the bonus with direct deposit, and puts your money to work at a higher APY than most big banks pay.
🚨 Why Upgrade Your Checking?
- ✅ Up to $300 bonus with qualifying direct deposit (earn $50 or $300, terms apply, see site for details.)
- ✅ Up to 4.00% APY on savings balances (0.50% APY on checking with qualifying activities)
- ✅ $0 monthly fees, $0 overdraft fees, $0 account minimums
- ✅ Fee-free overdraft (eligibility requirements apply)
- ✅ 55,000+ fee-free ATMs with your SoFi Debit Mastercard®
- ✅ Modern, mobile-first banking: transfers, bill pay, mobile check deposit, goals, and more
🏦 Big Bank vs. SoFi (At a Glance)
❌ Typical Big Bank Checking: 0% interest, $10–$15 monthly fees, paychecks hit 2–3 days later, overdraft fees.
✅ SoFi Checking: Up to 4.00% APY on savings (0.50% on checking with qualifying activities), $0 fees, you could get paid up to 2 days early with eligible direct deposit, plus an up to $300 bonus opportunity.
📅 A Better Everyday Banking Experience
Imagine this: your rent is due Thursday, but your paycheck usually hits Friday. With SoFi, you could get paid up to two days early—giving you peace of mind and avoiding last-minute scrambles.
✨Trusted by Millions
SoFi isn’t a newcomer. It’s a publicly traded company with a broad suite of financial products and a rapidly growing member base. SoFi serves over 11.7 million members as of Q2 2025—a testament to its momentum in modern banking.
- ✅ FDIC insured up to $250,000 per depositor
- ✅ Intuitive app experience and responsive support
- ✅ Seamless everyday banking without the “gotchas”
⏳ The Cost of Waiting
Each week you delay is a week of missed interest and slower progress toward your bonus. Starting with $10 today gets your bonus clock ticking and puts your everyday cash to work faster.
🎯 How to Get Started
- Open a SoFi Checking & Savings account online (takes minutes).
- Deposit $10 to begin using your new account and build the habit.
- Set up direct deposit to become eligible for the up to $300 bonus and to unlock the highest savings APY (qualifying activities required).
- Use your account daily: pay bills, move money, and take advantage of 55,000+ fee-free ATMs.
✨ Why It Stands Out
- 💵 Bonus + APY combo: Rare to see a checking package that offers both a sizable bonus and competitive savings APY.
- 💳 No-fee design: No monthly fees, no overdraft fees, and no minimums means fewer surprises.
- ⚡ Everyday flexibility: You could get paid up to 2 days early with eligible direct deposit, and you have broad ATM access when you need cash.
Up to $300 Bonus
up to APY
4.00%
Annual Percentage Yield (APY)
- Checking & Savings Account
- Min. to Open: $0
- Bonus: up to $300 with Direct Depositⓘ
- Up to 4.00% APY on Savings Balances with Qualifying Activities
- $0 Monthly Fees
- FDIC Insured up to $250,000
- Earn $50 or $300 with direct deposit, terms apply
- Limited Time Offer: +0.70% Boost to 4.00% APY for up to 6 Months on New Accounts with Eligible Direct Deposit.
- Terms Applyⓘ
- See Site for Details
1. Up to $300 Bonus Tiered Disclosure
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
2. APY disclosures
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet
3. Fee Policy
We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
4. Additional FDIC Insurance
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 the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at SoFi.com/banking/fdic/terms See list of participating banks at SoFi.com/banking/fdic/receivingbanks
5. ATM Access
We’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
may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.
6. Early Access to Direct Deposit Funds
Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
7. Overdraft Coverage
Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at https://www.sofi.com/legal/banking-rate-sheet. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website.
8. 0.70% Savings APY Boost
Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 12/23/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 3/30/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
On SoFi's Secure Site,
Member FDIC