SoFi® Could Pay You $400
By: Conor Keenan, AWMA® | Updated: August 26, 2026
CompareAccounts co-founder and Accredited Wealth Management Advisor® designee with 10+ years covering banking and investing. His work has appeared in The Wall Street Journal, Reuters, and Yahoo Finance.
Editorial Independence: Opinions, recommendations, and reviews are our own. Partner commissions help keep our site free. They do not influence our editorial content.
SoFi
Checking and Savings
Best for a cash bonus with qualifying direct deposit
With qualifying activities.
- $0 minimum to open
- Limited Time Offer: +0.70% boost to 3.80% for up to six months. Terms apply.8
- Bonus Offer: Earn $50 or $400 with direct deposit, terms apply2
- No monthly service fees3
- Bonus paid within 7 business days after the 25-day period. SoFi tracks your Eligible Direct Deposits for 25 calendar days starting with your first deposit. If you qualify, your bonus is deposited within 7 business days after the period ends.
SoFi Bank, N.A., Member FDIC
Do you have to completely switch banks?
No rule says SoFi has to become the only bank you use simply because you open an account.
That's an important distinction because one of the biggest reasons people ignore bank bonuses isn't necessarily the offer itself. It's the perceived hassle of changing banks.
You can open SoFi Checking and Savings, set up Eligible Direct Deposit, experience the account for yourself, and decide whether its features earn a permanent place in your financial life.
That changes the question from:
“Do I really want to switch banks?”
to:
“If I can qualify for the $400 bonus anyway, is trying SoFi worth it?”
For someone who can naturally meet the $5,000 Eligible Direct Deposit threshold, we think that's a much more compelling question.
See the SoFi $400 bonus offer →
On SoFi’s secure site
SoFi Bank, N.A., Member FDIC
Can you qualify for the $400 bonus?
This is the most important question on the page.
Once SoFi receives your first Eligible Direct Deposit of $1 or more, your 25-calendar-day measurement period begins. SoFi then looks at the total amount of Eligible Direct Deposit received during that period.1
| Eligible Direct Deposits during 25 days | Cash bonus |
|---|---|
| $1,000–$4,999.99 | $50 |
| $5,000+ | $400 |
Here's the opportunity: If you're going to receive $5,000 or more in qualifying deposits anyway, directing those deposits to SoFi during the bonus period could qualify you for $400.1
That's what makes the highest bonus tier interesting.
You aren't being asked to spend $5,000. You're being asked to receive qualifying deposits that may already be coming to you.
Get started with the SoFi offer →
On SoFi’s secure site
SoFi Bank, N.A., Member FDIC
Is the SoFi $400 bonus actually worth it?
Ultimately, this is up to you.
If you can receive $5,000 or more in Eligible Direct Deposits during the 25-day measurement period, we think the current SoFi promotion is a particularly attractive checking account bonus.
The reason is pretty simple.
If those qualifying deposits would have landed in a checking account somewhere anyway, directing them to SoFi could potentially earn you an additional $400.1
On the other hand, if you can't naturally meet the $5,000 requirement, the offer becomes considerably less compelling. The lower tier is $50 for at least $1,000 but less than $5,000 in Eligible Direct Deposits during the measurement period.1
We wouldn't recommend making unusual financial moves just to chase a checking account bonus.
But if your normal qualifying deposits can get you to the highest tier, the $400 promotion could make opening SoFi worth serious consideration.
Bottom line: If you're already going to receive $5,000+ in Eligible Direct Deposits during the qualifying period, you may be able to turn something you're already doing into a $400 bonus.1
How to earn the SoFi $400 checking bonus
The process is pretty straightforward if you can meet the Eligible Direct Deposit requirement.
1. Open SoFi Checking and Savings.
Open a SoFi Checking and Savings account so you can set up Eligible Direct Deposit.
2. Set up Eligible Direct Deposit.
Have income that meets SoFi's definition of Eligible Direct Deposit sent to your new account. Because eligibility matters here, it's worth checking SoFi's full terms before assuming a particular deposit will qualify.
3. Start your 25-day measurement period.
Your measurement period begins with your first Eligible Direct Deposit of $1 or more and runs for 25 calendar days.1
4. Hit the $5,000 threshold.
Receive at least $5,000 in total Eligible Direct Deposits during that 25-day period and you could qualify for the $400 cash bonus.1
If your total falls between $1,000 and $4,999.99, you could instead qualify for the $50 tier.1
That's the easy process: open the account, set up Eligible Direct Deposit, reach the qualifying amount during the 25-day window, and you could earn $400.
See the SoFi $400 bonus offer →
On SoFi’s secure site
SoFi Bank, N.A., Member FDIC
The $400 bonus gets your attention. These features could make you stay.
A checking account bonus is only part of the equation. Once the promotion is over, you still want the account itself to be useful.
That's where some of SoFi Checking and Savings' ongoing features become relevant.
No account, service, or maintenance fees.3
SoFi does not charge account, service, or maintenance fees for SoFi Checking and Savings.3
Get paid up to two days early.6
With direct deposit, you may be able to access your paycheck up to two days before its scheduled payment date.6
55,000+ fee-free ATMs.5
SoFi customers can access 55,000+ ATMs within the Allpoint network without an in-network ATM fee.5
A promotional savings APY for eligible new members.8
Eligible new members can currently earn up to 3.80% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost, added to the 3.10% APY, for up to six months.8
The savings APY promotion has its own eligibility requirements and is separate from the $400 cash bonus. Rates are variable and subject to change.8
In other words, the bonus may be the reason you look at SoFi. The ongoing banking features are what determine whether you want to keep using it.
Check out SoFi Checking and Savings →
On SoFi’s secure site
SoFi Bank, N.A., Member FDIC
Who is the SoFi checking bonus best for?
This offer may be especially attractive if you:
- Can receive $5,000+ in Eligible Direct Deposits during the 25-day measurement period. That's the threshold for the full $400 bonus.1
- Have not previously enrolled in Direct Deposit with SoFi. Eligible new and existing Checking and Savings members can potentially qualify.1
- Are already considering a new checking account. The potential $400 bonus gives you an additional reason to take a closer look.
- Want to avoid monthly account fees. SoFi does not charge account, service, or maintenance fees for SoFi Checking and Savings.3
- Would use early direct deposit. Eligible direct deposit funds may be available up to two days early.6
- Want convenient ATM access. SoFi provides access to 55,000+ fee-free ATMs within the Allpoint network.5
Can you hit the $5,000 requirement? The $400 could be worth a look.
If you can receive at least $5,000 in Eligible Direct Deposits during SoFi's 25-day measurement period, you could qualify for the highest $400 cash bonus tier.1
And that's really what makes this promotion interesting for the right person.
If those qualifying deposits are going to come in anyway, why not see whether they could also earn you $400?
Combine the potential bonus with no account, service, or maintenance fees,3 55,000+ fee-free Allpoint ATMs,5 and early access to eligible direct deposit funds,6 and there's a good case for giving the account a closer look.
If you know you can comfortably reach the $5,000 threshold, the current SoFi offer may be worth taking advantage of while it's available.
See the SoFi $400 Checking Offer →
On SoFi’s secure site
SoFi Bank, N.A., Member FDIC
Promotion available through 12/31/26. Eligibility requirements apply. SoFi Bank, N.A. Member FDIC.
Up to $400 Bonus
- Checking & Savings Account
- No Monthly Fees
- No Overdraft Fees
- Fee-Free Overdraft Coverage Available
- Bonus: up to $400 with Direct Depositⓘ
- Set Up Direct Deposit & Access Funds up to 2 Days Sooner with Early Pay
- Access 55,000+ Fee-Free ATMs within the Allpoint® Network
- Send Money with SoFi's Peer-to-Peer Payment System
- Earn 0.50% Annual Percentage Yield (APY) on Checking Balances
- Earn $50 or $400 with direct deposit, terms apply.
- Limited Time Offer: New account holders earn +0.70% boost to 3.80% on their Savings APY for up to 6 months with eligible direct deposit. Terms applyⓘ
- See Site for Details
1. Up to $400 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 within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible
Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. 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 5/15/2026 and will be available through 12/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking/checking-offer/
2. APY disclosures
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 5/28/26. 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 transaction fees for outgoing wire transfers, Instant Transfers, and global remittance transfers. 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 depositor 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 $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
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 3.80% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.10% APY) for up to 6 months. Open a new SoFi Checking & Savings account with
Eligible Direct Deposit by 12/31/26. 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
Disclaimers:
1. Up to $400 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 within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible
Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. 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 5/15/2026 and will be available through 12/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking/checking-offer/
2. APY disclosures
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 5/28/26. 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 transaction fees for outgoing wire transfers, Instant Transfers, and global remittance transfers. 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 depositor 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 $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
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 3.80% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.10% APY) for up to 6 months. Open a new SoFi Checking & Savings account with
Eligible Direct Deposit by 12/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
You should receive the bonus amount in your SoFi Checking account within 7 business days of completing all promotion requirements. You must have an open SoFi Checking account in good standing at the time of the bonus payment.