💰 Earn Up to a $400 Checking Account Bonus
By: Conor Keenan, AWMA® | Updated: August 24, 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.
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SoFi® Checking and Savings is offering an up to $400 cash bonus when you set up direct deposit. On top of that, you can earn up to 3.80% Annual Percentage Yield (APY) on savings balances (with qualifying activities) and 0.50% APY on checking balances—without monthly fees, overdraft fees, or account minimums. Terms Applyⓘ Member FDIC.
🎁 How Much Can You Earn?
The amount you can earn depends on how much your eligible direct deposits are during your 25-day bonus period.
| Eligible Direct Deposits | Cash Bonus |
|---|---|
| $1 – $999.99 | $0 |
| $1,000 – $4,999.99 | $50 |
| $5,000+ | $400 |
SoFi totals eligible direct deposits received during the 25 calendar days beginning with your first eligible direct deposit of $1 or more. Terms and eligibility requirements apply.
👉 Open Your SoFi Checking & Savings Account Today →
on SoFi's secure site, Member FDIC
🎯 How to Earn the SoFi Checking Account Bonus
Qualifying for the SoFi checking account bonus is relatively simple. Here's how it works:
- Open SoFi Checking and Savings.
Open your account online and get your account and routing information so you're ready to set up direct deposit. - Set Up an Eligible Direct Deposit.
Have qualifying recurring income, such as payroll, pension, benefits, or other eligible income, deposited into your SoFi Checking or Savings account. - Your 25-Day Bonus Period Begins.
Once SoFi receives and recognizes your first eligible direct deposit of $1 or more, your 25-calendar-day measurement period begins. - Reach Your Bonus Tier.
Receive $1,000–$4,999.99 in total eligible direct deposits during the 25-day period to earn $50. Receive $5,000 or more to earn the full $400 bonus. - Get Your Cash Bonus.
Once you've completed the promotion requirements, SoFi deposits the applicable bonus into your SoFi Checking account.
Important: Regular bank transfers don't necessarily count toward the bonus. The promotion is based on deposits that meet SoFi's definition of an Eligible Direct Deposit.
👉 Open Your SoFi Checking & Savings Account Today →
on SoFi's secure site, Member FDIC
✨ Benefits That Continue After the Bonus
A checking account bonus can be a great reason to switch banks. But once the bonus is paid, you still want an account that's worth keeping.
SoFi Checking and Savings offers several ongoing benefits that can continue providing value long after the promotion ends:
- No Account, Service, or Maintenance Fees.
SoFi doesn't charge account, service, or maintenance fees for SoFi Checking and Savings. Certain transaction fees may still apply. - Get Your Paycheck Up to 2 Days Early.
With eligible direct deposit, SoFi may make your paycheck available up to two days before your scheduled payday. Exact timing can vary. - 55,000+ Fee-Free ATMs.
Access more than 55,000 ATMs through the Allpoint® network without paying a SoFi ATM fee. - Checking and Savings Together.
Opening a SoFi Checking account also opens a SoFi Savings account, giving you one place to manage everyday spending and longer-term savings. - Digital Money Management.
Manage your money online or through the SoFi app with features including transfers, bill pay, debit card controls, and mobile banking tools.
The bottom line: The cash bonus gives you an incentive to switch now, while SoFi's everyday banking features can make the account useful well beyond the promotional period.
👉 Open Your SoFi Checking & Savings Account Today →
on SoFi's secure site, Member FDIC
🛡️ Why Millions of People Use SoFi
Switching checking accounts means trusting a new financial institution with your paycheck and everyday money. SoFi has grown into one of the largest digital financial platforms in the U.S., with 15.8 million members as of Q2 2026.
- 15.8 Million Members.
SoFi reported 15.8 million members as of June 30, 2026, with membership growing 35% year over year. - Member FDIC.
SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. - Established Financial Institution.
SoFi was founded in 2011 and today offers banking, lending, investing, credit card, and other financial products through its digital platform. - Designed for Digital Banking.
Customers can manage their checking and savings accounts, debit card, transfers, bill payments, and other everyday banking activity online or through the SoFi app.
👉 Open Your SoFi Checking & Savings Account Today →
on SoFi's secure site, Member FDIC
👤 Who Is This SoFi Checking Offer Best For?
The SoFi checking account promotion may be especially attractive if you're already considering opening a new checking account or changing where your paycheck is deposited.
It may be a good fit if you:
- Can set up eligible direct deposit.
The cash bonus is tied to qualifying direct deposits, so this offer makes the most sense for customers who can send payroll or other eligible recurring income to SoFi. - Expect to receive at least $1,000 in eligible deposits during the 25-day bonus period.
That's the minimum required to qualify for the current $50 bonus tier. - Could receive $5,000 or more during the bonus period.
Customers who reach this level of eligible direct deposits can qualify for the full $400 bonus. - Want to avoid monthly checking account fees.
SoFi Checking and Savings does not currently charge account, service, or maintenance fees. - Are comfortable banking primarily online.
SoFi is a digital-first bank, making it particularly well suited to customers who prefer managing their money online or through a mobile app.
If you're already planning to move your direct deposit, the current bonus can provide an extra incentive to make the switch.
🚀 Ready to Earn Up to $400 With SoFi?
👉 Open Your SoFi Checking & Savings Account Today →
on SoFi's secure site, 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