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Switch Your Direct Deposit & Earn up to $300

Conor Keenan Author Bio By: Conor Keenan  Last updated April 18, 2025
Conor Keenan, co-founder of CompareAccounts, is a notable personal finance expert with work seen in Wall Street Journal, CNN, Fox News, MSN & Yahoo Finance.

Editorial Independence: Our opinions, reviews, and recommendations are our own and not influenced by financial institutions or partners. Partner commissions keep our site free, but our content remains independent and is not commissioned by any partner or financial institution.

SoFi® checking and savings account features a big bonus, high APY, no monthly or overdraft fees, plus excellent customer service options.

Up to $300 Bonus

SoFi Logo

5.0

CompareAccounts™ Score

On SoFi's Secure Site,
Member FDIC

Best For: Bonus + Annual Percentage Yield

SoFi redefines banking with a commitment to no fees—no monthly fees, no overdraft fees, and no account minimums.

Bonus: up to $300 with direct deposit.

In addition to the bonus, you'll enjoy 3.80% annual percentage yield (APY) on savings balances with qualifying activities and 0.50% APY on checking balances, fee-free overdraft coverage up to $50 and access your direct deposit funds up to two days early, giving you greater financial flexibility. Terms apply.

Withdraw cash without fees using your SoFi Debit Mastercard® from a network of 55,000+ ATMs, and make transactions seamless with SoFi’s intuitive, mobile-first banking. Use the app to transfer money, pay bills, deposit checks, or track your savings—all at your fingertips.

Your deposits are FDIC-insured up to $250,000 per depositor, ensuring your money stays safe and secure.

See SoFi's Secure Site For More Details.

Q

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 Direct Deposits received during the
Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion
begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1

2. APY disclosures

SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80%
annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without
either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other
SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at
http://www.sofi.com/legal/banking-rate-sheet.
See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

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 Checking & Savings 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 incurred when using out-of-network ATMs are not subject to reimbursement. 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 limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.

Up to $300 Bonus

SoFi Logo

5.0

CompareAccounts™ Score

  • Checking & Savings Account
  • No Monthly Fees
  • No Overdraft Fees
  • Fee-Free Overdraft Coverage Available
  • Bonus: up to $300 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 up to 3.80% APY on Savings Balances with Qualifying Activities
  • See Site for Details
Q

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 Direct Deposits received during the
Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion
begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1

2. APY disclosures

SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80%
annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without
either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other
SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at
http://www.sofi.com/legal/banking-rate-sheet.
See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

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 Checking & Savings 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 incurred when using out-of-network ATMs are not subject to reimbursement. 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 limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.

On SoFi's Secure Site,
Member FDIC

 

Open Your New Account with SoFi Now

 

SoFi® Checking and Savings: Best For: Bonus + Annual Percentage Yield

Customers Also Viewed These Checking Accounts:

 $400 Bonus 

Truist Bank & Online Banking Logo

5.0

CompareAccounts™ Score

  • Checking Account
  • Visa® Debit Card
  • Minimum Deposit: $50
  • Overdraft Fees: $0
  • $100 Negative Balance Buffer for eligible clients.
  • Mobile Check Deposit
  • No ATM Fees at Truist ATMs
  • Earn $400 with qualifying activities. For new checking clients only.
  • Use Promo Code: AFL2425TR1400
  • Offer valid through 04/30/2025.
  • Terms & Conditions Apply
  • See Site for Details
Q

Terms and Conditions for the $400 Truist One Checking Affiliate Offer 1: AFL2425TR1400

Offer Information: Open a new Truist One Checking account online from 10/31/24 through 4/30/25, receive at least 2 qualifying Direct Deposits* totaling $1,000 or more within 120 days of account opening and earn $400.

Account must be opened online. Enrollment in the promotion is required at the time of account opening using promo code AFL2425TR1400. Please refer to the Account Opening and Enrollment section below for full instructions.

*A qualifying Direct Deposit is an electronic credit (greater than $0.00) of your salary, pension, Social Security or other regular monthly income deposited into your new checking account by your employer or outside agency. Transfers made from one account to another, or deposits made via a branch, ATM, online transfer, mobile device, debit/prepaid card number or the mail are not eligible direct deposits.

Offer Eligibility:  Clients that are the primary account holder on an existing personal checking account with Truist or who have closed a personal checking account with Truist on or after 10/31/23 are not eligible to participate. Offer valid for Truist One Checking accounts only. Primary account holder must be 18 or older at the time of account opening. Truist employees, Directors, Officers, and Local Boards/Advisors are not eligible. Offer available only to US residents with a valid US taxpayer identification number. The qualifying checking account must be opened online and have a mailing address in: AL, AR, FL, GA, IN, KY, MD, MS, NC, NJ, OH, PA, SC, TN, TX, VA, WV or DC.

Reward Processing: The reward will be deposited to the new checking account within 4 weeks after the qualification requirements have been met and verified. The new checking account must be open and in good standing with a balance of at least $0.01 at the time of Truist verification and until the reward is deposited to receive the reward. Truist verification will occur one time after the qualification requirements are initially met. Promotion is only applicable once per checking account and per client. Truist may report the value of any offer reward received to the IRS as required by law. Any applicable taxes are the responsibility of the recipient.

Reward Forfeiture: Reward forfeiture will occur if: (1) the checking account is changed to an account type not included in this client offer, (2) the checking account is closed prior to the reward being deposited, or (3) the new checking account has a $0.00 or negative available balance at the time Truist verifies the qualification requirements have been met.

Other Terms: Minimum opening deposit is $50. The offer is non-transferable, may not be combined with any other checking offers, is subject to change, and may be discontinued at any time. Truist reserves the right in our sole discretion to prohibit a reward payout to non-eligible individuals for any offers claimed through third-party websites with no affiliation or prior authorization from Truist. All promotional payouts will be processed no later than 1/31/26 at which point this promotion (and any related disbursements) will be considered final, and no further disbursements will be made.

Account Opening & Enrollment Instructions: To open and enroll your new account in the promotion, visit the offer website and click on “Open an account online.” Enter AFL2425TR1400 into the promo code field provided, review the offer Terms and Conditions, and then select “Accept Offer”. Accounts opened without the promo code applied will not be eligible to participate in the offer. Once enrolled in the promotion, clients may receive promotional updates via the email address provided or by calling 800.709.8700.

Version 3 10022024 AFL2425TR1400

Truist Bank, Member FDIC. ©2024, Truist Financial Corporation. Truist, Truist Purple and the Truist Logo are service marks of Truist Financial Corporation.

On Truist's Secure Site,
Member FDIC

 $300 Bonus 

 KeyBank Checking Account Logo

4.0

CompareAccounts™ Score

  • Checking Account
  • No Monthly Maintenance Fee
  • Min. Opening Deposit: $10
  • Send Money with Zelle®
  • KeyBank Enhanced Debit Mastercard® Offers Security & Convenience
  • Deposit Checks in The Mobile App
  • 24-hour access to 40,000+ KeyBank & AllPoint® ATMs Nationwide
  • Earn a $300 Cash Bonus: Make the Minimum Opening Deposit of $10, Plus One Single Eligible Direct Deposit of at Least $1,000 within the First 60 Days of Account Opening
  • To be Bonus Eligible, You Must Open Your Account by May 16, 2025
  • Overdraft Protection Services Available
  • Accounts are Subject to Approval
  • Terms & Conditions Apply
  • See Site for Details & Other Offers

On KeyBank's Secure Site,
Member FDIC

 

Up to $360 Bonus

Discover Bank Logo

5.0

CompareAccounts™ Score

  • Checking Account
  • No. Fees. Period.
  • No Monthly Fee
  • No Insufficient Funds Fee
  • Fee-Free Overdraft Protection
  • Set Up Direct Deposit & Access Funds up to 2 Days Sooner with Early Pay
  • Access 60,000+ Fee-Free ATMs
  • Send Money with Zelle®
  • Cashback Bonus: up to $360 per year
  • Debit Card Cashback – Earn 1% Cash Back on up to $3,000 in Debit Card Purchases Each Month
  • See Site for Details

On Discover's Secure Site,
Member FDIC

 

To recap our recommendations.

Best Checking Accounts According To CompareAccounts™

SoFi® Checking and Savings: Best For: Bonus + Annual Percentage Yield

Truist One Checking Account: Best For: $400 Bonus From a Top 10 Bank

Key Smart Checking® Account: Best For: Mobile Banking + Bonus

Discover® Bank Cashback Debit: Best for Online Banking Experience + Customer Service

*National Savings Rate Average as published by FDIC