💰Earn Up to $300 Just for Switching Where You Bank
By: Conor Keenan Last updated October 04, 2025
Conor Keenan, co-founder of CompareAccounts, is a notable personal finance expert with work seen in Wall Street Journal | Associated Press | Reuters | Yahoo Finance
Editorial Independence: Our opinions, reviews, and recommendations are our own. Partner commissions keep our site free, but our content remains independent.
Right now, SoFi® , Member FDIC, is paying up to 4.50% APY (annual percentage yield) on savings balances (with qualifying activities).
Ready to jump start your emergency fund? On top of that, you can earn an up to $300 cash bonus when you set up direct deposit.
That’s over 10× the national average of 0.39% APY.
And the best part? You can get started with just $100. That first deposit puts you on the path to your bonus, helps you build the habit of saving, and gets your emergency fund growing from day one.
💡 One Bad Day Shouldn’t Mean Credit Card Debt
If your car breaks down tomorrow, would you be ready?
Many Americans couldn’t cover a $400 emergency without borrowing and the most common reason is simple: they don’t have an emergency fund.
With this account, the up to $300 bonus from direct deposit already gets you most of the way there—and that’s before your savings even start earning up to 4.50% APY.
A high-yield savings account is the easiest, safest way to change that.
🚨 What’s an Emergency Fund and Why Do You Need One?
Your emergency fund is your personal financial safety net. It helps you avoid:
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High-interest credit cards
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Dipping into investments
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Stress, panic, and last-minute financial juggling
Experts recommend setting aside 3–6 months of living expenses, but even $500 can make a huge difference.
🧠 Your Emergency Fund Deserves a Promotion
Where you park your savings matters.
Most traditional banks are paying ~0.39% APY — barely nothing.
But SoFi® is offering a high-yield savings account with up to 4.50% APY (as of October 04, 2025).
That’s over 10× more interest, with:
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Up to 4.50% APY on savings balances (with qualifying activities)
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0.50% APY on checking balances
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Up to $300 cash bonus with qualifying direct deposit
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$0 monthly fees, $0 overdraft fees, and no minimums
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FDIC insurance up to $250,000 per depositor
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55,000+ fee-free ATMs nationwide
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🏦 Why Choose This Account?
This isn’t a no-name fintech. It’s part of a publicly traded institution with over 11 million members as of Q2 2025.
✅ Up to 4.50% APY (savings) + 0.50% APY (checking)
✅ Up to $300 cash bonus with direct deposit
✅ FDIC insured up to $250,000
✅ No fees or minimums
✅ Daily compounding, paid monthly
✅ Intuitive app and mobile-first banking tools
Whether you’re saving $500 or $50,000, it’s flexible, secure, and built for peace of mind.
✨ No Fees. No Stress. Just Smart Saving.
Setting up your emergency fund shouldn’t be complicated.
✅ No hoops
✅ No minimums
✅ No “gotchas” buried in the fine print
Just peace of mind, backed by modern tools and proven protection.
👉 Yes, I Want to Start My Emergency Fund Today
Open in minutes. Start with $100. Earn up to 4.50% APY + a $300 bonus opportunity.
Up to $300 Bonus
up to APY
Annual Percentage Yield (APY)
- Checking & Savings Account
- Min. to Open: $0
- Bonus: up to $300 with Direct Depositⓘ
- Up to 4.50% APY on Savings Balances with Qualifying Activities
- $0 Monthly Fees
- FDIC Insured up to $250,000
- Up to $3,000,000 of additional FDIC insurance through a network of participating banks
- Limited Time Offer:
+0.70% Boost to 4.50% 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 1/31/2026. 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 4.50% 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 4.50% 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 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
2. APY disclosures
SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.50% 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 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. 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. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 4.50% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. 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 $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/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 Eligible 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.
8. 0.70% Savings APY Boost
Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 1/31/26. 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
Customers Also Viewed These High-Yield Savings Accounts From Our Partners
Bonus Offer
APY
3.40%
- High Yield Savings Account
- Min. balance for APY: $0
- Min. Initial Deposit: $0
- Monthly Fees: $0
- 3.40% APY
- Insured up to $250,000
- Open Your First Discover Online Savings Account & Earn up to a $200 Bonus
- Deposit at least $15,000 to Earn a $150 Bonus
- Deposit at least $25,000 to Earn a $200 Bonus
- Open Account By 3/12/2026
- Deposit Funds within 45 Days of Account Open Date
- Terms Applyⓘ
- Use Promo Code: CA925
- See Site For Details
Disclosure for promo code CA925:
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CA925 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 03/12/2026, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding, see FAQs on Discover.com/Bank.
On Discover Bank's Secure Site, Member FDIC