Offer Details
Written by: RJ
Requirements
- Open a new checking & savings account – $25.
- Deposit $10.
- Direct deposit the following amounts within 25 days:
- $1k – $50
- $5k – $300
Eligibility
- Nationwide
- New & existing customers who haven’t had a direct deposit transaction.
- This counts Sofi Money accounts (before SoFi became a real bank)
Fees
- Checking & savings are fee free.
Account Closure
- No rule listed.
Valid through 6/30/24
Thoughts
This offer has been as high as $325 before. However, I believe the direct deposit requirement was much higher. This is an easy one. I also leave my SoFi account open as they tend to offer other small promo offers from time to time. Check your rate for $25 gift card for example.
Advertiser Disclosure: Some of the card links and products that appear on this website are from companies which RJ Financial/Profitable Content may receive compensation when you click on links to those products.Terms apply to the offers listed on this page. The content on this page is accurate as of the posting date; however, some of our partner offers may have expired. See our Advertising Policy here.
Editorial Note:
Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, vendors or companies, and have not been reviewed, approved, or otherwise endorsed by any of these entities.
SoFi investor here…here’s some notes:
If refereed chooses to fund by debit card the Bonus will come in very next day for both recipients. Referral currently sits at 100 for you 25 for them. Chase Business works. You can also stack with swagbucks for another 240.00$. No minimum DD for 4.6 APY savings rate. If No DD then you will at least need to transfer in the minimum of 5k for 4.6 % APY. DD can go to savings for bonus requirements.
Bonus requirement, the 25 day period starts when you receive your first DD. Bonus paid me out 7 days after 25 day period is over. No household limit (3 of us under same address applied and received bonus).
Sofi does have a credit card that offers 2.2% rewards; however, No referrals at this time for credit card as they are scaling back in anticipation for higher than longer rates. If you are approved for credit card than you will be given a 3% rewards rate for the first 12 months but 3 % will only be applied if you have a qualifying monthly direct deposit, or else 2% standard rate will apply. When credit card referrals were being offered my wife referred me, then one week later I referred her. 100 for me 50 for her, or 50 for me 100 for her. 300 total for us.
Transfers are quick out 1 day, Zelle can be utilized but only through the zelle app(need to connect Sofi debit card)only for android with 500.00$ monthly limit for now. Rewards points for credit cards can be redeemed to checking, savings, or invest. I like to choose checking or savings as it’s instant, invest takes a day to post.
Sofi has vaults for savings account, where you can split the savings account into what you want to save for. Sort of like folders within a larger folder. You can book travel, get insurance, see your net worth and much more. This is an awesome and fun one stop shop bank.
Overall, great and fun bank to keep open due to quick payout referral program but so many other positives even if you don’t utilize the referral program.
Just some notes..hope this helps.
Some data points:
Novo – Did not work
Chase Business (ACH) – Did not work
Chase Business (Employee pay ACH) – worked
Thanks for the intel. SoFi tightened up when they got the full bank charted it seems.