Replace 6/4/25: The $300/30,000 model is again
Replace 5/25/25: [Expired] Lots of people are seeing $375/37,500 on Rakuten.
Rakuten hyperlink | Swagbucks hyperlink | one other Swagbucks hyperlink | MyPoints hyperlink
Supply at a look
- Most bonus quantity: $50 – $300
- Availability: Nationwide
- Direct deposit required: Sure, $1,000 – $5,000
- Extra necessities: None
- Arduous/tender pull: Comfortable (see additionally this remark)
- Bank card funding: None
- Month-to-month charges: None
- Early account termination price: ?
- Family restrict: None listed
- Expiration date:
Might 31, 2022 July 31, 2022September 30, 2022January 31, 2023
The Supply
Direct hyperlink to supply | Phrases
- SoFi is providing bonus of as much as $300 for brand new prospects who signup for his or her SoFi hybrid checking & financial savings account and obtain direct deposit inside 30 days:
- Get $50 bonus with direct deposit of $1,000 – $1,999
- Get $100 bonus with direct deposit of $2,000 – $4,999
- Get $300 bonus with direct deposit of $5,000+
They appear to have rebranded from ‘SoFi Cash’ to ‘SoFi Checking and Financial savings’.
The High quality Print
- Eligible Individuals: All new members who open a SoFi Checking and Financial savings account in the course of the Promotion Interval and all current SoFi Checkings and Financial savings prospects who haven’t beforehand arrange Direct Deposit transactions (“Direct Deposit”) into their SoFi Checking and Financial savings account as of the start of the Promotion Interval are eligible for the Program.
- Bonus Phrases:To be able to qualify for eligibility for a bonus, SoFi should obtain at the very least one Qualifying Direct Deposit (as outlined beneath) from an Eligible Participant earlier than the top of the Promotion Interval. Qualifying Direct Deposits are outlined as deposits of $1,000.00 or higher from an enrolled member’s employer, payroll, or advantages supplier by way of ACH deposit. Deposits that aren’t from an employer (reminiscent of test deposits; P2P transfers reminiscent of from PayPal or Venmo, and many others.; service provider transactions reminiscent of from PayPal, Stripe, Sq., and many others.; and exterior financial institution ACH transfers not from employers) and financial institution ACH transfers not from employers) don’t qualify for this Direct Deposit promotion. The quantity of the bonus, if any, can be calculated in the course of the Analysis Interval as described and outlined beneath.
- Analysis Interval: The bonus quantity will differ based mostly on the whole quantity of Qualifying Direct Deposits acquired in the course of the Analysis Interval. The Analysis Interval is outlined as 25 days from the date your first Qualifying Direct Deposit is acquired. For instance, for those who obtain $1,000-$1,999 in Qualifying Direct Deposits within the Analysis Interval, you’ll obtain a money bonus of $50. A member might solely qualify for one bonus tier and won’t be eligible for future bonus funds if inflows subsequently improve past the Analysis Interval.
- Whole Qualifying Direct Deposit quantity in 30-day Analysis Interval Money bonus
- Fee timeline: SoFi will credit score members who meet qualification standards inside 14 days of the top of the Analysis Interval.
- This provide can’t be mixed with the SoFi Checking and Financial savings Direct Deposit fee low cost on a SoFi private mortgage. Bonuses are thought of miscellaneous revenue, and could also be reportable to the IRS on Type 1099-MISC (or Type 1042-S, if relevant). SoFi reserves the best to exclude any Members from collaborating within the Program for any purpose, together with suspected fraud, misuse, or if suspicious actions are noticed. SoFi additionally reserves the best to cease or make adjustments to the Program at any time.
Avoiding Charges
Month-to-month Charges
This account doesn’t have any month-to-month charges to fret about.
Early Account Termination Payment
Unsure if there may be any early termination price or not, however there is no such thing as a month-to-month price and it’s price preserving the account open long run for the spending bonuses.
Replace Historical past
- Replace 5/12/25: Lots of people who noticed the Rakuten bonus right down to $300 at the moment are seeing it again as much as $375. (Personally mine dipped from $375 to $300 and nonetheless is exhibiting $300 now.) Hat tip to r/churning
- Replace 5/4/25: $375 now on Rakuten, highest ever. (ht not sam and max) Replace: apparently others are seeing $300 on Rakuten. That’s nonetheless from the perfect affords we’ve seen.
- Replace 4/7/25: Elevated barely to $265 and like $280 on Swagbucks/MyPoints. Nonetheless $250 on Rakuten.
- Replace 3/18/25: Presently the perfect affords are $250 on Rakuten, $230 on Swagbucks, and round $245 on MyPoints now. That’s on prime of the $300 from SoFi.
- Replace 10/6/24:
It’s as much as $355 by way of the Rakuten app (app provide solely). Mixed with the $300 SoFi providing, this maxes out at $655 which is the best ever. (ht Xander and yapp) Replace: now $350 on Rakuten web site as properly - Replace 8/20/24: The $350 Rakuten deal is expired. Greatest now could be $230-$250 from SB/MP, plus the $300 from SoFi.
- Replace 8/19/24: Rakuten is now as much as $350 which may result in a complete bonus of $650. Wow. (ht Peter and Jim)
- Replace 7/15/24: Rakuten is now as much as $250/25,000; matches the perfect provide we’ve seen. MyPoints is round $250, Swagbucks $230. (ht Shawntheshawn)
- Replace: Now $200 and $300 for a complete of $500.
- Replace 5/6/24: Rakuten is as much as $250 and SoFi is at $300. I imagine this $550 is the best ever (and a few individuals would possibly even worth Rakuten at even greater than $250).
- Replace 3/17/24: Each Rakuten and Swagbucks at $200 now; plus $300 from SoFi (ht Churnbaby)
- Replace 3/1/24: Presently $200 from Swagbucks and $300 from SoFi.
- Replace 11/26/23: Each Rakuten and Swagbucks at $200 now; plus $250 from SoFi (ht PN)
- Replace 11/25/23: Again to $200 on Swagbucks or $175 on Rakuten.
- Replace 10/18/23: Elevated on Rakuten to $200/20,000
- Replace 10/13/23: That is nonetheless on Swagbucks for 20,000 ($200). It’s now additionally on Rakuten for $175/17,500 which some individuals would possibly favor. And you may nonetheless get $250 on prime of that from SoFi straight whenever you use both hyperlink. (ht ShawntheShawn)
- Replace 6/26/23: Swagbucks is now as much as $200 with $200 direct deposit. Plus you’ll get $250 from SoFi for those who obtain $5,000 in direct deposits. Not so good as the all time highs of $520 complete however now it’s shut. (ht @addingpennies)
- Replace 4/28/23: Swagbucks/MyPoints at the moment are at an additional $150 for $400 complete. Not so good as the all time highs of $520 complete however nonetheless a pleasant deal. Replace 11/17/22: The Swagbucks/MP half is gone proper now. The SoFi half remains to be at $250. Replace 10/30/22: Swagbucks nonetheless at $220, however SoFi bonus half is right down to $250 now (down from $300). Whole bonus now of $470; Replace 10/21/22: Swagbucks is now $220 on the house web page + $300 SoFi bonus; Replace 9/30/22: The $175 Swagbucks provide is again (direct hyperlink) and – like earlier than – it hyperlinks to the $300 direct deposit bonus web page. Whole $475 bonus attainable. The $300 deal is legitimate from 10/1/22 by way of 12/31/22. Replace 8/21/22: The $300 bought prolonged till September thirtieth, the extra $175 Swagbucks bonus has nonetheless not returned. There’s a brand new referral provide which supplies $325: $25 straight away when signing up and depositing $10, plus $300 bonus with direct deposit talked about beneath. That’s $25 higher than the general public hyperlink beneath. I don’t suppose we’ll make a referral thread for this now, you’ll be able to google round to discover a referral hyperlink. It may be smarter to attend to see if one other Swagbucks offers comes again. Replace 6/20/22: Swagbucks/MP element is gone for now. The $300 provide remains to be round.Replace 6/14/22: Swagbucks is right down to $75 now and MyPoints is gone. The $300 SoFi provide remains to be dwell. Replace 5/27/22: The $300 SoFi bonus has been prolonged by way of July. We don’t understand how lengthy the Swagbucks/MyPoints element will final. (One other replace 6/13/22: Reader thedailychurn suggests that for those who click on by way of Swagbucks earlier than upgrading your SoFi Cash account to turn out to be a SoFi Checking & Financial savings account the Swagbucks/MP can monitor the improve as a brand new account opening for the $175 bonus. You most likely gained’t get the $300 signup bonus, although, because it’s not a brand new account.) Replace 5/2/22: They introduced again the Swagbucks/MyPoints $175 bonus, so it’s again as much as $475 now. Yay!; Replace 4/24/22: The Swagbucks a part of the deal has expired. The $300 SoFi bonus remains to be out there.; Replace: This $300 bonus appears to stack high-quality with the $175 Swagbucks deal we posted a couple of months again for a complete $475. Merely click on by way of Swagbucks (hyperlink | one other hyperlink | MyPoints) and also you’ll see the $300 provide on the touchdown web page, so it ought to stack. I’m wondering in the event that they’ll pull the Swagbucks provide as this $300 provide rolls out, so I’d enroll quickly.
Our Verdict
I imagine $300 is probably the most we’ve seen from SoFi Cash bonuses, although this does require a $5,000 direct deposit. Some readers point out within the feedback that SoFi is strict about what they contemplate to be a ‘direct deposit.’
It’s not clear how shortly it is advisable to get the direct deposit, however it’s clear that you’ve got 30 days from when your first direct deposit posts to rack up the $5,000 in direct deposits. E.g. for those who enroll on April fifth, get your first direct deposit on Might 1, then you’ve gotten from Might 1st by way of Might thirtieth to fulfill the $5,000 in mixed complete direct deposits to qualify for the total $300 bonus.
The high-quality print states that the revenue may be reported on a 1099-MISC kind which would possibly imply that it gained’t get reported in any respect given the $600 minimal required for that kind. Regardless, you’d be legally required to report the bonus.
Individually, the SoFi Cash account is definitely a pleasant account to have your common direct deposit go to since they provide a pleasant, excessive APY fee for many who have a month-to-month direct deposit (any quantity) put up to their account. At time of this writing that fee is 1.25% APY with no deposit restrict.
There’s one rumor within the feedback that upgrading your current SoFi Cash account to the brand new SoFi checking and financial savings account can be eligible for the $300 bonus as properly (although you’ll lose the free ATMs when upgrading), however I’m not assuming that is true until it will get confirmed.
We’ve added this to our Checklist of Greatest Financial institution Bonuses.
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