Details of SoFi’s Direct Deposit Offer
SoFi is trying to earn your business by updating its direct deposit offer, which lasts from now until June 30, 2024. You can now earn up to $300 by adding direct deposits to a new account or an existing savings account that has never received electronic transfers. This offer features low requirements and fast transfers. SoFi recently increased the value of the top bonus tier by $50 to make the already generous bonus even more attractive.
What Sets SoFi Checking and Savings Apart
As a purely online bank, SoFi regularly ranks high on our lists of the best online banks and top bank accounts due to competitive interest rates on deposit accounts, innovative tools, and a straightforward new account bonus. SoFi’s checking and savings accounts come as a package – when you open one account, you also get the other. The checking account earns a respectable yield of 0.50% with qualifying direct deposits and has no monthly maintenance fees or overdraft fees, and no minimum deposit requirement. You can also earn up to 15% cash back on qualifying purchases using your SoFi debit card. With direct deposit, you can receive your paycheck two days early.
SoFi’s high-yield savings account earns up to 4.60% annual yield, also with no fees or minimum balance requirements. To earn the highest rate, you need to set up a direct deposit or transfer $5,000 into the account every 30 days. Otherwise, the yield drops to 1.20%. You can set savings goals using SoFi Vaults in the banking app. It also allows you to round up your purchases to the nearest dollar and transfer the difference to your savings account.
What to Consider Before Chasing a Bank Bonus
While free money from a bank account bonus is enticing, it shouldn’t be the primary reason for opening an account. Here are some things to consider before choosing a new account based on the bonus offer.
- Review the fine print. It’s important to understand the terms of the offer because failing to meet the requirements can disqualify you from receiving the bonus.
- Confirm other account features and fees. Earning a signup bonus may not be worth it if you incur monthly maintenance fees or high minimum balance requirements that you cannot meet.
- Read the account closing policy. Opening a new account with the intention of closing it soon after receiving the bonus – known as account churning – can be costly. Be aware of the early closure fees and policies to avoid unnecessary penalties.
- Be prepared to pay any applicable taxes. Bank account bonuses are considered interest income, just like the money you earn from a high-yield savings account or certificate of deposit. You will need to report any bank account bonuses earned to the IRS on Form 1099, which the bank may send to you.
Is the SoFi Bank Account Bonus Worth It?
SoFi only offers a checking account and a savings account. Therefore, if you need a certificate of deposit or a money market account, you’ll have to look elsewhere. However, if you’re comfortable using multiple bank accounts to manage your banking needs, SoFi offers competitive rates and innovative tools to help you achieve your financial goals. You won’t pay monthly fees on either account, and there are no minimum deposit requirements.
As long as you can meet the direct deposit requirements to qualify for the initial bonus and earn the highest annual yield on your savings account, SoFi’s improved direct deposit offer could be a good fit for you. This cash bonus can quickly add to your balance with minimal hurdles to overcome.
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