The Sofi checking bonus is really a bonus for setting up a checking and a savings account. Sofi doesn’t allow standalone accounts, so if you take advantage of this offer you’ll get both.
The first part of the bonus has gone up to $200 now.
The bonus also has one part from Swagbucks and one part from Sofi.
Don’t worry, I’ll lay it out.
I may receive payments or incentives for sign ups and clicks generated through links on this page. Please see the full disclosure for more information. Thank you for the support!
Want to know more about Swagbucks?
Just check out my Swagbucks starter guide!
Want to learn more about bank bonuses?
My starter guide will help you get up to speed on everything to do with bank offers.
Sofi checking bonus – details
Bonus
- $200 from Swagbucks, awarded as SB
- Up to $250 from Sofi. The amount received depends on the amount direct deposited in the first month. See the notes for the breakdown.
Requirements
- For Swagbucks: receive a direct deposit of at least $250 in your new account at Sofi.
- For Sofi: have a direct deposit of at least $1000 into your new account. See notes for the specifics.
Exclusions
- For Swagbucks: must be new to Sofi, and the $100 must be the first deposit.
- For Sofi: must not have previously set up a direct deposit into your Sofi account.
Fees
There are no monthly or maintenance fees to worry about.
Deadlines
- Swagbucks doesn’t usually list deadlines
- For the Sofi part, the listed deadline is 12/31/23.
Benefits
- Up to 4.20% APY on the savings account and 1.20% on the checking. This is the rate you get if a direct deposit is set up with the account. If there’s no direct deposit, the rate for both savings and checking will be 1.20% APY.
- Overdraft protection of $50 if the user has a direct deposit of $1000 or more per month.
- No fees or limits on savings account withdrawals.
- Redeemable points through member benefits program. This generates points for doing things like logging in to the app or setting up recurring deposits.
- Cash back offers
Notes
For the Sofi bonus:
- $50 bonus if there is between $1000 and $4999.99 total direct deposit within the evaluation period
- $250 bonus if there is $5000 or more direct depost in total within the evaluation period
The evaluation period begins when the first direct deposit worth $1000 or more hits the account and lasts for 25 days after.
Sofi checking bonus – conclusion
Swagbucks terms are an example and may not be accurate to the current promo
The Sofi ecosystem offers several different accounts: an investment account, a credit card, and the checking and savings accounts listed in this article.
The fee-free nature of the account is a big plus, and the basic 1.20% APY on checking isn’t bad.
If you meet the direct deposit requirement this becomes a great deal. 4.20% on savings is good and there’s the potential to get up to another $250 in bonuses. The member benefits function also adds a bit of value to owning a Sofi account.
These seem like strong and usable accounts. My experience with the app has been positive too. It’s easy to use and smooth to navigate.
If you’re interested in both the checking/savings deal and the investment deal I’d do the checking and savings first. The terms on Swagbucks for the checking bonus state the user must be new to Sofi, but there’s no such language on the Swagbucks terms for the investment offer. I can’t guarantee that it’s possible to get both, but it seems like there’s a chance if you go in that order. If you want to see the investment offer that deal is here.
This is a good chance since the bonus has increased. If you can qualify for both bonuses this is a great deal, and still a good one with one of the bonuses.
There’s actually another referral bonus for Sofi checking and savings tbut it only gives the referee $25. Going through Swagbucks is a much better deal for you.
Ready to get a Sofi checking and savings account?
This link will take you to the Swagbucks offer.
