SOFI is offering a $300 cash incentive for opening a new account.
Interested customers can earn the free money by meeting requirements.
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Americans looking to earn a little extra money this month may want to take a closer look at a new offer from SoFi.
The bank is offering new customers up to $300 in bonus cash when they open a combined Checking and Savings account and meet the direct deposit requirements.
The bonus comes as part of SoFi’s broader strategy to attract new users by offering competitive rates and zero-fee banking.
“New customers can earn a $300 cash bonus with qualifying direct deposits that total $5,000 or more within 25 days,” the company said.
For those who deposit between $1,000 and $4,999 in the same period, a $50 bonus is available instead.
The promotion does not require customers to manually claim the bonus – once the eligibility criteria are met, the cash will be paid out automatically.
The offer is time-sensitive, and SoFi encourages users to act quickly to lock in the bonus.
Beyond the cash offer, SoFi’s accounts feature up to 3.80% APY on savings and 0.50% APY on checking, provided users set up direct deposit or deposit at least $5,000 every 30 days.
Those who don’t meet the threshold still earn a competitive 1.20% APY on savings.
The account comes with a suite of perks, including no monthly maintenance fees, no overdraft fees, and access to over 55,000 fee-free Allpoint ATMs.
Users also get tools like RoundUps and Vaults to help them automate their savings toward personal goals.
SoFi also offers early access to direct deposits — up to two days before payday, depending on the employer’s payroll schedule.
Customers can access their money through electronic transfers, ATM withdrawals, peer-to-peer payments, and even free paper checks upon request.
Deposits are FDIC insured up to $3 million through the SoFi Insured Deposit Program, or the standard $250,000 if customers choose not to opt in.
Account perks for new customers
- Up to $300 cash bonus with qualifying direct deposits
- High APY rates: up to 3.80% on savings and 0.50% on checking
- No monthly fees, overdraft fees, or minimum balance requirements
- Early direct deposit access, up to two days sooner
- Built-in savings tools like Vaults and RoundUps for goal tracking
- FDIC insurance up to $3 million with the SoFi Insured Deposit Program
- Free access to over 55,000 ATMs through the Allpoint network
The online-only bank also allows cash deposits at select retail partners via GreenDot, though service fees may apply.
Sam Taube, a lead investing writer at NerdWallet, said offers like this appeal because of their simplicity: “Psychologically, promising new customers a concrete amount of money – say, $200 or $300 – may have more of a draw than an extra 1% of yield.”
SoFi limits daily ATM withdrawals to $1,000 and debit card purchases to $6,000.
Despite these limits, the bank continues to be ranked highly for its convenience and range of digital services.
With high APYs, modern savings tools, and no hidden fees, SoFi’s checking and savings combo account remains one of the top choices for consumers looking to streamline their finances.
Interested users can visit SoFi’s official website to open an account and secure their bonus before the promotion ends.