SoFi Checking and Savings, Best Ever $725 Bonus Coming Next Week

SoFi Checking and Savings Bonus

🔃 Article Updates:

➡️ Jul 23, 2025 – Rakuten is advertising a $400, or 40,000 Membership Rewards points bonus that is coming next week. That would be the best ever offer for SoFi Checking and Savings. Add the $300 from SoFi and $25 through a referral link, and you can earn up to $725.

➡️ Jul 11, 2025 – The Rakuten offer is now $375, or 37,500 Membership Rewards points through the app. Add the $300 from SoFi and $25 from a referral link, and you can earn a best ever total bonus of $700. This account also earns an interest rate of up to 3.80% (with qualifying activities). If you don’t have a Rakuten account, you can also earn 3,000 Membership Rewards points (or $30) signup bonus as a new user.

You will need to click the referral link first (that’s one of our referrals) and then open the shopping portal of your choice in a different tab and continue the account opening process from there. If you have a friend or family members who can refer you, they will get $75 as well, so that’s the best way to go. See offer here. 

➡️ Jul 04, 2025 – InboxDollars currently has the best offer available at $325. Add the $300 from SoFi, and you can earn a total bonus of $625. The best ever offer was $700 just recently. This account also earns an interest rate of up to 3.80% (with qualifying activities). If you don’t have an InboxDollars account, you can also earn a $5 signup bonus as a new user.

➡️ May 26, 2025 – The Rakuten offer is now up to $375, or 37,500 Membership Rewards points, making it the best ever bonus. Add the $300 from SoFi and $25 from a referral link, and you can earn a total bonus of $700. This account also earns an interest rate of up to 3.80% (with qualifying activities). If you don’t have a Rakuten account, you can also earn 4,000 Membership Rewards points (or $40) signup bonus as a new user. 

➡️ Apr 11, 2025 – MyPoints now has the best offer of around $255 (40,800 MyPoints). Add the $300 from SoFi and $25 from a referral link, and you can earn a total bonus of $580. This account also earns an interest rate of up to 3.80% (with qualifying activities). If you don’t have a MyPoints account, you can also earn a $3 bonus as a new user. See  offer here.

➡️ Oct 09, 2024 – Rakuten is now offering a best ever bonus of $350, or 35,000 Membership Rewards points, which is even more valuable. Add the $300 from SoFi and you can earn a total bonus of $650. This account also earns an interest rate of up to 4.50% (with qualifying activities). If you don’t have a Rakuten account, you can also earn 3,000 Membership Rewards points (or $30) signup bonus as a new user. I’m sure most people will prefer Rakuten over Swagbucks and MyPoints, as they are more reliable with tracking cashback.affiliate link

➡️ Sep 16, 2024 – Rakuten is now offering a bonus of $250, or 25,000 Membership Rewards points, which is even more valuable. Add the $300 from SoFi and you can earn a total bonus of $550. Interest rate is slightly lower at 4.50% (with qualifying activities). 

➡️ Aug 19, 2024 – Rakuten is now offering a best ever bonus of $350, or 35,000 Membership Rewards points, which is even more valuable. Add the $300 from SoFi and you can earn a total bonus of $650. Interest rate is also up to 4.60%. . (HT: Carrie in our Facebook Group)

➡️ Jul 08, 2024 – The SoFi Checking and Savings bonus is now $300. Swagbucks is now offering an extra $250 for a total bonus of $530. Interest rate is still up to 4.60% APY.

SoFi Checking & Savings now offers up to a 4.60% annual percentage yield (APY) for all members who have direct deposit. This account will also offer 1.20% APY for those looking for a high yield opportunity without direct deposit. There are no limits or balance caps to earn interest.

SoFi Checking & Savings launched in February, replacing the SoFi Money account. There’s also a signup bonus. New SoFi Checking and Savings customers can get $300. We have seen better offers in the past, especially when there’s an extra incentive offered by Swagbucks. 

SoFi Checking and Savings $300 Bonus

The bonus amount will vary based on the total amount of Qualifying Direct Deposits received during the Evaluation Period. The Evaluation Period is defined as 30 days from the date your first Qualifying Direct Deposit is received. For example, if you receive $1,000-$4,999 in Qualifying Direct Deposits in the Evaluation Period, you will receive a cash bonus of $50. A member may only qualify for one bonus tier and will not be eligible for future bonus payments if inflows subsequently increase beyond the Evaluation Period. You can see the bonus here.

You can also get an extra $25 if you go through a referral link. Referrals give you $325 instead of $300 with the same requirements. You will need to click the referral link first and then open the shopping portal of your choice in a different tab and continue the account opening process from there.

In order to qualify for eligibility for a bonus, SoFi must receive at least one Qualifying Direct Deposit from an Eligible Participant during the Promotion Period. Qualifying Direct Deposits are defined as deposits from enrolled member’s employer, payroll, or benefits provider via ACH deposit. Deposits that are not from an employer (such as check deposits; P2P transfers such as from PayPal or Venmo, etc.; merchant transactions such as from PayPal, Stripe, Square, etc.; and bank ACH transfers not from employers) do not qualify for this promotion. The amount of the bonus, if any, is described below. No bonuses shall be paid for qualifying Direct Deposits of less than $1,000 during the Evaluation Period (defined below).

SoFi will credit members who meet qualification criteria within 14 days of the end of the Evaluation Period.

$230 Swagbucks Bonus

You can now also earn a $230 bonus from Swagbucks. Just search for SoFi. This is how it works:

Must open a new account and complete direct deposit within 45 days.



First deposit must be a qualifying direct deposit of $400 or more



SB will appear as Pending for 32 days.



Must be a new SoFi Checkings & Savings user.

Earning 3.80% APY

SoFi members with direct deposit can earn up to 3.80% annual percentage yield (APY) interest on all account balances in their Checking and Savings accounts (including Vaults). There is no minimum direct deposit amount required to qualify for 3.80% APY. Members without direct deposit will earn 1.00% APY on all account balances in Checking and Savings (including Vaults). Interest rates are variable and subject to change at any time. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

Guru’s Wrap-Up

This is a good bonus for those who don’t already have a SoFi account. You can get $300 from SoFi when you complete $5,000 or more in direct deposits, and another $350 from Rakuten for depositing $200. The account will also earn 4.60% APY with a direct deposit, which is a good rate currently.

With that said, it’s worth pointing pointing out that bank bonuses in general are a great way to earn some extra income, often from the comfort of your home. You can take a look at my bank bonus results for 2022 where I made over $6,000. If this bonus is not for you, then you can check our full list of available bank bonuses. You can also access bonuses available in your state by visiting dannydealguru.com/tag/NY-bank-bonus/ (this is an example for New York). Just replace “NY” with your state or with “nationwide”.

And, if you’re new to bank account bonuses, you can learn more about churning bank accounts here.

💡 Link & Key Details

OFFER PAGE



Bonus: $700



Account Type: SoFi Checking & Savings



Availability: Nationwide



Inquiry Type: Soft pull



Credit Card Funding: No



Direct Deposit Requirement: $1,000 or more (see what works)



Other Requirements: $200 deposit



Monthly Fee: No



Closing Account Fee: Unknown



Expiration Date: 3/31/23 12/31/23 7/31/25

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