SoFi has recently increased a stackable offer that can give you up to $550 back when opening a new checking/savings account.
The shopping portal Rakuten is offering what I believe is a best-ever $250 (or 25,000 Membership Rewards points) for opening a new SoFi Checking/Savings account by clicking through the portal link and making a $500 deposit within 30 days.
When using Rakuten, you have the option receive cash or Amex Membership Rewards at a rate of 1 cent each. We value Membership Rewards at ~1.55 cents each, so that’s by far the more valuable option if you’re into using the points to transfer to travel partners. That said, those who aren’t involved in the Amex ecosystem may just prefer the fistfuls of cash.
The Rakuten promo will stack with SoFi’s direct $300 sign-up bonus for a total of up to $550 back when opening a new online account and completing qualifying direct deposits.
The Deal
- Open a SoFi Checking/Savings account and get a $50-300 bonus when completing qualifying direct deposits (see table below for amounts).
See Doctor of Credit’s list of what SoFi considers a direct deposit
- Stack with Rakuten for an additional ~$250/25,000 Membership Rewards points when opening a new account through the portal and completing a direct deposit of at least $500 within 45 days.
Key Terms
SoFi Checking
- Promotion Period: 12/7/23 12:01AM ET to 6/30/24 11:59PM ET.
- Must be a new user to SoFi.
- In order to qualify for eligibility for a bonus, SoFi must receive at least one Direct Deposit (as defined below) from an Eligible Participant, the first of which must be received on or after 12/7/2023. Direct Deposits are defined as deposits of $1,000.00 or greater from an enrolled member’s employer, payroll, benefits provider, or government agency via ACH deposit. Deposits that are not from an employer, payroll, benefits provider, or government agency (such as check deposits; P2P transfers such as from PayPal or Venmo, etc.; merchant transactions such as from PayPal, Stripe, Square, etc.; and external bank ACH transfers not from employers) do not qualify for this Direct Deposit Promotion. The amount of the bonus, if any, will be calculated during the Direct Deposit Bonus Period as described and defined below.
- The Direct Deposit Bonus Period begins when SoFi receives a Direct Deposit within the Promotion Period and ends 25 calendar days later (the “Direct Deposit Bonus Period”). For the avoidance of doubt, the Direct Deposit Bonus Period shall not extend beyond the Promotion Period. The bonus amount will vary based on the total amount of Direct Deposits received during the Direct Deposit Bonus Period. Once the Direct Deposit Bonus Period has elapsed, SoFi will determine if you have met the offer requirements and will deposit any earned bonus into your checking account within seven (7) business days. For example, if SoFi receives between $1,000.00 and $4,999.99 in Direct Deposits during the Direct Deposit Bonus Period, you will receive a one-time cash bonus of $50. A member may only qualify for one bonus tier and will not be eligible for future bonus payments if Direct Deposits subsequently increase after the Direct Deposit Bonus Period.
| Total Direct Deposit Amount in Direct Deposit Bonus Period | Cash Bonus Tier |
|---|---|
| $1,000.00 – $4,999.99 | $50 |
| $5,000.00 or more | $300 |
- The Direct Deposit Bonus Period begins when SoFi receives a Direct Deposit within the Promotion Period and ends 25 days later (the “Direct Deposit Bonus Period”). For the avoidance of doubt, the Direct Deposit Bonus Period shall not extend beyond the Promotion Period. The bonus amount will vary based on the total amount of Direct Deposits received during the Direct Deposit Bonus Period. Once the Direct Deposit Bonus Period has elapsed, SoFi will determine if you have met the offer requirements and will deposit any earned bonus into your checking account within seven (7) business days. For example, if SoFi receives between $1,000.00 and $4,999.99 in Direct Deposits during the Direct Deposit Bonus Period, you will receive a one-time cash bonus of $50. A member may only qualify for one bonus tier and will not be eligible for future bonus payments if Direct Deposits subsequently increase after the Direct Deposit Bonus Period.
- SoFi will credit members who meet qualification criteria within seven (7) business days of the end of the Direct Deposit Bonus Period.
- Bonuses are considered miscellaneous income and may be reportable to the IRS on Form 1099-MISC (or Form 1042-S, if applicable).
Rakuten
- Cash Back is only available for new Banking customers, one per person.
- Customers of other SoFi products are eligible.
- Customer must complete a direct deposit in addition to funding a minimum of $500.00 on a new Checking/Savings account to qualify.
- Cash Back will be automatically added to your Rakuten account tomorrow
Quick Thoughts
$300 from SoFi and $250 from Rakuten are among the largest bonuses that we’ve seen recently for a new SoFi checking/savings account. In order to max out these offers, you just have to sign-up for the checking account through the Rakuten link and then do a total of $5000 in direct deposits.
In terms of timing, if you make your first direct deposit on May 28th (for instance), then you have until June 21st to meet the $5,000 in combined total direct deposits to qualify for the full $300 bonus…it doesn’t need to happen all in one shot but it does need to happen within 25 days of the first direct deposit. Each deposit just needs to be at least $1,000 to be considered qualifying. Note that the money doesn’t need to stay in the account in order to qualify towards the $5,000 total.
SoFi is known for being fairly strict with what it considers a direct deposit (see DOC methods list here). Last year, I was able to trigger both Swagbucks and SoFi by making a $5,000 transfer from Wells Fargo and putting “Payroll Direct Deposit T. Steinke” in the reference (this was based on a few positive comments I saw in the DOC thread). But, of course, YMMV.
SoFi offers up 4.6% APY for account holders who do a monthly “direct deposit,” so it can be a decent option if you actually need an online checking account. I have an account and the 4.6% APY rate is kept active by doing an electronic transfer using Plastiq.
Want to learn more about miles and points? Subscribe to email updates or check out our podcast on your favorite podcast platform.
My Rakuten is showing it as only $125 now. Is that what others are seeing?…
The 25 days is a bait and switch. It may as well be 15 days. If you use a real DD the first one hits and starts the clock. For most ppl the second DD hits 14 days later and the 3rd lands on day 28 which is too late. So you need a sizable paycheck or trust that something that looks like a DD works. Guess the Rakuten points is still worthwhile though
You don’t understand the definition of “bait and switch”. Yes – the terms make it more challenging but it’s very clear what the requirement is – $5k+ dd within a 21 day period. If you are relying on bi-weekly paychecks then you’ll need to be able to manage 2X $2,500. I understand this may not be realistic for some but there is no funny business being pulled here – just a relatively high bar to meet.
I had $8k stolen from my SoFi account. Dealing with their ridiculous support was absurd. It took hundreds of hours of wasted time to get my funds back. Sofi is a horrible company so if you do their bank bonus close the account immediately, but honestly it’s not even worth taking the risk since they have terrible security and horrible support.
So I take it that if I opened up a SoFi Invest Account last year that I am not eligible for the checking account bonus through SoFi but I could still get the Rakuten offer?