(EXPIRED) Up to $450 bonus with a new SoFi checking/savings account

Update 11/28: It looks like the $200 Rakuten offer has gone back down to $175/17,500 point, but with the same $500 deposit requirement. I’d probably still take the Membership Rewards instead of the $200 you can get through Swagbucks, but it’s much closer now. For those wanting to cash out, Swagbucks is the way to go.

SoFi has two stackable offers that can give you up to $450 back when opening a new checking/savings account.

Swagbucks gives you ~$200 back when opening a new SoFi Checking/Savings account by clicking through the portal link and making a $300 deposit within 30 days. There’s also an offer through Rakuten for $175/17,500 Membership Rewards points for doing the same thing, but with a $500 deposit.

These stack with SoFi’s direct $250 Q4 sign-up bonus for a total of up to $450 back when opening a new online account and completing qualifying direct deposits.

The Deal

• Open a SoFi Checking/Savings account and get a $50-250 bonus when completing qualifying direct deposits by 12/31/23 (see table below for amounts).
• Stack with Rakuten for an additional ~$175/17,500 Membership Rewards points when opening a new account through the portal and completing a direct deposit of at least $500 within 45 days.

OR

• Stack with Swagbucks for an additional ~$200 when opening a new account through the portal and completing a direct deposit of at least $300 within 30 days.
• Doctor of Credit’s list of what SoFi considers a direct deposit

Direct links to offers:

• • Swagbucks (20,000 points – worth $200 when cashing out via PayPal gift cards)
  • Rakuten ($175 or 17,500 Membership Rewards points)

Key Terms

SoFi Checking

• Promotion Period: 10/1/23 12:01AM ET to 12/31/23 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 before the end of the Promotion Period. 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 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).

• 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).

Swagbucks

• Must be a new user to SoFi. Existing accounts are not eligible to earn 20,000 SB.
• Must open a new account and set up a qualifying direct deposit of at least $300 to earn SB.
• Qualifying Direct Deposits must be made from the enrolled member’s employer, payroll, or benefits provider via ACH deposit.
• SB will appear as Pending for 32 days.
• Must enter valid sign-up information, including funding information to earn SB.
• Must be first deposit to earn.

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

$250 from SoFi and $200 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 November 28th (for instance), then you have until December 21st to meet the $5,000 in combined total direct deposits to qualify for the full $250 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.

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 on up to $10K 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 4.5% APY rate is kept active by doing an electronic transfer using Plastiq.

(h/t: DOC)

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