When you set up direct deposit, you unlock the best of SoFi, including 4.20% APY (annual percentage yield) on Savings accounts and Vaults, plus features like No-Fee Overdraft Coverage and Early Paycheck.
You can set up direct deposit here. Follow these steps:
- Click on 'Help me set up direct deposit'
- Select SoFi checking or savings account
- Click 'Done' to continue
You will be instructed to select your employer or payroll provider to receive specific instructions on setting up your direct deposit. If you've selected a payroll provider, you may be prompted to log in.
Once you see a verification completed screen, you are all set! If you’re experiencing issues, your company’s payroll department may have more specific information about setting up direct deposit. Other notes:
- You won't need a voided check to set up direct deposit to your account.
- If your payroll dept requires a direct deposit form, please reference this article: How do I set up direct deposit (Direct deposit form)
There is no minimum direct deposit amount required for 4.20% APY. However, please note that there is a minimum direct deposit required for No-Fee Overdraft Coverage ($1,000).