Direct deposit is a form of electronic payment. It eliminates the need for a physical deposit, like a paper check. Instead, you receive the money directly into your SoFi Money account.
Why is setting up your direct deposit so important?
When you set up direct deposit into your account, you are trusting your paycheck with us. We want to repay that trust by making sure that we give you the best of what SoFi has to offer, including up to 1.25% APY (annual percentage yield) on checking and savings accounts, features like No-Fee Overdraft Coverage and up to 2-Day Early Paycheck.
NOTE: There is no minimum direct deposit amount required for the 1.25% APY or 2-Day Early Paycheck, however we do require $1,000 of monthly direct deposit inflows to unlock No-Fee Overdraft Coverage.
NOTE: Members without direct deposit will earn 0.70% APY on Checking and Savings deposits.
Read more: What is a qualifying direct deposit?