We’re glad you asked, we love perks too!
All members will receive access to the following features when you set up direct deposit:
- Highest APY: You’ll earn our highest APY on the balances of your SoFi Checking and Savings accounts, plus the cumulative total of all Vault balances¹ (See How do I get the Highest APY?)
- Overdraft Protection: Uses money from your SoFi Savings account to cover a transaction if you are running low on funds².
- Early paycheck deposit: This is often up to 2 days early, but may vary)³
- Preferred access to IPOs
- Discounts on personal loans
Please note: There is no minimum direct deposit amount required to earn the highest APY or 2-Day Early Paycheck, however, we do require $1,000 of monthly qualifying direct deposits to unlock No-Fee Overdraft Coverage.
Not sure what the difference is between overdraft protection and overdraft coverage? Visit Overdraft Protection vs. Overdraft Coverage to learn more!
| ²Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
³Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary. |