Timeframe:
- 10/26/2022 - 1/31/2023
Offer Details:
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Members will receive a tiered direct deposit welcome bonus paid directly to their SoFi Checking & Savings account based on the amount of the total of their first month's direct deposits.
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For example, a member that sets up a new direct deposit of $1,000 and receives two direct deposits during a 25-day period (the Evaluation Period) would have a total of $2,000 when calculating their bonus payment.
- The 25-day Evaluation Period begins on the day your first direct deposit payment posts to your account. It can take 2-4 weeks after setting up your direct deposit to see your first payment.
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See table below.
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Payout:
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SoFi will credit members who meet the qualification criteria (Eligibility) stated below with a one-time cash bonus deposited into their SoFi Checking and Savings account within 14 days after the end of the Evaluation Period.
Evaluation Period:
- The bonus amount will vary based on the total amount of Qualifying Direct Deposits received during a 25-day period (the “Evaluation Period”).
- Once the Evaluation Period has elapsed, we will determine if you have met the offer requirements and will deposit any earned bonus into your checking account within 14 days.
- A member may only qualify for one bonus tier and will not be eligible for future bonus payments if inflows subsequently increase beyond the Evaluation Period.
Eligibility:
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In order to qualify for the bonus, an Eligible Participant must have $1,000 or more in total qualified Direct Deposit transactions during the Evaluation Period.
- All new members who open a SoFi Checking and Savings account during the Promotion Period (as defined above) and all existing SoFi Checking and Savings customers who have not previously set up direct deposit transactions into their SoFi Checking and Savings account as of the beginning of the Promotion Period are eligible for the Program.
- SoFi Money members that complete an update to Checking and Savings account, but have had a prior Direct Deposit are also not eligible for this promotion.
- SoFi Money members who previously received a bonus for enrolling in direct deposit do not qualify for this promotion.
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NOTE: Social Security benefits do qualify as Direct Deposits
Terms & Conditions:
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Qualifying Direct Deposits must be made from the enrolled member’s employer, payroll, or benefits provider via ACH deposit.
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Deposits that are not from an employer (such as check deposits; P2P transfers such as from PayPal or Venmo, etc.; merchant transactions such as from PayPal, Stripe, Square, etc.; and bank ACH transfers not from employers) do not qualify for this promotion.
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This offer cannot be combined with the SoFi Checking and Savings / SoFi Money rate discount on a SoFi loan.
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SoFi reserves the right to exclude any Members from participating in the Program for any reason, including suspected fraud, misuse, or if suspicious activities are observed.
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SoFi also reserves the right to stop or make changes to the Program at any time.