What benefits do I get with direct deposit? How do I set it up?

When you set up eligible direct deposit, you will receive multiple benefits, including 3.10% APY¹ (annual percentage yield) on Savings accounts and Vaults, plus features like No-Fee Overdraft Coverage² and Early Paycheck³.

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 the 3.10% APY. However, please note that there is a minimum direct deposit of $1,000 required for No-Fee Overdraft Coverage.

¹ Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 5/28/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

² Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at https://www.sofi.com/legal/banking-rate-sheet. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website.

³ Early 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.