Cash Back Offer Terms and Conditions
To qualify for Cash Back, the customer must apply for a new SoFi Checking and Savings account directly through the Rakuten link and set up and post a direct deposit with their net INITIAL direct deposit for a minimum of $500 within 45 days of clicking the Cash Back link. Cash Back rates may vary within this promotional period. During the Promotional Period, the terms set forth herein replace any prior terms for the Cash Back offer. This offer is applicable only to SoFi members who have not previously opened a SoFi Checking and Savings account.
Must be 18 years or older. Must provide social security number or Individual Taxpayer Identification Number (ITIN).
Limit one Cash Back offer per Rakuten account. The Cash Back amount is subject to change and is determined based on the date the customer clicks the Rakuten link to create their SoFi account. Cash Back will be credited to the customer's Rakuten account after the qualifying direct deposit is posted to the SoFi Checking and Savings account which can take several weeks or longer. Browser cookies must be enabled.
Direct Deposit Details
Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days. Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, Zelle etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g. IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required. SoFi Bank, N.A. (“SoFi Bank”) shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine eligibility and may request additional documentation for verification of eligibility.
SoFi Offer Terms
Earn up to 4.20% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.90% APY Boost (added to the 3.30% APY as of 9/23/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at sofi.com/banking#4. SoFi Bank, N.A. Member FDIC.
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.
SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults)and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 0.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 9/23/26. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
