SoFi recently expanded a stackable offer that allows you to earn up to $650 back when you open a new checking/savings account.
Shopping portal Rakuten offers a $350 bonus for opening a new SoFi checking/savings account by clicking on the portal link and making a direct deposit of $500 within 45 days. That $350 can then either be withdrawn as cash or converted into 35,000 Amex Membership Rewards (MR) points, which is our preferred choice since we value MR at ~1.55 cents per point.
The Swagbucks promotion can be combined with SoFi’s $300 direct sign-up bonus, giving you a total of up to $650 (or $300 and 35,000 MR) back when you open a new online account and make a qualifying direct deposit.
The deal
- Open a SoFi checking/savings account and get a $50-$300 bonus when you make qualifying direct deposits (see table below for amounts).
See Doctor of Credits list of what SoFi considers a direct deposit
- Stack with Rakuten for an additional approximately $350/35,000 Membership Rewards points when you open a new account through the portal and make a direct deposit of at least $500 within 45 days.
Direct link to the offer
If you are not a Rakuten member and would like to use one of our referral links, you can find them below:
Nick’s referral link
Greg’s referral link
Tim’s referral link
Stephen’s referral link
Key terms
Rakuten
- Cash back is only available to new SoFi Checking and Savings customers.
- Only one per account.
- To qualify, the customer must click on the Rakuten link and make a direct deposit of a minimum of $500.00 to a new SoFi Checking and Savings account within 45 days of clicking the Rakuten link.
- The cashback amount is subject to change and is determined based on the date the customer clicks on the Rakuten link.
- Cash back will be automatically credited to your Rakuten account within 45 days of posting a direct deposit to your SoFi checking and savings accounts.
- Direct Deposit means a recurring deposit of regular income into an Account Holder’s SoFi checking or savings account, including wage, pension or government benefit payments (e.g., Social Security), made by the Account Holder’s employer, a wage or benefit provider, or a government agency (“Direct Deposit”) through the Automated Clearing House (“ACH”) network during a 30-day Evaluation Period (as defined below).
- Deposits that do not originate from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH fund transfers and electronic funds transfers from external accounts, or that are non-recurring in nature (e.g., IRS tax refunds), do not constitute direct deposit activity.
SoFi exam
- Promotion Period: 12/7/23 12:01am ET to 12/31/24 11:59pm ET.
- Must be a new SoFi user.
- To be eligible for a bonus, SoFi must receive at least one Direct Deposit (as defined below) from an Eligible Participant, with the first received on or after 12/7/2023. Direct Deposits are defined as deposits of $1,000.00 or more from an enrolled member’s employer, payroll, benefits provider, or government agency via ACH deposit. Deposits that do not originate from an employer, payroll, benefits provider, or government agency (such as check deposits, P2P transfers such as from PayPal or Venmo, etc., merchant transactions such as from PayPal, Stripe, Square, etc., and third-party bank ACH transfers that do not originate from employers) do not qualify for this Direct Deposit promotion. The amount of the bonus, if any, will be calculated during the Direct Deposit Bonus Period as described and defined below.
- The Direct Deposit Bonus Period begins when SoFi receives a direct deposit within the Promotional Period and ends 25 calendar days later (the “Direct Deposit Bonus Period”). For the avoidance of doubt, the Direct Deposit Bonus Period does not extend beyond the Promotional Period. The bonus amount will vary based on the total amount of direct deposits received during the Direct Deposit Bonus Period. After the Direct Deposit Bonus Period ends, SoFi will determine if you have met the offer requirements and will deposit the earned bonus into your bank account within seven (7) business days. For example, if SoFi receives direct deposits between $1,000.00 and $4,999.99 during the Direct Deposit Bonus Period, you will receive a one-time $50 cash bonus. A Member can only qualify for one bonus level and will not be eligible for future bonus payments if direct deposits increase after the Direct Deposit Bonus Period.
Total direct deposit amount during the direct deposit bonus period | Cash Bonus Level |
---|---|
$1,000.00 – $4,999.99 | $50 |
$5,000.00 or more | $300 |
- The Direct Deposit Bonus Period begins when SoFi receives a direct deposit within the Promotional Period and ends 25 days later (the “Direct Deposit Bonus Period”). For the avoidance of doubt, the Direct Deposit Bonus Period does not extend beyond the Promotional Period. The bonus amount will vary based on the total amount of direct deposits received during the Direct Deposit Bonus Period. After the Direct Deposit Bonus Period ends, SoFi will determine if you have met the offer requirements and will deposit the earned bonus into your bank account within seven (7) business days. For example, if SoFi receives direct deposits between $1,000.00 and $4,999.99 during the Direct Deposit Bonus Period, you will receive a one-time $50 cash bonus. A Member can only qualify for one bonus level and will not be eligible for future bonus payments if direct deposits increase after the Direct Deposit Bonus Period.
- SoFi will credit members who meet the qualifying criteria within seven (7) business days after the end of the Direct Deposit Bonus Period.
- Bonuses are considered other income and may need to be reported to the IRS on Form 1099-MISC (or Form 1042-S, if applicable).
Short thoughts
$300 from SoFi and $350/35,000 MR from Rakuten is one of the better deals we’ve seen recently on a new SoFi checking/savings account, about 20-25% above what’s currently offered through Swagbucks. To take full advantage of these offers, all you need to do is sign up for the checking account through the Rakuten link and then make a in total of $5,000 in direct deposits.
As for timing, if you make your first direct deposit on, say, September 28th, you have until October 21st to reach the $5,000 direct deposit total to qualify for the full $300 bonus. This doesn’t have to happen all at once, but within 25 days of the first direct deposit. Each deposit just needs to be at least $1,000 to qualify. Note that the funds don’t have to stay in the account to qualify for the $5,000 total.
SoFi is known for being pretty strict about what it considers a direct deposit (see the list of DOC methods here). Last year, I was able to trigger both Swagbucks and SoFi by making a $5,000 transfer from Wells Fargo and entering “Payroll Direct Deposit T. Steinke” as the reference (this was based on some positive comments I had seen in the DOC thread). But of course, your experience may vary.
SoFi offers an APY of up to 4.6% to account holders who make a monthly “direct deposit,” so it can be a good option if you actually need an online checking account. I have an account and the 4.6% APY rate is maintained by an electronic transfer with Plastiq.
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