SoFi offers a direct deposit bonus of up to $300 to existing or new SoFi Checking and Savings account holders. SoFi customers who wish to unlock this welcome bonus can check the full details from eligibility to direct deposit amount here.
SoFi Direct Deposit Bonus
The SoFi FinTech company has announced a direct deposit welcome bonus for the timeframe 7 Dec 2023 to 31 Dec 2024. The SoFi existing eligible customers and new SoFi Checking and Savings accounts can take advantage of this direct deposit bonus.
With the welcome bonus, the company plans to attract new customers and offer rewards and incentives to the customers. The direct deposit setup has no account fees and its activity can earn 4.50% APY (annual percentage yield) on saving balances.
The SoFi bank has the authority to assess each account holder’s direct deposit activity to process the bonus payout. The bank has a direct deposit bonus period of 25 days to determine the bonus amount, the period will begin when the first direct deposit payment is made to your account.
SoFi Direct Deposit Bonus Eligibility Criteria
The SoFi members who meet the following eligibility requirements can avail the Direct Deposit Bonus:
- The customer must have $1000 or more in their Checking and Savings account and the transaction should be made during the Direct deposit period.
- The new members who have set up the SoFi checking and Savings account during the program timeframe and all existing account holders who have never set up the Direct Deposit transaction into their Checking and Savings account before the commencement of the program are entitled to receive the bonus payment.
- The eligible direct deposit means a regular income, such as payroll, government benefit payments, pension, payroll, or benefits offered by the government agency via the (ACH) Automated Clearing House Network. The deposits not made from employer or government agencies, such as peer-to-peer transactions, check deposits, merchant transactions, bank ACH transfers, transfers from external accounts, and others are non-direct deposit payments.
Exclusions:
- SoFi customers who had a direct deposit before the program began are not eligible even though they upgraded to a checking and savings bank account.
- The customers who have received the direct deposit bonus previously are not entitled to the 2024 direct deposit welcome bonus.
SoFi Direct Deposit Bonus Payout
As we have mentioned before, the payout of the SoFi direct deposit bonus depends on the direct deposit amount transacted during the 25-day deposit period. The bank has ruled out direct deposit tiers to determine the bonus amount, where the members can earn up to $300 bonus.
The SoFi bank has decided to start the direct deposit period from the first direct deposit payment day as the direct deposit payment can take 10-14 days. The SoFi members can receive the following bonus payout based on their direct deposit amount tier:
| Direct Deposit amount or Direct deposit tier | Direct Deposit Welcome Bonus Payout |
| $1000 to $4999.99 | $50 |
| $5000 or more | $300 |
The bank will not process the bonus payout if your account does not have a direct deposit amount of $1000 or more into your account. If the direct deposit period is passed, the bank will decide if you meet the other requirements and process the bonus payment accordingly into your checking account within seven days after the direct deposit bonus (25-day) period ends.
The SoFi members who meet the eligibility criteria for the direct deposit bonus will receive the bonus for only one tier and the direct deposit payment made during the 25 days.
How to receive the SoFi Direct Deposit Bonus?
The SoFi members who wish to take advantage of the SoFi Direct Deposit Welcome Bonus of up to $300 can avail this benefit through the following steps:
- Open a SoFi checking and Savings account:
- The members should open a checking and Savings account and set up the direct deposit with the account to receive the direct deposit payment into their account.
- Direct deposit will be set up when you download the pre-filled form, and submit it to your employers to receive your payroll in the respective account.
- Wait for the direct deposit amount:
- Now, the members have to wait for the direct deposit transaction which would typically take 2-4 weeks, and start the direct deposit period.
- Payment process:
- After the first payment is made, the bonus payout will be processed based on the direct deposit tier you fit in according to your direct deposit amount after the end of the period.
Will the SoFi Direct deposit bonus be taxable?
The customers should know the direct deposit bonus will be added to their earned income so it will be taxable as all bank bonuses are taxable. At the end of the year, you will receive a form 1099-INT from SoFi asking about the bonus payment you received throughout the year.
According to SoFi, the bonus amount greater than $600 in a year will be reported by the bank to the IRS. The state, federal, or local tax law will be applicable related to the bonus. The recipients should check their tax liability with the tax advisor or determine their tax responsibility to comply with the tax laws.
The SoFi bank direct deposit bonus promotion is open till 31 Dec 2024, the SoFi customers who wish to receive the bonus payout should open the Checking and savings account and set up direct deposit to unlock a bonus of up to $300 based on their direct deposit tier.