SoFi pays new and existing members who have never used direct deposit a cash bonus of $50 for routing at least $1,000, or $400 for at least $5,000, in eligible direct deposits within 25 days.
Researched and rated by the BrokerBonuses editorial team · Last verified 2026-09-30 · How we rate
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Availability
Checking availability…The catch
No wagering, turnover, or holding requirement applies; the bonus is paid as cash into your SoFi Checking account and is withdrawable once credited. SoFi sums your eligible direct deposits over the 25-calendar-day evaluation period that starts with your first eligible deposit of $1 or more, and pays the bonus into SoFi Checking within 7 business days of completing all requirements. Your account must still be open and in good standing when the bonus is paid.
How to claim
- Open a SoFi Checking and Savings account (or use an existing one) without having previously set up direct deposit at SoFi.
- Set up direct deposit so an eligible deposit of $1 or more from an employer, payroll, benefits provider, or government agency arrives via ACH.
- Within 25 calendar days of that first eligible deposit, route at least $1,000 (for $50) or at least $5,000 (for $400) in total eligible direct deposits.
- Receive the cash bonus in your SoFi Checking account within 7 business days of completing the requirement.
Full review
SoFi Checking and Savings offers a cash bonus to members who route direct deposits to their account. The amount is tiered: $50 if you receive at least $1,000 in eligible direct deposits within 25 calendar days of your first deposit, or $400 if you reach $5,000 in that same window.
The clock starts when SoFi recognizes your first eligible deposit of $1 or more. The bonus lands in your SoFi Checking account within 7 business days of completing all requirements. The catch behind the headline "up to $400" is the $5,000 figure.
To earn the top tier you have to move $5,000 of qualifying direct deposits in 25 days, which generally means routing a full paycheck (or two) from an employer, payroll provider, or government agency. Peer-to-peer transfers, merchant payments, and ordinary external bank ACH transfers do not count.
Someone earning a median salary who redirects their entire paycheck can realistically clear $5,000 inside the window, but anyone routing only part of their pay, or under roughly $60,000 a year, is more likely to land on the $50 tier.
The bonus is reported to the IRS as miscellaneous income (Form 1099-MISC). Eligibility is limited to new and existing SoFi members who have never previously set up direct deposit at SoFi, one bonus per member, and you need a physical address in the 50 US states or Washington, DC.
On a joint account, only the primary holder's direct deposit activity counts. Your first eligible direct deposit must arrive on or before December 31, 2026.
Pros
- +No deposit fee or wagering: the bonus is cash you can withdraw once credited
- +The $50 tier is easy to hit with a single $1,000 direct deposit
- +Open to existing members who simply have not used direct deposit before
Cons
- −The advertised $400 requires $5,000 in direct deposits within 25 days, which most people only hit by routing a full paycheck
- −Only employer, payroll, benefits, or government ACH deposits qualify; transfers from your own external bank do not
- −One bonus per member and only for those who never set up SoFi direct deposit before
- −Bonus is taxable as miscellaneous income
- −The bonus is only settled after the 25-day evaluation window and paid within 7 business days of completing the requirements, so cash can take up to about five weeks from your first eligible deposit
- −The 25-day window is shorter than a monthly pay cycle, so people paid monthly under about $60k/year usually cannot reach $5,000 in time and are capped at the $50 tier regardless of annual salary
Up to $400 with SoFi
Now you know the terms. Claim it on the broker's own site.
Sources & verification
We research every bonus from the broker's official pages and re-check it on a 60-day schedule.
Confirmed against official sources: Bonus amount, Minimum deposit, Time limit, Withdrawal terms, Eligible countries.
Broker regulation: SEC (license 8-68389), FINRA (license 151717).
- Bonus terms and conditions: sofi.com ↗
- SoFi official site: sofi.com ↗
Last verified 2026-09-30. Next review within 60 days.