Get a $25 sign up bonus when you open a SoFi Checking and Savings account using a SoFi referral link and fund your account with $50 or more within 21 days.
Earn an additional SoFi direct deposit bonus worth up to $300 based on your total qualifying direct deposit amount.
The $25 SoFi referral bonus is open to new account holders who use a referral link to apply. The direct deposit bonus is open to new and existing eligible members.
Continue reading to learn more on how to get your $25 from SoFi and qualify for the full checking account opening bonus.
What is SoFi?
SoFi is an online-only bank that started in 2011 and became known for their online student loans business and SoFi Money account.
In 2022 SoFi received its national bank charter and officially became a real bank. Their institution name is SoFi Bank National Association, FDIC Cert# 26881.
As a highly trusted online banking institution SoFi offers members FDIC insured SoFi Checking and Savings accounts, 4.00% APY bank rates and no monthly account fees.
Additionally, SoFi offers competitive rates on student loans, personal loans, and refinance rates on medical student and private student loans.
The SoFi credit card offers members 2% cash back rewards, no foreign transaction fees, SoFi Stadium perks, cell phone protection and more.
Read my full SoFi bank review.
SoFi Referral Bonus Guide
There are currently two separate SoFi Checking and Savings account sign up bonuses available. You can qualify for both rewards as a new member.
I’ve split these up into two parts so you can easily see the criteria for each.
Further along in this SoFi referral bonus guide, I’ll also go over how you can earn a SoFi $75 referral bonus for introducing friends and family to SoFi!
SoFi Checking and Savings $25 Bonus
Get $25 from SoFi as a sign up bonus reward when you use a SoFi promotional link to open a new Checking and Savings account.
It’s one of the few bank bonus promotions that doesn’t require you to complete a direct deposit to get the free money.
SoFi $25 Bonus Requirements
In order to qualify for the $25 sign up bonus, follow the below steps.
- Apply for a SoFi Checking and Savings account using a referral link (use can use mine here!)
- Link a bank account or debit card to SoFi
- Transfer $50 or more into your SoFi account within 21 days (funds must settle during this time frame)
- Get paid a $25 SoFi Welcome bonus (2,500 reward points)
Once you complete the necessary requirements, SoFi will deposit 2,500 reward points (redeemable as $25) into your SoFi Checking account within 7 business days. No strings attached!
The SoFi $25 account opening bonus is for new members only who have not previously had a SoFi bank account.
$300 SoFi Direct Deposit Bonus
Both new and existing eligible SoFi members can earn an up to $300 direct deposit welcome bonus.
The direct deposit bonus is a tiered reward based on the amount of the total of your first month’s direct deposits.
For example, if you set up a direct deposit of $1,500 and receive two direct deposits during a 25-day period (Evaluation Period*), you would have a total of $3,000 when calculating your cash bonus payment.
In the above example, you would earn a SoFi $50 direct deposit bonus.
To earn the SoFi $300 direct deposit bonus, you must complete direct deposits totaling $5,000 or more during the 25-day Evaluation Period.
*The 25-day Evaluation Period begins on the day your first direct deposit payment posts to your account.
SoFi $300 Bonus Requirements
The SoFi $300 bonus promotion expires on 1/31/26. Below are offer details and requirements necessary to qualify.
- Set up qualified direct deposits
- Complete direct deposits during your first month eligible that total $1,000 dollars or more (based on 25-day evaluation period)
- Get paid a SoFi bonus of either $50 or $300 into your SoFi Checking and Savings account within 7 business days after the end of the Evaluation Period.
Fine Print
Make sure to read the fine print so you don’t miss out on the free SoFi money!
- Existing SoFi members who have not previously set up direct deposit transactions into their SoFi Checking and Savings account are eligible for the reward.
- A member may only qualify for one bonus tier and will not be eligible for future bonus payments if inflows subsequently increase beyond the Evaluation Period.
- Qualifying Direct Deposits must be made by a member’s employer, payroll, or benefits provider via ACH deposit. Qualifying deposits include payroll, pension, or government payments. Social Security benefits do qualify as Direct Deposits.
- Non-Qualifying Deposits include: Deposits not from an employer, P2P transfers such as from PayPal, Venmo, Cash App, etc., merchant transactions such as from PayPal, Stripe, Square, etc., and bank ACH transfers not from employers
Welcome Bonus Payouts
- Earn $50 Welcome Bonus Payout when you complete first month direct deposits totaling $1,000 – $4,999.99
- Earn $300 Welcome Bonus Payout when you complete first month direct deposits totaling $5,000 or more.
If you fully qualify for both SoFi Welcome bonuses ($25 + $300), you’re looking at $325 in free SoFi money!
You’ll also become a SoFi Plus member with recurring direct deposits and unlock more perks that come with your SoFi checking and savings account.
Nab a Debit Card Skin and Personalize Your New SoFi Card!
SoFi Account Setup Process
I went through the standard personal questions and identification document requests that most banks ask of you when opening a new account.
To open a SoFi account you’ll need to provide your name, social security number, date of birth, mailing address and a valid government-issued photo ID. This can be a driver’s license, non-driver state ID card, or passport.
SoFi uses industry standard bank-level encryption to keep your data safe and secure, just as any other bank.
Next, you’ll be asked to link your bank account or debit card to make an initial deposit into your new SoFi Checking and Savings account.
- Transfer from Bank – Link a bank to add up to $5,000. It arrives to your SoFi account within 1 – 3 days business days.
- Transfer from Debit Card – Use a debit card to add $50 or more. It arrives to your SoFi account instantly.
If you want to receive your $25 sign up bonus as quickly as possible, I would recommend transferring $25 or more from a linked debit card to your SoFi account.
This way your money will arrive instantly as opposed to the longer 1 – 3 day wait with a bank transfer.
NOTE: Your account setup process may look slightly different than mine. I set up my account in 2022. Still, the bank verification process would remain relatively unchanged.
My experience with receiving my SoFi $25 account opening bonus was a seamless process.
As you can see from the image below, I initiated a debit card transfer in the amount of $55 to my new SoFi account.
The fund transaction instantly posted to my account, and within a few minutes my $25 SoFi Welcome bonus was also paid to my account.
SoFi $75 Referral Bonus
You’ll also earn a $75 SoFi checking referral bonus (7,500 reward points) for each qualified referral who uses your SoFi referral link to open a Checking and Savings account.
As long as your referral funds their account with $50 or more within 21 days, you’ll earn a SoFi $75 referral bonus. To qualify for the reward, you must have a SoFi Checking and Savings account in good standing.
As a SoFi member, you’ll be able to earn up to $10k per year with the SoFi referral program for simply referring friends and family to SoFi!
Quick Note! SoFi changes the referral bonuses often. For a long while they had $100 and then $50 referral bonuses. Now it’s a $75 referral bonus. I will continue to keep this blog post updated as best I can to reflect these changes as they happen. If you’re on Pinterest, then save this pin and come back to this blog post!
Within your account profile settings, you’ll find your unique referral link that you can send to friends and family to join SoFi.
The easiest way to earn $75 right now is to have your spouse or partner join SoFi with your referral link. They’ll earn $25 in free money and you’ll earn a $75 bonus. It’s an easy way to make quick money with very little effort.
Final Thoughts
The SoFi referral bonus was one of the easiest bank bonuses I’ve earned to date.
Most other fintech companies, such as Chime require direct deposits to earn the bank bonus and can lead you to miss out on free money. This is one of the reasons I was initially attracted to SoFi.
Although, I quickly found out there’s plenty of other reasons to continue banking with SoFi, especially now that they’ve obtained their bank charter.
SoFi also offers a $300 personal loan referral bonus as well as refinancing opportunities for your student loans. Not to mention, you can open a SoFi Invest account and grow your stock and Crypto portfolio.
So while the fintech app offers a great sign up bonus, it’s array of wealth building features is what may keep you banking with SoFi for the long haul!
I hope you’ve enjoyed reading my SoFi referral bonus review!
You may also be interested in reading about the $20 DCU referral bonus and $25 Varo bank bonus. Neither bank bonus promotion requires a direct deposit to earn the reward.
