(Nationwide; Requires $5,000 Direct Deposit)
SoFi’s Checking & Savings account currently offers up to a $300 cash bonus directly from SoFi for new customers who post at least $5,000 in qualifying direct deposits within the 25-day Direct Deposit Bonus Period, plus an additional $300–$375 cash back (or 30,000–37,500 Amex Membership Rewards points) via Rakuten when you open through their portal and post a minimum $500 direct deposit within 45 days. This stackable incentive is available nationwide, and as of the May 12, 2025 update, many users are again seeing the Rakuten bonus restored to $375 after a brief dip to $300.
Direct Link to OFFER
SoFi Checking & Savings Signup Bonus via Rakuten
Overview
SoFi Bank, N.A. (Member FDIC) has rebranded its SoFi Money
product into SoFi Checking & Savings, combining a high-yield savings
component (up to 3.80% APY with qualifying activity) and a fee-free checking
account into one seamless digital experience. To attract new customers, SoFi is
running a tiered direct deposit promotion that pays up to $300 based on deposit
volume, plus partners with Rakuten to layer on an additional cash-back or
points bonus.
Bonus Details
SoFi Direct Deposit Bonus
- Bonus
tiers:
- $50
for $1,000–$1,999 in qualifying direct deposits
- $100
for $2,000–$4,999 in qualifying direct deposits
- $300
for $5,000 or more in qualifying direct deposits.
- Evaluation
Period: 25 calendar days from the date your first qualifying direct
deposit posts; SoFi credits eligible bonuses within seven business days
after the period ends.
- Definition
of qualifying direct deposit: Recurring payroll, pension, or
government benefit payments via ACH; excludes P2P transfers, external bank
ACH, and non-payroll deposits.
Rakuten Signup Bonus
- Amount:
Cash back of $300–$375 or 30,000–37,500 Amex Membership Rewards points (1
point = $0.01).
- Action:
Click through the Rakuten portal’s SoFi Banking offer link and open a new
SoFi Checking & Savings account.
- Direct
deposit requirement: A minimum initial direct deposit of $500 into
your new account within 45 days of clicking the Rakuten link.
- Posting
time: Rakuten adds cash back or points within ~45 days after the
direct deposit posts.
Eligibility & Requirements
- New
customers: Only first-time direct deposit enrollees into SoFi Checking
& Savings are eligible for the SoFi bonus; referral or upgrade links
may not qualify.
- Soft
credit pull: Applying through the SoFi online application generates a
soft inquiry only; no hard pull.
- No
monthly or overdraft fees; no minimum balance requirement; access to
55,000+ Allpoint ATMs nationwide.
- FDIC
insurance: Up to $3 million through SoFi Insured Deposit Program, or
$250,000 standard coverage.
How to Apply via Rakuten
- Sign
in or join Rakuten (new members may earn a Rakuten welcome bonus) Rakuten.
- Search
for “SoFi Banking” on Rakuten and click the “Shop Now” link.
- Open
a SoFi Checking & Savings account via the Rakuten redirect.
- Set
up direct deposit: Ensure a qualifying $500+ payroll deposit posts
within 45 days.
- Monitor
your Rakuten dashboard for the bonus posting; expect payment in cash
or points within about six weeks.
Updates & Bonus Fluctuations
- May
4, 2025: Rakuten bonus peaked at $375—the highest ever seen.
- Early
May: Some users reported seeing the bonus drop to $300, only to have
it restored to $375 by May 12, 2025.
- Why
fluctuations happen: Rakuten periodically adjusts cash-back rates
based on partner negotiations and promotional budgets. If you see a lower
bonus, consider waiting or checking from another device/account.
Benefits & Account Features
- High
APY: Up to 3.80% APY on savings balances with any direct deposit;
1.20% APY without direct deposit.
- Early
direct deposit: Access paychecks up to two days early, depending on
employer transmission.
- Digital
tools: “Vaults” for goal-based savings, “RoundUps” to automatically
save spare change.
- Fee-free:
No monthly maintenance, no overdraft fees, no foreign transaction fees.
Tips & Considerations
- Timing
is critical: Track the 25-day SoFi Evaluation Period and 45-day
Rakuten window separately to ensure you hit both deposit requirements.
- Deposit
structure: Multiple payroll deposits can be combined, but each must be
at least $1,000 to count toward the SoFi tiers.
- Reporting:
SoFi bonus is miscellaneous income and may be reported on IRS Form
1099-MISC.
- Churning:
While upgrades of existing SoFi Money accounts may work, outcomes vary;
review community reports before attempting.
Conclusion
For new SoFi Checking & Savings customers nationwide,
this dual-layered promotion represents one of the most lucrative bank-bonus
opportunities available in 2025: up to $675 total ($300 direct + $375 via
Rakuten) along with market-leading APYs and fee-free banking features. To
capitalize, apply through Rakuten promptly, set up and time your direct
deposits carefully, and watch for bonus postings.
All details accurate as of May 13, 2025. Always verify current terms on SoFi’s site and Rakuten’s portal before applying.