SoFi first emerged as one of the best student loan refinancing companies, but it has also become known as one of the best online banks.

Not only do they offer a checking and savings account combo, but their accounts come with no fees. However, what really makes them stand out is the SoFi Cash bonus that’s offered when you sign up for a new SoFi checking and savings account.

Below, you’ll find the details on all the current SoFi bonus opportunities that are available.

SoFi Promotions For February 2026

SoFi Checking and Savings – Up to $300 Bonus

Earn up to 4.00% annual percentage yield (APY¹) on SoFi Savings with a 0.70% APY Boost (added to 3.30% base APY as of 12/23/25) for up to 6 months. Plus, earn up to $300 with direct deposit. Open a new SoFi Checking and Savings account (Member FDIC), set up an eligible direct deposit within 60 days, and maintain direct deposit for six months.

Earn Bonus Cash: Earn a $300 cash bonus and up to a 4.00% APY when opening a checking and savings account.

1. Sign up for a SoFi Checking and Savings account.
2. Within 25 calendar days of opening your new account, set up eligible direct deposits. The amount of your direct deposits will determine your bonus amount. Direct deposits totaling between $1,000 and $4,999.99 will earn a $50 bonus. However, direct deposits of $5,000 or more will earn $300.

The bonus will be added to your SoFi checking account within seven business days from the end of the direct deposit bonus period.

SoFi Invest – up to $10,000

For a limited time, you can earn up to $10,000 when you transfer funds into a new SoFi Invest account.

1. Sign up for a new SoFi Invest account.
2. Before the promotion expires, transfer funds from an existing brokerage account. Your bonus will depend on the amount of funds transferred. When you transfer between $5,000 and $25,000, you’ll earn $100; $25,000 and $100,000 will earn $200; $100,000 and $250,000 will earn $500; $250,000 and $500,000 will earn $750; $500,000 and $1,000,000 will earn $1,000; $1,000,000 and $5,000,000 will earn $2,500; over $5,000,000 will earn a $10,000 bonus.

Your bonus will be paid into your account within 14 days after the end of the month when the funds are settled in your new account.

Also Read: Best Free Checking Accounts

SoFi Referral Bonus – $75

If you’re a current SoFi customer, you can earn $75 when you refer others, and they sign up for a new SoFi checking and savings account.

1. Open a new SoFi account or log into your current SoFi checking and savings account.
2. Grab your referral link from your SoFi account and send it to friends and family.
3. Make sure your referrals deposit at least $10 into their new account within 14 days.
4. Once they make their initial deposit, you will earn your $75 SoFi bonus, and they will earn $25.

How to Open a SoFi Bank Account

If you’re ready to open a new SoFi Bank account, you’ll need to complete the following steps:

1. Click one of the buttons above to visit the SoFi website. Then, click “Open an Account.”
2. Complete your application by providing personal information such as your name, address, social security number, and date of birth.
3. Finally, fund your new account by transferring money from an existing account through an electronic transfer or linking another bank account.

Boost Your Savings: Open a Valley Bank High-Yield Savings Account through Raisin and earn 3.95% APY plus up to a $1,500 bonus.

How SoFi Interest Works

SoFi offers interest on both its checking and savings accounts. You can earn 0.50% APY on checking and up to 4.30% APY on savings balances (including Vaults).

However, one of the more significant complaints is about what it takes to earn a higher interest rate on the SoFi savings account. To earn the highest 4.30%, you must set up monthly direct deposits of at least $5,000. If you don’t want to use direct deposits, you must manually make $5,000 in qualifying deposits. If you don’t do either, you will only receive a 1.00% APY on a savings account and 0.50% APY on the checking account.

How Do SoFi Promotions Compare to Others?

SoFi has some of the best bank promotions available today. However, to be sure you’re signing up for a new account that meets your needs, I recommend comparing it to some alternatives.

Frequently Asked Questions About SoFi Bonus Offers

Does SoFi offer a bonus?

Yes, SoFi offers up to a $300 bonus on checking and savings accounts. They also have up to a $10,000 SoFi Invest bonus when you transfer funds from an existing brokerage account.

Can students open a SoFi bank account?

Anyone under the age of 18 is not allowed to open a SoFi bank account. However, if you are over 18 years old and a student, you can open a SoFi account and earn a $30 bonus. Just click this link to get started. You will need to have a valid .edu email address.

How easy is it to open a SoFi bank account?

Opening a new SoFi bank account is simple. Once you fill out the short application with your personal information, you must make your initial deposit to finalize your account opening.

Does SoFi have a referral bonus?

If you already have a SoFi account, there are several referral bonuses available. If you have a checking account, you can refer friends and family and earn $75 when they sign up for a new account (your referral will earn $25). You can also earn a $300 bonus when you refer someone who takes out a personal loan.

Disclosures

1. Up to $300 Bonus Tiered Disclosure
   New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct
   Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the
   total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the
   details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through
   SoFi Bank, N.A., Member FDIC.
   SoFi members with Eligible Direct Deposit can earn 3.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct
   Deposit amount required to qualify for the 3.60% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on
   checking balances. Interest rates are variable and subject to change at any time.
   These rates are current as of 11/12/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
2. APY disclosures
   Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 1/24/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and
   information can be found at https://www.sofi.com/legal/banking-rate-sheet
3. Fee Policy
   We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
4. Additional FDIC Insurance (must be bolded)
   SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
5. ATM Access
   We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
6. Early Access to Direct Deposit Funds
   Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
7. Overdraft Coverage
   Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with Eligible Direct Deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
8. 0.70% Savings APY Boost
   Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) for up to 6 months. Open a new SoFi Checking & Savings account and enroll in SoFi Plus by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.