Cash Back Offer Terms and Conditions
To qualify for Cash Back, the customer must apply for a new SoFi Checking and Savings account directly through the Rakuten link and set up and post a direct deposit with their net INITIAL direct deposit for a minimum of $500 within 45 days of clicking the Cash Back link. Cash Back rates may vary within this promotional period. During the Promotional Period, the terms set forth herein replace any prior terms for the Cash Back offer.
Must be 18 years or older. Must provide social security number or Individual Taxpayer Identification Number (ITIN).
Limit one Cash Back offer per Rakuten account. The Cash Back amount is subject to change and is determined based on the date the customer clicks the Rakuten link to create their SoFi account. Cash Back will be credited to the customer's Rakuten account after the qualifying direct deposit is posted to the SoFi Checking and Savings account which can take several weeks or longer. Browser cookies must be enabled.
Direct Deposit Details
A direct deposit means a recurring deposit of regular income to an account holder's SoFi Checking or Savings accounts, including payroll, pension or government agency ("Direct Deposit") via the Automated Clearing House ("ACH") Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity.
SoFi Offer Terms
SoFi Checking and Savings accounts are offered through SoFi Bank, N.A., Member FDIC.
Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 12/22/25) 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.
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 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.
