What is direct deposit?

Direct deposit is a form of electronic payment. It eliminates the need for a physical deposit, like a paper check. Instead you receive the money directly into your checking and savings account.

How do I find my account and routing numbers?

To access your account and routing numbers, log in to your account or go to the Banking tab of your SoFi mobile app and tap 'More.' Many employers allow you to change your own direct deposit settings by inputting your account and routing numbers into their HR portal.

When will I receive my direct deposit bonus?

You’ll receive your payout within seven business days following the 25-day promotional period. See full terms below.

How long does it take SoFi to receive a direct deposit?

On average, it takes two to four weeks for a direct deposit to hit.

What interest rate can I earn with direct deposit?

You can earn up to 4.20% APY (annual percentage yield) on savings (including Vaults) balances, and 0.50% APY on your checking balances with direct deposit. That’s 9x the national average savings account rate! Members without direct deposit will earn 1.20% on savings balances and 0.50% on checking balances.

What is considered a qualifying direct deposit?

A qualifying direct deposit is any ACH deposit from your employer, payroll provider, benefits, provider, or certain other government entities, such as Social Security.

How do I know if my direct deposit is set up correctly?

It typically takes 1 to 2 pay periods for your direct deposit to become active. After this time frame, you’ll know your direct deposit works when you receive funds on or before your expected payday.

How secure is direct deposit?

Because direct deposit happens digitally, it’s more secure than paper transactions. Gone are the days of paper checks getting lost in the mail, stolen, or fraudulently cashed. SoFi bank deposits are also insured by the FDIC up to $250,000 per individual and $500,000 per joint account. Plus, SoFi Checking and Savings members can access additional FDIC insurance up to $2M8 by enrolling in the SoFi Insured Deposit Program.

Do I need a voided check for direct deposit?

With a SoFi account, you can automatically set up direct deposit without a voided check. However, if you want or need to set up direct deposit manually, you can receive a pre-filled direct deposit form with a voided check.

How to Set Up Direct Deposit with SoFi

INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE

SoFi Bank, N.A. Member FDIC.

SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC.

¹†

The following describes the terms that apply to participation in the SoFi Checking and Savings direct deposit promotion (the “Direct Deposit Promotion”) offered by SoFi Bank, N.A, Member FDIC (“SoFi”).

Eligible Participants: All new and existing members without any history of direct deposit transactions into their SoFi Checking and Savings account are eligible for the Direct Deposit Promotion. Members who previously enrolled in direct deposit into either SoFi Money or SoFi Checking and Savings, whether currently still enrolled or not, do not qualify for this Direct Deposit Promotion. Bonuses are limited to one per SoFi Checking and Savings account. In the case of a joint account, only the primary account holder (the member who signed up first) is eligible for a bonus. Member must have an open SoFi Checking account in good standing at the time of the bonus payment.

Promotion Period: The Direct Deposit Promotion will begin on 12/7/2023 at 12:01AM ET and end on 12/31/24 at 11:59PM ET.

Bonus Terms: In order to qualify for eligibility for a bonus, SoFi must receive at least one Direct Deposit (as defined below) from an Eligible Participant, the first of which must be before the end of the Promotion Period. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network. 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 Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity to determine eligibility and may require additional documentation to complete this verification. The amount of the bonus, if any, will be calculated during the Direct Deposit Bonus Period as described and defined below.

Direct Deposit Bonus Period: The Direct Deposit Bonus Period begins when SoFi receives a Direct Deposit of $1 or more within the Promotion Period and ends 25 calendar days later (the “Direct Deposit Bonus Period”). For the avoidance of doubt, the Direct Deposit Bonus Period shall not extend beyond the Promotion Period. The bonus amount will vary based on the total amount of Direct Deposits received during the Direct Deposit Bonus Period. Once the Direct Deposit Bonus Period has elapsed, SoFi will determine if you have met the offer requirements and will deposit any earned bonus into your checking account within seven (7) business days. For example, if SoFi receives between $1,000.00 and $4,999.99 in Direct Deposits during the Direct Deposit Bonus Period, you will receive a one-time cash bonus of $50. A member may only qualify for one bonus tier and will not be eligible for future bonus payments if Direct Deposits subsequently increase after the Direct Deposit Bonus Period.

Total Direct Deposit Amount in Direct Deposit Bonus Period	Cash Bonus Tier
$1.00 - $999.99	$0
$1,000.00 - $4,999.99	$50
$5,000.00 or more	$300

Bonus Payment Timeline: SoFi will credit members who meet qualification criteria within seven (7) business days of the end of the Direct Deposit Bonus Period.

Bonuses are considered miscellaneous income and may be reportable to the IRS on Form 1099-MISC (or Form 1042-S, if applicable). SoFi reserves the right to exclude any Members from participating in the Direct Deposit Promotion for any reason, including suspected fraud, misuse, or if suspicious activities are observed. SoFi also reserves the right to stop or change the Direct Deposit Promotion at any time.

SoFi members with Direct Deposit can earn 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.20% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% 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 10/31/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

²Based on user research from SoFi Direct Deposit Member Survey, 2020.

SoFi Plus is a premium membership product that gives members access to our best APY, offer discounts, rewards, and more when they set up direct deposit. Benefits are subject to change and may not be available to everyone. To learn more about SoFi Plus and all of the terms and conditions, see SoFi.com/terms-of-use/#br22-764967_sofi-plus.

^*Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.

^2x rewards points on qualifying activity: SoFi Plus members can earn double the rewards points as stated in the “Ways to earn” section of the “Membership & Rewards” page for qualifying earning activities during periods in which the SoFi Plus member has enabled Direct Deposit. The qualifying earning activities exclude the following: Credit or Debit card spend paid in rewards points, welcome bonuses paid in rewards points (including any referral bonuses paid in rewards points), and select promotions with bonuses paid in rewards points. The specific number of rewards points is subject to change at any time and can be found in the “Ways to earn” section of the “Membership & Rewards” page.

SoFi Invest refers to the two investment and trading platforms operated by Social Finance, Inc. and its affiliates (described below). Individual customer accounts may be subject to the terms applicable to one or more of the platforms below.

1) Automated Investing and advisory services are provided by SoFi Wealth LLC, an SEC-registered investment adviser (“SoFi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC.

2) Active Investing and brokerage services are provided by SoFi Securities LLC, Member FINRA/SIPC. Clearing and custody of all securities are provided by APEX Clearing Corporation.

For additional disclosures related to the SoFi Invest platforms described above, including state licensure of SoFi Digital Assets, LLC, please visit SoFi.com/legal.

Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform. Information related to lending products contained herein should not be construed as an offer or pre-qualification for any loan product offered by SoFi Bank, N.A.

⁴Early 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.

⁵Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with 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.

9x based on FDIC monthly interest savings rate as of October 21, 2024.

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