Switching banks feels like a chore, right? It gets a lot more interesting when there’s a possible cash bonus attached. Here’s a plain-spoken look at the SoFi Banking referral offer, from someone who actually uses the account.
Disclosure: the links on this page are my personal referral links. If you sign up through them I may receive a reward, and the offer may give you a bonus too. This is not financial advice.
If you already know you want to look at the offer, you can see the current SoFi Banking referral offer here. If you want the full picture first, keep reading.
What is SoFi Banking?
SoFi Banking is SoFi’s checking and savings product, called SoFi Checking & Savings. The idea is to keep your everyday spending money and your savings together in one place, so you’re not juggling a pile of separate apps and logins.
Who this offer suits
The offer is most interesting if you fit one of these:
- Young professionals who want a simple home base for paychecks and savings.
- Direct-deposit switchers who are open to moving their paycheck anyway.
- People consolidating their banking who’d like fewer accounts to keep track of.
The biggest part of the reward depends on direct deposit, so it’s built for people who can actually redirect their pay.
My experience with SoFi Banking
I personally use SoFi Checking & Savings. What I like most is how easy it is to move money in and out. I also make my SoFi personal loan payment straight from the account, so everything stays in one place. That’s the whole appeal for me: less hopping between apps.
Your results will likely be different. Rates and approval depend on your own credit and the provider’s terms, and anything involving a loan comes down to your individual situation. Borrowing and investing both carry real risk, so read the terms before you commit to anything.
How the SoFi referral works, step by step
- Use a referral link. Start from my SoFi referral link so the offer is attached to your sign-up.
- Open Checking & Savings. This is the first step toward the reward.
- Consider SoFi Plus. This is the second reward tier (details below).
- Set up eligible direct deposit. The largest tier requires $5,000+ in eligible direct deposit.
- Check the official terms. The official SoFi Banking page spells out what counts as eligible and how the reward is paid.
What the reward is, and what has to happen first
The referral pays up to $475 total, in three pieces:
- $50 for opening Checking & Savings.
- $25 more with SoFi Plus.
- Up to $400 more with $5,000+ in eligible direct deposit.
“Up to” matters here. $475 is the ceiling, not a guarantee, and you only earn each piece by completing its requirement. The person who referred you also earns a bonus. Terms apply, and offers and terms can change, so the official SoFi Banking page has the current details.
Who should skip it
This may not be a fit if:
- You can’t or don’t want to move your direct deposit. The biggest piece of the reward depends on it.
- You’re happy with your current bank and don’t want the hassle of switching.
- You’d be chasing a bonus on an account you wouldn’t otherwise use. A bonus shouldn’t be the only reason to open one.
It isn’t free money. It’s a reward for meeting specific requirements, and only you can judge whether those fit your life. For more write-ups like this, browse our product reviews.
Ready to take a look?
I use SoFi Checking & Savings and like having transfers and my loan payment in one spot. If that sounds useful, check out the SoFi Banking offer and current terms here, and read the fine print before you sign up.