To attract new customers, many banks often offer a sign-up bonus when you open a new account. For checking accounts specifically, these bonuses can be at least $100.
Qualifying is usually easy: New account holders typically just need to make a minimum deposit or set up direct deposit.
We analyzed and compared dozens of consumer checking accounts offered by online institutions, brick-and-mortar banks and credit unions with sign-up bonuses for new account holders. (See our methodology below for more information on how we created this list.)
Best checking account bonuses
- Bank of America: $300 bonus
- BMO: $350 bonus*
- Capital One: $250 bonus
- Chase Bank: $100, $300, $500 or $1,000 to $3,000 bonus
- Citibank: $325
- M&T Bank:$100, $150 or $200 bonus
- PNC Bank:$100, $200 or $400 bonus
- SoFi: $50 or $300 bonus
- TD Bank: $200 or $300 bonus
- Wells Fargo Bank:$300 bonus
Compare checking account offers
Bank of America
Bank of America Advantage SafeBalance Banking®
Monthly maintenance fee
$0 for eligible students under 25
Minimum deposit to open
$100
Minimum balance
None
Annual Percentage Yield (APY)
None
Free ATM network
16,000+ ATMs
ATM fee reimbursement
None
Overdraft fee
None
Mobile check deposit
Yes
Terms apply. Bank of America, N.A. Member FDIC.
Pros
- Top-rated mobile app
- No overdraft fees
- Savings program that rounds up debit card purchases and transfers the difference to your savings account
Cons
- $25 minimum deposit to open an account
- No APY
- No reimbursement for out-of-network ATM fees
Bonus: $300 (online only with offer code PSJ300CIS); also available with Bank of America Advantage Plus Banking® and Bank of America Advantage Relationship Banking®
Expiration: May 31, 2025
How to earn the bonus: Open a qualifying Bank of America checking account by the expiration date and set up and receive qualifying direct deposits totaling $2,000 or more within 90 days of account opening.
BMO
BMO Smart Advantage Checking account
Monthly maintenance fee
$0
Minimum deposit to open
$25
Minimum balance
None
Free ATM network
40,000+ BMO and Allpoint® ATMs
ATM fee reimbursement
None
Overdraft fee
$15
Mobile check deposit
Yes
Terms apply.
Pros
- Low minimum opening deposit
- No monthly maintenance fee
- No minimum balance requirements
- Free access to 40,000+ ATMs
Cons
- $15 overdraft fee
- $3 out-of-network ATM fee
- Foreign transaction fees apply
- No reimbursement for out-of-network ATM fees
Bonus:
- $350 cash bonus*
- Also available with BMO Smart Money Checking
Expiration: May 2, 2025
How to earn the bonus:
- Open an account online using the "OPEN IN MINUTES" button on this page.
- For in-branch or phone setup, visit the offer page, enter your information and select "SEND MY PROMO CODE" to receive the code needed.
- Set up and receive qualifying direct deposits totaling $4,000 or more into that account within 90 days of account opening between 2/4/25 - 5/2/25.
*Conditions Apply. Accounts are subject to approval and available in the U.S. by BMO Bank N.A. Member FDIC
Capital One
Capital One 360 Checking®
Monthly maintenance fee
$0
Minimum deposit to open
$0
Minimum balance
None
Annual Percentage Yield (APY)
0.10%
Free ATM network
70,000+ Capital One®, MoneyPass and Allpoint® ATMs
ATM fee reimbursement
None
Overdraft fee
$0
Mobile check deposit
Yes
Terms apply.
Pros
- Top-rated mobile app
- No minimum deposit to open an account
- 0.10% APY on all account balances
- No foreign transaction fees
- No overdraft fees
- Free savings transfer for overdrafts after opt-in
Cons
- No reimbursement for out-of-network ATM fees
Bonus: $250 with the promotional code "CHECKING250"
How to earn the bonus: Open a 360 Checking account using promotional code "CHECKING250" and receive at least two qualifying direct deposits each of $500 or more within 75 days of account opening.
Chase Bank
Chase Private Client Checking℠
Annual Percentage Yield (APY)
0.01% APY (effective as of 11/29/24)
Minimum balance
Customers who work with a J.P. Morgan Private Client Advisor generally intend to invest $100,000 or more
Monthly fee
$35, with options to waive
Free ATM network
More than 15,000 Chase ATMs
ATM fee reimbursement
Chase will refund ATM fees charged by the ATM owner/network
Overdraft fee
N/A
Mobile check deposit
Yes
Terms apply.
Pros
- Option to waive monthly fees
- Reimbursement for out-of-network ATM fees
- Overdraft assistance
- Top-rated mobile app
- Chase is no. 2 on J.D. Power's 2019 U.S. National Banking Satisfaction Study
- Send and receive money with Zelle®
Cons
- Low APY
- Requires a substantial amount of cash
- Monthly fees
Bonus: $1,000 to $3,000
Expiration: July 16, 2025
How to earn the bonus:
- Earn $1,000 when you when you open a Chase Private Client Checking account and deposit $150,000 to $249,999.
- Earn $2,000 when you when you open a Chase Private Client Checking account and deposit $250,000 to $499,999.
- Earn $3,000 when you when you open a Chase Private Client Checking account and deposit $500,000+.
Chase Total Checking®
Annual Percentage Yield (APY)
N/A
Minimum balance to open
$0
Monthly service fee
$12 or $0 with one of the following, each monthly statement period: Electronic deposits made into this account totaling $500 or more, such as payments from payroll providers or government benefit providers, by using (i) the ACH network, (ii) the Real Time Payment or FedNowSM network, (iii) third party services that facilitate payments to your debit card using the Visa® or Mastercard® network, OR a balance at the beginning of each day of $1,500 or more in this account, OR an average beginning day balance of $5,000 or more in any combination of this account and linked qualifying Chase checking, savings, and other balances.
Free ATM network
With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
ATM fee reimbursement
None
Overdraft fee
$34
Mobile check deposit
Yes
Terms apply.
JPMorgan Chase Bank, N.A. Member FDIC
Pros
- No minimum deposit to open an account
- Overdraft assistance
- Top-rated mobile app
- Chase is no. 2 on J.D. Power's 2019 U.S. National Banking Satisfaction Study
- Send and receive money with Zelle®
Cons
- No APY
- No reimbursement for out-of-network ATM fees
How to avoid the monthly fee:
- Electronic deposits made into this account totaling $500 or more,
- or a balance at the beginning of each day of $1,500 or more in this account
- or an average beginning day balance of $5,000 or more in any combination of this account and linked qualifying Chase checking, savings and other balances
Bonus: $300
Expiration: July 16, 2025
How to earn the bonus: Be a new Chase checking customer, open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.
Chase Business Complete Banking®
Special offer
Earn up to $500 when you open a new Chase Business Complete Checking account. For new Chase business checking customers with qualifying activities.
Monthly maintenance fee
$15, with options to waive
Minimum deposit to open
None
Minimum balance
None required but maintaining a minimum daily balance of $2,000 in your account as of the beginning of each day of the statement period will waive the monthly maintenance fee
Annual Percentage Yield (APY)
N/A
Free ATM network
More than 16,000 Chase ATMs
ATM fee reimbursement
None
Small business perks
Multiple owners get individual debit cards, PINs and online access to the account; debit cards for employees for which the owner can control daily limits
Overdraft fee
$34 with ways to waive
Mobile check deposit
Yes, using the Chase Mobile®app
Terms apply. Chase Bank is a Member FDIC.
Pros
- Same-day access to cash when your deposit is approved before 8 p.m. (except on Saturdays)
- Easy ways to accept payments virtually with QuickAccept℠
- Unlimited electronic deposits and up to $5,000 fee-free cash deposits per cycle
- Send and receive money without visiting a branch via Chase QuickDeposit℠, wire transfers and Chase Online Bill Pay
- Standard daily spending limit of $10,000 for Chase Business Debit Cards
Cons
- Only 20 free in-person paper check deposits/withdrawals (after $0.40/each)
How to avoid the monthly fee:
Meet one of these conditions during your monthly statement period.
- $2,000 minimum daily balance
- $2,000 in purchases on your Chase Ink® Business Card(s)
- $2,000 in deposits from QuickAccept℠ and/or other eligible Chase Merchant Services transactions
- Link a Chase Private Client Checking℠ account
How overdraft fees are waived:
- If your account balance at the end of the business day is overdrawn by $5 or less
- If the item that caused the overdraft was $5 or less, even if your account balance at the end of the business day is overdrawn
- If you made a debit card transaction and your available balance was sufficient at the time it was authorized
- If a merchant submitted the same check or ACH item submitted multiple times, resulting in a Returned Item Fee and an Insufficient Funds Fee
- Insufficient Funds Fees do not apply to withdrawals made at an ATM
Bonus: $500
Expiration: July 17, 2025
How to earn the bonus:
- Open a Chase Business Complete Checking Account.
- Deposit a minimum amount of new money within 30 days of enrolling in the offer and maintain that balance for 60 days.
- Complete 5 qualifying transactions within 90 days of enrolling in the offer. Your bonus will be deposited within 15 days after completing the transaction.
Chase College Checking℠
Annual Percentage Yield (APY)
None
Minimum balance
Keep an average ending day balance of $1,500 or more in your checking account to waive monthly service fee
Monthly fee
$0 Monthly Service Fee for students 17 to 24 years old at account opening, enrolled in college or a vocational, technical or trade school, up to the graduation date provided at account opening (five years maximum) or $12 Monthly Service Fee
Free ATM network
With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
ATM fee reimbursement
None
Overdraft fee
With Chase Overdraft Assist℠, Chase doesn't charge an Overdraft Fee if you're overdrawn by $50 or less at the end of the business day OR if you're overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET, 8 PM PT, to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts
Mobile check deposit
Yes
Terms apply.
JPMorgan Chase Bank, N.A. Member FDIC
Pros
- No minimum deposit to open an account
- Overdraft assistance
- Top-rated mobile app
- Chase is no. 2 on J.D. Power's 2019 U.S. National Banking Satisfaction Study
- Send and receive money with Zelle®
Cons
- No APY
- Monthly fees, but there are options to waive
- No reimbursement for out-of-network ATM fees
Bonus: $100
Expiration: July 16, 2025
How to earn the bonus: Open a new Chase College Checking ℠ account and complete 10 qualifying transactions within 60 days of coupon enrollment. Qualifying transactions include:
- Debit card purchases
- Online bill payments
- Chase QuickDeposit℠
- Zelle®
- ACH credits
Citibank
Citi® Checking Accounts
Monthly maintenance fee
There are two types of Citi checking accounts, Access Checking (no checks) and Regular Checking (unlimited check writing). Access Checking has a $5 monthly service fee, with options to waive; Regular Checking has a $15 monthly service fee, with options to waive as well.
Minimum deposit to open
There is no minimum deposit to open a checking account with Citi.
Minimum balance
No minimum balance requirements but, accounts with a zero balance for 90 calendar days are subject to closure.
Annual Percentage Yield (APY)
None
Free ATM network
Access to more than 2,300 Citibank ATMs and over 60,000 other surcharge-free ATMs in the U.S.
ATM fee reimbursement
None
Overdraft fee
$0
Mobile check deposit
Yes
*Terms Apply.
You may be eligible for a cash bonus when you complete required activities - click here for details.
Pros
- No overdraft fees
- Top-rated mobile app
- No minimum deposit to open an account
- Send and receive money with Zelle®
Cons
- No APY
- No reimbursement for out-of-network ATM fees
Bonus: $325
Expiration: July 7, 2025
How to earn the bonus: Available online only by applying directly from this special offer page. Open a new eligible Citi® Checking account with at least two qualifying enhanced direct deposits within 90 days from account opening: Earn $325 when you make $3,000 in qualifying enhanced direct deposits or earn $450 when you make $6,000 in qualifying enhanced direct deposits.
M&T Bank
M&T MyChoice Premium Checking Account
Monthly maintenance fee
$24.95, with options to waive
Minimum deposit to open
$25
Minimum balance
$1 required to earn APY
Annual Percentage Yield (APY)
0.01%
Free ATM network
1600+ M&T Bank ATMs
ATM fee reimbursement
Up to $2 per transaction
Overdraft fee
$15 per day (maximum of one fee per day); Overdraft protection available
Mobile check deposit
Yes
Terms apply.
Pros
- Low minimum deposit to open an account
- Earns interest
- Options to waive monthly maintenance fee
- No out-of-network ATM fee
Cons
- Monthly maintenance fee
- $15 overdraft fee
- Low ATM fee reimbursement
Bonus: $200
Expiration: April 30, 2025
How to earn the bonus: Using the promo code that M&T Bank provides upon account signup, open a MyChoice Premium Checking Account and make at least $500 total in qualifying direct deposits within 90 days of account opening.
M&T MyChoice Plus Checking Account
Monthly maintenance fee
$14.95, with options to waive
Minimum deposit to open
$25
Minimum balance
$1 required to earn APY
Annual Percentage Yield (APY)
0.01%
Free ATM network
1600+ M&T Bank ATMs
ATM fee reimbursement
Up to $2 per transaction
Overdraft fee
$15 per day (maximum of one fee per day); Overdraft protection available
Mobile check deposit
Yes
Terms apply.
Pros
- Low minimum deposit to open an account
- Earns interest
- Options to waive monthly maintenance fee
- No out-of-network ATM fee
Cons
- Monthly maintenance fee
- $15 overdraft fee
- Low ATM fee reimbursement
Bonus: $150
Expiration: April 30, 2025
How to earn the bonus: Using the promo code that M&T Bank provides upon account signup, open a MyChoice Plus Checking Account and make at least $500 total in qualifying direct deposits within 90 days of account opening.
M&T EZChoice Checking Account
Monthly maintenance fee
$0
Minimum deposit to open
$25
Minimum balance
$0
Free ATM network
1600+ M&T Bank ATMs
ATM fee reimbursement
Up to $2 per transaction
Overdraft fee
$15 per day (maximum of one fee per day); Overdraft protection available
Mobile check deposit
Yes
Terms apply.
Pros
- No monthly maintenance fee
- No minimum balance requirement
- Low minimum deposit requirement
- No out-of-network ATM fee
Cons
- Doesn't earn interest
- $15 overdraft fee
- Low ATM fee reimbursement
Bonus: $100
Expiration: April 30, 2025
How to earn the bonus: Using the promo code that M&T Bank provides upon account signup, open a EZChoice Checking Account and make at least $500 total in qualifying direct deposits within 90 days of account opening.
PNC Bank
Virtual Wallet® from PNC Bank
Annual Percentage Yield (APY)
Up to 4.00% APY on select Virtual Wallet Growth accounts with relationship rates
Minimum balance
Varies depending on Virtual Wallet account
Monthly fee
Ranges from $7 to $25 depending on Virtual Wallet account, with options to waive
Maximum transactions
Up to 6 free withdrawals or transfers per statement cycle
Excessive transactions fee
None
Overdraft fee
Overdraft protection offered by your Reserve and Growth accounts
Offer checking account?
Yes
Offer ATM card?
Yes, if have a PNC Bank checking account
Terms apply.
Pros
- New account holders can earn a welcome bonus of up to $400
- Virtual Wallet includes individual checking and savings accounts that work together
- Earn cash or points through PNC Purchase Payback® program
- Reimbursable non-network ATM fees
- Account holders can choose the Virtual Wallet best for them
- Options to waive monthly maintenance fee
- Higher APY relationship rates are available
Cons
- Has monthly maintenance fees
- Have to call PNC Bank to find out APY offered in your area
Bonus: $100, $200 or $400
Expiration: June 30, 2025
How to earn the bonus: There are several ways to earn a bonus from PNC Bank:
- Earn $100 when you open and direct deposit a minimum of $500 into a new PNC Virtual Wallet® within the first 60 days.
- Earn $200 when you open and direct deposit a minimum of $2,000 into a new Virtual Wallet with Performance Spend within the first 60 days.
- Earn $400 when you open and direct deposit a minimum $5,000 into a new Virtual Wallet with Performance Select within the first 60 days.
SoFi
- Impressive welcome bonus
- Strong APY with direct deposit
- No minimum balance or deposit needed
- No monthly fees
- Comes with checking account and ATM access
- Receive your paycheck in your account up to 2 days early automatically when you set up direct deposit
- Save change automatically with Roundups and set savings goals with Vaults
- No foreign transaction fees
- FDIC insurance up to $2 million through the SoFi Insured Deposit Program
- Non-direct deposit APYs are low compared to other high-yield savings accounts
- No reimbursement for out-of-network ATM fees
- No physical branches
Bonus: $50 or $300
Expiration: Jan. 31, 2026
How to earn the bonus: Open a SoFi Checking and Savings account and set up direct deposit. Earn $50 when you direct deposit a total of $1,000 to $4,999.99 and earn $300 when you direct deposit at least $5,000, both within the first 25 days of the direct deposit bonus period.
TD Bank
TD Beyond Checking Account
Monthly maintenance fee
$25, with 3 ways to waive
Minimum balance
$2,500 daily balance to avoid monthly maintenance fee
Free ATM network
Over 2,600 TD Banks network ATMs along the East Coast
Overdraft fee
$35 per transaction that overdraws your account balance by more than $50
Minimum deposit to open
$0
ATM fee reimbursement
Non-TD ATM fee waived if you maintain a daily minimum balance of $2,500
Mobile check deposit
Yes
Terms apply.
Pros
- No minimum deposit to open
- Option to waive monthly fees
- Overdraft assistance
Cons
- $25 maintenance fee
- Reimbursement for out-of-network ATM fees is only if you maintain daily minimum balance of $2,500
- Fewer in-network ATMs than some other brick-and-mortar banks
How to avoid the monthly fee (when you meet ONE of the requirements during each statement cycle):
- Have $5,000 or more in direct deposits within a statement cycle
- Maintain a minimum daily balance of $2,500
- Have $25,000 minimum daily combined balance of all deposit accounts, all outstanding home equity loan and home equity line of credit accounts, and/or mortgages in good standing (excludes credit cards and personal loans) that you choose to link
Bonus: $300
Expiration: April 30, 2025
How to earn the bonus: Open a TD Beyond Checking account and have $2,500 total in qualifying direct deposits to the account within 60 days of opening.
TD Complete Checking Account
Monthly maintenance fee
$0 or $15, with 3 ways to waive
Minimum balance
$500 daily balance to avoid monthly maintenance fee
Free ATM network
Over 2,600 TD Banks network ATMs along the East Coast
Overdraft fee
$35 per transaction that overdraws your account balance by more than $50
Minimum deposit to open
$0
ATM fee reimbursement
Non-TD ATM fee waived when the primary account holder is aged 17 through 23 only
Mobile check deposit
Yes
Terms apply.
Pros
- No minimum deposit to open
- Option to waive monthly fees
- Overdraft assistance
Cons
- No APY
- Reimbursement for out-of-network ATM fees is only for primary account holders aged 17 through 23
- Fewer in-network ATMs than some other brick-and-mortar banks
How to avoid the monthly fee (when you meet ONE of the requirements during each statement cycle):
- Have $500 or more in direct deposits
- Maintain a minimum daily balance of $500
- Have a $5,000 minimum daily combined balance across all personal deposit accounts that you choose to link
- Primary account owner is aged 17 to 23.
Bonus: $200
Expiration: April 30, 2025
How to earn the bonus: Open a TD Complete Checking account and have $500 total in qualifying direct deposits to the account within 60 days of opening.
Wells Fargo Bank
Wells Fargo Everyday Checking
Monthly maintenance fee
$10, with options to waive
Minimum deposit to open
$25
Minimum balance
$500 daily deposit balance to avoid monthly maintenance fee
Annual Percentage Yield (APY)
N/A
Free ATM network
13,000 Wells Fargo ATMs
ATM fee reimbursement
None
Overdraft fee
$35 (max of 3 overdraft fees per day)
Mobile check deposit
Yes
Terms apply.
Pros
- Four ways to waive the monthly maintenance fee
- Send and receive money with Zelle
- Easy-to-use mobile app
Cons
- $25 minimum deposit to open an account
- $35 overdraft fee
- No APY
- No reimbursement for out-of-network ATM fees
How to avoid the monthly fee:
- Maintain $500 in combined minimum deposit balances,
- or make qualifying direct deposits totaling $500 or more,
- or be between 17 - 24 years old
- or have a linked Wells Fargo Campus ATM Card or Campus Debit Card (for college students)
Bonus: $300
Expiration: April 16, 2025
How to earn the bonus: Open a new Wells Fargo Everyday Checking account with a minimum opening deposit of $25 and make a total of $1,000 or more in qualifying direct deposits to your new checking account within 90 calendar days of account opening (the qualification period).
Compare savings account offers
Why banks have sign-up bonuses
Banks offer sign-up bonuses to attract new customers. These bonuses can be worth over $100 and usually require specific conditions to qualify, such as making a minimum deposit or signing up for direct deposit.
How to choose a sign-up bonus
Before choosing a bank account sign-up bonus, there are a few things you should consider:
- Minimum deposit requirements: Check how much you need to deposit to qualify for the bonus and ensure the amount is feasible.
- Direct deposit requirements: See if you need to set up direct deposit and what the terms are. Make sure you can easily arrange this with your employer or source of income.
- Timeframe: Make sure you can comfortably meet the deadline for the bonus without rushing or missing out.
- Fees: Consider any monthly maintenance fees or other charges that could potentially offset the bonus.
FAQs
Should I open a bank account just for the bonus?
While a sign-up offer is an incentivizing reason to open a new bank account, before taking advantage of a bonus you should figure out how much money you have available to transfer to a new account. Then, select the bonus that best fits your budget. Offer amounts vary and bigger bonuses may require a larger cash deposit.
Do you get taxed on bank bonuses?
The IRS considers bank sign-up bonuses as additional income you must pay taxes on this extra cash. This differs from credit card bonuses, where cardholders usually have to meet a spending requirement to earn the bonus, qualifying this extra cash as rebates, not income.
What is bank account churning?
Bank account churning is opening new bank accounts to earn their sign-up offers and then often moving your money or closing the account. Opening many bank accounts in a short period can backfire and raise suspicion among banks, and you may face consequences as a result.
Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every checking account review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of banking products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best bank bonuses.
Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox. Sign up here.
Our methodology
To determine which consumer checking accounts provide the best place to deposit your money and earn a bonus, CNBC Select analyzed dozens of U.S. checking accounts offered by the largest national banks and credit unions.
While the accounts we chose in this article all have bonus offers, we also compared each checking account on a range of features, including:
- Reasonable bonus requirements
- Availability nationwide
- Physical branch locations and/or online accessibility
- Large ATM network
- FDIC- or NCUA-insured up to $250,000
We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools.
All of the accounts included on this list are FDIC- or NCUA-insured up to $250,000. This insurance protects and reimburses you up to your balance and the legal limit in the event your bank or credit union fails.
Product and feature availability vary by market so these accounts may not be offered depending on where you live. Most brick-and-mortar banks require you to enter your zip code online for the correct account offerings. The rates and fee structures for checking accounts are subject to change without notice. Any return on your checking depends on any associated fees and the balance in your checking account. To open a checking account, some banks and institutions may require a deposit of new money, meaning you can't transfer money you already had in an account at that bank.
Catch up on CNBC Select's in-depth coverage of credit cards, banking and money, and follow us on TikTok, Facebook, Instagram and Twitter to stay up to date.
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*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 Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of 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 who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% 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 stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
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.
