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Best Bank Bonus for Opening Account

Don't miss out on the best bank bonus for opening account that pays up to $325 for qualifying direct deposits and earns 4.60% APY.

Bank bonus offers are essentially free money. When you receive a bank bonus for opening account your savings gets an immediate jumpstart. But there can be long-term benefits too, if you find the right bank.

SoFi Bank's $325 bonus offer not only incentivizes new customers but also offers features like a high-yield accounts, no monthly maintenance fees, no overdraft fees, reimbursed ATM fees and a robust banking app and online platform with features like bill pay, mobile check deposit, and easy transfers that typically arrive the same day.

SoFi offers the best bank bonus for opening an account. Checking and savings are combined into one easy-to-manage account, with both accounts earning interest.

Best bank bonus for opening account

Direct deposit is a requirement to earn a bank bonus up to $325 but having a direct deposit also qualifies account holders to earn the highest interest (4.60% APY – Savings) and (1.20% APY – Checking).

To get the bonus you'll need to:

  • Open a new SoFi Bank account with a minimum $50 deposit.
  • The initial deposit must be from a debit card from an external bank or linked checking account from an external bank.

By following all of the rules for this promotion, you’ll earn:

  • $25 just for opening a new checking account.
  • $50 if you set up a qualifying direct deposit between $1,000.00 – $4,999.99; or
  • $300 if you set up a qualifying direct deposit of $5,000 or more.

What is considered a qualifying direct deposit

Direct Deposits are defined as deposits of $1,000.00 or greater from an enrolled member’s employer, payroll, benefits provider, or government agency via ACH deposit.

When will you receive the bonus?

SoFi will credit members who meet qualification criteria within seven (7) business days of the end of the Direct Deposit Bonus Period. Here is what that timeline looks like:

  • Qualifying Direct Deposit: $1,000 or more from your employer, payroll, benefits provider, or government agency.
  • Direct Deposit Bonus Period: Begins when SoFi receives your first qualifying direct deposit and lasts for 25 calendar days.
  • Bonus Payment: Within 7 business days after the end of your Direct Deposit Bonus Period.

To Figure Out the Date:

  1. Determine when you set up and received your first qualifying direct deposit. This is the start of your Direct Deposit Bonus Period.
  2. Count 25 calendar days forward from that date. This marks the end of your Direct Deposit Bonus Period.
  3. Add 7 business days to the end of your Direct Deposit Bonus Period. This is roughly when you should expect your bonus in your checking account.


  • You set up and received your first qualifying direct deposit on March 1st, 2024.
  • Your Direct Deposit Bonus Period runs from March 1st to March 26th, 2024.
  • Expect your bonus within 7 business days of March 26th. This means you could see the bonus deposited as early as April 2nd or as late as April 9th (depending on weekends and holidays).

With SoFi Bank bonus offer, you at least get a $25 bonus whether you set up direct deposit or not.

Earn interest on both your SoFi Checking and Savings accounts

The APYs apply separately to your checking and savings accounts. Here's how it works:

  • Checking Account: Your checking account earns 1.20% APY on the balance held in that account.
  • Savings Account: Your savings account earns 4.60% on the balance held in that account.

strong>How It's Calculated:

  • The APY is applied to the specific balance within each account, not the total money you have with SoFi.
  • To maximize your earnings, you'd want to keep the majority of your funds in the savings account, where the interest rate is significantly higher.


Let's say you have a total of $10,000 with SoFi:

  • $2,000 in Checking
  • $8,000 in Savings

The interest you'd earn in a year would be approximately:

  • Checking: $2,000 * 1.20% = $24
  • Savings: $8,000 * 4.60% = $368

Can you have multiple bank accounts?

You don't have to close or switch your current bank account to get a checking account bonus at a different bank. Having multiple bank accounts can be helpful.

If you currently have a bank accountIt can be helpful to have multiple bank accounts — as long as you can meet the requirements and minimums in order to avoid fees.

1. Organization and Budgeting:

  • Tracking Spending: You can designate specific accounts for different expenses (bills, groceries, entertainment, etc.), making it easier to control your budget and stick to your financial plan.
  • Goal-Based Saving: Separate accounts for specific goals (vacation, down payment, emergency fund) help visualize progress and reduce the temptation to spend that money.

2. Earning Higher Interest Rates:

  • Competitive Promotions: Online banks often offer significantly higher interest rates than traditional banks to attract customers. You can benefit from these by having accounts with multiple institutions.
  • Maximizing Returns: Distributing funds across accounts strategically can maximize interest earnings without exceeding the FDIC insurance limit per bank.

3. Separation of Finances:

  • Joint and Personal: Couples might want joint accounts for shared expenses and individual accounts for personal spending.
  • Business and Personal: Small business owners benefit from keeping business banking entirely separate, simplifying bookkeeping and tax preparation.

4. Reducing Fees:

  • Specialized Offerings: Some banks focus on fee-free accounts, while others may offer free ATM access at specific locations. Having multiple accounts lets you take advantage of these benefits.

5. Security and Backup:

  • Reducing Risk: Having funds spread across multiple banks adds a layer of protection in case of technical issues or fraud at a single institution.
  • Backup for Online Banking: Keeping a small account at a traditional brick-and-mortar bank offers a convenient option if primarily using online banking services.


  • Complexity: Multiple accounts mean slightly more to manage. Ensure you can comfortably keep track of them.
  • Minimum Balance Requirements: Some accounts may require minimum balances to avoid fees.

Overall: Multiple bank accounts can be a great financial tool if you utilize them strategically. Consider your financial goals, spending habits, and comfort level when deciding whether the benefits outweigh the added management.

Best online savings rates

The national savings rate is 0.47% APY. This online bank pays way more.

CIT Bank

Platinum Savings
5.05% APY
Minimum $5,000 balance
No maintenance fees
Mobile & Online Banking
Deposits are FDIC insured


5.21% APY
Minimum $1,000 balance
No maintenance fees
Mobile & Online Banking
Deposits are FDIC insured

Quontic Bank

4.50% APY
Minimum $100 balance
No maintenance fees
Mobile & Online Banking
Deposits are FDIC insured
Disclaimer: Our goal is to provide the most relevant and current information. However, the information is for informational purposes only and is not intended to be personal financial advice.

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