This Bank Account Offer Could Put Up to $300 in Your Pocket as Soon as Next Month

Bank account bonuses are everywhere these days, but a lot of them are little more than a marketing gimmick. The requirements to earn them are steep, sometimes requiring five figures in deposits. Even those lucky enough to pull this off usually have to wait months to get their cash bonus.

That's what makes SoFi's new $300 bank account bonus so tempting. It's pretty easy to achieve as far as bonuses go, and you could have your cash in as little as 31 days. Here's what you need to do to get it.

How to get the $300 SoFi Checking and Savings account bonus

This $300 bonus is available to new and existing SoFi Checking and Savings account customers as long as you've never set up direct deposit through your account before. If you have, you're not eligible for the bonus, even if you no longer use direct deposit with this account.

To qualify, you must receive at least one direct deposit into your checking account by June 30, 2024. A direct deposit is defined as payments of at least $1,000 from an enrolled member's employer, payroll, benefits provider, or government agency via ACH deposit. The following do not qualify as direct deposits:

• Check deposits
• Peer-to-peer transfers (PayPal, Venmo, etc.)
• Merchant transactions (Square, Stripe, etc.)
• External bank transfers (i.e. from a different bank account in your name to SoFi)

The bonus amount you'll get depends on how much you receive in direct deposits during the promotion period which extends for 25 days from the first day you receive a qualifying direct deposit. The table below outlines the bonus tiers:

After the end of the 25-day promotion period, SoFi will deposit the corresponding bonus into your account within seven days. This is much faster than what you see with most other bank bonuses.

Should you go for it?

Even though it's a great offer, it's not a good idea to open a SoFi Checking and Savings account for the bonus alone. You'll have the account even after you earn it, so make sure you like its features first.

That said, there is a lot to like about this account. Some of its main perks include:

• A competitive APY of up to 4.60% (if you use direct deposit)
• No monthly maintenance fees
• No-fee overdraft coverage up to $50 on debit card purchases
• Access your paycheck up to two days early
• Up to $2 million in FDIC insurance

Plus, you get a checking and savings account in one, so you'll be able to manage your money all in one place. If that doesn't appeal to you, though, SoFi might not be the right choice for you.

That's OK. There are plenty of other great savings accounts out there. Choose a few and compare their features side by side before deciding which you like best.