The 13 Best Bank Promotions of November 2024

Bank bonuses and promotions aren't the only reason to choose a bank. But free money to fund your new savings or checking account sure doesn’t hurt.

Reviewed by Molly Moorhead, CFP®
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So, you’re looking for a new bank account.

You’ve got several factors to consider — ATM access, interest rates, monthly account fees, minimum balances, online bill payments and more.

Another factor: sign-up bonuses. Banks and credit unions frequently run promotions to entice prospective customers to open a new account — and they often come with cash. You have to meet specific criteria, such as making a minimum opening deposit, and generally, the account must remain open for a certain amount of time — at least long enough to earn the cash bonus.

Many banks offer such sign-up bonuses, but often, they aren’t advertised. We did some digging to find the best bank promotions currently on offer.

Best Bank Account Bonuses of November 2024

Keep an eye on what each promotion requires and any limitations. Recurring direct deposits and maintaining a minimum balance are common requirements for securing bank bonuses. Also,, pay attention to monthly maintenance fees; over time, these could easily exceed a one-time cash bonus.

13 Bank Promotions That Give You Cash


Bank Promo Payoffs Up to $600

BANK TOP FEATURE BONUS

SoFi Checking and Savings

High APY

Up to $300

Alliant Credit Union Jumbo CD

High APY CD

Up to 4.80%

Chase Total Checking Account

Fees may be waived

$300

PNC Virtual Wallet

Big bonus

Up to $400

Chime Referral Bonus

No monthly fees

$100

Huntington Perks Checking

Quick cash bonus payout

$400

Huntington Platinum Perks Checking

Interest on checking

$600

M&T Bank EZChoice Checking

No monthly fees

$200

M&T Bank MyChoice Plus Checking

Discounted loan rates

$200

M&T Bank MyChoice Premium Checking

Premium CD rates

$200

Fifth Third Momentum Checking

No hidden fees

$375

Wells Fargo Everyday Checking

Easy in-person banking

$300

Capital One 360 Checking Account

No overdraft fees

$350

SoFi Checking and Savings Account

Best for High APY

5 out of 5 Overall

Key Features
  • Up to 4.20% APY
  • Fee-free overdraft coverage
  • Early access to paycheck
The SoFi bank account currently has the highest APY of any account on our list. Plus, it has one of the highest new customer bank bonus offers: up to $300. Other highlights of this account include early access to your paycheck with direct deposit, no-fee overdraft coverage, and automatic saving features. Plus, there are no monthly account fees.
SoFi Checking and Savings Account

Bonus amount
Up to $300
How to get it
Earn qualifying direct deposits totaling $5,000+ within 25 days.
When you get it
Within 14 days of the end of the 25-day evaluation period.
The fine print
The SoFi bank account currently has the highest APY of any account on our list. Plus, it has one of the highes
Expiration
December 31, 2024

More Information About SoFi Checkings and Savings

SoFi’s online bank account certainly rewards members for spending and saving. The account, which doubles as a checking and savings account, allows you to organize your savings into vaults so you can work toward your goals. You’ll earn up to 4.20% APY on money in savings and up to 0.50% on checking funds. The bonus is tiered; to get the full $300 bonus, make sure your qualifying direct deposits total $5,000 or more.

Alliant Credit Union Jumbo CD

Best Credit Union CD Rate

4 out of 5 Overall

Key Features
  • Earn up to 4.80% APY on CDs
  • Fee-free HYSA
An Alliant Credit Union Jumbo 12-month certificate can earn you up to 4.80% APY during a 12-month term. Alliant also offers a fee-free high-yield savings account that’ll earn you 3.10% APY — you can easily transfer your money at any time with no penalties. Open your account and deposit as little as $100 to start earning interest.
Alliant Credit Union Jumbo CD

APY
Up to 4.80%
How to get it
Apply online, deposit at least $1,000

More Information About Alliant Credit Union Jumbo CD

Good luck finding a bank that’ll pay you up to 4.80% APY like an Alliant Credit Union Jumbo 12-month certificate can.

It only takes a few minutes to apply to open an Alliant certificate completely online. Choose from a variety of terms from 3 to 60 months, deposit a minimum of $1,000, then sit back and watch your money compound monthly with an APY as high as 4.80% for a 12-month term.

Worried about needing access to your savings before your certificate matures? Alliant also offers a fee-free high-yield savings account that’ll earn you 3.10% APY — you can easily transfer your money at any time with no penalties. Open your account and deposit as little as $100 to start earning interest. Elect to receive eStatements, and you won’t pay any monthly fees, either.

Rest easy knowing that with Alliant, both our certificate and high-yield savings account are federally insured by NCUA up to $250,000. This means your money is not just safe, it’s super safe.

Ready to grow your savings faster than the average bank? Head over to Alliant’s website and choose either a certificate of deposit or a high-yield savings account to get started.

APY= Annual Percentage Yield. The APY is accurate as of the 3/25/2024 dividend declaration date. A $ 1,000 minimum deposit is required to open a Regular Alliant Certificate. For those with a larger deposit, a $75,000 minimum deposit is required to open an Alliant Jumbo Certificate. If your Jumbo Certificate balance falls below $75,000, it will convert to a Regular Alliant Certificate, which may pay a lower rate. You must be an Alliant member. Alliant Certificates are available as Regular Share Certificates and Jumbo Share Certificates. Both Regular and Jumbo Certificate types are also offered as Traditional IRA Certificates, Roth IRA Certificates,  and SEP IRA Certificates. Prior to opening an IRA Certificate, you must have or establish an IRA with Alliant. You may not add any additional money to your Certificate after opening. Dividends compound monthly and are paid on the last day of the month and at maturity. A penalty will be imposed for early withdrawal of any principal amount. There are no penalties for monthly dividend withdrawals. Early withdrawal penalties do apply if the Certificate is closed before the maturity date unless the Certificate funds are moved to Alliant Retirement and Investment Services. If you wish to move your Certificate funds to Alliant Retirement and Investment Services, you must wait until 7 days after your Certificate has been opened. Other exceptions to early withdrawal penalties may be allowed. Monthly dividend withdrawals are not eligible on IRA Certificates if owner is under age 59 1/2. Any monthly withdrawals or transfers reduce earnings. If you change the term of your renewed Certificate, the beneficiary(ies) need(s) to be reestablished by completing a Beneficiary Add/Delete Form. (Not applicable to IRA Certificates). The joint owner designated at the time of Certificate opening will remain as joint owner if you renew your Certificate with Alliant. Neither the primary account owner or joint owner may be a beneficiary on the Certificate account. You are not locked into a rate until you open or renew your Alliant Certificate. Alliant Certificate rates may change daily. Fees may reduce earnings on the account.

12-17 months
Regular Share Certificates with a term between 12 and 17 months provide a Dividend Rate of 5.03% – Compounded Annual Percentage Yield of 4.80% APY on balances between $1,000 and $74,999.99. Jumbo Share Certificates with a term between 12 and 17 months provide a Dividend Rate of 5.08% – Compounded Annual Percentage Yield of 5.20% APY on balances $75,000 or greater. IRA Certificates with a term between 12 and 17 months provide a Dividend Rate of 5.03% – Compounded Annual Percentage Yield of 4.80% APY on balances between $1,000 and $74,999.99. Jumbo IRA Certificates with a term between 12 and 17 months provide a Dividend Rate of 5.08% – Compounded Annual Percentage Yield of 5.20% APY on balances $75,000 or greater.

The savings dividend provides an Annual Percentage Yield (APY) of 3.10%. The APY is accurate as of the 3/25/2024 dividend declaration date. Dividends are paid on the last day of the month to accountholders who have maintained an average daily balance of $100 or more. Savings dividends may change after the account is opened and is subject to change at any time. Dividend applies to Savings, Supplemental Savings, Emergency Savings, Kids Savings Accounts, UTMA Custodial Accounts, Trust Accounts, and IRA. Fees may reduce earnings on the account.

Chase Total Checking

Best for Basic Checking

5 out of 5 Overall

Key Features
  • $12 monthly fee
  • Fee waived by meeting conditions
  • Basic checking
The Total Checking account carries a $12 monthly service fee, but you can have it waived if you receive monthly direct deposits totaling $500 or more, keep a daily minimum balance of at least $1,500 in your new checking account, or keep a daily minimum balance across all your Chase bank accounts of at least $5,000. Deposits via person-to-person payment apps do not qualify. Access to 15,000 ATMs* and more than 4,700 branches. The non-Chase ATM fee is $3 in the U.S., Puerto Rico and U.S. Virgin Islands and $5 outside of those locations (see terms).
Chase Total Checking Account

Bonus amount
$300
How to get it
Receive qualifying direct deposits totaling $500 or more within 90 days of account opening.
When you get it
Within 90 days of meeting requirements
More information
$12 monthly fee, which can be waived.
Expiration
1/22/2025

More Information About Chase Total Checking Account

New Chase customers enjoy a $300 welcome bonus when opening a Chase Total Checking account with direct deposit. And you get automatic transfers to a Chase savings account, along with access to 15,000 Chase ATMs* and more than 4,700 branches.

Another plus is this account offers Chase Overdraft Assist to protect you from overdrafts. 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 bring your account balance to overdrawn by $50 or less at the end of the next business day.

*$3 fee per withdrawal at a non-Chase ATM in the U.S., Puerto Rico and the U.S. Virgin Islands. Surcharge Fees from the ATM owner/network still apply. $5 fee per withdrawal at a non-Chase ATM outside of the U.S., Puerto Rico and the U.S. Virgin Islands. Surcharge Fees from the ATM owner/network still apply.

PNC Virtual Wallet

Best for ATM Power Users

4 out of 5 Overall

Key Features
  • Geographic based
  • No minimum balance to open
  • Digital financial tools
The PNC Virtual Wallet comes with checking, savings and long-term savings accounts inside
of it. It’s easy to move money between these virtual pockets. And if you set up direct deposit can
get you up to $400 and pay zero maintenance fees.
PNC Virtual Wallet

Bonus amount
Up to $400
How to get it
Qualifying direct deposits must be received within 60 days of account opening.
When you get it
60 to 90 days after meeting bonus conditions.
The fine print
Monthly service fees ranging from $7 to $25 if conditions aren’t met.
Expiration
September 3, 2024

More Information About PNC Virtual Wallet

PNC Virtual Wallet comes in three different tiers with varying welcome bonuses, with bonus cash based on how much you direct deposit within the first 60 days of opening your account:

  • Virtual Wallet: Earn $100 (with $500+ in direct deposits)
  • Virtual Wallet with Performance Spend: Earn $200 (with $2,000+ in direct deposits)
  • Virtual Wallet with Performance Select: Earn $400 (with $5,00+ in direct deposits)

All tiers let you transfer money with Zelle, get extra wiggle room with Low Cash Mode, set savings goals, and create spending categories to keep your money flowing in the right direction. The higher wallet tiers give you better interest rates on long-term savings and reimburse higher amounts of bank fees from non-PNC ATMs.



Capital One 360 Checking

Best for Everyday Checking

5 out of 5 Overall

Key Features
  • No overdraft fees
  • Leading mobile app
  • Earns interest
Capital One earned our top spot as the best online bank of 2024 because of its easy-to-use mobile app, lack of overdraft fees, great savings rates and range of credit cards for borrowers at all stages of their journey. Right now, the fan-favorite Capital One 360 Checking Account is offering a $250 bonus for new account holders.
Capital One 360 Checking

Bonus amount
$250
How to get it
Open a new account and receive at least two direct deposits of $500 or more within 75 days.
When you get it
Within 60 days of completing the requirements
The fine print
Must use code CHECKING250
Expiration
N/A

More Information About Capital One 360 Checking

Capital One was one of the first major banks to do away with overdraft fees; in fact, the 360 Checking account has no hidden fees at all. It even earns 0.10% interest. There are no foreign transaction fees for the debit card, and you can open an account in as little as 5 minutes.

Huntington Perks Checking

Best for Quick Bonus Payout

4 out of 5 Overall

Key Features
  • Easily waivable monthly fee
  • Only available in certain states
  • Quick cash bonus payout
This offer is only available to customers who live in CO, IL, IN, KY, MI, MN, OH, PA, SD, WV or WI. The Huntington Perks Checking account earns interest (but only 0.02%) and charges a $10 monthly fee. That fee is easy to waive, however, as long as you receive $1,000 in monthly deposits or maintain $5,000 total across all your Huntington accounts.
Huntington Perks Checking

Bonus amount
$400
How to get it
Open a new account and receive qualifying direct deposits of $500 or more within 90 days of opening.
When you get it
Within 14 days of meeting bonus criteria.
More information
Account must remain open for at least 90 days.
Expiration
February 7, 2025

More Information About Huntington Perks

Huntington’s Perks Checking account pays out nominal interest (0.02%), but the easily waivable monthly maintenance fee makes it appealing for an easy checking account. Key features include mobile banking, five fee-free out-of-network ATM withdrawals, the No Overdraft Fee $50 Safety Zone and the 24-Hour Grace Overdraft and Return Fee Relief.

“New account” is defined as money not currently in another Huntington account; money transferred from one account to another does not qualify. The bonus offer cannot be combined with any other checking offer.

Huntington Platinum Perks Checking

Largest Bonus Payout

4 out of 5 Overall

Key Features
  • $25 monthly fee (can be waived)
  • Interest-earning checking
  • Quick cash bonus payout
This offer is only available to customers who live in CO, IL, IN, KY, MI, MN, OH, PA, SD, WV or WI. This account earns interest (currently 0.03% APY, which is quite low). It also has a monthly maintenance fee of $25, which is waived if you have at least $25,000 across every Huntington bank account.
Huntington Platinum Perks Checking

Bonus amount
$600
How to get it
Open a new account and make deposits totaling $25,000 within the first 90 days.
When you get it
Within 14 days of meeting bonus criteria.
More information
Account must remain open for at least 90 days.
Expiration
February 7, 2025

More Information About Huntington Platinum Perks Checking

While the Huntington Platinum Perks account does have a monthly $25 fee, you can waive it by having $25,000 across accounts with Huntington. By upgrading to this account, you’ll get a higher bonus, get unlimited fee-free ATM withdrawals and earn 0.03% interest on your balance.

“New account” is defined as money not currently in another Huntington account; money transferred from one account to another does not qualify. The bonus offer cannot be combined with any other checking offer.

M&T Bank EZChoice Checking

Best for Beginners

3.5 out of 5 Overall

Key Features
  • No monthly maintenance fees
  • Unlimited check writing
  • Physical branches
The EZChoice Checking account from M&T Bank is the most basic package offered. It’s great for beginners because it has no monthly maintenance charge and no monthly minimum balance requirement. Plus, there’s unlimited check writing. You will need $25 to open the account and have qualifying direct deposits totaling at least $500 within the first 90 days to earn the bonus. This offer is only valid in select states.
M&T Bank EZChoice Checking

Bonus amount
$200
How you get it
Make qualifying direct deposits totaling at least $500 within 90 days of opening the account.
Whey you get it
Within 90 days after the direct deposit.
The fine print
There’s a $50 early close-out fee if you close the account within 180 days of opening.
Expiration
December 31, 2024

More Information About M&T Bank EZChoice Checking

M&T Bank has more than 700 branches and 1,800 ATMs with operations in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virgina, West Virginia, Vermont, Massachusetts and Washington, DC, but you can also do your banking entirely online.

M&T Bank MyChoice Plus Checking

Best for Loan Seekers

Key Features
  • Discounted loan rates
  • ATM fee reimbursement
  • Interest-bearing options
The MyChoice Plus Checking account from M&T Bank requires extra work to avoid a monthly fee ($14.95): Either maintain an average daily balance of $2,500 or receive $1,500 in direct deposits each month. With this account, you qualify for discounted loan rates with M&T. You will need $25 to open the account and have qualifying direct deposits totaling at least $500 within the first 90 days to earn the bonus. This offer is only valid in select states.
M&T Bank MyChoice Plus Checking

Bonus amount
$200
How you get it
Make qualifying direct deposits totaling at least $500 within 90 days of opening the account.
When you get it
Within 90 days after the direct deposit.
The fine print
There’s a $50 early close-out fee if you close the account within 180 days of opening.
Expiration
December 31, 2024

More Information About M&T Bank MyChoice Plus Checking Account

M&T Bank has more than 700 branches and 1,800 ATMs with operations in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virgina, West Virginia, Vermont, Massachusetts and Washington, DC, but you can also do your banking entirely online.

M&T Bank MyChoice Premium Checking

Best for CD Rates

3 out of 5 Overall

Key Features
  • Discounted loan and premium CD rates
  • ATM fee reimbursement
  • Interest-bearing checking
The MyChoice Premium Checking account from M&T Bank requires extra work to avoid a monthly fee ($24.95): Either maintain an average daily balance of $7,500 or $25,000 across all M&T accounts. With this account, you qualify for discounted loan rates and premium CD rates with M&T. You will need $25 to open the account and have qualifying direct deposits totaling at least $500 within the first 90 days to earn the bonus. This offer is only valid in select states.
M&T Bank MyChoice Premium Checking

Bonus amount
$200
How to get it
Make qualifying direct deposits totaling at least $500 within 90 days of opening the account.
When you get it
Within 90 days after the direct deposit.
More information
There’s a $50 early close-out fee if you close the account within 180 days of opening.
Expiration
December 31, 2024

More Information About M&T Bank MyChoice Premium Checking

M&T Bank has more than 700 branches and 1,800 ATMs with operations in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virgina, West Virginia, Vermont, Massachusetts and Washington, DC, but you can also do your banking entirely online.

Fifth Third Momentum Checking Account

Best for Early Paycheck Access

3.5 out of 5 Overall

Key Features
  • No monthly or hidden fees
  • Early access to paycheck
  • Overdraft avoidance feature
Fifth Third Bank is a regional bank with a decent checking account. Its lack of fees, Extra Time overdraft fee avoidance feature, fraud protection, early access to paychecks and physical branches are all highlights, but its lack of APY (you can upgrade to Preferred Checking to earn interest, but it’s only 0.01% APY) and limited branch network (FL, GA, IL, IN, KY, MI, NC, OH, SC, TN and WV) work against the bank.
Fifth Third Momentum Checking Account

Bonus Amount
$375
How to get it
Open a new account and make direct deposits totaling $500 or more within the first 90 days.
When you get it
Within 10 business days of meeting bonus criteria.
The fine print
Must apply online or visit website to generate unique offer code to apply in person.
Expiration
November 16, 2024

More Information About Fifth Third Momentum Checking Account

Fifth Third’s checking account boasts immediate funds for all check deposits (fees apply), Extra Time for overdraft fee avoidance, early paycheck access, no minimum balance and no hidden fees. The account also offers basic fraud protection services and unlimited check writing.

Wells Fargo Everyday Checking

Best for In-Person Banking

3.5 out of 5 Overall

Key Features
  • Monthly fee (can be waived)
  • 4,700 in-person branches
  • Contactless debit card
Wells Fargo offers a no-frills checking account, with access to more than 4,100 branches and 11,000 Wells Fargo ATMs. There’s a $10 monthly fee, but you can easily waive it with a $500 minimum balance or $500 in electronic deposits.
Wells Fargo Everyday Checking

Bonus amount
$300
How to get it
Open a new Everyday Checking account, then receive $1,000 or more in direct deposits within 90 days.
When you get it
Within 30 days of the 90-day qualification period
The fine print
Minimum opening deposit of $25
Expiration
January 8, 2025

More Information About Wells Fargo Everyday Checking

In a world where consumers can get high-interest checking accounts with huge networks of ATMs and unique features, Wells Fargo is not very appealing. But if you like a traditional banking experience and an easy-to-navigate mobile app, Wells Fargo could be for you. Plus, the $300 bonus is nothing to sneeze at.

PSECU

Best Credit Union Bonus

4 out of 5 Overall

Key Features
  • 85,000 fee-free ATMs
  • Overdraft protection
PSECU is a credit union — and it doesn't have a waitlist right now. It's free to open an account, and there's no minimum deposit or fees. Plus they have more than 85,000 surcharge-free ATMs and rebates for non-network ATMs. You’ll also get no-fee overdraft protection if you have a backup source of funds.
PSECU

Bonus amount
Up to $300
How to get it
Open a new account with code RIGHTNOTE, set up direct deposit, get it for 3 months, make debit purchases
When you get it
Within 90 days of opening an account
The fine print
You need $500 in direct deposits in a month and active direct deposit for three months for the bonus
Expiration
None

More Information About PSECU

Here’s the deal: If you’re not banking with a credit union called PSECU, you’re missing out on extra cash. And who doesn’t want extra cash right now?

PSECU will give you $300 after just a few months of keeping your money there* That’s $300 just for banking normally.

Opening a checking account is free, and there’s no minimum deposit or fees. Plus, there are more than 85,000 surcharge-free ATMs and rebates for non-network ATMs. You’ll also get no-fee overdraft protection if you have a backup source of funds.

Credit unions sometimes have waitlists, but PSECU doesn’t right now. Apply to join PSECU here and start earning your $300 in free cash (offer ends Dec. 31, 2024 ).

**Your first $200 is available when you sign up with promo code RightNote and set up a direct deposit of at least $500 monthly. You’ll get another $100 if you maintain the minimum direct deposit amount for three months in a row. 

How to Search for Bank Account Bonuses on Your Own

Instead of listing approximately 193 bank promotions, we kept this list short and sweet — only highlighting the best bank promotions for checking and savings accounts.

But maybe you’re interested in banking with your local credit union, opening a small business checking account, or exploring investment accounts. These accounts often offer cash bonuses.

Banks don’t always make finding these promotions easy, so here are a few tips to help you get your hands on that cash bonus.

  • Check the bank website first. Sometimes, it advertises its offers with a blaring promo code. This is rare, but it’s worth a quick check—it could save you a ton of time.
  • Reach out to customer service. Let them know you’re shopping for a new account, and you’d like to know if the bank is running any promotions. More often than not, the nice representative will send you a special link.
  • Google the best bank account bonuses. You’ll likely dig up some offers from third-party sites, so make sure the offer:
  • Hasn’t expired.
  • Is legitimate. Make sure the bank is FDIC-insured and has a positive Better Business Bureau rating. Read some online reviews.
  • Doesn’t require outrageous qualifying activities. For example, it might not be realistic for you to maintain an average daily balance of $50,000.
  • Reach out to your own network to crowdsource bank recommendations. Sometimes banks have impressive referral programs, so both you and your friend could benefit from you signing up.

Overall, be smart. Don’t let the promise of a cash bonus blind you. Read the fine print so you don’t get stuck paying high monthly fees, interest rates or closing penalties.

Will Opening a Bank Account Hurt Your Credit Score?

If you’re worried that opening a new bank account or closing an old one will hurt your credit score, don’t be. Your bank accounts are not included in your credit report and, therefore, have no effect on your credit score unless you have an outstanding negative balance that the bank turns over to a collection agency.

Sometimes when you go to open a new bank account, banks will do a soft credit check. However, that won’t affect your credit score.

If you open a new credit card with a sign-up bonus, however, the application alone can impact your score. And, of course, spending with the card can help or hurt your credit score, depending on how you use it.

*SoFi® Checking and Savings (member FDIC):

1. Up to $300 Bonus Tiered Disclosure

New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 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 12/31/24. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. 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.

2. APY disclosures

SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period 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 stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. 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.

3. Fee Policy

Our account fee policy is subject to change at any time.

4. Additional FDIC Insurance (must be bolded)

SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance 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 $2M through participation in the program. See full terms at SoFi.com/banking/fdic/terms. See the list of participating banks at SoFi.com/banking/fdic/receivingbanks.

5. ATM Access

We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.

6. Early Access to Direct Deposit Funds

Early 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.

7. Overdraft Coverage

Overdraft 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 e(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.

Timothy Moore covers bank accounts for The Penny Hoarder from his home base in Cincinnati. He has worked in editing and graphic design for a marketing agency, a global research firm and a major print publication. He covers a variety of other topics, including insurance, taxes, retirement and budgeting and has worked in the field since 2012.

Editorial Disclosure: This content is not provided by the bank advertiser. Opinions expressed here are the author’s alone, not those of the bank advertiser. This site may be compensated through the bank advertiser Affiliate Program.