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A new SoFi promotion is getting attention for its built-in bonus game, where new customers can win anywhere from a few dollars to as much as $1,000.
Before signing up, though, it’s worth a closer look at the accounts behind the offer.
SoFi’s promotion centers on its “Bank Shot Bonus” game, which gives new customers a randomized cash reward after they open and fund a qualifying account.
To participate, you’ll need to open both a SoFi Checking and Savings account through the promotion page by April 30 and fund the account with at least $50. The offer is available to new SoFi customers only. Once the funding requirement is met, you’ll get one chance to “shoot your shot,” leading to a cash bonus ranging from $5 to $1,000.
Most customers will land a $10 reward, which carries roughly 79% odds. About 10% each will receive $5 or $25, while close to 2% will receive $100. The $1,000 prize is rare, with less than a 0.03% chance.
If you’re in the market for a new checking or savings account, SoFi’s promotion offers a shot at extra cash. But it’s just as important to see how its rates and features compare with other top accounts.
SoFi’s Checking and Savings accounts come with no monthly fees or minimum balance requirements, making them easy to open and maintain.
The checking account earns 0.50% APY, while the savings account currently pays 3.30% APY. That savings rate is modestly competitive, but it falls well short of the top APYs available today.
That said, you can boost your rate—at least temporarily—by setting up a qualifying direct deposit. Customers who do so can unlock a 4.00% APY for the first six months, as well as qualify for a separate cash bonus: $50 with at least $1,000 in direct deposits or up to $400 with $5,000 or more within a 26-day window.
Inflation is currently running around 3.3%, meaning your savings can lose purchasing power over time if your account earns less than that. That makes it important to earn a competitive yield.
Today’s top high-yield savings accounts offer rates as high as 5.00%, though those top-tier APYs come with a balance cap of $5,000—and additional requirements. For savers looking for fewer restrictions, 10 accounts currently offer rates between 4.05% and 4.60%. That means SoFi’s savings rate with the 6-month APY boost is reasonably competitive, but the rate trails significantly when it drops to 3.30% APY.
Checking accounts, meanwhile, typically pay little to no interest, making SoFi’s 0.50% APY a notable perk. However, most savers are better off keeping the bulk of their money in a high-yield savings account and holding only what they need for everyday spending in checking.
Still, SoFi may appeal to customers who value an all-in-one financial setup. Its checking and savings accounts are integrated with other SoFi products—like loans, credit cards, and investing—within a single app, which can make it easier to manage your finances in one place.
High-yield checking accounts offer another way to earn more, with APYs of 6.00% or higher. These accounts typically require a set number of monthly debit card transactions, so they’re best for frequent card users.
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