With inflation causing consumers to seek better financial incentives, SoFi increased its checking and savings account bonus up to $300 for qualifying direct deposits, providing an attractive offer for both new and existing members. This interactive approach encourages account switches at a time when many are looking to optimize their finances amid rising costs.
SoFi's Direct Deposit Bonus, available from December 7, 2023, through December 31, 2024, allows both new and existing checking and savings members to earn a cash bonus by setting up at least $1,000 in direct deposits. This promotion not only serves as an incentive for consumers to transition their banking but also highlights SoFi's commitment to providing competitive offers to help users maximize their savings during inflationary times.
Current members accessing Direct Deposit can earn 4.50% APY on savings balances, while those without Direct Deposit earn 1.20% APY, showcasing how banking behavior directly influences potential earnings. This variable interest rate strategy underscores the importance of making income decisions, especially for consumers striving to counteract the effects of inflation on their finances.
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