Stack Your Rewards: MyPoints + SoFi Checking & Savings Bonus

If you've been thinking about opening a high-yield checking and savings account, now's a great time. MyPoints is offering a massive 39,100 points just for signing up for a new SoFi Checking & Savings account and setting up a direct deposit. That's on top of SoFi's own $325 bonus and their competitive APY. Let's break down how to grab this deal without any headaches.

What's the Deal?

MyPoints is currently offering 39,100 points when you open a new SoFi Checking & Savings account and set up a qualifying direct deposit of at least $400. These points can be redeemed for gift cards at tons of retailers — think Amazon, Walmart, Target, and more. Depending on the gift card, 39,100 points is worth roughly $391.

But wait, there's more. SoFi itself is also offering a $325 bonus for new customers who meet the direct deposit requirement. That means you could potentially walk away with over $700 in combined value. Not too shabby for a few minutes of paperwork.

And let's not forget the account itself. SoFi Checking & Savings offers up to 4.60% APY (variable) on your savings, no monthly fees, no overdraft fees, and access to over 55,000 ATMs through the Allpoint network. It's a solid option for your everyday banking needs.

How to Get the Bonus

The process is straightforward, but you need to follow the steps carefully to ensure you get both the MyPoints bonus and SoFi's own bonus.

Here's what you need to do:

• If you don't already have a MyPoints account, sign up for one. You can even get a $10 sign-up bonus just for joining.
• Click through the MyPoints offer link to go to SoFi's application page. This is crucial — you must start from MyPoints to track the referral.
• Open a new SoFi Checking & Savings account. Make sure you're a new user — existing SoFi accounts are not eligible.
• Set up a qualifying direct deposit of at least $400 from your employer, payroll, or benefits provider. Transfers from other bank accounts or person-to-person payments won't count.
• Once the direct deposit hits, SoFi's $325 bonus will be credited to your account. The MyPoints 39,100 points will show as pending for 32 days before they become available to redeem.

What to Watch Out For

This is a great offer, but there are a few gotchas you need to know about.

First, you cannot combine this MyPoints bonus with any other SoFi enrollment bonuses, including referral bonuses. So if you've already signed up for SoFi through another promotion, you won't qualify for this one.

Second, the direct deposit must come from an employer, payroll, or benefits provider via ACH. Transfers from other bank accounts, Venmo, or PayPal won't count. Make sure your payroll department has your new SoFi account details before the deadline.

Third, the MyPoints points won't be available immediately. They'll be pending for 32 days. Don't panic — that's standard for these types of offers. Just make sure you don't close your account before then.

Finally, remember that this offer is only for new SoFi Checking & Savings users. If you already have an account, you're out of luck. But if you're new, this is a fantastic way to start.

Is It Worth It?

Absolutely. With a $400 direct deposit, you're looking at a potential windfall of over $700 in combined bonuses. Plus, you get a high-yield account with no fees. Just make sure you read the fine print and follow the steps exactly. And if you're already a MyPoints member, this is a no-brainer way to boost your points balance.

If you're comparing this to other bank bonuses, it stacks up well. For example, U.S. Bank offers $450, KeyBank offers $300, and Bank of America offers $100 — but those often require higher direct deposits or minimum balances. SoFi's offer is more accessible and comes with a great APY.

Bottom Line

• Open a new SoFi Checking & Savings account through MyPoints to earn 39,100 points (worth ~$391 in gift cards).
• Plus, SoFi's own $325 bonus for new customers with a $400 direct deposit.
• Account offers up to 4.60% APY, no fees, and 55,000+ ATMs.
• Must be a new SoFi user — existing accounts not eligible.
• Points pending for 32 days; direct deposit must be from employer/payroll.

Common Questions