Looking for a new checking account with a sweet bonus? Look no further than SoFi Checking stacked with a killer Rakuten bonus for new customers. Here’s how you can leverage this powerful duo to earn a tidy sum (or valuable travel points) while enjoying the benefits of a modern checking account with insanely high APY.
Deal History
- May 5, 2025 – $375 / 37,500 MR Points Bonus
- March 27, 2024 – $125 / 12,500 MR Points Bonus
- March 8, 2024 – $175 / 17,500 MR Points Bonous
Wait a Sec, What's a SoFi?
Yep, that’s a good of place to start as any.
SoFi (Social Finance) blasted into the online finance scene around 2011 as a company to help with undergrad funding from an alumnus base. From these beginnings, they ultimately branched out into insurance, other forms of lending, cryptocurrency, online education, and, finally, online banking.
Their initial checking account offerings were well received among the travel hacking communities, especially those who were taking trips abroad. One of the primary features that lead me to becoming a SoFi checking customer was their carte-blanche approach to ATM fee reimbursements, where you’d get an instant refund of any fee from any ATM anywhere in the world. Things have changed a little bit and that network has reduced in size, but the offering is still one that can help reduce your travel costs when cash is a must-have overseas.
Today’s SoFi is an energized, tech-savvy, easy to use powerhouse of perks, features, and basic finance tools to help you on your way to financial independence. I use their current checking account as my travel-account when overseas, since the fee-free ATM network and astronomically high 4.60% APY help keep costs down for expenses that just have to be paid in cash.
And Rakuten? What's Their Deal?
Ah, the glamorous topic of shopping portals! Rakuten is an example of a very popular, well-run, and highly regarded portal where a consumer can earn an extra kick-back from their online shopping.
The basics: before heading to your favorite online retailer to buy your must-have item, go to Rakuten first. Click through their special link to that favorite retailer, then let them reward you for doing so.
If you want to learn more of the specifics and sign up for your own free Rakuten account, you can read our Rakuten Shopping Portal post here. Depending on when you’re reading this post, Rakuten also offers a nice referral sign up bonus usually at $30 / 3,000 MR points or $40 / 4,000 MR points.
So How Do I Get the Bonus?
Ok, you’ve waited long enough. Here’s the exciting part. To get your bonus, follow just a few short steps:
- Sign up for your free Rakuten account.
- Head over to Rakuten and search for SoFi Checking.
- Click through Rakuten’s link to open your SoFi Checking account.
- Fund your account with the required minimum and set up a direct deposit within the number of days specifically stated for your offer.
- Sit back and relax! Your cash back (or Amex Membership Reward points) will be automatically added to your Rakuten account within 45 days of your direct deposit posting.
This bonus is a great way to jumpstart your savings or travel goals, and start a cash fund for those expenses that just can’t be paid for with points.
Once you’re done, make sure to take a look at our post about the Rakuten and Amex Membership Rewards Relationship so you can link your accounts to allow you to earn Membership Rewards instead of cash back. Amex MR can be incredibly valuable if you’re looking to redeem them for international business class flights, or even use them for high-end hotel stays.
Getting to the Point(s)
Combining SoFi Checking’s modern features with Rakuten’s generous cash back bonus is a win-win. Whether you choose cash or Amex points, you’re getting a fantastic head start. Plus, SoFi Checking’s perks for travelers and history of competitive interest rates make it a compelling option for anyone seeking a new checking account. Sign up today and start earning!
