The documented 2026 choices serve different goals: SoFi provides variable savings yields, while Chase offers a one-time $400 checking bonus. Compare each headline benefit with its eligibility tests, recurring requirements, fees, and deadlines before applying. A HYSA is a high-yield savings account, and APY means annual percentage yield. A high rate rewards money left on deposit; a bank bonus rewards completing specific actions within a limited period.
Table of Contents
- What rates did SoFi document?
- How did the SoFi APY Boost work?
- Who qualified for the Chase $400 bonus?
- Could account fees reduce the bonus?
- What should you verify before opening an account?
What rates did SoFi document?
As of May 28, 2026, SoFi savings paid 3.10% APY with recurring eligible direct deposit or at least $5,000 in qualifying deposits every 31 days. Without either condition, the standard savings APY was 0.80%, and the variable rates could change at any time, according to SoFi's savings-rate disclosure. SoFi Plus subscribers could receive 4.50% APY on the first $20,000 in one savings account.
Additional savings earned 3.10%, and membership cost $10 every 30 days. The important comparison is not simply 4.50% versus 3.10%. A reader must consider the subscription cost, the $20,000 limit, and whether the balance will remain high enough for the extra yield to justify that cost.
How did the SoFi APY Boost work?
SoFi's 0.70-percentage-point APY Boost ran from March 31 through December 31, 2026. It applied to new checking and Savings customers opening their first account who completed an eligible direct deposit or the $5,000 qualifying-deposit test within 60 days, according to SoFi's 2026 promotion terms. The boost applied to one savings account for up to six months.
Customers had to repeat the qualifying activity every 31 days to keep it, and they could not combine the boost with the 4.50% SoFi Plus tier. This was a temporary increase, not a fixed six-month rate. Because the underlying savings APY was variable, a boost did not protect the customer from later changes to the base rate.
Who qualified for the Chase $400 bonus?
Chase offered new customers a $400 Total Checking bonus through October 14, 2026. Applicants had to open an approved account and receive at least $1,000 in qualifying direct deposits within 90 days of enrollment, under Chase's published offer terms. Qualifying deposits included employer or government payroll, pension, and benefit payments.
Checks, Zelle payments, bank transfers, tax refunds, dividends, retirement distributions, and wires did not count. Existing checking customers and certain customers with recently closed accounts were excluded. Chase also limited customers to one related account-opening bonus every two years and stated that payment would arrive within 15 days after all requirements were satisfied.
Could account fees reduce the bonus?
Chase Total Checking had a $15 monthly fee unless the customer met a waiver condition. Options included receiving $500 in qualifying electronic deposits or meeting specified balance or linked-account alternatives. Someone unable to obtain a waiver should subtract expected fees from the advertised reward.
For example, 12 monthly charges would total $180, reducing the economic value of a $400 bonus to $220. This calculation does not mean the account must remain open for 12 months; it illustrates why the fee plan matters. Review the account terms before applying and identify the waiver you can reliably meet.
What should you verify before opening an account?
Use the offer terms to answer these questions: Savings interest generally becomes federally taxable when it is available to withdraw, according to IRS guidance on interest income. Account holders should plan for that tax treatment instead of treating the stated APY as an after-tax return.
The FDIC covers qualifying deposits up to $250,000 per depositor, per insured bank, per ownership category, as explained in the FDIC's deposit-insurance guidance. Before moving a large balance, add together all deposits held at the same insured bank under the same ownership category.
- Is the displayed APY available on the entire balance or only part of it?
- Must qualifying deposits recur every 31 days?
- Does the planned deposit method satisfy the bank's definition?
- When do the application and activity windows close?
- Can a monthly fee consume a meaningful share of the reward?
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