Here’s what that looks like in practice.

If you’re just using your refund (around $3,676), you’d likely qualify for the $50 bonus tier. Add in about $73 in interest over six months in interest, and you’re looking at roughly $120 total value.

If you’re able to route more income through the account and hit $5,000 in direct deposits within 25 days, that unlocks the full $400 bonus. With the same interest, that gets you closer to $470 total over six months.

That’s a meaningful difference, especially for money you were already getting.

Don’t overthink it, just don’t ignore it

You don’t need a perfect plan for your tax refund. You just need to avoid the default, which is letting it sit in a place where it earns nothing while you figure things out.

Even a short window matters here. A few months in the right account can put real money back in your pocket, whether that’s an extra $70 from interest alone or closer to $500 when you layer in a bonus. And if you’re able to qualify for the higher bonus tier, the upside gets a lot more meaningful, fast.

The key is making a decision early, before the money gets spent or blended into your normal cash flow. Because once it’s gone, the opportunity is too.

See our full SoFi Checking and Savings (Member FDIC) review to put your refund to work and earn up to $470 over the next six months.

Source link