How to Make Extra Money with this Rakuten + SoFi Banking Offer

If you’re looking for an easy way to pocket some extra cash while also leveling up your banking setup, this Rakuten + SoFi Banking offer is worth checking out.

Please note: This post contains a referral link which means that if you click through it and sign up for a service, we may be financially compensated for directing you there.

Right now, Rakuten is featuring a cash back bonus when you open a SoFi Checking & Savings account through their portal, and you can combine that with SoFi’s own direct deposit bonus for even more money in your pocket.

🔎 What the Deal Is

• Earn up to $300 (or more) cash back from Rakuten when you open a SoFi Checking & Savings account via a Rakuten link.

• You may also qualify for SoFi’s own direct deposit bonus — up to $300 from SoFi — when you set up a qualifying direct deposit into your new account.

• That means you could turn a simple new bank account into hundreds of dollars cash.

💡 Note: Cash back amounts on Rakuten can change over time and sometimes spike for “Big Deals” (e.g., higher amounts for a limited time). But current standard offers show around $300 cash back from Rakuten.

🛠️ Step-by-Step: How to Make Extra Money with this Bonus

Here’s a clear action plan you can share with your readers:

1. Sign Up for Rakuten or Log In

If you’re not already a Rakuten member, sign up for free through our referral link. If you are, make sure you’re logged in before you start. Rakuten tracks your activity and credits cash back to your account quarterly.

2. Click Through to SoFi Banking from Rakuten

Search for SoFi Banking on Rakuten and click the Shop Now button. This step is crucial —since Rakuten only tracks your activity if you click through from their site/app first.

3. Open a New SoFi Checking & Savings Account

Complete the online application for a SoFi Checking & Savings account. Make sure it’s a new account - this offer is typically only valid for new customers.

4. Set Up Direct Deposit

To qualify for both the Rakuten cash back and SoFi’s own direct deposit bonus, you’ll need to:

Set up direct deposit from your employer or government source and have at least $500 deposited into the new account within ~45 days (exact timing depends on the current promotion rules, so be sure to check)

⚠️ Note: Transfers from other banks or peer-to-peer services (like Venmo/PayPal) do not count as direct deposit.

5. Wait for the Rewards to Post

Rakuten typically credits the cash back to your account weeks after Rakuten sees the qualifying direct deposit. So be patient and keep an eye on your Rakuten dashboard for confirmation.

💡 Tips for Maximizing Your Earnings

📈 Combine Bonuses for More

You’re not just earning Rakuten’s cash back, you could also score SoFi’s direct deposit bonus (up to ~$300) on top of that. That means two separate payouts for one new account.

📅 Watch for Bigger Deals

Rakuten sometimes boosts the cash back amount for limited-time “Big Deals”, where you can earn even more if you time it right. These offers rotate, so it’s worth checking back.

📊 Choose Your Payout

Rakuten pays out cash back either by PayPal or check each quarter. Make sure you hit the minimum balance needed to get paid.

📌 Stay Within the Rules

Only one Rakuten cash back bonus per person per account is allowed which means you can’t collect multiple bonuses on the same account.

🤑 Bottom Line

This Rakuten + SoFi Banking promo is a great example of how strategic sign-ups can pay off. If you:

• Join Rakuten

• Open a SoFi Checking & Savings account through their link

• Set up and receive a qualifying direct deposit

  
  

…you could walk away with hundreds of dollars in cash back and bonuses all while enjoying a high-yield bank account with no monthly fees.