SoFi Bonuses and Promotions for October 2024
Written by
Sarah Sharkey
Edited by
Elizabeth Constantineau
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SoFi® is a fintech that offers a suite of financial products ranging from student loan refinancing to banking. The company has been around for over a decade. As it has grown, it has continued to offer new products. Some of those products come with a promotional bonus attached. Luckily for you, we’ve compiled a list of current bonuses and promotional offers available through SoFi.
SoFi Account Bonuses and Promotions
When you are comparing financial products, the right bonus could make all the difference. SoFi offers a couple of attractive promotional bonuses that might be the right fit for your wallet.
Below is a closer look at current SoFi’s bank bonuses and promotional opportunities that you can earn on top of an annual percentage yield on certain accounts.
SoFi Checking Account Bonus: Up to $300*
- Cash value: $50 to $300, depending on your direct deposit amount. You’ll earn $50 for any deposit between $1,000 and 4,999.99, and $300 for any deposit of $5,000 or more.
- Minimum deposit to qualify: $1,000 for a $50 bonus; $5,000 for a $300 bonus.
- Expiration date: Dec. 31, 2024
- How to qualify: First, open a SoFi Checking and Savings account, Member FDIC, and set up direct deposit. Next, you’ll need to wait for the deposit to hit your account, which can take anywhere from two to four weeks, and then can collect your bonus.
- When you’ll get it: You’ll get your bonus within two to four weeks of your direct deposit hitting your account, or within 25 days of the promotional period.
- Terms and conditions: You cannot be an existing customer to get the bonus and if you are a new customer, you need to open a SoFi Checking and Savings account and set up a qualifying direct deposits.
- Monthly fee: $0
- Promotion page: SoFi Checking Bonus
SoFi Invest® Bonus: Up to $1,000 in Stocks
- Cash value: Up to $1,000 in stocks
- Minimum investment required: $25
- Expiration date: None specified
- How to qualify: Open an Active SoFi Invest Brokerage account. From there, you must fund the account with at least $25. If you hit this requirement, you’ll have the chance to play an electronic “claw game” to select your prize.
- When you’ll get it: Within 30 days of opening the account
- Terms and conditions: For most customers, the selected stock isn’t worth nearly that much. In fact, SoFi claims the probability of receiving $1,000 is 0.028%. But you do have an 85.488% chance of snagging a fractional share worth $5 and a 9.498% chance of winning a fractional share worth $10.
- Monthly fee: $0
Thanks!
Good To Know
With the stated odds, it’s rather unlikely you would walk away from this promotion with a sizeable boost to your fledging investment portfolio. But it’s worth a shot if you want to pursue the opportunity anyway and potentially gain a fractional share.
What To Know About SoFi Bonuses
A bonus from SoFi can give your finances a lift. But it’s important to understand the details surrounding SoFi bonuses to avoid being caught off guard. Below are some important things to be aware of as you pursue SoFi bonuses.
Taxable Income
Bank bonuses are usually considered taxable income, as is the interest you earn through your bank account. Since this income is taxable, you’ll need to factor that into your tax bill at the end of the year.
At tax time, SoFi should send you a 1099-MISC form to include in your tax return. This document reports the amount of money you’ve earned from SoFi in the form of bonuses and interest payments throughout the year.
If you miss the memo from SoFi about this document, you should be able to find it somewhere in your account. For example, this information might be an “Important Documents” section. Make sure to include this income in your tax returns.
Existing Customers Aren’t Eligible
Don’t get your hopes up for this bonus if you already have a banking relationship with SoFi. Unfortunately for existing SoFi customers, the $300 bank bonus isn’t available. Instead, the promotional bonus opportunity is reserved for new SoFi banking customers.
What To Do With Your SoFi Bonus
If you earn a bonus from SoFi, that’s great news. The next step is to determine what you want to do with those funds. Below are some ways to consider making the most of your newfound funds:
- Beef up your emergency savings account: If you score a cash bonus of $50 or $300, that could be the perfect way to boost your emergency savings. Many experts recommend saving between three to six months’ worth of expenses in a savings or checking account, which can be a difficult target to hit for many savers. Stashing this bonus with your emergency savings could give you much-needed breathing room for the unexpected things that life throws your way.
- Pay off debt: If you are trying to get out of debt, every little bit counts. That’s especially true if you are dealing with high-interest debt. For those with a debt repayment plan, use the extra funds to accelerate your debt repayment timeline.
- Invest for the future: Investing for your long-term savings goals, like retirement, is never a bad use of funds. If you have a stocked emergency fund and don’t have any high-interest debt, directing your funds into an investment portfolio could be the right move.
- Cover specific spending goal: An extra $300 can make a big difference to any budget. If you have a specific thing you want to spend the money on, consider treating yourself. For example, you could use a bonus to cover your holiday spending without tapping into other funds.
- Treat yourself: Spending incoming cash on a splurge often gets a bad rap. But the reality is that there is nothing wrong with treating yourself, especially if you have your household finances under control. Consider using the funds to take someone out to a nice dinner or finally booking the spa treatment you’ve been dreaming of.
If you score a cash bonus from SoFi, make the most of it. Everyone has a different financial reality. For some, using the funds to boost emergency savings or open a certificate of deposit account is a priority. For others, paying off debt will be the best use of the funds. Those in stable financial situations might prefer to use the bonus for a fun splurge. Do what makes the most sense for your unique situation.
Final Take To GO
SoFi does offer some attractive bonus opportunities through its products. If you decide that SoFi’s accounts are the right fit, don’t hesitate to sign up and complete the steps to hit the bonus. But if you aren’t convinced SoFi’s products have what you are looking for, explore some of the other top bank account bonuses to stretch your dollars further.
FAQ
The prospect of snagging a SoFi bonus is exciting. Here are the answers to some of the most common questions about SoFi bonuses.- How do I get my SoFi $300 bonus?
- In order to get the $300 direct deposit bonus from SoFi, you must set up a direct deposit to your account. The account must receive at least $5,000 in direct deposits within 30 calendar days to earn the $300 bonus. If the account receives less than $5,000 in direct deposits but more than $1,000 within this timeframe, you'll get a $50 cash bonus.
- What bank gives you money for setting up direct deposit?
- SoFi is one banking platform that provides a bonus when you set up a direct deposit. But it's not the only bank account that offers this opportunity.
- Are there promotions for new SoFi customers?
- Yes, SoFi is currently offering a sign-up bonus for new customers when they open a SoFi Checking and Savings account. You can earn between $50 and $300 depending on the amount of your direct deposit.
- How do I redeem a SoFi promotion?
- To redeem the SoFi Checking account bonus you need to be a new customer and open a SoFi Checking and Savings account. You then need to set up direct deposit. The minimum amount you can deposit to get the $300 bonus is $5,000.
Caitlyn Moorhead contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Oct. 11, 2024.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
*New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 during the Direct Deposit Bonus Period. Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/24. Full terms at http://sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.
SoFi members with Direct Deposit can earn 4.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.30% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/8/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
