Update 7/9/20: My deposit bonus posted for this deal this morning and I’ve seen other reports from folks whose bonuses posted today. If you participated and haven’t yet seen the bonus, it is possible that they haven’t posted all bonuses yet, but it’s worth keeping an eye out for the bonus money.
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SoFi Investing is offering some users a targeted 1% deposit bonus up to a $5,000 bonus (on $500K deposit). I believe the Investing offer is likely targeted and as such may not be open to new users (check for an email advertising it as outlined below).
- SoFi Investing is sending out emails with a targeted deposit bonus good for 1% of your net deposits made by June 30, 2020.
- To receive the bonus SoFi Investing deposit bonus, the Active Invest account must have net deposits (meaning total deposits minus total withdrawals) of $100 to $500,000 in the offer period. The offer period is between now and June 30, 2020.
- The max bonus payout per user is $5,000.
- All bonuses will be paid within 5 business days of the conclusion of the offer period.
- Net deposits are required to remain in the account for 90 days following the conclusion of the offer period.
- SoFi reserves the right to recoup up to the bonus amount from any withdrawals that take place prior to the 90 day period.
For those new to SoFi Investing
If you are new to SoFi Investing, you can read more about the account here. New account holders can earn a $75 bonus on the form of stocks / fractional shares after opening an account and funding it with $1,000. Feel free to sign up with our links with our thanks:
- Greg’s family SoFi Investing referral link
- Nick’s family SoFi Investing referral link
- Stephen’s family SoFi Investing referral link
SoFi Investing has offered a number of easy bonuses — from the account opening bonus to other bonuses over time (they offered a $25 bonus for your first Crypto transaction last year, a free drawing that netting me $5 in Tesla stock (don’t laugh — it’s worth $7.68 today! :), there have been some easy enough wins to be had. Note on the Crypto side: While SoFi matches other brokerages that do not charge trading fees, they do add a markup of up to 1.25% for each Crypto transaction. If you were selling a whole bitcoin right now, that’s like a fee of around a hundred bucks, which is pricey compared to competitors. I’ve been happy with SoFi for stocks and ETFs, but wouldn’t recommend them for serious crypto investing.
The current Investing bonus is likely targeted (email subject line: Get up to $5,000 with SoFi Invest® – while I received the email, my wife didn’t) and it is good for 1% of your net deposits by June 30th, 2020 (which means deposits minus any withdrawals made by then). Your 1% bonus is said to come within 5 business days of the end of the offer period, but you’ll need to leave the deposited money in your SoFi account for 90 days from the conclusion of the offer period (which would be September 28, 2020, though I’d probably leave it a couple days longer to be safe), otherwise your bonus may be clawed back. Ordinarily, my excitement with a 1% bonus would be muted by the 90-day requirement, but with interest rates near zero that might not be a bad deal for those with cash to move. Keep in mind that you are required to deposit the cash in your SoFi Investing account, but there is no requirement to actually invest it. Also note that SoFi will send a 1099 if you receive total bonuses north of $600 in a calendar year.
I will probably make a deposit on the SoFi Investing side to trigger some bonus money, though I won’t want to tie up a huge amount with many good checking and savings account bonuses still available out there. Still, it’s a relatively easy win so I’ll take them up on some bonus cash as I’m working on investing more anyway.