New SoFi Invest Bonus, Earn 1%-3% On Deposits Up To $500K (Targeted)
Update 7/9/20: My bonus finally posted today so be sure to check your accounts.
We have covered SoFi Money and SoFi Invest quite a bit on the website. To be honest the two accounts have been a money making machine for me. Whether it was referrals, free stocks, direct deposit bonuses or debit card offers I have been able to rack up thousands of dollars thanks to SoFi. And it looks like they are back at it again. I received an email last night about a new SoFi Invest bonus. They are offering some members a bonus between 1%-3% on all deposits and you can earn up to $5,000 or $10,000 depending on the offer.
Details of the Offer
This month only, when you fund your SoFi Invest account, we’ll match 1% of your deposit.
Get up to $5,000 when you fund your SoFi Active Invest account. SoFi will match 1% of net deposits by June 30, 2020, with a maximum bonus up to $5,000. In other words—if you make a $15,000 deposit, we’ll give you $150.
Terms of the Offer
- To receive the 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.
- Bonus amounts of $600 or greater in a single calendar year may be reported to the Internal Revenue Service (IRS) as miscellaneous income to the recipient on Form 1099‑MISC in the year received by applicable law.
New Member Offers
These offers are aimed at current customers. Here are the new member sign up bonuses for each account.
- SoFi Money – Make 2 direct deposits of $500 and earn a $75 bonus.
- SoFi Invest – Deposit $1000 into your account and earn $75.
Final Thoughts
I will likely take them up on this offer since it only requires a deposit and not an actual investment. The 90 days requirement is not my favorite thing but it is essentially like parking it in a 4% per year interest account for those 90 days which I think is pretty good overall. This will be a nice addition to the $400 Wells Fargo checking account bonus I am going after right now. You guys know how I love these bank bonuses!
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As always these deals are not necessarily about depositing cash. The real deal is you can transfer assets from other brokerages that will count toward the deposit requirements. If you have $500k in stocks and move it over here, it’s literally a free $5k bonus. The 90 day holding requirement is really short compared to other brokerages so this is really a sweet deal!
Great point Pablo!
Bank bonuses are cool but when they tie up a bunch of money for 4% APY, I really don’t consider it worth the effort. You’re basically working to at best keep up with inflation long term. That’s not investing, that’s getting another job.
However, this one is totally worth it because you get that free 4-12% APY and can still make your money work for you simultaneously. I wish I was targeted for this, because Like Pablo said, it’s free money (with basically no opportunity cost).