SoFi Promotions And Bonus Offers Of May 2024

Cassidy HortonPersonal Finance Reviewer and Writer

Cassidy Horton is a finance writer covering banking, life insurance and business loans. She has worked with top finance brands including NerdWallet, MarketWatch and Consumer Affairs. Cassidy first became interested in personal finance after paying off $18,000 in debt within 10 months of graduating college. She later went on to triple her salary in two years by ditching her 8-to-5 job to write for a living.

Cassidy Horton

Cassidy HortonPersonal Finance Reviewer and Writer

Personal Finance Reviewer and Writer

Brooke EnloeBanking Editor

Brooke Enloe is an Updates Editor on the Banking team. She is an editor and writer, passionate about producing enlightening content for readers. Her articles are about recent banking news, specifically bonuses and new products. Brooke has written copy for various websites, including blogs and news releases. Brooke is a graduate of Clemson University with a degree in Communication and a double minor in Brand Communication and Writing in Media Studies.

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Brooke Enloe

Brooke EnloeBanking Editor

Banking Editor

Fact Checked

Updated: May 1, 2024, 11:08am

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SoFi Promotions And Bonus Offers Of May 2024

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SoFi® is a leading financial technology company founded in 2011 and headquartered in San Francisco. Today, it has over four million members and offers numerous financial services, including student loan refinancing, investing and banking.

One way SoFi draws in new customers is by offering welcome bonuses. These bonuses vary, but they generally require you to open a new account and set up direct deposit. The current SoFi $300 bonus is for new customers who open an online bank account and receive qualifying direct deposits. To receive the full bonus, customers must deposit $5,000 or more.

Here are the current SoFi promotions and bonuses available for new banking customers. Offer details are accurate as of May 1, 2024.

SoFi Bonuses and Promotions 2024.

SoFi Online Bank Account Bonus: Collect Up to $300.

SoFi’s online bank account is both a checking and savings account rolled into one. It has plenty of noteworthy features, including no monthly fees, automatic savings tools, an annual percentage yield (APY) of 0.50% APY on checking and 4.60% APY on savings if you set up direct deposit or by depositing $5,000 or more every 30 days. Customers who don’t meet this criteria earn 1.20% APY on savings balances.

What is the offer? Open a SoFi online bank account and get a cash bonus when you deposit the required minimum within the 25-day evaluation period. Earn a $50 bonus when you receive $1,000 to $4,999.99 in qualifying direct deposits or a $300 bonus when you receive at least $5,000 in qualifying direct deposits during the bonus period.
What is considered a direct deposit? Qualifying direct deposits include payroll deposits made via the Automated Clearing House (ACH) network, Social Security payments, pension payments and most government benefits payments. The minimum deposit required to receive the SoFi bonus is $1,000.
When do you receive your bonus? You’ll get your SoFi bonus within seven business days after the 25-day evaluation period ends. The evaluation period starts the day you receive your first direct deposit.
Is there a time limit on the offer? You must open your account and receive at least one qualifying direct deposit by June 30, 2024 at 11:59 p.m. ET to qualify for the promotion.

What Else Should You Know About SoFi Bonus Offers?

Before you sign up for SoFi’s $300 bonus, keep the following points in mind.

Your Bonus May Be Taxable.

Many people don’t realize that bank bonuses are considered taxable income for the year in which they’re received. This means SoFi will report any bonuses and interest you earn to the IRS, and you’ll receive Form 1099-MISC from SoFi around tax time.

SoFi Money Customers Aren’t Eligible for the Promotion.

If you have or have had a SoFi Money account enrolled in direct deposit, you’re not eligible to receive the SoFi $300 bonus. It’s for new SoFi banking customers only.

For context, SoFi Money was the company’s previous cash management account, which is no longer available to new customers. SoFi Money was similar to SoFi’s new online bank account but with more features. SoFi has since discontinued its Money account and is asking current customers to upgrade to the new online bank account as soon as possible. If you’re a current SoFi Money customer, you should’ve received an upgrade invite via email or the mobile app.

How To Get a SoFi Referral Bonus.

SoFi has a “Get $50, Give $25” referral bonus for new checking and savings account customers. You get $50 for referring a new customer, and they get $25 as a welcome bonus. To qualify, your referral must open a new SoFi online bank account using your unique referral link. Then, they must deposit funds via ACH transfer or a debit card instant transfer within 14 days of account opening. You’ll receive your payout within seven business days after your referral meets the requirements.

How To Use a SoFi Invest Bonus.

SoFi has a referral program that lets you earn $50 in stock and give $25 in stock. To qualify, someone must open a SoFi Invest account using your unique referral link and deposit at least $100. SoFi’s referral program is capped at $10,000 each calendar year, so you can’t earn more than that amount.

Disclosures:
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 06/30/24. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.

SoFi members with Direct Deposit can earn 4.60% 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 4.60% 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 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.