SoFi started as a student loan company but has quickly expanded to offer all kinds of financial products and services.
Do you need a bank account? They recently become one.
Need a brokerage account? Yep, they have that too.
Need to refinance a loan? They can help with that as well.
All of this on top of in-person events (after the pandemic) and career services that can help you get the job you want or get them to pay you more. SoFi takes a holistic approach to helping you with your money and it’s what separates them from many other companies.
This includes bonus money promotions. When you sign up for an account, when you refinance a loan, and sometimes even when you simply request a quote – they will give you bonus money to help you out. These bonuses are like $10 – $20 but happen all the time.
As you’d expect, the biggest promotions are the ones associated with their loan products. If you need a loan, and if the rate and other terms are right, it’s a great incentive to use them over others. If you don’t need a loan, they also have some great promotions associated with their banking and investing products.
💵 U.S. Bank – up to $700
Earn up to $700 when you open a new U.S. Bank Smartly® Checking account and a Standard Savings account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through June 27, 2024. Member FDIC.
Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm.
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SoFi Invest New Account – $25
Once you have a SoFi Money account, it’s time to get another $25 by opening a SoFi Invest account. You get that in stock and all you need to do is fund the account with at least $100. That’s the only requirement and the account has no fees, so you won’t get dinged.
The only requirement is that you need to sign up to SoFi Invest with a referral link (that’s one so you can use that). Then, deposit the $100 and you get $25 in free stock.
SoFi Invest New Account Claw Game – “up to” $1,000
SoFi has an offer in which you can get up to $1,000 when you sign up for an account and fund it with at least $10. Then you get to play a “claw game” where you can get a bonus of up to $1,000, though the probability you get that is quite low (0.028%). Most are better off going with the referral offer above for a guaranteed $25.
All new accounts who sign up will get a random dollar amount of stock ranging from $5 to $1,000. Most people will only get $5 so this offer is not super exciting.
Otherwise, the odds are:
| Value | Odds |
|---|---|
| $1,000 | 0.028% |
| $100 | 1.662% |
| $25 | 3.324% |
| $10 | 9.498% |
| $5 | 85.488% |
The advantage is that this promotion requires no funding so you can literally sign up, get the stock, and transfer it to your SoFi Money account.
| Brokerage | Bonus Promotion | Link |
|---|---|---|
 | 🏆 up to $5,000 | Learn more |
 | up to 12 free stocks from the Brokerage+ up to $3,000 from Cash Management | Learn more |
 | 15 Free Stocks | Learn more |
 | free stock (valued $5 - $200) | Learn more |
 | Up to $500 cash | Learn more |
 | up to $700 | Learn more |
SoFi Checking & Savings Bonus – up to $300
SoFi now offers a SoFi Checking and Savings Account bundle that has a great bonus based on the amount of your total qualifying direct deposits. To get up to $300, open a SoFi Checking and Savings account and receive qualifying direct deposits totaling at least $5,000.
The amount of the bonus is based on the total of the direct deposits you receive in the 30-day evaluation window (which starts once the first direct deposit is made). The schedule of that bonus is:
| Total Qualifying Direct Deposits | Cash Bonus |
|---|---|
| $1,000 – $4,999 | $50 |
| $5,000 or more | $250 |
This is open to new customers but also existing customers who have never earned a direct deposit bonus. Bonus will be deposited within 14 days of the end of the evaluation period.
(Offer expires 6/30/24)
Check back for more promotions as they become available – I will update this post as we learn more.
How Does This Compare?
The SoFi Checking and Savings Account offer of up to $300 is pretty good at the top end of the tiers but mediocre if you don’t have a large direct deposit to shift over to the account. Fifty bucks isn’t really appealing at any level, to be honest.
Here are what other banks offer:
Barclays – $200
Barclays Bank will give you a $200 if you open a new savings account and deposit $25,000 or more within 30 days and maintain at least $25,000 for the next 120 days. The savings account also pays a competitive interest rate of 4.35% APY while you wait.
BMO Relationship Checking – $400
BMO Bank is offering a $400 bonus* when you open a BMO Relationship Checking and when you have at least $7,500 in qualifying direct deposits within the first 90 days. It is a very straightforward offer that is available nationwide.
*Conditions apply
Bank of America – $200 Bonus Offer
Bank of America offers a $200 Bonus Offer cash bonus if you open a new account and Set up and receive qualifying direct deposits totaling $2,000 or more into that account within 90 days of account opening. It has a monthly fee that is easy to have waived.
Chase Total Checking® – $300
Chase Bank will give you $300 when you open a Total Checking account and set up and receive direct deposits totaling $500 or more within 90 days. There is a $12 monthly fee that is waivable with a monthly direct deposit of just $500, so no gotchas on this deal!
HSBC Premier Checking – up to $4,000
HSBC has an offer where you can get up to $4,000 for eligible new customers who open an HSBC Premier checking account, make a sizable deposit, and make recurring monthly qualifying direct deposits of at least $5,000 for 3 consecutive months.
Kevin says
How soon is the $50 added when you create a New Money Account with $500 deposited.
I’m not sure because I did this a while ago but it’s pretty fast. I’d say a few days?
Kevin says
Here are the details:
Offer: New SoFi Money Members who make a deposit(s) of $500 or more will receive a $50 bonus; additionally, the $500 minimum balance needs to stay in the new member’s account for 90 days in order for the new member to qualify for the $50 bonus.
Randy says
The Sofi Invest referral now requires a $5,000 deposit instead of $1,000. I was just getting ready to use it too!
You’re right Randy! Thanks for letting me know, I’ve updated the post. There are a lot of great free stock promotions out there too from the likes of Webull and Robinhood.