SoFi® started as a student loan company but has quickly expanded to offer a wide range of financial products and services.
You can get a bank account, brokerage account, or even refinance a loan.
This is in addition to in-person events 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 it 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 $450
Earn up to $450 when you open a new U.S. Bank Smartly® Checking account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through April 17, 2025. 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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🔃 Updated October 2024 with the latest offer. The bonus increased from $250 to $300 when you reach the highest total qualifying direct deposit tier ($5,000+ within 30 days).
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 – $999.99 | $0 |
| $1,000 – $4,999.99 | $50 |
| $5,000 or more | $300 |
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 1/31/26)
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received 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 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.
SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% 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 stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
SoFi Invest® ACAT Transfer Bonus – up to $10,000
SoFi Invest® has a new ACAT transfer bonus offer of up to $10,000 with the lowest bonus starting at a transfer of just $5,000. They will even cover your ACAT transfer fee of up to $75 (as long as you transfer at least $5,000 in assets). This is twice as much as they were offering in the past and one of the best offers you’ll see for a transfer bonus.
Few caveats:
- SoFi doesn’t accept mutual funds, so you’ll have to liquidate them before transfer (booo)
- Assets must remain in your account for two years, which is an increase from previously when it was only 180 days.
Since this offer is available for new and existing accounts, you can open the account with the promotion below and then come back here to do the transfer.
| Transfer Amount | Bonus Amount |
|---|---|
| $5,000 – $25,000 | $100 |
| $25,000 – $100,000 | $200 |
| $100,000 – $250,000 | $500 |
| $250,000 – $500,000 | $750 |
| $500,000 – $1,000,000 | $1,000 |
| $1,000,000 – $5,000,000 | $2,500 |
| $5,000,000+ | $10,000 |
SoFi Invest New Account – $25
Once you have a SoFi Money® account, you can open a SoFi Invest account to earn another $25. You’ll receive 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 $25. 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 but it might be more exciting the play the claw game.
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.
Otherwise, the odds are:
| Value of Rewards | Odds |
|---|---|
| $1,000 | 0.028% |
| $100 | 1.662% |
| $25 | 3.324% |
| $10 | 9.498% |
| $5 | 85.488% |
The advantage is that this promotion only requires you to fund with $25, get the stock, and transfer it to your SoFi Money account.
INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE
Brokerage and Active investing products offered through SoFi Securities LLC, member FINRA/SIPC.
| Brokerage | Bonus Promotion | Link |
|---|---|---|
 | 🏆 up to $5,000 | Learn more |
 | up to 20 fractional stocks from the Brokerage+ up to $3,000 from Cash Management | Learn more |
 | up to 25 Free Stocks | Learn more |
 | free stock (valued $5 - $200) | Learn more |
 | Up to $500 cash | Learn more |
 | up to $700 | Learn more |
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:
U.S. Bank – up to $450
Earn up to $450 when you open a new U.S. Bank Smartly® Checking account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through April 17, 2025. 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.
Barclays – $200
Barclays Bank will give you a $200 if you open a new savings account and deposit $25,000 within 30 days of opening the account and maintain at least $25,000 in that account for 120 days. The savings account also pays a competitive interest rate of up to 4.50% APY while you wait.
BMO Checking – $350
BMO is offering a $350 bonus* when you open a BMO Checking account and have $4,000 in direct deposits within 90 days of opening. It is a very straightforward offer that is available nationwide.
*Conditions apply
Bank of America – $300 Bonus Offer
Bank of America offers a $300 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 new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer. 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!
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?
Do you still qualify for the $250 bonus after you had already received $50 bonus?
I’m not sure, you may want to ask SoFi directly.
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.
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.