Update 1/4/24: Offer is now increased to 2% through 4/15/24
The Offer
- SoFi Invest is offering a
1%match on IRA contributionsthrough 12/31/23.
The max you can contribute each calendar year is $6,500, or $7,500 for those age 50+. Altogether this amounts to a max bonus of $65 or $75.
The Fine Print
- ACATs, wires, and rollovers are not included.
Offer ends 12/31/23.
Our Verdict
I’m not an expert on the investment options with SoFi Invest, but for someone who uses them this is a nice little bonus add. (Robinhood also has a 1% match – their offering seems to be advertised as a recurring deal.)
Mymoneyblog flags a completely separate SoFi bonus to get 100 loyalty points (worth $1) each time you have a recurring deposit into your Invest account, up to 3 times per week. You should be able to combine the two deals and have your IRA split up in smaller deposits three times each week through year-end.
Hat tip again to MMB
The payout should hit by end of April right? I can’t access the terms anymore
Got the match today
Update: I followed up on my January ticket in March and was told I would receive 2% instead of 1% for my 2023 contribution. Was adding my 2024 contribution a few days ago to be informed that Sofi doesn’t see any record of the 2% promise and now I’m only getting 1% for my 2023 contribution…. sadly not the first time Sofi has been difficult to deal with.
It’s down to $0.5 per transfer now??
yes
Opened the IRA and ready for contribution. The term says ‘only ACH counts’. Does the fund need to come from an external bank, or can I just use the fund in the Sofi checking account? Can anyone get the 1% bonus match confirm? Thanks
My contributions were pushed from the savings/checking and I got the 1% bonus last year. Still waiting on the 2% for this year.
I transferred the funds from my Sofi Savings to IRA account. when I clicked on the activity details, description says as “ACH deposit” so I am hoping for the match.
They pushed this out too late and I already contributed to my ira at fidelity.
What are the funds available to invest with Sofi ? Can we see them without creating an account ? Wondering if their expense ratios are similar to fidelity or higher.
The ETF page shows only 5 funds https://www.sofi.com/invest/etfs/
Don’t use SoFi ETFs. Just use the mainstay ETF sponsors.
Anybody did backdoor Roth (converting from Traditional IRA to Roth IRA) within Sofi? Since the fund needs to stay ‘in the IRA’ for 2 years, can we do the above as the fund does not leave Sofi technically? (though moved from one account into another account)
This is interesting assuming they have similar fund options to what you were going to purchase anyway. Also read they have a $75 account migration fee if you ever want to transfer to another brokerage…
Can the 3x$1 weekly transfer reward be double dipped? If not, I feel like it would be better to just recycle $150 every week through the regular invest account and frontload the IRA.
I would doubt it. The accounts are in the same brokerage tab, so I would think the brokerage deposit bonus is capped at three a week regardless of the number of accounts held.
Wait what am I missing here? Brokerage deposit bonus?
Please explain, I searched but couldn’t find anything on DOC about this. I have 2 brokerage accounts with Sofi
Automated transfers of $50 or more into invest earns $1 in reward points, up to 3 times a week. Schedule recurring transfers Tue, Wed, and Thu, manually pull back Fri/over the weekend.
Since you have 2 accounts, let us know if you can double dip…
ETA: $1 with plus, $.50 without