The Offer
SoFi Invest has doubled their previous brokerage bonus offer:
- Earn a bonus between $100 and $10,000 when you transfer your brokerage or retirement accounts to SoFi Invest.
Transfer Amount / Bonus:
- $5,000 / get $100
- $25,000 / get $200
- $100,000 / get $500
- $250,000 / get $750
- $500,000 / $1,000
- $1,000,000 / get $2,500
- $5,000,000 / get $10,000
The Fine Print
- The Offer Period will run from April 16, 2024 to midnight of December 31, 2024. This period may be extended at SoFi’s discretion.
- Earn a bonus when you transfer investments from another brokerage firm into a taxable SoFi Invest Active brokerage or Active retirement account (Traditional, Roth, or SEP IRA).
- Bonus amounts are based on the total net dollar amount (incoming transfers less outgoing transfers) of settled transfers from another brokerage to an individual SoFi Invest account during each calendar month.
- Bonuses will be paid within 14 days of the last day of the month in which the transferred assets settled in your SoFi Invest account. Bonuses will be paid into the same account you transferred investments into. Transfers into multiple accounts may not be combined.
- Assets are required to remain in your SoFi account for 2 years. SoFi reserves the right to recoup up to the bonus amount from any withdrawals that take place prior to the 2 year period. SoFi also reserves the right to change or terminate this promotion at any time without notice.
- Important Tax Information: The value of the reward you receive may constitute taxable income. SoFi Securities LLC may issue a Form 1099 (or other appropriate form) to you that reflects the value of the reward. Please consult your tax advisor. SoFi Securities LLC and its affiliates and associates do not provide tax advice.
Our Verdict
This is a decent deal. A lot of the tiers are higher than the previous SoFi promotion, though the new offer requires a 2-year lockup versus the 180 day lockup from last time around. Interestingly, a number of readers just got an email offer from SoFi with the new doubled tiers at the lower 180 day lockup. That’s a much more attractive offer.
I’m not entirely clear on how to sign up for this offer – I suppose anyone who transfers over assets will get this bonus, but it’s possible you have to go through a specific landing page. This offer appears to be for existing SoFi account holders and for those who sign up now for a new account.
Be sure to compare this offer against other brokerage signup offers to ensure you’re getting the offer that’s best for you. We’ll add this to our List of Best Brokerage Bonuses.
Hat tip to reader Tony
Sofi is now showing a 1% bonus uncapped with a 2 yr lockup on IRA’s and rollover 401K’s to IRA’s. Must use Capitalize to initiate the transfer.
According to the Ts&Cs, eligible funds are limited to those currently in a 401(k) account. That would appear to exclude 457(b), 403(b), TSP, non-Sofi IRAs, etc.
Did anyone do SoFi Invest’s transfer promo around November 2023? They had the same promo.. I remember seeing $100 for 5k transfer.. I took a screenshot but had a hard drive crash and so I don’t have the screenshot and SoFi being a pain is saying it was only $50. if anyone can confirm they also saw $100 for 5k last year or if you have a screenshot please kindly share! tia
Higher tiers suck on a % basis.
Lower tiers ($25k and below) are okay, but not worth it for $100-$200 imo.
I’m seeing some references saying that you can manually link banks (without Plaid) to SoFi Invest but not to SoFi checking and savings. Is this correct?
I also see some references saying that some funding methods depend on the “tenure” of the account So maybe it varies?
SoFi lets me manually link acounts to SoFi Checking/Savings. I have seen some people say they didn’t get that option, so it probably depends on your history or account balance at SoFi.
The SoFi Invest interface for connecting banks seems somewhat separate, so maybe it’d be possible to manually link banks to SoFi Invest without being able to link to SoFi Checking/Savings.
Had logged-in into SoFi .. then started Chat session. It appears there is discrepancy on their internal web-site and external website details:
Please see the chat:
David(SoFi): Terms and Conditions (https://www.sofi.com/ACAToffer): Bonus amounts are based on the one-time total dollar amount you transfer during the incentive period. Transfers into multiple accounts may not be combined. Assets are required to remain in your SoFi account for 180 days. SoFi reserves the right to recoup up to the bonus amount from any withdrawals that take place prior to the 180-day period. If you transfer a brokerage account with total asset value over $5,000 through the ACAT system, SoFi will reimburse up to $75 of ACAT Fees from your outgoing brokerage firm. SoFi reserves the right to change or terminate this promotion at any time without notice.
SELF: hmm – may be your internal and external websites showing different retention/hold period; I am reading it right now; shows: 2-years Assets are required to remain in your SoFi account for 2 years. SoFi reserves the right to recoup up to the bonus amount from any withdrawals that take place prior to the 2 year period. SoFi also reserves the right to change or terminate this promotion at any time without notice.
David(SoFi): Yeah, it is 180 days for sure
David(SoFi): I will report the discrepancy on web-site
David(SoFi): I will report that there is a discrepancy. I have confirmed as requested and sent you the details
** The chat appears to remain/retain (hopefully, we can refer to this at a later date if they change their mind)
Does anyone know of have experience if SoFi will match from a previous offer that was applied but waiting on payout?
Which offer? I had to fight tooth & nail to get my 1% IRA bonus matched to 2% if that gives you any indication. This included receiving a variety of answers from SoFi.
Talking about this one, the transfer bonus. I did reach out by chat and the agent had to transfer the request somewhere else. She said I would hear a reply in 2-3 days. So far nothing.
SoFi sucks at paying out Invest bonuses.. I should have been paid in January but wasn’t.. I’ve had to contact support 5 times for updates.. each time I’m told it’s still being “manually processed”.. not really a big deal.. I can wait. but fucking hell. this is a huge bank they should be more efficient than this
They suck at paying out bonuses in general, both bank & invest. I’ve run into issues with them multiple times now. They tell me one thing, then later it’s something else. Really disappointing experience these past few years.
Yeah ok, ill just wire over my 5 mil so i can get that cool 10k.
I had $8000 stolen from my Sofi. Someone added fraudulent Pathward prepaid they opened in my name and pulled the funds. Sofi has some of the worlds worst support out of any bank. I mean, yes most banks are bad but SoFi is on a different level. They will not help and you can’t be transferred to anyone that can help. I have contacted the police and literally every agency imaginable about this and it has been 5 weeks and they haven’t refunded. They straight up lied in their BBB and CFPB responses. I seriously would avoid them. If you do open for a bonus close immediately after getting it. This is a really bad bank.
Ditto. We had a couple accounts open including one for my mother in law who later died. It was hell just trying to get in touch with ANYBODY to get help with the account. 2 years is a hard no for me to start with, the fact it’s with SoFi at all is a non-starter. Will never bank with them again.
I have a few stocks in their brokerage account currently. The interface and user experience is terrible compared with all the other brokerages I use. The frustration of their app/site is not worth the bonus.
The banking UI isn’t terrible compared to other banks I deal with, but the invest interface is atrocious.