SoFi Money $100 Direct Deposit Bonus for Existing Users

Update 1/27/22: Extended through 2/28/22. Hat tip to reader Yaro

Update 10/4/21: Extended through 12/31/21. Hat tip to Davis

Update 5/2/21: Offer has been extended for May and June – $100 bonus with $1,000 direct deposit. Hat tip to reader Davis

Update 3/1/21: Offer has been re-launched for March and April with an increased bonus of $100 now (previously it was $75). This time it needs a direct deposit of $1,000 or higher. Expires April 30, 2021. Hat tip to reader Onismurai

Update 1/3/2021: Extended through 2/28/2021. Hat tip to reader Alfie’sDad

The Offer

Direct Link to offer | New Link | New link

  • SoFi is offering new and existing users a $75 bonus when you receive $500 or more in direct deposits from your employer to your SoFi money account.

Only valid for those who never received direct deposit before. Offer details:

  1. Set up direct deposit from your employer to SoFi Money.
  2. Receive $500 or more in qualified direct deposits between 8/4/2020 and 11/30/2020.
  3. SoFi will deposit your $75 bonus into your SoFi Money account.

The Fine Print

  • Eligible Participants: All new and existing SoFi Members without a prior history of Direct Deposit transactions (“Direct Deposit”) to their SoFi Money account are eligible for the Program.
  • Enrollment period: Enrollment in the Program will be available from 8/4/20 12:01AM ET to 9/30/20 12:00PM ET. New SoFi Money members who open their account within the enrollment period are automatically enrolled in the Program with the account open date acting as the effective enrollment date. Existing members without a prior history of Direct Deposit transactions (“Direct Deposit”) are automatically enrolled in the Program at the start of the enrollment period.
  • Promotion Period: Enrolled members have until 11/30/20 at 12:00AM EST in order to qualify for the bonus.
  • Bonus Terms: In order to qualify for the bonus an enrolled member must have $500 or more in total qualifying Direct Deposit transactions within the promotion period. Qualifying Direct Deposits must be made from the enrolled member’s employer, payroll, or benefits provider via ACH deposit. Deposits that are not from an employer (such as check deposits; P2P transfers such as from PayPal or Venmo, etc.; merchant transactions such as from PayPal, Stripe, Square, etc.; and bank ACH transfers not from employers) do not qualify for this promotion.
  • SoFi will credit members who meet the qualification criteria stated above with a one-time cash bonus of $75 deposited into their SoFi Money account within two weeks of qualification.
  • Bonuses are considered miscellaneous income, and may be reportable to the IRS on Form 1099-MISC (or Form 1042-S, if applicable).
  • SoFi reserves the right to exclude any Members from participating in the Program for any reason, including suspected fraud, misuse, or if suspicious activities are observed. SoFi also reserves the right to stop or make changes to the Program at any time.

Our Verdict

The fine print indicates this is a public offer offer is for anyone who never had direct deposit, even existing customers. I assume they sent out the email widely as well. $75 is pretty nice without needing to deal with opening a new account, though the direct deposit requirement won’t be easy for everyone.

We saw this same deal back in February, except last time you needed two direct deposits and this time one is enough. There’s also currently a referral offer deal for new signups where each party gets $50. After doing that signup deal, you can subsequently take part in this $75 for $125 total. 

Hat tip to reader Daniel and ieatdogfood
    Chuck
  • On January 27, 2022, 17:30
Tags: sofisofi money

View Comments (275)

  • "Great news! We've determined that you are eligible for a recent direct deposit bonus. You should see that payment in your SoFi Checking and Savings account as “Direct Deposit Welcome Bonus” in the next 4 days."

    I just got a $100 DD bonus that I never signed up for. I'll take it I guess.

  • Got a push notification I was now getting the 3% cash back on the CC because my direct deposit hit. I transferred $1001 with the Wise app trying to get the DD bonus, not sure if I missed the deadline or not, but the push let me know it would have counted.

    • Today I received a $50 Direct Deposit Welcome Bonus, I think I missed the deadline for the 100, so didn't think I was going to get anything guess I'll be happy with the free 50!

    • how fast can Wise transfer deliver? I'm $300 short from the $5k from employer DD, 30day is closing tomorrow. Can wise deliver in 1 day? Thx!

      • It took a few business days, however if you have never done is before they have to verify your identity by uploading drivers license and then they take a couple extra days to verify you, so I doubt it would be one day if you are a first-timer.

        • Wise transfer not getting marked as direct deposit . It was marked as only deposit . Any special transaction description need to be mentioned ?

          • After clicking on the Wise transaction, it says 'Wise Inc Payroll DD' under Direct Deposit Payer...hope I am good to go and don't have to repeat the transaction.

  • Second of two payroll deposits April 5th
    $100 bonus April 29th

    Took a while and I did call to inquire why it wasn’t instantaneous following second deposit but it did post

    New checking account had one in 2020 with previous bonus (but never direct deposit)

  • Been trying to contact them for not paying this bonus, but keep getting stuck in their useless virtual chat, which also says live chat is unavailable even though it was within hours.

    I've seen a few members saying they had to submit a ticket for missing payouts.
    How exactly do you "submit a ticket"?

  • Any recent DP's on the $100 DD bonus?

    I had a $1,000+ real DD on 2/23 - no bonus yet. MyPoints tracked and shows the amount of the DD, so I know it counted.

    Per terms "SoFi will credit members who meet the qualification criteria stated above with a one-time cash bonus of $100 deposited into their SoFi Checking and Savings account within two weeks of qualification. "

      • Yeah, I did. I had to submit a ticket via chat. Took a few days and they posted it. I am not 100% sure what the issue was. Maybe because I had done the $75 DD bonus in 2020? I funded the new Money account when I opened it via a MyPoints link, however, Swagbucks specifically says the DD should be the 1st deposit. But, the Mypoints posted without issue.

        I plan to try to churn it again soon! May as well. The Money & Invest referral program went to hell a long time ago.

        • Are you going to give the Checking/Savings bonus a shot? Looks like Astra should work for a DD.

  • Legitimate employer direct deposit posted today but only shows as "Deposit". Chatted with SoFI and they said "too bad, your employer deposited the money wrong. there is nothing we can do".

    Awesome bank!

  • Promotion period may have been extended to 3/31/22.

    Just signed up for SoFi last night 2/22/22, and got a welcome email this morning that contained the terms for the SoFi direct deposit $100 bonus. When I signed up last night, the terms on the SoFi web page said the offer period end date was 2/28/2022, and that web page still says that today. But, the welcome email terms for the direct deposit bonus says in part:

    "Eligible Participants: All new members who join SoFi Money / Samsung Money by SoFi during the Promotion Period and all existing SoFi Members without a prior history of Direct Deposit transactions (“Direct Deposit”) to their SoFi Money / Samsung Money by SoFi account as of the beginning of the Promotion Period are eligible for the Program. Promotion Period: The Program will be available from 10/1/21 12:01AM ET to 3/31/2022 11:59PM ET. Bonus Terms: In order to qualify for the bonus, an Eligible Participant must have $1,000 or more in total qualify Direct Deposit transactions within any consecutive 30-day window during the Promotion Period."

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