SoFi Invest 1% Bonus Match On Recurring Deposits (Unlimited)

The Offer

Direct Link to offer

• SoFi Plus members earn an unlimited 1% match on all recurring deposits to their SoFi Invest account, paid in rewards points.

SoFi Plus is a free membership tier for users who have monthly direct deposit of any amount. First join SoFi Plus. Then open a SoFi Invest account (or login into your existing account), then set up a recurring deposit to your SoFi Invest account.

The Fine Print

• The match will be paid out within two weeks of the end of the calendar month.
• Funds must remain in your SoFi Invest account for a period of two years to be eligible for the bonus. If your deposit is removed prior to the two year period, SoFi, at its discretion, may remove the corresponding proportion of the 1% Match from your account.
• Please note that the points will expire within 90 days of earning them if you don’t enroll in the SoFi Member Rewards Program. For more details, please see the SoFi Member Rewards terms.

Our Verdict

This is similar to the 1% deposit bonus from Robinhood, except that is for depositing to your cash account while the SoFi offer is for recurring deposits to your Invest account. I’m not sure if you earn interest on Invest idle funds, but you can certainly invest it in the market or in something like SGOV which has a similar result as holding it in a high yield savings account.

If you’re signing up for a new SoFi Invest account, go through Rakuten or Swagbucks to make a few extra dollars along the way.

There’s a separate tiered bonus from SoFi for ACAT-transferring over your investments. And a separate 1% bonus for IRA rollovers. And a separate bonus for opening a SoFi checking/savings account.