The 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
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- 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.
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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.
I’ve had reoccurring automatic transfers from my SoFi checking to SoFi Invest set-up for years for the free points.. looks like I stopped receiving points for these auto-transfers back in Nov. 2024.. anyone know what change was made on SoFi’s end? if there are no more points for this activity then I guess I can cancel these autotransfers. hmm
SoFi discontinued that bonus on November 15 and replaced it with a flat 1% match on *net* monthly recurring deposits — but only for SoFi Plus members.
ah! thanks for the info! any idea how to disable these reoccurring transfers into Invest? I’ve spent almost an hour trying to find where it’s at to disable it
Scroll down to “Recent Activity.” Immediately below that heading should be “All” (selected by default) and “Scheduled.” Click “Scheduled” and you should see the next instance of each of the recurring deposits you have set up. Click on a recurring deposit and a dialog box will open up. Scroll down to the bottom of that dialog box and you’ll see options to edit or cancel the deposit.
thank you!! I would have never thought of that.
Is it net? I deposited $600 last month from an external account. Withdrew it to my Sofi account. Still received 600 points.
It is net on a monthly basis, so if you deposited in January, withdrew in February, deposited in March, etc. you could theoretically keep the gravy train going. However, you are at risk of clawback:
“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.”
I guess you could keep your SoFi checking and points accounts drained to prevent them from clawing, but they might do it the next time you fund the Invest account (and/or shut down your accounts altogether).
Well, the free $1.50/week is officially ending…
Starting on November 15, 2024, we are no longer providing rewards points to all members for the following activity:
Complete a recurring SoFi InvestⓇ deposit of $50+. Max of 3x per week and deposits will be processed on business days only.
Just realized this. So this is an overall downgrade.
SoFi carries Schwab market funds, so you can immediately schedule an SNSXX buy or something similar. Agree that 2-year hold is egregious, but if you’re already SoFi Plus member, you’re in their ecosystem.
2 year hold will get a No from me
must remain in your SoFi Invest account for a period of two years
Thanks NO Thanks
My best performing stock this month. I just sold yesterday. I tried their site and I didn’t like it. It’s hard for me to navigate and use.
The two-year hold is a deal breaker.
I have an existing SoFI Invest account, and I got an email about this on Oct 24, saying “You’re eligible to earn an unlimited 1% match on all recurring deposits to your SoFi Invest account.” I would guess that all existing accounts are eligible.
I have an existing invest account and already been doing recurring deposits. I didn’t get the offer. Maybe only people who aren’t doing recurring deposits are targeted.
I have an existing invest account and already was doing recurring deposits (3x a week). I got the offer.
It’s right on the homepage, the scrolling ad after one for the IRA match.
Nothing there. Is it an offer that you have to activate? If not, have people been getting the bonus already? I have not seen any more points than the 50 points that I have been getting for recurring deposit.
I never activated anything and I see it as one of the “Your benefits/Plus benefits” when I click on the diamond, so I assume its passively applied as long as you have Plus.
Can you see it here?
https://www.sofi.com/sofiplus/invest/
Looks like I just got it. Logged into the app today and there was a pop up immediately about the offer.
> SoFi Plus is a free membership tier for users who have monthly $1,000 direct deposits.
SoFi Plus doesn’t require $1,000/mo, just any direct deposit. From the article you linked:
> You must have recurring direct deposits of $1,000/month or more to unlock the personal loan rate discount and no-fee overdraft coverage.
All other perks and benefits can be unlocked with direct deposits of any amount.
Thx, I’ll fix
2 year hold, who does that?