Update 2/24/21: $100 bonus is now back with $25 for funding and $75 for direct deposit. Hat tip to reader A.
Update 11/29/20: Looks like you can get another $50 by going through Slickdeals. Plus you can do the $50 round up bonus, making it $200 total. Slickdeals deal now dead.
Offer at a glance
- Maximum bonus amount: $100
- Availability: Nationwide
- Direct deposit required: Yes, $500+
- Additional requirements: None
- Hard/soft pull: Soft
- Credit card funding: None
- Monthly fees: None
- Early account termination fee: ?
- Household limit: None listed
- Expiration date:
October 26, 2020November 4, 2020December 31, 2020
Contents
The Offer
- SoFi Money is offering a bonus of up to $100 when you open a new account. Bonus is broken down as follows:
- $25 for depositing $250+
- Additional $75 for setting up direct deposit of $500+
The Fine Print
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
This account doesn’t have any monthly fees to worry about.
Early Account Termination Fee
Not sure if there is any EATF or not, but there is no monthly fee and it’s worth keeping the account open long term for the spending bonuses.
Our Verdict
Don’t think this will stack with the $75 slickdeals bonus as both require opening a new account. Not as good as the previous $200 bonus either. I’d personally recommend just waiting for a bigger offer to return.
Hat tip to mothman69
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
Attempted a churn. No $100 bonus for DD’s.
Details:
The following describes the terms that apply to participation in the SoFi Money direct deposit promotional program (“Program”) offered by SoFi Securities LLC (“SoFi”). 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 3/1/21 12:01AM ET to 04/30/21 11:59PM 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. Bonus Terms: In order to qualify for the bonus, an enrolled member must have $1,000 or more in total qualifying Direct Deposit transactions within a 30-day period. Members have 60 days after enrollment in order to qualify for the bonus. 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 $100 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.
Yet another DP that churning works:
5/1/2020: Opened account.
[Did employer DD to get bonus, not sure of exact date]
9/11/2020: Bonus posted ($75).
Mid-6/2021: Closed account.
6/25/2021: Opened new account.
6/30/2021: Real employer DD ($1,001).
6/30/2021: “Money Promo Bonus” ($100).
Thank you, DOC.
Did you close your entire Sofi account, or just the Money account?
Another DP that closing account and then re-opening and receiving DD into new account triggers the $100 DD bonus.
Early-to-mid June – Closed account
6/15 – Opened new account
6/29 – $1k employer DD
6/29 – $100 bonus posted.
After opening the account, I realized there is also a $50 referral bonus available for new accounts. Wonder if it could have been stacked with this?
I was able to get the referral bonus on my third sofi and have done two dd bonuses (second by ticket). I’ll try for the third dd bonus in a month
Closed my old sofi account a few days ago and tried opening a new one but it says my SSN is already in use in another account. Did you have this issue?
SoFi $100 Direct Deposit Bonus DP
– 5/24 – Account opened online
– 6/11 – $1K employer DD posted
– 6/11 – $100 bonus posted
Previously did this bonus in April 2020 and closed my first account in early May 2021. So while the terms have once per lifetime language, it’s churnable.
Emails going out for $20 to sign up, and $100 for $1k DD in a 30 day period within the first 90 days of account opening. 1. The following describes the terms that apply to participation in the SoFi Money account $20 open offer (“Open Offer”) offered by SoFi Securities LLC (“SoFi”). This offer is available to new SoFi Money members who have not previously opened an account. Enrollment period: Enrollment in the Open Offer will be available from 6/9/21 12:01AM ET to 06/30/21 11:59PM ET. This offer is limited to one per person. To receive the Open Offer, participants must first apply and successfully open a SoFi Money cash management account. Within 5 business days, qualifying participants will receive a $20 deposit into their SoFi Money account. SoFi reserves the right to expire the offer at any time. Participants must comply with the SoFi Money terms of use. Bonus amounts of $600 or greater in a single calendar year may be reported to the Internal Revenue Service (IRS) as miscellaneous income to the recipient on Form 1099-MISC in the year received by applicable law. Recipient is responsible for any applicable federal, state, or local taxes associated with receiving the bonus offer. Consult your tax advisor to determine applicable tax consequences. SoFi reserves the right to change or terminate the offer at any time without notice. This offer is only available to members who received it directly from SoFi. 2. The following describes the terms that apply to participation in the SoFi Money direct deposit promotional program (“Program”) offered by SoFi Securities LLC (“SoFi”). 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 5/1/21 12:01AM ET to 06/30/21 11:59PM 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. Bonus Terms: In order to qualify for the bonus, an enrolled member must have $1,000 or more in total qualifying Direct Deposit transactions within a 30-day period. Members have 90 days after enrollment in order to qualify for the bonus. 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 $100 deposited into their SoFi Money account within two weeks of qualification. Bonuses are considered miscellaneous income, and may be… Read more »
SOFI is doing scams so far, never received the new round of DD bonus
Had schwab deposit $501 on Jan 26th. No $75 bonus posted.
$100 bonus, not $75….but
enrolled member must have $1,000 or more in total qualifying Direct Deposit transactions within a 30-day period. Members have 60 days after enrollment in order to qualify for the bonus. 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.
If I do another 500 x 2 from schwab do you think it will work? It looks like the promo was extended for exisiting users, but one has to “enroll” (what ever that means). Were you able to meet your bonus?
Not sure if this was refreshed by accident… but unless I’m missing something I think it might be more beneficial to just to do a reminder from the January post since this expires in 3 days…:
https://www.doctorofcredit.com/public-offer-sofi-money-75-direct-deposit-bonus-for-existing-users/
also, it may be even better to just refresh the this July 2020 post:
https://www.doctorofcredit.com/sofi-money-referral-offer-get-50-for-each-friend-you-refer-50-each/
Without the slickdeals or round up deal, this page doesn’t seem to benefit anyone since it’s just a $100 bonus, which makes it sound better than it is… since it really is just a $25 bonus + the $75 direct deposit bonus we’ve covered before (1st link above) and you can get an extra $25 by using a referral and still qualify for the $75 DD bonus as referenced in (2nd link above).
Personally I wasn’t able to get on the referral thread back then since I just opened my account more recently, so I’m locked out of benefiting from that at this point, but I’d still take the $125 ($50+$75) over this $100 solo bonus and it benefits other users for their additional $50 Referral as well. I know that I used someone’s code from that prior page when I signed up recently so I’m sure others would appreciate the opportunity to give back to others as well.
Thanks for all y’all do!
Thanks for writing this up. Would be great to revive the referral thread!
Datapoint: I did the DD bonus a couple months ago. I had a legit DD (employer paycheck) and the bonus posted the next day. No hassle at all if you can switch easily change your employer’s payments.