Deal has ended, view more SoFi Invest deals by clicking here.
The Offer
Targeted offer sent out via e-mail. Subject line is ‘Get up to $5,000 with SoFi Invest®’
- SoFi invest is offering a 1% bonus when you fund your SoFi Invest account up to a maximum of $5,000.
The Fine Print
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- To receive the bonus, the Active Invest account must have net deposits (meaning total deposits minus total withdrawals) of $100 to $500,000 in the offer period.
- The offer period is between now and June 30, 2020
- . The max bonus payout per user is $5,000.
- All bonuses will be paid within 5 business days of the conclusion of the offer period.
- Net deposits are required to remain in the account for 90 days following the conclusion of the offer period.
- SoFi reserves the right to recoup up to the bonus amount from any withdrawals that take place prior to the 90 day period.
- 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.
Our Verdict
Last month some people were targeted for a similar deal but that was 3% up to $10,000. This obviously isn’t as good as that deal, but it’s still insanely good when compared to other brokerage bonuses. For example Chase offers a $725 bonus if you deposit $250,000. That would net you $2,500 with this deal.
Hat tip to all the readers who sent this in
I am in process of ACAT out funds by specifying APEX Clearing,–the custodian SoFi uses and owns partly–rather than SoFi itself, which would require paperwork. Hoping I dodge the $75 out fee too!
Update: No $75 fee deducted from Fidelity (where I transferred) via ACATS.
Has anybody received the bonus payment yet? I have t seen anything, called customer service and they do see any record of the promotion on my account. Sending me a form to fill out. Thankfully I still have the email.
The bonus posted shortly after the funding period ended. You needed to keep the money in for the entire time to avoid a claw back.
Is it safe to move funds out?
Yes. I didn’t get any confirmation or ask permission, though. I just withdrew everything that was in the Invest account and haven’t seen any ill-messages.
I moved mine out today. Says it will take 2-3 days to get to SoFi checking acct.
Since SoFi unofficially extended the cut-off date for deposits and was late paying out the bonus, does that mean they expect us to be late about moving our funds?
I assume we can take it out now since it says “Net deposits are required to remain in the account for 90 days following the conclusion of the offer period.” The offer period was June 30, even though the bonus posted late.
Yeah, I moved mine out the last two days. If they want any chunk of mine they are going to have to ask me.
Interestingly I discovered the $50K cap is not enforced if you do one transfer in the AM, and one in the evening. Unfortunately, I did not make note of the times.
I wonder if the second considered as the next business day. Maybe that’s why it didn’t count.
Yeah, that’s what I would have thought, but I did another transfer the next morning that would have been beyond the dollar cap. Anyhow, the caps might have some flexibility.
I literally did a $50k transfer and a second transfer back to back. Funds appeared in my external account the following business day.
Maybe the 50K/day limit is for pulling? Weird.
It said there is 50k per day limit but it lets you do multiple transfers if each transfer is <=50k. I didn’t know that before!
So … 90 days are up tomorrow. Where to now?
Depends how big your nest egg is… and which brokerage bonuses you have done.
I am going to do the Citi Wealth offer, but if you haven’t started the application awhile ago you are not making it.
I started the application almost two weeks ago and I might not make it. Going to be pissed if they drop the ball because the application process sucks.
https://www.doctorofcredit.com/citi-wealth-management-up-to-3500-bonus/
There is always Citi, Chase, savings bonuses etc at $15K a pop.
How do we move money out of sofi invest? I don’t see a way to transfer between sofi money and sofi invest account.
I thought mine were automatically linked, but I don’t recall (I had Sofi Money before I had Sofi Invest; not sure if that makes a difference). Anyway, in your Sofi Active Invest account, you should have an “Add Cash” button. From there you should find a link to Manage Bank Accounts (which would let you add a non-Sofi account, at least).
But add cash only lets you move money in. I don’t see a way to move money out.
there’s a ‘withdraw’ section in settings. see if that’s what you’re looking for.
If you’re in Active Invest,, you should see the “Add Cash,” “FAQ,” and “More” buttons. “More should take you to a page that has a “Withdraw cash” button. But if you haven’t linked an account yet, you might have to go back to the Manage Bank Accounts page referenced above.
Thanks
Fred 
vc
I don’t see withdraw anywhere. Is it only on the desktop version? I’m on my iPhone and I don’t see it.
I only use the desktop version. You might get better help if you specify you’re using something other than the desktop (for example, I don’t know if you’re using the website on your iPhone or the app).
i’m on desktop, and fred’s right. you click the more button, which takes you to settings.
Thank you both! I do almost everything on my phone. I don’t see the withdraw button on the website on my phone or the app. I will try it later on the desktop.
In the iPhone app: Tap Invest tab at bottom → tap the account you want to withdraw from (default name may be “Active”; this is probably the step you’re missing) → tap the Manage button on the right → Withdraw. (Make sure you don’t withdraw too early and lose the bonus, of course!)
So it looks like 90 days would Sep 28 where we can withdraw with no penalties.
Sofi Invest just emailed me about a promotion offering a 1% match for recurring purchases of securities by September 30th. Doesn’t seem great, because it pulls from your external account, recurring purchases must be active through the end of the promotion, and the bonus calculation subtracts sales.
It’s been over a week since the offer stated it would pay out the bonus. I met all qualifications, but have not received anything. They keep telling me over the phone and via chat that they are working on it or some other vague answer. This is absolutely ridiculous. If I made my mortgage payment a week late, there would be consequences. I will never do business with this institution again.
I did mix of cash and ACATs that all completed by 26-Jun. Bonus just showed up for me overnight arriving morning 11-July. Putting the bonus in VCSH or possibly ICSH for the 90 days as I don’t want to risk withdrawing.
Are those mutual funds?