Chase Total Checking®

SoFi Promotions for May 2022: $325 Checking Bonus

Here are all the available SoFi promotions and what you need to know about them; how to qualify, best bonuses currently available, when the offers expire, and more!

SoFi is now officially a national bank after receiving regulatory approval last year. Prior to this, they were known for their popular student refinance services and the SoFi Money account. Now, they can a whole slew of new products, including checking and savings account.

That means SoFi can attract new customers with bank account bonuses and sign-up offers, competing directly with established banks like Chase and Wells Fargo for your business.

When banks fight for your business, YOU WIN.

This post may contain affiliate links, meaning I get a commission at no cost to you if you decide to make a purchase through my links. Visit this page for more information. The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired.

Current SoFi Promotions

Here are the best SoFi bonuses currently available for you today:

1. SoFi Checking and Savings – Up to $325 Bonus

SoFi is offering up to a $325 welcome bonus when you open a new SoFi Checking and Savings account and set up a direct deposit. You’ll also earn 1.25% APY on money in your account, which is 41x the national average checking rate.

You’ll get a $25 bonus once you open an account and deposit $10. Plus, receive another bonus up to $300 based on your total direct deposit amount. The more you deposit, the bigger your sign-up bonus:

Deposit AmountBonus
$1,000 – $1,999$50
$2,000 – $4,999$100
$5,000+$300
Bonus Tiers for SoFi Checking and Savings

Bonus Amount: $300
Account Type: Personal Checking and Savings
Availability: Nationwide
Expiration: May 31, 2022

Bonus Requirements:

  1. Open a new SoFi Checking and Savings account using this link.
  2. Get a $25 bonus when you deposit $10 into your new account.
  3. Receive another bonus up to $300 based on your total direct deposits during the Evaluation Period ($1,000 – $1,999 = $50 bonus; $2,000 – $4,999 = $100 bonus; $5,000 or more = $300 bonus).

The Evaluation Period is defined as 30 days from the date your first direct deposit is received.

2. SoFi Active Invest – $25 Stock Bonus

SoFi has an investing account bonus of $25 for new customers when they open a SoFi Active Invest account and fund it with at least $100.

Bonus Amount: $25 stock
Account Type: Brokerage
Availability: Nationwide
Expiration: May 31, 2022

Bonus Requirements:

  1. Open a new SoFi Active Invest account with the ‘Apply Now‘ button below.
  2. Fund your account with at least $100.
  3. Receive $25 worth of your favorite stock.

3. SoFi Refinance Student Loan – $300 Bonus

Earn a $300 bonus when you refinance your student loans with SoFi. Plus, if you find a lower rate elsewhere, SoFi will match that rate and give you an extra $100.

Bonus Amount: $300
Account Type: Student Loans
Availability: Nationwide
Expiration: N/A

Bonus Requirements:

  1. Check your SoFi Student Refinance rate using the link below.
  2. Complete your student loan refinance with SoFi.
  3. Receive the $300 bonus as long as your loan is active and in good standing 90 days after the student loan refinancing disbursement date.

4. SoFi Personal Loan – $300 Bonus

Earn a $300 bonus when you apply for a personal loan with SoFi.

Borrow between $5k-$100k and say goodbye to high-interest debt with a SoFi personal loan the features $0 fees, fixed rates as low as 5.74% APR, and same day funding.

Bonus Amount: $300
Account Type: Personal Loan
Availability: Nationwide
Expiration: N/A

Bonus Requirements:

  1. Check your SoFi Personal Loan rate in 60 seconds using the link below.
  2. Fund your personal loan with SoFi.
  3. Receive the $300 bonus as long as your loan is active and in good standing 90 days after the student loan refinancing disbursement date.

5. SoFi Credit Card – $50 Welcome Bonus

SoFi is offering a $50 welcome bonus when you apply for a SoFi Credit Card, a card that offers unlimited 2% cash back on all purchases and no annual fee:

  • Earn 2% cash back on all purchases when redeeming it directly for an eligible debt, save, or invest account with SoFi.
  • Earn 1% when redeeming for a SoFi Credit Card statement credit.

Once approved, you’ll earn 5,000 reward points, worth a $50 SoFi Credit Card statement credit. It’s also worth $50 when redeemed into SoFi Checking and Savings, SoFi Money, SoFi Invest, SoFi Crypto, SoFi Personal or Student Loan Refinance loans.

Bonus Amount: $50 (5,000 points)
Account Type: Credit Card
Availability: Nationwide
Expiration: N/A

Bonus Requirements:

  1. Apply for a new SoFi Credit Card via the link below.
  2. Receive 5,000 points upon credit card approval.

6. SoFi Refer-A-Friend Program – Earn Bonus Per Referral

Once you’re a customer of any SoFi product or service, you can earn cash bonuses and/or reward points when you refer friends and family through SoFi’s refer a friend program.

Eligible accounts that you can refer people to include:

  • SoFi Checking and Savings
  • SoFi Invest (SoFi Active Invest)
  • SoFi Crypto
  • SoFi Student Loan Refinancing
  • SoFi Personal Loan Refinancing
  • SoFi Score Monitoring
  • SoFi Credit Card

Expired SoFi Bonuses

Theses bonuses were previously offered by SoFi, but have now expired. This may be due to legacy products that are unavailable for new customers (e.g. SoFi Money) or promotional offers that have simply ended.

SoFi may reactivate these offers again or have a similar deal in the future, so bookmark this page and check back often:

  • $50 bonus when you open a SoFi Money account
  • $50 – $50,000 bonus when you transfer funds from another brokerage to a SoFi Active Investing account
  • Up to a $100 Bitcoin bonus when you make your first trade with a SoFi Invest or SoFi Crypto account.

Tips & Tricks For SoFi Promotions

New vs Existing Customers

SoFi bonus offers generally only applies to new customers unless the terms and conditions specifically include existing users. However, you may receive one bonus per account type.

For example, you can receive a bonus for opening a SoFi Checking and Savings account and still be eligible to get bonuses for opening a SoFi Active Invest account or a SoFi Credit Card. However, you won’t be eligible for a second bonus if you should open a second SoFi bank account in the future.

SoFi Promotions FAQs

Are sign-up bonuses taxed?

Cash bonuses are taxable and may be reported on IRS Form 1099-MISC. SoFi will send you a 1099-MISC at the end of the year if you earned more than $600 in cash. Even if you don’t receive a 1099-MISC (or 1099-INT), you’re still required to self-report and pay taxes. Consult your tax advisor for further information.

Credit card bonuses, whether cash or reward points, are typically not taxed because most credit card offers require a minimum spending amount to qualify for the bonus, so the reward is considered a rebate on the purchase rather than taxable income.

What happened to SoFi Money?

Before SoFi offered checking and savings, they offered a cash management account called SoFi Money. Since SoFi Checking and Savings has many of the great features of SoFi Money, they no longer offer SoFi Money to new members.

If you’re an existing SoFi Money member, you can upgrade to SoFi Checking and Savings through a quick and easy process (check your email or the SoFi app for additional details).

Where do I find SoFi coupon codes?

SoFi doesn’t provide coupon codes that other banks like Chase offers. Instead, any sign-up offers or welcome bonuses are found through a referral or affiliate link.

Occasionally, SoFi may offer promotions directly or targeted to select customers, but the bonus amount may be less than what’s available through other channels.

Do SoFi offers expire?

Yes, like most bonuses from other banks, SoFi offers generally have an expiration date. Some promos may not have one and those will be marked with an expiration date of ‘N/A’.

How long does it take to receive my bonus from SoFi?

SoFi bonuses vary depending on the type of account you’re signing up for and its promotional term and conditions. Each offer may detail when the bonus will be received, so read each individual offer carefully.

In my experience, SoFi will award welcome bonuses or sign-up bonuses immediately after completing the bonus requirements. If you haven’t received your bonus in the expected amount of time, contact SoFi’s customer service at (855) 456-SOFI (7634).

Can I take advantage of multiple SoFi promotions?

SoFi bonus offers generally only applies to new customers unless the terms and conditions specifically include existing users. However, you may receive one bonus per account type.

For example, you can receive a bonus for opening a SoFi Checking and Savings account and still be eligible to get bonuses for opening a SoFi Active Invest account or a SoFi Credit Card. However, you won’t be eligible for a second bonus if you should open a second SoFi bank account in the future.

The Bottom Line

SoFi is one of the first fintech companies to acquire a bank charter and they’re coming out of the gates with a bang. They seem determined to show you why they should be considered one of the best banks in the nation and are happy to give our new customer bonuses to try them out.

While you shouldn’t choose a bank based solely on a new customer bonus, it’s a great incentive to try the many banking and credit card products available. Interested in more bank bonuses? Check out the entire list of the best bank bonuses for you to earn free money.

Leave a Comment