SoFi Promotions: $325 Checking Bonus, 2.2% Cash Back Offer

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 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 offer a whole slew of new products, including checking and savings accounts.

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.

For more current bank offers, see our bank bonuses page. The most popular offers are from Chase BankSoFi, U.S. Bank, and Axos Bank.

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

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 direct deposits. This is $25 more than the standard $300 public offer and is also valid for existing customers who haven’t previously made a direct deposit into their account.

Receive a $25 bonus once you open an account and deposit $50 within 14 days. Plus, receive another checking bonus up to $250 based on your total direct deposit amount. The more you deposit, the bigger your sign-up bonus:

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

You’ll also earn up to a 4.60% APY with money in your savings account, which is 10x the average national rate. The checking account earns a lower rate of 1.20% APY, so I recommend keeping the money you don’t have an immediate need for in the savings account.

Bonus Amount: $325
Account Type: Personal Checking and Savings
Availability: Nationwide
Expiration: December 31, 2024

Bonus Requirements:

  1. Open a new SoFi Checking and Savings account using the link below.
  2. Get a $25 bonus when you fund your account with at least $50 within 14 days of account opening.
  3. Receive an additional bonus up to $300 based on your total direct deposits during the Evaluation Period ($1,000 – $4,999 = $50 bonus; $5,000 or more = $300 bonus).

The Evaluation Period starts when your account receives the first direct deposit and ends 25 days later.

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 $10.

Bonus Amount: $25 stock
Account Type: Brokerage
Availability: Nationwide
Expiration: December 31, 2024

Bonus Requirements:

  1. Open a new SoFi Invest® account via this link.
  2. Fund your account with an initial deposit of at least $10.
  3. Receive $25 worth of your favorite stock within 10 days.

3. 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, low fixed rates, and same day funding.

Bonus Amount: $300
Account Type: Personal Loan
Availability: Nationwide (offer not available to residents of Vermont)
Expiration: N/A

Bonus Requirements:

  1. Check your SoFi Personal Loan rate in 60 seconds using this link.
  2. Get approved for a personal loan.
  3. Receive a $300 bonus after your loan funds (you must keep your loan active and in good standing for at least 90 days to receive the $300 bonus).

4. SoFi Credit Card – 2.2% Cash Back

Earn an unlimited 2% cash back on all purchases and no annual fee when you apply for a SoFi Credit Card:

  • 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.

You can get a 10% boost on the 2% cash back rate if you have the SoFi Checking and Savings account with direct deposit, which means you’ll enjoy 2.2% cash back with no limit on how much you can earn at that rate.

The 10% boost doesn’t expire and it’s valid for both new or existing card members. Getting 2.2% on all purchases is excellent, and gives it an edge over the various 2% cash back cards.

Bonus Amount: N/A
Account Type: Credit Card
Availability: Nationwide
Expiration: N/A

Bonus Requirements:

  1. Apply for a new SoFi Credit Card via the link below.
  2. Open a Sofi Checking and Savings account with direct deposit.
  3. Receive 2.2% cash back on all eligible purchases.

5. SoFi Private Student Loan – $100 Bonus

Get a $100 bonus when you take out a student loan with SoFi. Plus, if you find a lower rate elsewhere, SoFi will match that rate and give you an extra $100.

Bonus Amount: $100
Account Type: Student Loan
Availability: Nationwide
Expiration: N/A

Bonus Requirements:

  1. Check your SoFi private student loan rate using the link below.
  2. Accept a student loan with SoFi.
  3. Receive a $100 bonus once you take out a student loan.

6. SoFi Student Loan Refinance – $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 Loan (offer not available to residents of Vermont)
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 a $300 bonus as long as your loan is active and in good standing 90 days after the student loan refinancing disbursement date.

7. SoFi Medical Student Loan Refinance – $1,000 Bonus

Receive a $1,000 cash bonus if you’re a medical professional that refinances their student loan with SoFi. This is the largest SoFi referral bonus ever! You also get exclusive access to the lowest refinance rates reserved for doctors and dentists.

Bonus Amount: $1,000
Account Type: Student Loan (offer not available to residents of Vermont)
Availability: Nationwide
Expiration: N/A

Bonus Requirements:

  1. View your SoFi medical student loan refinance rate using this link.
  2. Complete your student loan refinance with SoFi.
  3. Receive a $1,000 bonus as long as your loan is active and in good standing 90 days after the student loan refinancing disbursement date.

8. SoFi IRA – 2% Match on IRA Contributions

Ninja Update 1/5/24: The match has increased from 1% to 2% through 4/15/24.

SoFi will match 2% of your contributions to your Traditional or Roth IRA. That means for every dollar you deposit up to the contribution limit (for 2023, the limit is $6,500 for people under age 50 and $7,500 for people age 50 and older), you’ll get an extra 2%.

Only deposits made via ACH are eligible for the match. ACATs, wires, and rollovers are not included.

Bonus Amount: up to $75
Account Type: Retirement
Availability: Nationwide
Expiration: April 15, 2024

Bonus Requirements:

  1. Open a SoFi Traditional or Roth IRA account (SEP IRAs are not eligible at this time).
  2. Deposit funds up to your annual IRA contribution limit.
  3. Receive your 2% match bonus within 60 days of the last day of the month in which the contributions settle in your SoFi Invest account.
  4. Maintain your contributions for at least 2 years from the date you contribute or the corresponding proportion of the 2% match may be removed from your account.

9. 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 Credit Card
  • SoFi Personal Loan
  • SoFi Private Student Loan
  • SoFi Student Loan Refinancing
  • SoFi Medical Student Loan Refinancing

The amount of the referral bonus depends on the product the referred person opens.

For example, you’ll earn $100 for each SoFi Checking & Savings referral and SoFi Invest referral, $100 for referring friends to open a SoFi credit card, $300 per person that takes out a student or personal loan, and a whopping $1,000 for inviting medical graduates to refinance their student loans!

10. SoFi Invest Transfer Promo – Up to $5,000 Bonus

New and existing users can earn a bonus up to $5,000 when you transfer investments from another brokerage to a taxable SoFi Invest Active brokerage or Active retirement account (Traditional, Roth, or SEP IRA).

SoFi will also reimburse you for any fees up to $75 that your current brokerage charges for this transaction.

This SoFi Invest Active ACAT promotion is a tiered bonus offer where bonus amounts are based on the one-time total amount transferred:

Deposit AmountBonus
$1,000 – $4,999.99$25
$5,000 – $19,999.99$50
$20,000 – $99,999.99$125
$100,000 – $249,999.99$250
$250,000 – $499,999.99$500
$500,000 – $999,999.99$1,000
$1,000,000 – $1,999,999.99$2,500
$2,000,000+$5,000
(Deposit Bonus Tiers for SoFi Checking and Savings)

Bonus Amount: up to $5,000
Account Type: Brokerage
Availability: Nationwide
Expiration: None listed

Bonus Requirements:

  1. Initiate a transfer via the link below.
  2. Transfer at least $1,000 into your account.
  3. Receive your bonus within 14 days of the last day of the month in which the transferred assets settled in your SoFi Invest account.
  4. Maintain your transferred assets for at least 180 days or bonus amount may be clawed back.

11. SoFi Invest – Up to $1,000 Claw Game Bonus Offer

Feeling lucky? Compare the $25 guaranteed bonus above for opening a SoFi Invest account with a $100 deposit versus this Claw Game promotion that offers a bonus between $5 and $1,000.

There’s a 95% chance of receiving a $5 or $10 bonus, but a 0.028% chance of a $1,000 bonus:

BonusOdds
$585.488%
$109.498%
$253.324%
$1001.662%
$1,0000.028%

Bonus Amount: $1,000
Account Type: Personal Checking and Savings
Availability: Nationwide
Expiration: December 31, 2024

Bonus Requirements:

  1. Open a new SoFi Invest account with the link below.
  2. Play the Claw Game to “grab” a promotional reward between $5 and $1,000.
  3. Fund your account with at least $10 within 30 days.
  4. Receive your reward deposited as a fractional share into your SoFi Invest account.

12. SoFi Checking & Savings – Add Funds and Earn Up to $1,000 [Targeted Offer]

Earn up to $1,000 in rewards points when grow your account balance. The more funds your transfer to your existing SoFi Checking & Saving account, the bigger the bonus.

Note that this is only for those who received the offer in their email and claim the promotion. No bonus will be awarded for those who didn’t receive the offer via email.

New FundsBonus
$10,000 – $24,999$100
$25,000 – $74,999$250
$75,000 – $149,999$500
$150,000$1,000

Bonus Amount: up to $1,000
Account Type: Brokerage
Availability: Nationwide
Expiration: April 30, 2023

Bonus Requirements:

  1. Increase your SoFi Checking and Savings balance by at least $10,000 by 4/30/23.
  2. Maintain your balance until at least 7/01/23 in order to receive your rewards.
  3. Receive your rewards points by 7/31/23 as long as your account is in good standing.

Expired SoFi Bonuses

These 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:

Previous Offer: SoFi Checking and Savings – Up to $300

SoFi is offering up to a $300 welcome bonus when you open a new SoFi Checking and Savings account and set up a direct deposit.

You’ll get a $25 bonus once you open an account and deposit $10. Plus, receive another checking bonus up to $275 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+$275
(Bonus Tiers for SoFi Checking and Savings)

Bonus Requirements:

  1. Open a new SoFi Checking and Savings account.
  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 = $275 bonus).

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

Other Previous Offers:

  • Up to a $275 bonus when you open a SoFi Checking and Savings account and make qualifying direct deposits.
  • $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
  • 1,500 points when you open a SoFi Invest account.

Tips & Tricks For SoFi Promotions

New vs Existing Customers

SoFi sign-up bonuses are limited to one bonus per new customer, with the exception of bonuses for new closed end unsecured installment loans (personal loan, new student loan refinance, or new private student loan).

You won’t receive multiple welcome bonuses for taking advantage of multiple promotions unless they are for a new closed end unsecured installment loan that you have not previously obtained. You will receive an additional referral bonus as long as you use the specific product’s referral link.

For example, you can receive a bonus for opening a SoFi Checking and Savings account and still be eligible to get another bonus for taking out a personal or student loan. But you won’t be eligible for an additional bonus if you 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 bonuses. You’re still required to self-report and pay taxes even if you don’t receive a 1099-MISC (or 1099-INT). 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 a traditional checking and savings account, they had a cash management account called SoFi Money. Since SoFi Checking and Savings has many of the same 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 links.

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 the individual offer carefully.

In my experience, SoFi will award welcome bonuses or sign-up bonuses immediately after completing the offer requirements. For some products, it may take up to 10 days after completing all 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 sign-up bonuses are limited to one bonus per new customer, with the exception of bonuses for new closed end unsecured installment loans (personal loan, new student loan refinance, or new private student loan).

For example, you can receive a bonus for opening a SoFi Checking and Savings account and still be eligible to get another bonus for taking out a personal or student loan. But you won’t be eligible for an additional bonus if you 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 new customers bonuses to try them out.

I personally use the SoFi Checking and Savings account to take advantage of the high interest rate offered and utilize SoFi Invest to trade stocks and crypto.

Although admittedly, I opened the accounts for the bonuses and ended up staying because their platform is easy-to-use and loaded with useful benefits and perks. For example, you can check your credit score for free inside the app or earn points for simply logging in and redeem them for cash rewards.

My wife also uses her SoFi account to receive payments from taking care of pets with Rover (she does side hustles too!). I noticed that SoFi credits her paychecks two days earlier compared to national banks.

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.

About John Pham

John Pham is a personal finance expert, serial entrepreneur, and founder of The Money Ninja. He has also been fortunate enough to have appeared in the New York Times, Boston Globe, and U.S. News & World Report. John has a B.S. in Entrepreneurship and a Masters in Business Administration, both from the University of New Hampshire.

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Larry
Larry
3 months ago

I have tried more times than I can count to open a checking account with So-Fi bur when I get to the ID verification step it always rejects my Licence picture as too Blurry and insists I try again. I Called to see if there was an alternate like emailing the image and there is not. Will have to give up on this effort. Very frustrating.

Larry
Larry
3 months ago
Reply to  Larry

Please ignore. I was having this issue with BMO. Not So-fi..

Dan
Dan
3 months ago
Reply to  Larry

We had the same issue for one of us with BMO the first time, but we were able to call the phone number and get access to the account after a 30 minute phone call, and finish uploading the images. The first time it worked flawlessly.

Michael Levitt
Michael Levitt
1 year ago

Hi,
I enjoy reading your helpful and informative articles. At this time, I’m writing about a problem I’ve encountered while attempting to receive the bonus offered from SoFi Bank.

Specifically, this concerns the promo I responded to that was offered during March 2022. It was for opening a new ck acct with direct deposit for SoFi Bank. At this time, they refuse to honor the terms of the original agreement, as they say that even though I opened and funded the new acct during the timeframe of the March promo, the terms had changed as a new promo was being offered when my direct deposit hit. Apparently, their policy is to credit the bonus of whatever promo exists at the time the direct deposit hits, and not when the acct is opened and funded (even though this was never stated in the original offer. So they will only honor the terms under the “new” promo. This, of course, offers me a smaller bonus. ($50, as opposed to $100)

I have opened accts offering promos at many banks (over the years) and have never run into a bank that changed the amount of their bonus, because a new promo is being offered. They will not honor the terms that existed when the acct was first opened. (They tell me that if the old promo ends, the customer will receive whatever bonus is offered under the new promo. So I cannot be considered for the original.) This is absolutely crazy!

What I’d like to know is, if you have a record of their promo during the time of March 2022, would I be able to obtain a copy of this from you?

Thanks,
Michael

Amy
Amy
1 year ago

I dont see SoFi on your list of what counts as direct deposits for them. Can you list what works for dd for SoFi?

James
James
1 year ago
Reply to  John Pham

Hi John,

Do you have alternate email to? For some reason, my email sent to [redacted]@themoneyninja.com keeps getting undelivered.

James
James
1 year ago
Reply to  John Pham

Thanks for the reply John. I just emailed you from email starting with voicemail99.

Thanks.