SoFi Promotions – up to $250 for Checking & Savings, $50 for Invest & More

SoFi started as a student loan company but has quickly expanded to offer all kinds of financial products and services.

Do you need a bank account? They recently become one.

Need a brokerage account? Yep, they have that too.

Need to refinance a loan? They can help with that as well.

All of this on top of in-person events (after the pandemic) and career services that can help you get the job you want or get them to pay you more. SoFi takes a holistic approach to helping you with your money and it’s what separates them from many other companies.

This includes bonus money promotions. When you sign up for an account, when you refinance a loan, and sometimes even when you simply request a quote – they will give you bonus money to help you out. These bonuses are like $10 – $20 but happen all the time.

As you’d expect, the biggest promotions are the ones associated with their loan products. If you need a loan, and if the rate and other terms are right, it’s a great incentive to use them over others. If you don’t need a loan, they also have some great promotions associated with their banking and investing products.

💰 BMO Bank – $400

BMO Bank has a generous and easy offer – get up to $400 when you open a new checking account and set up direct deposits that meet their requirements.

The size of your direct deposit determines your bonus – it’s a limited time offer so don’t delay!

Learn more about this offer

Table of Contents
  1. SoFi Invest New Account – $25
  2. SoFi Invest New Account Claw Game – “up to” $1,000
  3. SoFi Checking & Savings Bonus – up to $300
  4. How Does This Compare?

SoFi Invest New Account – $25

Once you have a SoFi Money account, it’s time to get another $25 by opening a SoFi Invest account. You get that in stock and all you need to do is fund the account with at least $100. That’s the only requirement and the account has no fees, so you won’t get dinged.

The only requirement is that you need to sign up to SoFi Invest with a referral link (that’s one so you can use that). Then, deposit the $100 and you get $25 in free stock.

Learn more about SoFi Invest

SoFi Invest New Account Claw Game – “up to” $1,000

SoFi has an offer in which you can get up to $1,000 when you sign up for an account and fund it with at least $10. Then you get to play a “claw game” where you can get a bonus of up to $1,000, though the probability you get that is quite low (0.028%). Most are better off going with the referral offer above for a guaranteed $25.

All new accounts who sign up will get a random dollar amount of stock ranging from $5 to $1,000. Most people will only get $5 so this offer is not super exciting.

Otherwise, the odds are:

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

The advantage is that this promotion requires no funding so you can literally sign up, get the stock, and transfer it to your SoFi Money account.

Learn more about SoFi Invest

BrokerageBonus PromotionLink
Tastytrade Logo
🏆 up to $5,000Learn more
up to 12 free stocks from the Brokerage+
up to $3,000 from Cash Management
Learn more
15 Free StocksLearn more
free stock (valued $5 - $200)Learn more
Up to $500 cashLearn more
up to $700Learn more

SoFi Checking & Savings Bonus – up to $300

SoFi now offers a SoFi Checking and Savings Account bundle that has a great bonus based on the amount of your total qualifying direct deposits. To get up to $300, open a SoFi Checking and Savings account and receive qualifying direct deposits totaling at least $5,000.

The amount of the bonus is based on the total of the direct deposits you receive in the 30-day evaluation window (which starts once the first direct deposit is made). The schedule of that bonus is:

Total Qualifying
Direct Deposits
Cash Bonus
$1,000 – $4,999$50
$5,000 or more$250

This is open to new customers but also existing customers who have never earned a direct deposit bonus. Bonus will be deposited within 14 days of the end of the evaluation period.

Learn more about SoFi Banking

(Offer expires 6/30/24)

Check back for more promotions as they become available – I will update this post as we learn more.

How Does This Compare?

The SoFi Checking and Savings Account offer of up to $300 is pretty good at the top end of the tiers but mediocre if you don’t have a large direct deposit to shift over to the account. Fifty bucks isn’t really appealing at any level, to be honest.

Here are what other banks offer:

BMO Relationship Checking – $400

BMO Bank is offering a $400 bonus* when you open a BMO Relationship Checking and when you have at least $7,500 in qualifying direct deposits within the first 90 days. It is a very straightforward offer that is available nationwide.

*Conditions apply

👉 Click here to learn more


Discover Online Savings Account – $150 or $200

Discover Bank is offering a $150 or $200 bonus when you open your first Discover Online Savings Account with the promotion code WH124 and deposit at least $15,000 into the account within 30 days. You get $150 if you deposit $15,000 or more and $200 if you deposit $25,000.

👉 Click here to learn more


Bank of America – $200 Bonus Offer

Bank of America offers a $200 Bonus Offer cash bonus if you open a new account and Set up and receive qualifying direct deposits totaling $2,000 or more into that account within 90 days of account opening. It has a monthly fee that is easy to have waived.

👉 Click here to learn more


Chase Total Checking® – $300

Chase Bank will give you $300 when you open a Total Checking account and set up and receive direct deposits totaling $500 or more within 90 days. There is a $12 monthly fee that is waivable with a monthly direct deposit of just $500, so no gotchas on this deal!

👉 Click here to learn more


HSBC Premier Checking – up to $4,000

HSBC has an offer where you can get up to $4,000 for eligible new customers who open an HSBC Premier checking account, make a sizable deposit, and make recurring monthly qualifying direct deposits of at least $5,000 for 3 consecutive months.

👉 Click here to learn more

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About Jim Wang

Jim Wang is a forty-something father of four who is a frequent contributor to Forbes and Vanguard's Blog. He has also been fortunate to have appeared in the New York Times, Baltimore Sun, Entrepreneur, and Marketplace Money.

Jim has a B.S. in Computer Science and Economics from Carnegie Mellon University, an M.S. in Information Technology - Software Engineering from Carnegie Mellon University, as well as a Masters in Business Administration from Johns Hopkins University. His approach to personal finance is that of an engineer, breaking down complex subjects into bite-sized easily understood concepts that you can use in your daily life.

One of his favorite tools (here's my treasure chest of tools,, everything I use) is Personal Capital, which enables him to manage his finances in just 15-minutes each month. They also offer financial planning, such as a Retirement Planning Tool that can tell you if you're on track to retire when you want. It's free.

He is also diversifying his investment portfolio by adding a little bit of real estate. But not rental homes, because he doesn't want a second job, it's diversified small investments in a few commercial properties and farms in Illinois, Louisiana, and California through AcreTrader.

Recently, he's invested in a few pieces of art on Masterworks too.

>> Read more articles by Jim

Opinions expressed here are the author's alone, not those of any bank or financial institution. This content has not been reviewed, approved or otherwise endorsed by any of these entities.

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Comments

About the comments on this site:

These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

    • Jim Wang says

      I’m not sure because I did this a while ago but it’s pretty fast. I’d say a few days?

  1. Kevin says

    Here are the details:

    Offer: New SoFi Money Members who make a deposit(s) of $500 or more will receive a $50 bonus; additionally, the $500 minimum balance needs to stay in the new member’s account for 90 days in order for the new member to qualify for the $50 bonus.

  2. Randy says

    The Sofi Invest referral now requires a $5,000 deposit instead of $1,000. I was just getting ready to use it too!

    • Jim Wang says

      You’re right Randy! Thanks for letting me know, I’ve updated the post. There are a lot of great free stock promotions out there too from the likes of Webull and Robinhood.

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