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.
💰 Discover Online Savings Account – $150 or $200
Discover Bank is offering a $150 or $200 bonus to open your first Online Savings Account. Just open it with the code WH323 by 3/15/2023 and then deposit at least $15,000 to get the lowest bonus amount. Deposit $25,000 to get the higher amount.
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|$200-$250 in stocks||Learn more|
|up to 12 free stocks||Learn more|
|up to $25,000||Learn more|
|free stock (valued $5 - $200)||Learn more|
|Up to $500 cash||Learn more|
|Up to $625 cash||Learn more|
SoFi Checking & Savings Bonus – up to $250
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 $250, open a SoFi Checking and Savings account and receive qualifying direct deposits totaling at least $1,000.
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:
|$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.
(Offer expires 12/31/2022)
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.
As an added bonus, if you want to get into cryptocurrencies, you can get $25 in Bitcoin after your first crypto trade of at least $10. Trading crypto has no “fee” but they do charge a markup of 1.25% on each trade, so the fee is integrated into the price.
SoFi Invest New Account Claw Game – $5 – $1,000
If you don’t have $5,000 to deposit for the guaranteed $50, you can also sign up for a SoFi Invest account and play their Claw Game. 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 if you have $5,000 then the referral bonus is better.
Otherwise, the odds are:
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.
SoFi Loan Refinance – $300
SoFi offers a variety of loans but the two biggest areas are Personal Loans and Student Loan Refinancing. SoFi will give you $300 when you successfully complete a SoFi Personal Loan or Student Loan Refi, it’s as simple as that.
IF you are looking to refinance, it’s important to shop around because $300 is a nice bonus but only if you get the best possible rate given your situation. No sense taking $300 now if it means paying more on your loan in the long run. We maintain a list of the best student loan refinance companies and I recommend you give them a look to see who can give you the best rate. Some of them will offer bonuses too.
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 $250 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:
⭐Citi Priority Account – up to $2000
Citi Priority is offering up to $2000 bonus when you open an account by 4/4/2023. Then, within 20 days of opening your account, deposit at least $10,000 in New-to-Citi® funds and keep it there for 60 days after the 21st day. The bonus amount is based on how much you can transfer but the lowest tier starts at $10,000.
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 WH323 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.
Bank of America – $100 Bonus Offer
Bank of America offers a $100 Bonus Offer cash bonus if you open a new account and set up and receive qualifying direct deposits totaling $1,000 or more into that account within 90 days of account opening. It has a monthly fee that is easy to have waived.
Chase Total Checking® – $200
Chase Bank will give you $200 when you open a Total Checking account and set up direct deposit 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!
Albert – $150
Albert will give you $150 when you open an account and receive a qualifying direct deposit of at least $500 within 45 days and spend at least $200 on goods and services every 30 days for 90 consecutive days with your Albert debit card.