Promos

SoFi Promotions: Earn Up to $560

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SoFi’s current monthly promotions are:

While not a signup bonus, SoFi also has a generous referral program that allows you to earn set amounts based on your recommended product. The referral program is covered here.

$10 for Signing up for Credit Insights

Credit Insights is a free SoFi product that allows you to access your credit score (through TransUnion) and earn points every time your score goes up. 

New Credit Insights users can earn a 1,000 points bonus (which can be redeemed for $10 in cash) by signing up through this page

Signing up for Credit Insights does not impact your credit score. 

Overall, this credit monitoring service isn’t as robust as what you would get with Credit Sesame or Credit Karma, but it does enable you to track important factors like your payment history, total accounts, inquiries and derogatory marks. Plus, you’ll get alerts if there are changes to your score or report. 

Up to $300 Direct Deposit Bonus

Both new and existing SoFi Checking and Savings customers can earn a bonus of up to $300 for setting up direct deposit and receiving a qualifying transaction.

The amount of the bonus is either $50 or $300, depending on the size of your first direct deposit:

  • Get $50 for deposits of $1,000 to $4,999.
  • Get $300 for deposits of $5,000 or more.

It takes about 30 days for the bonus to be added to your account. There is a 25-day evaluation period, then bonuses are paid out within seven business days after the evaluation period is over.

Note that SoFi defines a direct deposit as “deposits from an enrolled member’s employer, payroll, or benefits provider via ACH deposit.” That means PayPal, Venmo and bank transfers that are not from employers are not considered qualifying direct deposits and won’t earn you the bonus.

SoFi states that new customers are eligible for one referral reward and one welcome bonus. This means that a new customer cannot receive multiple referral bonuses for the same friend who takes advantage of various promotions, and the friend cannot receive multiple welcome bonuses for doing the same.

Since this offer is not a referral bonus, combining it with the $25 offer mentioned earlier should be possible.

Related: These banks offer cash bonuses with no direct deposit required.

Up to $1,000 From SoFi Invest

SoFi Active Investing, which allows you to purchase individual shares of stocks and ETFs, offers up to $1,000 in free stocks when you fund your account with at least $10 within 30 days of signing up. 

After qualifying, you’ll get fractional shares of random stocks with the following odds:

ValueOdds
$585.49%
$109.50%
$253.32%
$1001.66%
$1,0000.03%

After you claim your free stock, the fractional shares will be deposited into your account within seven days. 

Note that this promotion is only for those who sign up for Active Investing. SoFi has a separate product called Automated Investing that does not offer a deposit bonus. 

Check out the best brokerage account cash sign-up bonuses and the best free stock offers to see the latest promotions from other companies.

Referral Program

SoFi’s referral program offers multiple ways to earn, and you get immediate access to the program after completing the app sign-up process.

SoFi states that income from referrals and welcome bonuses cannot exceed $10,000 per calendar year. In addition, referrals must be friends and family, and the company has been known to crack down on those sharing links on social media sites.

Current SoFi referral bonuses include:

ProductYou GetFriend Gets
SoFi Checking and Savings$75$25
SoFi Invest$75 in stock$25 in stock
SoFi Credit Card$100$100
SoFi Personal Loans$300$300
SoFi Student Loan Refinance$300$300
Medical Student Loan Refi$1,000$1,000
SoFi Private Student LoansUp to $500Up to $500

How SoFi Promotions Compare

SoFi stands out with its $250 direct deposit offer, which is far more than what companies like MoneyLion, Chime and Current.com pay. However, their free stock offers aren’t as lucrative as some other companies

Here are some of the better SoFi promotions currently available:

SoFi’s referral program is quite good. If you have many friends and family members that you can refer to SoFi, it can be a great way to earn some extra money.

SoFi Promotions FAQ

Are there any fees, such as account maintenance fees or early withdrawal fees?

There are no account maintenance fees or early withdrawal fees associated with SoFi Money. Stocks and ETFs are traded commission-free. 

Is there a limit to the number of promotions or bonuses you can receive from SoFi?

Yes. SoFi says new customers can only receive one referral reward and one welcome bonus. In total, you cannot exceed $10,000 in referrals or welcome bonuses in any given year.

Can you combine multiple SoFi promotions for additional rewards?

Yes. You can combine multiple promotions, but you can only earn one of each type. On top of that, you can then add bonuses for opening different types of SoFi accounts, such as Active Invest or student loans. 

What is the process for redeeming a SoFi promotion or bonus offer?

Most promotions are deposited as points in your SoFi Money account. You can then redeem your points (which are worth 1 cent each) for cash. Free stock must be claimed within SoFi Active Invest. 

SoFi Promotion Links

Here are the links to each of the respective offers:

R.J. Weiss
R.J. Weiss, founder of The Ways To Wealth, has been a CERTIFIED FINANCIAL PLANNER™ since 2010. Holding a B.A. in finance and having completed the CFP® certification curriculum at The American College, R.J. combines formal education with a deep commitment to providing unbiased financial insights. Recognized as a trusted authority in the financial realm, his expertise is highlighted in major publications like Business Insider, New York Times, and Forbes.

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