SoFi’s current monthly promotions are:
- $25 for opening a SoFi Money account ($10 deposit required)
- $10 for signing up for Credit Insights.
- Up to $250 for signing up for direct deposit.
- Up to $1,000 in free stocks.
- Up to $100 for trading crypto.
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.
$25 for Opening a Sofi Checking and Savings Account
SoFi offers a $25 bonus for opening a SoFi Money account and funding it with at least $10. To be eligible for the bonus, you must use an active referral link, and the funds you deposit must settle in the account within 14 days of account opening.
SoFi Money is a combined online checking and savings account with a high yield, no account fees, and no minimum balance requirements. The account also offers mobile check deposit, bill pay, and joint account options.
SoFi Money is a good choice for those who want to earn high interest on their savings and are comfortable not having a physical bank branch.
$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.
Existing SoFi users are eligible for this offer. To take advantage of both the $25 account opening bonus and the $10 Credit Insights bonus, simply sign up first with the $25 SoFi Money offer. Then, go to this Credit Insights page to get the $10 Credit Insights offer.
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 $250 Direct Deposit Bonus
Both new and existing SoFi Checking and Savings customers can earn a bonus of up to $250 for setting up direct deposit and receiving a qualifying transaction.
The amount of the bonus is either $50 or $250, depending on the size of your first direct deposit:
- Get $50 for deposits of $1,000 to $4,999.
- Get $250 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:
| Value | Odds |
| $5 | 85.49% |
| $10 | 9.50% |
| $25 | 3.32% |
| $100 | 1.66% |
| $1,000 | 0.03% |
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.
Up to $100 for Trading With SoFi Crypto
SoFi Crypto offers new users a tiered bonus based on the value of their first trade. Values range from $10 up to $100.
| Trade | Bonus |
| $50 – $99.99 | $10 |
| $100 – $499.99 | $15 |
| $500 – $4999.99 | $25 |
| $5,000 or more | $100 |
You must make your first trade within seven days of creating a new SoFi Crypto account.
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:
| Product | You Get | Friend Gets |
| SoFi Checking and Savings | $50 | $25 |
| SoFi Invest | $50 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 Loans | $100 | $100 |
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:
- MoneyLion. The current MoneyLion promo gets you $5 for signing up and $50 for making a direct deposit. Current.com offers a similar promotion.
- Chime. With the existing Chime promo, get $100 for singing up for a direct deposit.
- Moomoo. If you’re looking for more free stock promos, Moomoo’s current offer allows you to get up to 15 free stocks.
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
There are no account maintenance fees or early withdrawal fees associated with SoFi Money. SoFi charges a markup of up to 1.25% for each cryptocurrency transaction. Stocks and ETFs are traded commission-free.
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.
Yes. You can combine multiple promotions, but you can only earn one of each type. For example, you can combine the $25 referral bonus (or opening a SoFi Money account) with the $10 Credit Insights bonus and the $250 direct deposit promotion. On top of that, you can then add bonuses for opening different types of SoFi accounts, such as Active Invest or student loans.
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 or crypto bonuses must be claimed within SoFi Active Invest.
SoFi Promotion Links
Here are the links to each of the respective offers:
- $25 when opening a SoFi Money account ($10 deposit required)
- $10 for signing up for Credit Insights.
- Up to $250 for signing up for direct deposit.
- Up to $1,000 in free stocks.
- Up to $100 for trading crypto.
