Unleash Your Sofi Invest Bonus: A Step-By-Step Guide

SoFi Invest offers a referral program that lets you earn $50 in stock and give $25 in stock. To qualify, someone must open a SoFi Invest account using your unique referral link and deposit at least $100. SoFi's referral program is capped at $10,000 each calendar year, so you can’t earn more than that amount. You can also earn a bonus when you transfer investments from another brokerage firm into a taxable SoFi Invest Active brokerage or Active retirement account. Bonus amounts are based on the total net dollar amount (incoming transfers less outgoing transfers) of settled transfers from another brokerage to an individual SoFi Invest account during each calendar month.

Brokerage transfer bonus

SoFi Invest offers a Brokerage Transfer Bonus of $100 to $10,000 for new and existing accounts. This bonus is earned when you transfer investments from another brokerage firm into a taxable SoFi Invest Active brokerage or Active retirement account (Traditional, Roth, or SEP IRA). The bonus amount is based on the total net dollar amount (incoming transfers less outgoing transfers) of settled transfers from another brokerage to an individual SoFi Invest account during each calendar month.

To qualify for the bonus, you must transfer at least $5,000 of investments from another brokerage firm into a SoFi Invest taxable brokerage or retirement account. The more you transfer, the bigger your cash bonus. Here is a breakdown of the bonus tiers:

• $100 bonus with $5,000 to $19,999 in new assets
• $200 bonus with $20,000 to $99,999 in new assets
• $500 bonus with $100,000 to $249,999 in new assets
• $750 bonus with $250,000 to $499,999 in new assets
• $1,000 bonus with $500,000 to $999,999 in new assets
• $2,500 bonus with $1,000,000+ to $1,999,999 in new assets
• $10,000 bonus with $5,000,000+ in new assets

The transferred assets must remain in your SoFi account for at least two years to qualify for the bonus. SoFi will pay out the bonus within 14 days of the last day of the month in which the transferred assets settled in your SoFi Invest account. The bonus will be paid into the same account you transferred investments into. It is important to note that SoFi does not accept mutual funds, and these funds would need to be liquidated before initiating the transfer.

Sign-up bonus

SoFi offers a variety of sign-up bonuses for its new customers. Here are some of the current offers:

SoFi Checking and Savings Account Bonus:

• You can earn up to $325 as a welcome bonus when opening a new SoFi Checking and Savings account and setting up direct deposits.
• This includes a $25 bonus for opening an account and depositing $50 within 14 days, and an additional bonus of up to $300 based on your total direct deposit amount.
• The bonus tiers are: a $50 bonus for direct deposits of $1,000 to $4,999, and a $300 bonus for direct deposits of $5,000 or more.
• The Evaluation Period for calculating the bonus starts when your account receives the first direct deposit and ends 25 days later.

SoFi Active Invest Bonus:

• SoFi offers a $25 bonus for new customers who open a SoFi Active Invest account and fund it with a minimum of $10.
• The $25 bonus will be received within 10 days in the form of your preferred stock.

SoFi Invest Account Bonus:

• SoFi offers a $50 bonus when you open a new SoFi Securities LLC active brokerage account and fund it with at least $100.
• The $50 bonus will be in the form of a fractional share in a company of your choice.
• This offer is limited to one per person and only applies to new active brokerage accounts.

SoFi Credit Score Monitoring Bonus:

• SoFi offers a $10 bonus when you sign up for SoFi Free Credit Score Monitoring.
• This offer is only available to new SoFi users without existing SoFi accounts.

Referral bonus

SoFi has a referral program that lets you earn $50 in stock and give $25 in stock to the person you refer. To qualify, the person you refer must open a SoFi Invest account using your unique referral link and deposit at least $100. SoFi’s referral program is capped at $10,000 each calendar year, so you can’t earn more than that amount.

• Open a SoFi Active Invest account using a referral link. Be sure to open the active investing account, which is the account you need to qualify for the bonus.
• Fund Your Account With $10 Or More. Deposit $10 or more into your new SoFi Invest account. Remember that you don’t have to invest the money you fund into your account. If you prefer, you can leave it as cash, which you can then withdraw later.
• You’ll Get $50 Worth Of Stock Within 10 Days. You’ll get $50 worth of free stock that you can invest in any company on SoFi Invest. Examples of stocks you can get are Amazon, Tesla, Disney, Apple, and Nike.

When you open a SoFi Invest account, you’ll also get your own SoFi Invest referral link that you can use to refer your friends and family members. This allows you to earn more referral bonuses by referring people you know and having them follow the same steps.

To find your referral link, open the SoFi app, then click the icon at the top left corner of the app. It should be the picture of yourself that you upload when you download the app. This will bring you to the main settings page, where you’ll find your SoFi Invest referral link. You can also refer people to other SoFi products and earn referral bonuses for those (for example, you’ll earn a bonus if you refer someone to SoFi Money or refer someone to download the SoFi app).

IRA match bonus

SoFi offers a 1% IRA match bonus on contributions and rollovers to its customers. This bonus is available to both new and existing SoFi IRA members.

To be eligible for the bonus, customers must make their contributions by the applicable tax deadline, which is usually around April 15. Both Traditional and Roth IRAs are eligible for the bonus, but SEP IRAs are not. It is important to note that only deposits made via ACH transfer are eligible for the match, and the bonus does not count towards contribution limits.

The IRA contribution limits for 2024 are $7,000 for individuals under 50, allowing them to earn up to a $140 bonus. For individuals aged 50 and above, the limit is $8,000, which means they can earn up to a $160 bonus on top of their contributions.

Customers must keep the contribution in their SoFi account for two years. SoFi reserves the right to recoup the bonus amount if withdrawals are made before the end of the two-year period.

In addition to the IRA match bonus, SoFi also offers other promotions and bonuses for its customers, such as the SoFi Plus 1% Invest Match, which is a premium membership that provides access to benefits like the best APY, discounts, and rewards when they set up direct deposits.

Bonus taxable income

The value of the bonus you receive from SoFi may constitute taxable income. SoFi Securities LLC may issue a Form 1099 (or another appropriate form) to you that reflects the value of the reward. Bonus recipients are responsible for any applicable federal, state, or local taxes associated with receiving the bonus offer.

The IRS considers bonuses to be taxable income. All bonuses are subject to income taxes, just like regular income. Bonuses are considered supplemental wages by the IRS, meaning there are specific guidelines for employers when withholding taxes.

There are two methods for withholding taxes on bonus payments: the percentage method and the aggregate method. Many employers use the percentage method, in which the IRS allows companies to withhold a flat 22% rate of bonus payouts. This method is straightforward for employers, but the amount withheld may be higher or lower than your usual tax withholdings, depending on your income. If your bonus is larger than $1 million, your employer is required to use this method, and taxes on bonuses above this amount are computed at a flat 37% rate.

With the aggregate method, your employer treats your bonus payment as part of your regular paycheck and withholds funds based on the withholding specifications on your W-4. This means they withhold a percentage of your paycheck for tax purposes, reflecting your exemptions and filing status.

If you receive a large bonus, you might graduate to a higher tax bracket, resulting in a higher tax bill than expected. To lower your taxable income, you can consider the following strategies:

• Submit a W-4 to your employer to increase withholdings throughout the year to account for the bonus.
• Invest your bonus in a tax-advantaged account, such as a 401(k) or traditional IRA.
• Donate your bonus to a charity, which can be a tax deduction.
• Work with an accountant to identify additional strategies to reduce your taxable income.
• Defer your bonus until the next year to update tax withholdings and focus on tax deductions and tax-advantaged investments.

Frequently asked questions