SoFi Plus is now offering an unlimited 1% match on all recurring SoFi Invest deposits. This includes their self-directed “active” or robo-advisor “automated” accounts. There is a two-year minimum hold requirement. Both taxable brokerage and IRAs are eligible, and this benefit may be stacked the with SoFi Invest 1% match on IRA contributions.
You must be a member of SoFi Plus, their premium status that requires opening both a SoFi Checking and Savings account and then setting up a monthly direct deposit into either account. However, that direct deposit can be any amount, as little as $1.
New to SoFi? Take advantage of the following sign-up bonuses first:
- SoFi Checking Referral Offer: Up to $325 new user bonus. Open a new SoFi Money account and add at least $10 to your account within 5 days, and get $25. Then get up to $300 additional bonus with qualifying direct deposit. Plus up to 4.30% APY.
- SoFi Invest Referral Offer: $25 new user bonus. Brokerage account. Open an Active Investing account with $10 or more, and you’ll get $25 in stock.
After you have your accounts set up and have qualified for SoFi Plus status (it’ll show in your app after the direct deposit posts), here is how to set up a recurring deposit per their FAQ:
There are two ways to set up a recurring deposit:
1. Set up a weekly, biweekly, or monthly ACH transfer into your SoFi Invest® account. You can do this by adding cash to your Invest account and changing the frequency from “one-time, today” to recurring on a weekly, bi-weekly, or monthly cadence.
2. If you have Autopilot through a SoFi Checking & Savings account from SoFi Bank, N.A, you can use it to set up a recurring deposit into your Automated Invest (SoFi Wealth, LLC ) account. Afterwards, click the “Set up Autopilot” button to start your recurring investment. Next, select the dollar amount or percentage you want to invest from each paycheck, and we’ll automatically transfer it into your new account.
Remember that you get the match for the deposit of funds, and it must stay there for 2 years or they’ll try to claw it back. You’ll have to invest it separately by making a trade.
The 1% match is technically paid out in SoFi rewards points (1 point = $0.01), but you can set it to auto-convert to cash into a designated SoFi account every month (that’s what I do). The match will be paid out within two weeks of the end of each calendar month.
This is structured very similarly to Robinhood’s “1% Deposit Boost”, down to the 2-year hold period. You don’t need a checking account or direct deposit at Robinhood, but it does require an active Robinhood Gold subscription at $5 per month ($60 a year).
Here are more details on other SoFi promotions, including their 2.2% cash back credit card and $300 Personal Loan bonus.
