SoFi has a new 2% IRA match promotion (previously only 1%), where they will add an extra 2% bonus towards your annual IRA contributions to a SoFi IRA (active or automated). You must contribute by April 15, 2024 (“Tax Day”). Both Traditional and Roth IRAs are eligible (no SEP). The bonus does not count toward your contribution limits. ACH transfers only (no ACATs, wires, or rollovers).
The IRA contribution limits for 2024 are $7,000 for people under age 50, which means they can earn up to a $140 bonus. For people age 50 and over, the limit is $8,000 which means they can earn up to a $160 bonus on top of their contributions. You must keep the contribution at SoFi for two years (until 4/15/2026).
New SoFI Invest customers can also either get a guaranteed $25 new user bonus or a lottery-style prize with an average expected value of under $10 (85% will only get $5, but you get approximately a 1 in 3,500 chance of getting $1,000).
The SoFi Active IRA is basically a normal brokerage account where you can buy whatever you want, including low-cost index ETFs with no trade commissions. The Automated IRA is a robo-advisor account where they will manage a portfolio for you (no advisory fees).
Robinhood announced a similar 1% IRA match earlier, although Robinhood seems to suggest that will be more of a recurring feature, and I’m not sure if SoFi will continue this every year. Keep in mind that if you want to move your IRA to another broker later, SoFi charges a $75 outgoing ACAT fee.
Here are the full terms.
“Secret” 2% SoFi Invest match. Here’s a lesser-known way to earn even more rewards if you commit to automatic, recurring investments. SoFi Points is their loyalty rewards program where you earn points for doing various activities like logging into the SoFi app for 7 days in a row, activating your debit card, linking external accounts, or paying a bill. SoFi Plus is a premium tier that activates if you have a SoFi checking or savings account and maintain a direct deposit of any amount (even $1), and allows you to earn extra points.
Right now, one of the bonus perks is 100 points each time you make a recurring scheduled transfer of $50+ into a SoFi Invest brokerage account, valid up to 3 times per week. $150 a week times 52 weeks = $7,800, which is above the IRA contribution limits. 100 SoFi points = $1, so $1 bonus on a $50 transfer works out to an additional 2% bonus/match.
They could always change this in the future, but for now it’s a pretty good deal. I’ve been doing the transfer into a regular taxable SoFi brokerage account, but I imagine it should work for IRAs as well.
SoFi new customer bonuses. New users can receive a separate opening bonus for each separate part of SoFi (Money, Invest, Crypto, etc):
- 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 4.60% 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
- SoFi Invest Alternate Offer: Claw Game. Feeling lucky? Compare a guaranteed $25 above against an 85% chance of only getting $5 but having a 0.028% chance of a $1,000 bonus. (That is less than 1 in 3,500 odds.)
- SoFi Invest Asset Transfer Offer: Up to $5,000 Bonus. Transfer over your existing assets from another broker and SoFi will pay you a bonus. From $50 bonus for transferring $5,000 in assets all the way up to $5,000 bonus for $2 million in assets.
- SoFi Credit Card Referral Offer: $50 bonus. Standard feature is 2% cash back with no annual fee.
- SoFi Student Loan Refi: $300 bonus. Warning: Do your research before refinancing your Federal student loans to a private lender.
- SoFi Doctors and Dentists Student Loan Refi: $1,000 bonus. Special low rates just for doctors and dentists.
- SoFi Private Student Loan: $100 bonus.
- SoFi Personal Loans Referral Offer: Fixed $300 bonus. Fixed $300 bonus, 90 days after successful funding. The loan has no fees and you can pay it back in full after 90 days (you can pay it down to $50 before then to accrue minimal interest).
