SoFi Promotions and Bonus Offers for December 2024

SoFi first emerged as one of the best student loan refinancing companies, but it has also become known as one of the best online banks.

Not only do they offer a checking and savings account combo, but their accounts come with no fees. However, what really makes them stand out is the SoFi Cash bonus that’s offered when you sign up for a new SoFi checking and savings account.

Below, you’ll find the details on all the current SoFi bonus opportunities that are available.

SoFi Promotions For December 2024

SoFi Checking and Savings – up to $300 bonus

Through December 31, 2024, you could earn up to a $300 bonus when you sign up for a SoFi checking and savings account and complete the following requirements.

1. Sign up for a SoFi Checking and Savings account
2. Within 25 calendar days of opening your new account, set up eligible direct deposits. The amount of your direct deposits will determine your bonus amount. Direct deposits totaling between $1,000 and $4,999.99 will earn a $50 bonus. However, direct deposits of $5,000 or more will earn $300.

The bonus will be added to your SoFi checking account within seven business days from the end of the direct deposit bonus period.

SoFi Invest – up to $10,000

For a limited time, you can earn up to $10,000 when you transfer funds into a new SoFi Invest account.

1. Sign up for a new SoFi Invest account
2. Before the promotion expires, transfer funds from an existing brokerage account. Your bonus will depend on the amount of funds transferred. When you transfer between $5,000 and $25,000, you’ll earn $100; $25,000 and $100,000 will earn $200; $100,000 and $250,000 will earn $500; $250,000 and $500,000 will earn $750; $500,000 and $1,000,000 will earn $1,000; $1,000,000 and $5,000,000 will earn $2,500; over $5,000,000 will earn a $10,000 bonus.

Your bonus will be paid into your account within 14 days after the end of the month when the funds are settled in your new account.

SoFi Referral Bonus – $75

If you’re a current SoFi customer, you can earn $75 when you refer others, and they sign up for a new SoFi checking and savings account.

1. Open a new SoFi account or log into your current SoFi checking and savings account.
2. Grab your referral link from your SoFi account and send it to friends and family.
3. Make sure your referrals deposit at least $10 into their new account within 14 days.
4. Once they make their initial deposit, you will earn your $75 SoFi bonus, and they will earn $25.

How to Open a SoFi Bank Account

If you’re ready to open a new SoFi Bank account, you’ll need to complete the following steps:

1. Click one of the buttons above to visit the SoFi website. Then, click “Open an Account.”
2. Complete your application by providing personal information such as your name, address, social security number, and date of birth.
3. Finally, fund your new account by transferring money from an existing account through an electric transfer or linking another bank account.

How SoFi Interest Works

SoFi offers interest on both their check and savings balances. You can earn 0.50% APY on checking and up to 4.00% APY on savings balances (including Vaults).

However, one of the more significant complaints is about what it takes to earn a higher interest rate on the SoFi savings account. To earn the highest 4.00%, you must set up monthly direct deposits of at least $5,000. If you don’t want to use direct deposits, you must manually make $5,000 in qualifying deposits. If you don’t do either, you will only receive a 1.20% APY.

How do SoFi promotions compare to others?

SoFi has some of the best bank promotions available today. However, to be sure you’re signing up for a new account that meets your needs, I recommend you compare it to some alternatives.

Frequently Asked Questions About SoFi Bonus Offers

Does SoFi offer a bonus?

Yes, SoFi offers up to a $300 bonus on checking and savings accounts. They also have up to a $10,000 SoFi Invest bonus when you transfer funds from an existing brokerage account.

Can students open a SoFi bank account?

Anyone under the age of 18 is not allowed to open a SoFi bank account. However, if you are over 18 years old and a student, you can open a SoFi account and earn a $30 bonus. Just click this link to get started. You will need to have a valid .edu email address.

How easy is it to open a SoFi bank account?

Opening a new SoFi bank account is simple. Once you fill out the short application with your personal information, you must make your initial deposit to finalize your account opening.

Does SoFi have a referral bonus?

If you already have a SoFi account, there are several referral bonuses available. If you have a checking account, you can refer friends and family and earn $75 when they sign up for a new account (your referral will earn $25). You can also earn a $300 bonus when you refer someone who takes out a personal loan.