Table Of Content
SoFi Bank is a new kid on the banking block, having only been on the scene since 2011. However, this financial institution has been expanding its product line and now represents a viable alternative to the traditional high street bank.
Before we drill down to every promotion, let's summarize the most important questions asked by our readers:
Yes, you can earn up to $300 as a welcome bonus, depending on how much you receive in direct deposits within a 30 day evaluation period.
SoFi does not currently have a business checking account, so there are no new customer promotions.
Yes, you can qualify for a bonus of up to $1,000 when you open and fund a new active investor account. You can also receive up to $100 in Bitcoin when you make your first crypto trade.
You can earn up to $300 with a new checking and savings account.
There is only one SoFi Bank credit card, but it does offer the chance of winning up to $10,000 via “Tap to Win” when your new card is approved
SoFi does not currently offer CD products.
SoFi does not have any balance transfer promotions.
Bonuses are only issued once your eligibility has been confirmed, so you should not have any issues with SoFi trying to take back your bonus
SoFi does not currently have any loan promotions.
No, SoFI does not have any promo codes for new customer offers or promotions
The full details for each promotion are on the SoFi website, but if you’re still unsure about whether you’re eligible, you can call the helpline or email the support team.
SoFi is raising its profile and often has promotions. Here we’ll look at the current batch of SoFi Bank promotions.
SoFi Checking and Savings
SoFi Checking and Savings
Bonus: You can receive a bonus of $50 - $250 when you open a new SoFi Checking and Savings account. You’ll receive your bonus after you meet the direct deposit requirement.
Requirements: The amount of your bonus will depend on the amount of your total qualifying deposits. $1,000 to $1,999 offers a cash bonus of $50, $2,000 to $4,999 in direct deposits offers $100 and direct deposits over $5,000 provides the full $300 bonus. There is a 30 day evaluation period, which begins when you make your first qualifying direct deposit.
Product Info: As the name suggests, the SoFi Checking and Savings is a hybrid account. It has no monthly fees and you can earn 1.8% APY on your balance. There are no minimum balance requirements and no overdraft fees for negative balances of up to $50. You can use the Allpoint ATM Network, which has over 55,000 machines and earn up to 15% cash back when you pay for purchases with your SoFi debit card. The account also allows you to set savings goals with different Vaults to help you organize your money.
Terms and Conditions: To qualify for this bonus, you need to receive at $1,000 or more in qualifying direct deposits within the 30 day evaluation period. SoFi considers direct deposits to be transactions made via ACH deposit from an employer, payroll or benefits provider. You must open your new account before 12/31/2023.
How's SoFi overdraft fees work?
SoFi doesn't impose any overdraft fees. The transaction will fail, and SoFi won't charge you if you write a check that doesn't have enough money or try to withdraw more money than you have available.
Does SoFi provide paper checks?
Yes, SoFi provides checks without charge. After ordering, your paper checks are supposed to arrive in 10–14 days.
Can you close the SoFi bank account over the phone/online?
As a fully online platform, SoFi encourages you to use the website dashboard to manage all your account activity, including closing your account. Once you log into your dashboard, you’ll find the “Close Account” button under the “more” tab. This screen will take you through the checks before closing your account, including if you have any pending transactions or outstanding card disputes. After you’ve checked these items, you can click to close your account. You’ll see a confirmation screen to verify the account closure.
Can you buy/invest in Crypto via SoFi?
SoFi has recently launched SoFi Crypto, which as the name suggests, allows you to buy, sell and trade cryptocurrencies. You can manage SoFi Crypto via the bank’s app and get started for as little as $10. However, SoFi Crypto is unavailable in all states, so you must check the availability in your home state.
Can you Be Denied a SoFi Checking Account?
While SoFi is reputed to have flexible approval criteria for its checking account, there is still a possibility that your application may be declined. This is usually if SoFi cannot verify your identity or has a query about the personal information you’ve provided. You will receive an email letting you know your application has been declined, but you may be able to provide additional information and have your application reconsidered.
How's SoFi physical coverage?
SoFi is a fully online bank, and it has no physical branch coverage. All your transactions and queries must be performed online or by calling the appropriate helpline.
Is SoFi Account suitable for teens?
SoFi requires account users to be 18+, so it is not a good option for teens. The bank has no dedicated children’s accounts, so if you are looking for a checking or savings account for your teenager, SoFi is not the best option.
What is required to open a SoFi account?
Like the major banks, SoFi requires applicants to verify their identity and personal details to open an account. This will include your Social Security number, a valid home address, and contact details. All of these details are included in the application form, so be sure that you don’t leave any mandatory fields blank.
Checking and Savings Referral Bonus
Checking and Savings Referral Bonus
Bonus: You can earn a referral bonus of $25 and your referee will also receive a $25 bonus. Requirements: You will need to generate your own unique referral link via the mobile app. This can be found within the “Invite Friends” tab. If your friend or family member uses your referral link to open an account and funds it within five days with at least $10 in qualifying transfers, you’ll both get your $25.
Product Info: Your friend or family member can open a Checking and Savings account with all the benefits of your own. This includes no overdraft fee for negative balances of less than $50, no minimum balance requirements and no monthly fees. There is also cash back on purchases with a SoFi debit card and interest on account balances.
Terms and Conditions: Your friend or family member must use your unique referral code to qualify for this bonus. There is a button to generate the links for your contacts via a pre populated email, social media message or SMS.
How to Open a SoFi Bank Account
Since SoFI is an online bank, you will need to open your account on the internet. However, this is quite simple to accomplish in a few basic steps.
- Click on the “Open Account” button: The first step is to click on the button on the main product page.
- Create a Login: On the first screen, you’ll see a basic form to create your SoFi login. This involves providing your full name, home state, and email. At this stage, you’ll also need to create a password.
- Complete the Application: The next stage is fairly standard when opening an account with most banks and financial institutions. You’ll need to provide some basic financial information, your address and a few other details.
- Set Up Your Account: When you submit the application, SoFi will process it and you can then login to your new account. You should take this opportunity to set up your savings goals and provide your employer or benefits provider with your new bank details. This will ensure that your direct deposits start going into your account to help you qualify for the maximum welcome bonus.
SoFi Bank Account: Things to Watch For
- ATMs in Your Area: Since SoFi does not have physical branches, you must have access to ATMs within the Allpoint network. While you can manage most aspects of your account online or via the app, if you do need cash or have other transactions to perform, you will need to be able to access an ATM readily.
- Cash Restrictions: You must also consider whether you frequently deal in cash transactions. SoFi is not mainly geared towards cash, so unless you are comfortable with online transfers, debit card transactions, and other digital methods of dealing with your funds, SoFi is not the right choice.
- Direct Deposits: Most SoFi features, including the welcome bonus, are contingent on receiving direct deposits into your account. SoFi does not consider peer-to-peer transfers to be direct deposits. Only payroll from an employer or payments from a benefits provider paid via ACH is classified as direct deposit. If you don’t receive your salary in this format, you may struggle to access the entire account benefits.
- Other Financial Products: SoFi has several other financial products, including a credit card and loans, which may be easier to access if you hold a Checking and Savings account.
SoFi Credit Card Promotion
SoFI has just one credit card option and there is not typically any welcome bonus. However, there is currently a “Tap to Play and Win” promotion. When you apply and obtain approval for your card, you can tap to play for a chance of winning a welcome bonus of up to $10,000.
This card is a great option for those who want a straightforward rewards credit card with no annual fee. It is also a good choice if you want to access crypto benefits. You can earn up to 3% cash back on your purchases and redeem your rewards directly as crypto within your SoFi Invest account.
The SoFi credit card is also a good option if you need to work on your credit. If you make at least the minimum payment on time for 12 months, SoFi will lower your APR by 1%.
Is the SoFi Credit Card Best For You?
Since SoFi only offers one credit card option, there is no decision about which card is best for you. Instead, you need to consider if the SoFi card is the right choice for your circumstances, requirements and preferences.
- Simple Reward Structure: With the SoFi credit card, you don’t need to worry about reward categories or spending caps. You’ll simply earn up to 3% cash back on all your eligible purchases.
- Save, Invest or Pay Down: Another advantage of this card is that there are no complicated reward redemption options. When you accumulate cash back, you will have the option to have the money put into your designated savings vault, invested via crypto or paying down your SoFi loan.
- No Annual Fee: While the SoFi credit card may not offer the greatest rewards, there is no annual fee to worry about.
No Additional Benefits: On the other hand, the SoFi credit card has limited additional benefits. If you want to get free travel insurance, reimbursement for streaming services or other perks, this is not the card for you
SoFi Relay Promotion: Credit Score Monitoring
SoFi allows you to track your credit score without any fees and you can obtain a 1,000 bonus point reward, worth up to $10. This promotion is only available to new SoFi customers who don't’ have any other existing SoFI accounts.
SoFi Invest Promotion
SoFi Invest allows you to trade stocks, ETFs and Crypto. When you open a new active investing account via the app, you can receive up to $1,000. You must fund your account with $10 or more within 30 days of opening your account.
However, there are no bonus guarantees. The probability of receiving $1,000 is only 0.028%.
SoFi Trade Crypto Promotion
The SoFi secure trading platform not only protects against theft and fraud, but when you open an account and make your first trade, SoFi will give you up to $100 in Bitcoin within 14 days.
This offer only applies to new crypto accounts, is limited to one per person, and expires on 12/31/2022.