The Offer
SoFi Invest has doubled their previous brokerage bonus offer:
Earn a bonus between $100 and $10,000 when you transfer your brokerage or retirement accounts to SoFi Invest.
Transfer Amount / Bonus:
$5,000 / get $100
$25,000 / get $200
$100,000 / get $500
$250,000 / get $750
$500,000 / $1,000
$1,000,000 / get $2,500
$5,000,000 / get $1o,000
The Fine Print
The Offer Period will run from April 16, 2024 to midnight of December 31, 2024. This period may be extended at SoFi’s discretion.
Earn a bonus when you transfer investments from another brokerage firm into a taxable SoFi Invest Active brokerage or Active retirement account (Traditional, Roth, or SEP IRA).
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.
Bonuses will be paid within 14 days of the last day of the month in which the transferred assets settled in your SoFi Invest account. Bonuses will be paid into the same account you transferred investments into. Transfers into multiple accounts may not be combined.
Assets are required to remain in your SoFi account for 2 years. SoFi reserves the right to recoup up to the bonus amount from any withdrawals that take place prior to the 2 year period. SoFi also reserves the right to change or terminate this promotion at any time without notice.
Important Tax Information: The value of the reward you receive may constitute taxable income. SoFi Securities LLC may issue a Form 1099 (or other appropriate form) to you that reflects the value of the reward. Please consult your tax advisor. SoFi Securities LLC and its affiliates and associates do not provide tax advice.
Our Verdict
This is a decent deal. A lot of the tiers are higher than the previous SoFi promotion, though the new offer requires a 2-year lockup versus the 180 day lockup from last time around.
I’m not entirely clear on how to sign up for this offer – I suppose anyone who transfers over assets will get this bonus, but it’s possible you have to go through a specific landing page. This offer appears to be for existing SoFi account holders and for those who sign up now for a new account.
Be sure to compare this offer against other brokerage signup offers to ensure you’re getting the offer that’s best for you. We’ll add this to our List of Best Brokerage Bonuses.
Hat tip to reader Tony