Update 1/3/2021: Extended through 2/28/2021. Hat tip to reader Alfie’sDad
- SoFi is offering new and existing users a $75 bonus when you receive $500 or more in direct deposits from your employer to your SoFi money account.
Only valid for those who never received direct deposit before. Offer details:
- Set up direct deposit from your employer to SoFi Money.
- Receive $500 or more in qualified direct deposits between 8/4/2020 and 11/30/2020.
- SoFi will deposit your $75 bonus into your SoFi Money account.
The Fine Print
- Eligible Participants: All new and existing SoFi Members without a prior history of Direct Deposit transactions (“Direct Deposit”) to their SoFi Money account are eligible for the Program.
- Enrollment period: Enrollment in the Program will be available from 8/4/20 12:01AM ET to 9/30/20 12:00PM ET. New SoFi Money members who open their account within the enrollment period are automatically enrolled in the Program with the account open date acting as the effective enrollment date. Existing members without a prior history of Direct Deposit transactions (“Direct Deposit”) are automatically enrolled in the Program at the start of the enrollment period.
- Promotion Period: Enrolled members have until 11/30/20 at 12:00AM EST in order to qualify for the bonus.
- Bonus Terms: In order to qualify for the bonus an enrolled member must have $500 or more in total qualifying Direct Deposit transactions within the promotion period. Qualifying Direct Deposits must be made from the enrolled member’s employer, payroll, or benefits provider via ACH deposit. Deposits that are not from an employer (such as check deposits; P2P transfers such as from PayPal or Venmo, etc.; merchant transactions such as from PayPal, Stripe, Square, etc.; and bank ACH transfers not from employers) do not qualify for this promotion.
- SoFi will credit members who meet the qualification criteria stated above with a one-time cash bonus of $75 deposited into their SoFi Money account within two weeks of qualification.
- Bonuses are considered miscellaneous income, and may be reportable to the IRS on Form 1099-MISC (or Form 1042-S, if applicable).
- SoFi reserves the right to exclude any Members from participating in the Program for any reason, including suspected fraud, misuse, or if suspicious activities are observed. SoFi also reserves the right to stop or make changes to the Program at any time.
The fine print indicates this is a public offer offer is for anyone who never had direct deposit, even existing customers. I assume they sent out the email widely as well. $75 is pretty nice without needing to deal with opening a new account, though the direct deposit requirement won’t be easy for everyone.
We saw this same deal back in February, except last time you needed two direct deposits and this time one is enough. There’s also currently a referral offer deal for new signups where each party gets $50. After doing that signup deal, you can subsequently take part in this $75 for $125 total.
Hat tip to reader Daniel and ieatdogfood