Rakuten has again increased its offer for SoFi Invest (SoFi’s investment platform). You can now earn $100 or 10,000 Membership Rewards points for opening a new SoFi Invest account and depositing $100 into the account within 45 days of account opening. You could also earn up to 10,000 Bilt points, as long as you have Silver Bilt status ot higher.
There’s no requirement that you invest the $100 deposit in order to earn the $100 bonus.
The Deal
- Earn ~$100/10,000 Membership Rewards points when opening a new SoFi Invest account through the Rakuten portal and completing a deposit of at least $100 within 45 days.
Key Terms
- Cash Back provided by Rakuten, not SoFi.
- Cash Back is only available for new SoFi Active Invest customers.
- Only one per account.
- Customer must click and apply directly through the Rakuten link and initially fund a new active invest account with at least $100 within 45 days of clicking the Rakuten link to qualify.
- Cash Back will be automatically added to your Rakuten account within 45 days after an initial deposit of at least $100 is posted to your SoFi Active Invest account.
Quick Thoughts
We’ve been publishing SoFi’s checking/savings deals for years; you can often earn $500-$600 by opening a new account through a portal and making a certain amount of direct deposits.
While this deal is much, much less lucrative, it’s also much simpler. You only need to open a SoFi Invest account through Rakuten, deposit $100 intp the account within 45 days, and you’ll get $100 or 10,000 points from Rakuten, depending on your earning setup. The terms don’t specify that you need to invest that $100 in anything; you can just leave it there and get the bonus.
While it doesn’t say anything about needing to leave the money in the account for any length of time, I’d probably leave it there until I get the bonus, just to be safe.
Note that, in order to earn 10,000 Bilt points, you now need to have Silver status or above. Regular Bilt members would only earn 5,000 Bilt points, making Membership Rewards a much more desirable earning method.
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typo – should be Silver Bilt status “or higher”, not “ot higher”.
also, deposit $100 “intp” the account
Does it potentially disqualify me from future Checking/Savings account offers at SoFi (e.g. because I would then be “not a new customer”) if i open only this Invest account first? I have no past accounts at SoFi and was holding out for a better bonus for the checking/savings combo so I don’t want the pursuit of 10K Bilt points from disqualifying me from bigger bonuses on other SoFi products.
You should be fine. SoFi’s checking/savings account bonus terms now state that your eligibility is based on never having processed a direct deposit into a SoFi checking or savings account.
Even before, when the user terminology was present, I don’t believe that having a SoFi Invest account killed your ability to earn a checking account bonus.