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SoFi Money is once again offering a $100 bonus for setting up direct deposit totaling $1,000 or more in a 30-day period.
- SoFi Money is offering a bonus of $100 when you set up direct deposit and receive direct deposits totaling $1,000 or more in a 30 day period.
- Expires 4/30/21
- Details can be found here.
- Available to new members and to existing members “without a prior history of Direct Deposit transactions.”
- Available from 3/1/21 12:01AM ET to 04/30/21 11:59PM ET
- In order to qualify for the bonus, an enrolled member must have $1,000 or more in total qualifying Direct Deposit transactions within a 30-day period.
The following describes the terms that apply to participation in the SoFi Money direct deposit promotional program (“Program”) offered by SoFi Securities LLC (“SoFi”). 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 3/1/21 12:01AM ET to 04/30/21 11:59PM 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. Bonus Terms: In order to qualify for the bonus, an enrolled member must have $1,000 or more in total qualifying Direct Deposit transactions within a 30-day period. Members have 60 days after enrollment in order to qualify for the bonus. 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 $100 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.
Does it have to be a “real” employer direct deposit?
Quoting Nick from a previous and similar SoFi deal:
Many readers will likely wonder what qualifies as a direct deposit. Experience tells us that many bank account bonuses that are contingent on direct deposit are triggered by things like an ACH push from another bank account or a transfer from PayPal, etc. The terms on the SoFi deal clearly exclude all of those ways that have traditionally been used to game the requirement. Whether or not SoFi’s computer system is actually set up to recognize the difference between an employer direct deposit and something else is anybody’s guess. I guess if you haven’t yet set up direct deposit, you’ve got nothing to lose in trying. On the other hand, if you can easily set up a legit direct deposit to SoFi for a month or two, this would be a pretty easy hundred bucks.
SoFi Money links (you can earn $50)
- Greg’s family SoFi Money referral link
- Nick’s family SoFi Money referral link
- Stephen’s SoFi Money referral link
SoFi Active Investing links (you can earn $50)
- Greg’s family SoFi Investing referral link
- Nick’s family SoFi Investing referral link
- Stephen’s SoFi Investing referral link