Update – December 2025: SoFi has introduced some updates regarding their features available exclusively through the SoFi Plus “Premium” membership program. It appears they are attempting to create a program similar to “Robinhood Gold,” though I’m hoping for some more appealing promotions, as the current perks don’t seem to justify the cost. There are now three distinct ways to qualify for their higher APY tier, with just one of these conditions being sufficient:
- Receiving a direct deposit of any amount (even just $1). Many users can arrange to split their paycheck in multiple ways.
- Holding a combined balance of $5,000 or more across SoFi Checking and Savings accounts.
- Subscribing to SoFi Plus by paying a $10/month fee.
You can refer to their rate sheet (as of 11/12/25):
Additionally, the SoFi Plus membership now requires a fee of $10/month. It is no longer complimentary with a direct deposit, although all eligible deposits will receive free access to SoFi Plus benefits until March 30, 2026. A comprehensive list of SoFi Plus benefits is available for review.
Overall, the SoFi Plus benefits remain largely unchanged. However, a significant new feature is the introduction of the SoFi Smart Card, a charge card linked to your SoFi Bank accounts that provides unlimited 5% cash back at grocery stores.
Some of the most valuable SoFi Plus perks that existing Direct Deposit users have lost due to this update include:
- A 10% rewards boost on the SoFi Unlimited 2% Credit Card, increasing cash back from 2% to 2.2%.
- A 2% match on recurring IRA contributions, alongside a 1% match on recurring deposits made through SoFi Invest taxable brokerage accounts.
- The possible option to “schedule an unlimited number of appointments with a financial planner,” although the quality of guidance provided is unclear. There’s no guarantee of receiving advice from a Certified Financial Planner (CFP). While I haven’t used this feature, it could be beneficial for those seeking general advice.
Update – April 2024: SoFi has made several notable changes recently, both beneficial and less favorable:
- The SoFi Unlimited 2% Credit Card added a 10% rewards boost for those who direct deposit into SoFi Checking or Savings. This translates to 2.2% cash back on everyday purchases. (As of December 2025, this benefit is now exclusive to paying SoFi Plus members.)
- A new inactivity fee has been introduced: $25 per account for every 6 months of inactivity in logging in.
- The outgoing ACAT transfer fee has been raised to $100, up from the previous $75.
Original post:
SoFi (“Social Finance”) is an all-encompassing finance application that has evolved from providing student loans to offering banking, stock trading, cryptocurrency, credit cards, and more. Here are their latest promotional offerings; new users can receive a distinct opening bonus for each individual component of SoFi (Money, Invest, Loans, etc.).
- SoFi Checking Referral Offer: Up to $325 new user bonus. Open a new SoFi Money account and deposit at least $10 within 5 days to earn a $25 bonus, plus an additional bonus of up to $300 with a qualifying direct deposit. Additionally, you could earn up to 4.30% APY.
- SoFi Credit Score Tracking Offer: $10 in rewards bonus points. Activate free credit score monitoring to receive $10 in rewards points.
- SoFi Invest Referral Offer: $25 new user bonus. Open an Active Investing account with $10 or more in a taxable brokerage account to earn $25 in stocks.
- SoFi 401(k) Rollover Offer: Up to $10,000 Bonus. Receive a 1% match when rolling over your 401(k) into a SoFi IRA. Partnered with Capitalize for a smoother transition.
- SoFi Student Loan Refinance: $300 bonus. Please be cautious: research thoroughly before refinancing your Federal student loans with a private lender.
- SoFi Doctors and Dentists Student Loan Refinance: $1,000 bonus. Special low rates available explicitly for doctors and dentists.
- SoFi Private Student Loan: $300 bonus.
- SoFi Personal Loans Referral Offer: Fixed $300 bonus. This is a fixed $300 bonus offered 90 days after successful funding. The loan incurs no fees, and you can pay it off in full after 90 days (you can pay down to $50 before then to incur minimal interest, making the bonus profitable).
