[Targeted] SoFi: Add Funds To Your Account And Earn Up To $1,000

Update 4/17/23: Deal is back for 2023.

The Offer

No direct link to offer, sent out via e-mail. Subject line is ‘Earn up to $1,000 when you make a deposit.’

• SoFi is offering a bonus of up to $1,000 when you add funds to your account by 9/30/22 and maintain your balance until at least 11/30/22. Bonus tiers are as follows:
  • $5,000 – $9,999 and receive $50 in bonus points
  • $10,000 – $24,999 and receive $100 in bonus points
  • $25,000 – $49,999 and receive $250 in bonus points
  • $50,000 – $99,999 and receive $500 in bonus points
  • $100,000+ and receive $1,000 in bonus points

The Fine Print

• Transfer period: Earn Bonus Rewards Points (as defined below) when you transfer funds into an active SoFi Checking and Savings account (an “Account”) between August 31, 2022 and 11:59pm ET on September 30, 2022 (the “Transfer Period”).Bonus Rewards Points are based on the total net dollar amount (i.e. incoming transfers less outgoing transfers) of settled transfers during the Transfer Period (“Transferred Funds”). Please note that transfers of funds between existing SoFi Checking and Savings accounts do not qualify for Bonus Rewards Points under this Promotion. Transaction limits may apply. 
• Maintenance Period: To remain eligible for the Bonus Reward Points, you must maintain the total balance in the Account as of September 30, 2022 through at least 11:59pm ET on November 30, 2022 (“Maintenance Period”). If the total balance in your Account falls below the total balance in the Account as of September 30, 2022 11:59pm ET at any point during the Maintenance Period, your Transferred Funds amount will be recalculated and the total Bonus Reward Points for which you are eligible will change. The revised Transferred Funds amount will be calculated as the difference between the minimum balance during the Maintenance Period and the balance on August 31, 2022 at 11:59pm ET. Your Transferred Funds can be held in either your Checking or Savings Account during the Maintenance Period. 
• Bonus Rewards Points: On December 1, 2022, SoFi will calculate the final Transferred Funds amount and will determine the Bonus Reward Points that you will earn based on the schedule below based on the table below. If your Account remains open and in good standing, your Bonus Reward Points will be added to your SoFi Rewards points balance by December 14, 2022. 
• A maximum of 100,000 Bonus Rewards Points, corresponding to a maximum value of $1,000, can be earned from this limited-time offer. 100,000 Bonus Rewards Points are equal in value to $1,000 when redeemed into SoFi Checking and Savings, SoFi Invest, SoFi Crypto, SoFi Personal or Student Loan Refinance loans and are equal in value to $500 when redeemed as a SoFi Credit Card statement credit.

Our Verdict

SoFi also offers up to 2% APY. To maximize this bonus you’ll want to add funds to your account as close to 9/30/22 as possible and maintain until 11/30/22. Probably best to just assume it’ll take three months in total of funds being tied up. That works out to be an additional annualized return of 4% if you put the minimum in each tier (e.g $5k for the $50 bonus), bringing it to a total of 6% APY.

Hat tip to readers Slickdealer & David T