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The Offer
Targeted offer sent out via e-mail. Subject line is ‘Get Up To $10,000 With SoFi Invest’
- SoFi invest is offering a 3% bonus when you fund your SoFi Invest account up to a maximum of $10,000.
The Fine Print
- To receive the bonus, the Active Invest account must have net deposits (meaning total deposits minus total withdrawals) of $100 to $1,000,000 in the offer period.
- The offer period is between now and May 31, 2020.
- The max bonus payout per user is $10,000.
- All bonuses will be paid within 5 business days of the conclusion of the offer period.
- Net deposits are required to remain in the account for 90 days following the conclusion of the offer period.
- SoFi reserves the right to recoup up to the bonus amount from any withdrawals that take place prior to the 90 day period.
- Bonus amounts of $600 or greater in a single calendar year may be reported to the Internal Revenue Service (IRS) as miscellaneous income to the recipient on Form 1099-MISC in the year received by applicable law.
- Recipient is responsible for any applicable federal, state or local taxes associated with receiving the bonus offer, consult your tax advisor to determine applicable tax consequences.
- SoFi reserves the right to change or terminate the offer at any time or without notice.
Our Verdict
The person who was targeted had just signed up for a SoFi Invest account for the free stock and hadn’t funded their account outside of that. For this promotion you need to keep the funds in the account for 90 days after the offer ends on May 31st, 2020. This seems like an absolutely exceptional offer, so much so that I feel like I’m missing something here. For example Chase offers a $725 bonus if you deposit $250,000. That same deposit here would net you $7,500.
Hat tip to ergodicthoughts
