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1 The following describes the terms that apply to participation in the SoFi Money $100 welcome offer (“Welcome Offer”) offered by SoFi Securities LLC (“SoFi”). Welcome Offer consists of two separate offers – a $25 Funding Offer and a $75 Direct Deposit Promotional Program with separate terms described below – and cannot be combined with any other offers not explicitly described below.
The following describes the terms that apply to participation in the SoFi Money account $25 funding offer (“Funding Offer”) offered by SoFi Securities LLC (“SoFi”). Only new SoFi Money members are eligible for this offer. Existing Money members (and those who previously closed their Money accounts) are not eligible.
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 8/4/20 12:01AM ET to 10/31/20 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.
Promotion Period: Enrolled members have until 11/30/20 at 12:00AM EST in order to qualify for the bonus.
Bonus Terms: In order to qualify for the bonus an enrolled member must have $500 or more in total qualifying Direct Deposit transactions within the promotion period. 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 $75 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.
2 We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time. Accounts opened prior to June 9, 2020 will continue to receive reimbursement for all ATM fees under our prior policy. SoFi Securities ATM policies are subject to change at our discretion at any time.
3 As of 6/9/2020, accounts with recurring monthly deposits of $500 or more each month, will earn interest at 0.25%. All other accounts will earn interest at 0.01%. Interest rates are variable and subject to change at our discretion at any time. Accounts opened prior to June 8, 2020, will continue to earn interest at 0.25% irrespective of deposit activity. SoFi’s Securities reserves the right to change this policy at our discretion at any time.
Accounts which are eligible to earn interest at 0.25% (including accounts opened prior to June 8, 2020) will also be eligible to participate in the SoFi Money Cashback Rewards Program.
46x based on the national average of 0.04% from the weekly rate cap as of 8/24.
5 The cash balance in SoFi Money cash management accounts is swept to one or more program banks where it earns a variable rate of interest and is eligible for FDIC insurance. FDIC Insurance does not immediately apply. Coverage begins when funds arrive at a program bank. There are currently six banks available to accept these deposits, making customers eligible for up to $1,500,000 of FDIC insurance (six banks, $250,000 per bank). If the number of available banks changes, or you elect not to use, and/or have existing assets at, one or more of the available banks, the actual amount could be lower. For more information on FDIC insurance coverage, please visit www.FDIC.gov. Customers are responsible for monitoring their total assets at each of the Program Banks to determine the extent of available FDIC insurance coverage in accordance with FDIC rules. The deposits in SoFi Money or at Program Banks are not covered by SIPC.
^ Approval rate based on SoFi undergraduate Student Loans applications between May 2020 – September 2020
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