The SoFi Securities LLC (“SoFi”) 1% Match (“Match” or “Offer”) applies to eligible rollovers from Eligible Account Types (as defined below) into Individual Retirement Accounts (IRAs) held with SoFi. The Offer is governed by the following Terms & Conditions:
Offer:
Rollover Match: SoFi will match 1% of a customer’s eligible rollover into their newly opened SoFi IRA or existing SoFi IRA in good standing during the Offer Period. The rollover funds must be maintained in the IRA for two (2) years. Bonuses will be paid within 60 days of the last day of the month in which the rollover funds settle in your SoFi IRA account.
Example: If you complete a $75,000 rollover with Capitalize to a SoFi IRA during the Offer Period, you will be matched 1%, equaling $750.
Offer Period: The Offer Period is any time from May 1, 2025, though SoFi may change these dates or end the Offer at any time without notice.
Eligibility:
Rollover Match: The Offer is available solely to customers who roll over their account under Internal Revenue Code Sections 401(k), 403(b) or 457(b) (“Eligible Account Type”) into a SoFi IRA and initiated in partnership with Capitalize using the specific links provided below and within the Offer Period. If a rollover call is required by SoFi’s third party service provider Capitalize, it must occur within one month after the end of the Offer Period.
For customers with existing SoFi IRAs, an Eligible Account Type rollover must be completed via SoFi utilizing this link.
For SoFi customers who don’t have SoFi IRAs, getting started is easy;
Click here to start the rollover and open an Active or Automated IRA with SoFi.
SEP IRAs not eligible. Rollovers to a SEP IRA (Simplified Employee Pension Individual Retirement Account) are not eligible for the Match.
Eligibility Period: The Match requires funds to be maintained in the IRA for two (2) years from the respective deposit date. Early withdrawal of funds may result in the proportional removal of the Match bonus.
Limitations: This Offer cannot be combined with any other rollover or contribution bonus.
If rollover funds are removed prior to the end of the Eligibility Period, SoFi may at its discretion remove the corresponding proportion of the 1% Match from the customer’s account. SoFi reserves the right to liquidate securities or bill the receiving firm for any shortfall resulting from a removal of the Match bonus.
Calculations and Payments: The 1% Match is calculated based on the total rolled-over amount minus any withdrawals. SoFi calculates the 1% Match to three decimal points, rounding amounts over $0.005 up to $0.01 and amounts below $0.005 being forfeited. Payment will be made into the IRA initially credited with the rollover.
Example:
Rollover Match: if $75,000 was rolled-over, receiving a $750 match and then later $50,000 was withdrawn; SoFi may remove $500 from the bonus.
Fraud and Violations: SoFi reserves the right to decline, rescind, or delay granting the 1% Match if fraudulent activity or violations of these Terms are suspected. SoFi may liquidate any security to recover the Match amount if required.
Not a Recommendation: This Offer is not a recommendation to buy, sell, or hold any security, nor does it endorse any specific investment strategy or account type. There are many factors an investor should consider before contributing to an IRA or deciding to rollover an employer-sponsored retirement plan. Customers are advised to consult with a qualified advisor before making any transfers or rollovers. Customers acknowledge that by participating in the Match, they are participating in the Offer voluntarily and not based on any investment advice from SoFi.
Rollover Considerations: A rollover is one of several options available to you and may not be the best option for you. Other options may include leaving the Eligible Account Type at your former employer, rolling the Eligible Account Type to a new employer plan, or cashing out the Eligible Account Type. You should consult with a financial advisor or tax professional prior to making any decision. Further you should consider the following prior to any change in your Eligible Account Type:
Investment Options: Eligible Account Types generally have limited investment options, however, some options may be exclusive to that employer’s plan. IRAs often have wider range of investment options available to investors
Services: There are different levels of service available to Eligible Account Type participants and an investor should consider how these services differ from those in an IRA. Some employer plans may offer more robust service options.
Fees & Expenses: Both Eligible Account Type plans and IRAs involve expenses and fees. An investor can expect to pay some fees in an IRA that may not be applied to an Eligible Account Type such as loads, commissions, or the expenses of funds. Some employers cover administrative fees such as recordkeeping, trustee, or compliance fees. For additional details on the SoFi fee schedule click here.
Loans: Many employer plans allow you to take loans against the assets in your plan, while this option is generally unavailable in IRAs. You will be required to pay any outstanding loan balance prior to a rollover.
Penalty Free Withdrawals: Employees that leave their job prior to age 59 ½ may be eligible for penalty free withdrawals from their plan. However, penalty free withdrawals generally start at 59 ½ in IRAs.
Protection from Creditors: Eligible Account Type plans generally have unlimited protections (in amount) against judgements and creditors. IRAs are only protected in bankruptcy up to $1,512,350 (as of April 2024) and state laws vary.
Required Minimum Distributions (RMDs): For both employer plans and IRAs individuals are required to take periodic distributions beginning at age 70 ½. However, if an individual continues working past age 70 ½ they may not be required to to RMDs from their employer plan.
Employer Stock: There may be negative tax consequences for individuals who hold appreciated employer stock in an employer plan and transfer to an IRA. If this applies to you, consult your tax advisor prior to initiating a transfer or rollover.
Taxes: The Match is treated as interest earned and does not impact contribution limits. Each investor’s tax situation is unique, and SoFi does not provide tax advice. Consult a qualified tax advisor prior to making any rollover or transfer.
Disclosures: SoFi reserves the right to change or terminate the Offer at any time without notice. The Offer is not transferable, saleable, or valid in conjunction with other offers and is available to U.S. residents for personal, non-commercial use only.