Rule 606 Order Routing | Statement of Financial Condition
SoFi Money® is a cash management account, which is a brokerage product, offered by SoFi Securities LLC. Member FINRA/SIPC. Neither SoFi nor its affiliates are a bank.
This is not an offer, or solicitation of any offer to buy or sell any security, investment or other product.
1The following describes the terms that apply to participation in the SoFi Money $200 Stimulus offer (“Stimulus Offer”) offered by SoFi Securities LLC (“SoFi”). Stimulus Offer consists of two separate offers – a $125 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 $125 funding offer (“Funding Offer”) offered by SoFi Securities LLC (“SoFi”).
To receive the Funding Offer, participants must first apply and successfully open a SoFi Money cash management account. To receive the $125 promotional balance, deposit(s) of $100 or more must be made in the new account by the new SoFi Money member; additionally, the $100 minimum balance needs to stay in the new member’s account for 90 days in order for the new member to qualify for a $125 bonus. Within 3 business days of such a deposit, qualifying participants will receive a $125 deposit into their SoFi Money account. This offer is limited to one per account. This is a limited time offer that will expire on 8/14/2020 at 5pm ET. SoFi reserves the right to expire the offer at any time. The deposit of $100 or more must be made into the new account prior to offer expiry. Participants must comply with the SoFi Money terms of use. Any fraudulent or returned funding will result in disqualification. 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.
The following describes the terms that apply to participation in the SoFi Money direct deposit $75 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 8/4/2020 12:01AM ET to 9/30/2020 12:00PM 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 $75 bonus.
Bonus Terms: In order to qualify for the $75 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.
2At account opening, all SoFi Money accounts will earn interest at 0.25% APY. On the monthly anniversary date of account opening, your account activity for the preceding 30 days will be reviewed. Accounts which: (a) made deposits totaling $500 or more in the preceding 30 days, or (b) used their SoFi Money® World Debit Mastercard® Card for at least 10 transactions (excluding ATM transactions) in the preceding 30 days, will continue to earn interest at 0.25%. Accounts which did not meet either of these targets in the preceding 30 days, will earn interest at 0.01%. Interest rates are variable and subject to change at our discretion at any time. Accounts opened prior to 6/9/2020 qualify for benefits automatically regardless of inflows to the account or transaction count.
36x based on the national average of 0.04% from the weekly rate cap as of 6/29.
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