The Offer
- SoFi is offering a 1% unlimited match on 401(k) which are rolled over into a SoFi IRA (traditional or Roth).
The Fine Print
- Note: To receive the bonus, roll over a minimum of $20,000.
- Offer ends 8/15/24.
- Rollover must be completed via Capitalize’s rollover application by either scheduling a rollover call or submitting a rollover request by August 15, 2024. If a rollover call is required, the appointment must occur by September 15, 2024.
- The 1% Rollover match will be treated as interest earned on the account and won’t impact IRA contribution limits.
- Automated IRA and Automated Roth IRA (offered by SoFi Wealth, LLC), Active IRA and Active Roth IRA (offered by SoFi Securities, LLC) are eligible for 1% match.
- As long as you hold your eligible funds for at least 2 years from the close of the Offer Period (August 15th, 2024), the bonus is yours to keep. If your deposit is removed prior to the end of the two year Eligibility Period, SoFi reserves the right to remove the corresponding proportion of the 1% Match from your account. Your IRA contributions are savings for retirement, and you’ll incur penalties if you take your funds out early, so make your best effort to keep them there till you retire.
- Bonuses will be paid within 60 days of the last day of the month in which the rollover funds settle in your SoFi Invest account.
Our Verdict
1% unlimited match with a 2-year hold period is a great deal for someone who plans to roll funds over from 401(k) to an IRA. Rolling over a 401(k) is somewhat niche and so we won’t add this to our list of Best Brokerage Bonuses.
Hat tip to Mithridel