SoFi Invest: 1% IRA Match on Both 401k Rollovers and Contributions

Updated October 2024. SoFi Invest has brought back their an uncapped 1% match on 401k-to-IRA rollovers ($20,000 minimum). It looks like this is meant as a semi-permanent addition to their 1% IRA contribution match, as there is no expiration date. There is a 2-year required hold period. Both new and existing SoFi IRA accountholders IRAs are eligible. For folks with big 401ks still sitting around at their old employers, this could be a very significant bonus. A $75,000 401(k) rollover would get you $750. A $300,000 401(k) rollover would get you $3,000.

Rollovers must be completed through Capitalize, which is a startup service that specializes in helping you rollover your assets; they’ll supposedly handle all the paperwork and phone calls. Here are the full terms and conditions.

401(k) Rollover Match: SoFi will match 1% of a customer’s 401(k) rollover of more than $20,000 into their newly opened SoFi IRA or existing SoFi IRA in good standing, facilitated via the Capitalize application (see Eligibility below), during the Offer Period. If a customer submits more than one rollover during the same month, the sum of the rollovers must be more than $20,000 to be eligible for the match. 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.

Payment/match will be deposited into the IRA that 401(k) assets are rolled into. The match is treated as interest earned and does not impact contribution limits.

For members with existing SoFi IRAs, a 401(k) rollover must be completed via Capitalize utilizing this link (and provide their SoFi IRA account number).

Robinhood has a larger 3% match on IRA contributions, but they no longer offer a match on 401(k) rollovers at all. You also don’t need to sign up for Robinhood Gold (at $5 a month) and the required minimum hold period for Robinhood was 5 years (while this one is only two years).

In contrast, this SoFi promo does not appear to cover IRA-to-IRA rollovers, only 401k-to-IRA rollovers. (It appears that 403b accounts are treated as equivalent to 401k account by Capitalize, but I could be wrong. I’d confirm with them directly.)

SoFi uses Apex Clearing for the their brokerage backend, which I am not super-excited about due to their history of late and corrected 1099s, but many other smaller brokers use them as well. FirsTrade, M1, Axos Invest, Stash, Public, and WeBull also use(d) Apex Clearing.

I’ve done several other SoFi offers in the past, and I’ve found them to be reliable in posting the bonuses. Here are some other SoFi offers:

• SoFi 4.30% APY Savings, Up to $325 Checking Bonus, 2.2% Cash Back Credit Card, $300 Personal Loan Bonus
• SoFi ACAT Transfer bonus