What is an IRA match and how does it work?

The IRA Match is an extra 1% that SoFi adds to your IRA for making contributions. It’s not counted toward your annual contribution limits.

Is the SoFI IRA Match the same as an employer's 401(k) match?

The SoFi IRA Match and employer 401(k) match both offer matches on contributions, but they aren't the same. For starters, the IRA Match does not count toward your annual contribution limit so you have more to invest. Also, you don't have to work for SoFi to earn an IRA Match. In contrast, a 401(k) employer match is a contribution that an employer makes to an employee's retirement account. It is possible to have both an employer 401(k) match, and earn the IRA Match with a SoFi IRA.

When will I get paid my 1% match?

Bonuses will be paid within 60 days of the last day of the month in which the contributions settle in your SoFi Invest account.

What if I already maxed out my annual contributions?

SoFi will match 1% of a customer’s ACH deposits, up to their contribution limit (which is $6,500 for people under age 50 and $7,500 for people age 50 and older), made into their SoFi IRA during the Offer Period. Contributions over the annual contribution limit will not be matched.

How long do my contributions need to stay in my IRA to remain eligible for SoFi's match?

As long as you hold your eligible funds for at least 2 years, the IRA match is yours to keep. You’ll need to keep your contributions in your IRA for at least 2 years from the date you contribute in order to keep your 1% match bonus. 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. For example, if $6,500 (maximum contribution if under age 50) was deposited receiving a $65 match and then within 2 years $5,000 is withdrawn SoFi may remove $50 from the bonus. 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.

Get a 1% IRA Match on Contributions and Rollovers

INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE

SoFi Invest encompasses two distinct companies, with various products and services offered to investors as described below:

1) Automated Investing and advisory services are provided by SoFi Wealth LLC, an SEC-registered investment adviser (“SoFi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC.

2) Active Investing and brokerage services are provided by SoFi Securities LLC, Member FINRA/SIPC. Clearing and custody of all securities are provided by APEX Clearing Corporation.

Individual customer accounts may be subject to the terms applicable to one or more of these platforms. For additional disclosures related to the SoFi Invest platforms described above please visit SoFi.com/legal.

Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform.

Diversification can help reduce some investment risk. However, it cannot guarantee profit nor fully protect in a down market.

SoFi doesn’t provide tax or legal advice. Individual circumstances are unique. Consult with a qualified tax advisor or attorney about your specific needs.

1 Terms and conditions apply. For 401(k) rollovers, existing SoFi IRA members must complete 401(k) rollovers at https://app.hicapitalize.com/p/sofi/. For SoFi members without a SoFi IRA, a SoFi IRA must first be opened, and 401(k) rollover must be completed utilizing Capitalize at https://app.hicapitalize.com/p/sofi/. SoFi and Capitalize will charge no additional fees to process a 401(k) rollover to a SoFi IRA. SoFi is not liable for any costs incurred from the existing 401(k)k provider for rollover. Please check with your 401(k) provider for any fees or costs associated with the rollover. For IRA contributions, only deposits made via ACH are eligible for the match. Click here for SoFi’s 1% Match terms and conditions.

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