Referral and welcome bonuses reportable as income to IRS

The updated terms clarify that the 21-day window for deposits and SoFi Plus subscription begins the day after registration or login and ends at 11:59 p.m. E.T. on the twenty-first day, providing more precise timing than the prior language. SoFi now explicitly reserves the right to seek reimbursement from customers who violate referral program terms, and notes that such deductions may result in negative account balances. Participants should review the specific timing requirements to ensure deposits and subscriptions are completed within the stated window.

The updated terms raise the minimum deposit requirement to qualify for SoFi's referral bonus from $50 to $500, making the promotion substantially less accessible to new account holders with smaller initial deposits. Additionally, the terms now explicitly require that the $10/month SoFi Plus subscription payment be processed and validated by SoFi within the 21-day eligibility window, adding a processing condition beyond simply subscribing. The promotion period has been extended to August 5 – September 30, 2026, providing a longer window to participate, but the higher deposit threshold and payment validation requirement represent material changes to the bonus structure.

The updated terms establish detailed conduct and content standards for referral program participants. Referrers must now disclose their material connection to SoFi, avoid mass email solicitation, make only truthful and accurate claims about products, and direct potential customers to SoFi's official webpages for current rate and fee information rather than discussing specific rates or terms themselves. The terms also introduce a $10,000 annual cumulative cap on referral and welcome bonuses, require participants to complete a Form W-9 for tax reporting purposes, and establish that referral bonuses are taxable income reportable to the IRS. SoFi reserves the right to seek reimbursement for bonuses paid to customers who violate program terms, and to limit the number of times a referral link can be used. You should review the specific conduct standards and ensure compliance with disclosure and content requirements if you participate in the program.