SoFi Invest 401(k) Rollover 1% Unlimited Match Promo

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SoFi Invest is offering an uncapped 1% match on 401(k) account rollovers ($20,000 minimum) through August 15th, 2024. 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 can be very significant bonus. A $75,000 401(k) rollover would get you $750. A $300,000 401(k) rollover would get you $3,000. Payment/match will be deposited into the account that 401(k) assets were initially rolled into.

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.

SoFi members will earn a 1% match for rolling-over a 401(k) balance of more than $20,000 into their existing or newly opened SoFi IRA during the Offer Period. Rollover must be completed via the Capitalize rollover application (see Eligibility). Further, rollover funds must be maintained in the IRA for two (2) years after the close of the Offer Period, otherwise known as the Eligibility Period. 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.

The Offer Period will run from July 1, 2024 to midnight of August 15, 2024. This period may be extended at SoFi’s discretion.

[…] The rollover must be completed by either scheduling a rollover call or submitting a rollover request between July 1 and August 15, 2024. If a rollover call is required, the appointment must occur by Sept 15, 2024 to be eligible for the Rollover Match.

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).

For SoFi members who don’t have SoFi IRAs, first click here to open an Active or Automated IRA with SoFi and once your IRA is open, click here to utilize Capitalize (and provide your SoFi IRA account number) to rollover your 401(k) to SoFi.

Importantly, this 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.)

This is also not as high as the (expired) Robinhood 3% Rollover Match, but perhaps some people did not like Robinhood but are okay with SoFi. 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).

SoFi uses Apex Clearing for the their brokerage backend, which I am not excited about, 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:

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Comments

  1. M1 no longer uses Apex. They now have self clearing.

  2. What are your thoughts on doing this and losing out on backdoor roth conversions for at least two years? I would be rolling over ~$1M.

    • Lots of potential factors there… are you assuming you’ll roll the $1M into another pre-tax 401k (or Solo 401k) plan after two years?

      Technically you can still make the non-deductible IRA contribution, you just wouldn’t be able to convert to Roth (without the pro-rate tax treatment) during those 2 years. But unless the gains are huge, the added tax paid from a delayed Roth conversion would be much less than $10,000.

      Of course there may or may not be another better offer later on, etc.

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