SoFi Offering 2% Match for IRA Contributions Through Tax Day SoFi Offering 2% Match for IRA Contributions Through Tax Day
2% match with a piggy bank

SoFi Offering 2% Match for IRA Contributions Through Tax Day

With the new year underway and tax season just around the corner, SoFi is encouraging taxpayers to contribute to their IRAs by offering a special bonus.

About the offer:

Today, SoFi unveiled a limited-time deal where customers can earn a bonus when making contributions to their SoFi IRAs. Through April 15th, the brokerage will be offering a 2% IRA Match. This means that, if a customer contributes $5,000 to their SoFi IRA during the promotional period, they’d receive a $100 bonus. According to SoFi, these bonuses will be paid out by the end of April.

This deal applies to any of the IRA options SoFi offers, including Traditional IRAs, Roth IRAs, and SEP IRAs. However, only contributions made via ACH are eligible. This means that ACAT transfers, wires, and rollovers will not earn bonuses at this time.

The April 15th offer cut-off date corresponds to Tax Day in the United States. Taxpayers have until this date to make contributions toward their 2023 limits. For the 2023 tax year, the standard contribution limit is $6,500 while those 50 and over can contribute up to $7,500. As for the 2024 tax year, these limits will increase to $7,000 and $8,000 respectively.

Notably, this SoFi IRA Match offer applies to both 2023 and 2024 tax year contributions, up to the maximum for both.

Meanwhile:

SoFi’s 2% IRA Match deal follows the introduction of a 1% Match last year. That deal came on the heels of a similar feature from Robinhood. With Robinhood’s IRA Match, customers can earn a 1% match on contributions, while those with Robinhood Gold can earn a 3% match. However, with this offer, customers must keep the funds in their account for at least five years or a penalty equal to their Match bonus may be assessed.

My thoughts:

With the 2023 tax year IRA contribution limit being $6,500 (for those under 50) and the 2024 limit being $7,000 (again, for those under 50), SoFi customers who fully max out this offer would see a benefit of $270. That might not sound like much, but it’s actually a pretty decent bonus for the amount of money required. Additionally, unlike Robinhood’s IRA Match, there doesn’t seem to be any requirement to hold the funds with SoFi for a specific amount of time in order to retain the bonus. Speaking of Robinhood, I wouldn’t be surprised if a similar deal were to roll out soon.

To wrap things up, whether you end up taking advantage of this SoFi offer or not, it is worth considering making a 2023 IRA contribution before the April 15th deadline.

Author

Kyle Burbank

Head Writer ~ Fioney
Kyle is the head writer for Fioney. He is a personal finance nerd, constantly looking for new apps and services to test and incorporate into his own financial game plan. In addition to his role at Fioney, he's written for other publications including Born2Invest, Lifehack, and Laughing Place, as well as his own site Money@30. He also creates personal finance and travel-related videos for Money@30's YouTube channel, which has garnered more than 2 million views. Currently, Kyle resides in Springfield, Missouri with his wife of 10 years. Together, they enjoy traveling (including visiting Disney Parks around the world), dining, and playing with their dog Rigby.

Other Articles by Kyle Burbank

Reddit logo

Reddit Announces Plans to Allow Redditors to Buy Its IPO Stock

Reddit has revealed more details about its planned initial public offering (IPO), including offering shares to users. About the IPO details: In an S-1 filing with the Securities and Exchange Commission (SEC), Reddit laid out some details about its IPO plans. As part of this, the site notes that it intends to allow Redditors (a nickname for users) to purchase shares at IPO prices. Specifically, the company says it intends...
Dub logo

"Copy-Trading" Platform Dub Raises $17 Million

A FinTech brokerage platform that makes it easy to share and follow portfolio strategies has closed a new round of funding. About the round: Dub has announced that it's raised $17 million — including $15 in equity deals and a $2 million debt facility. The seed round was led by Tusk Ventures with several other venture firms as well as individuals participating. This list includes Uber CEO Dara Khosrowshahi, Apex...
snowed in house

Lessons From a First-Time Home Buyer: Surviving Our First Winter

One major difference between Springfield, Missouri and my previous city of residence (Glendale, California) is that, here, we have these things called "seasons." Furthermore, unlike a California winter where you might have to put on a sweater when it dips into the 40s, we do see snow, ice, and occasional sub-zero temperatures here in the Midwest. In turn, when we bought our home in whirlwind fashion, I knew we'd immediately...
The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

FedEx Announces Winners of 11th Annual 2023 Small Business Grant Contest

Nearly three months after the entry period ended, FedEx has announced the winners of its 11th annual Small Business Grant Content. This year's event saw more than $300,000 in funds going to a variety of small businesses across the nation. Last month, the company revealed 100 finalists, with that list now being narrowed down to just 10 winners. This year's grand prize winners included KindVR, The Cupcake Collection, Up In...
H-E-B and Central Market  credit cards

Imprint Launches Credit Cards from H-E-B and Central Market 

The FinTech Imprint is partnering with the popular Texas-based grocery chain H-E-B for a pair of new rewards credit cards. This week saw the launch of the H-E-B Visa Signature Credit Card as well as the Central Market Visa Signature Credit Card. With these two (nearly identical) options, customers will be able to earn rewards on groceries and beyond. First, both versions of the card earn up to 5% back on select...
Summer app

Student Loan Benefit FinTech Summer Raises $6 Million

For years, student debt has been one of the most talked about financial topics. What's more, while the debt itself has become a major part of many Americans' lives, discussion of student loans has become political due to efforts to forgive certain loan repayments. However, while we wait for resolution on that front, a FinTech that brings student debt benefit solutions to employers and consumers has raised a new round...
Choice Privileges Select Card

Choice Hotels, Wells Fargo Debut Choice Privileges Select Card

With spring well underway and the summer travel season now just around the corner, Choice Hotels and Wells Fargo have unveiled their latest co-branded credit card offering. Today, the two companies announced the Choice Privileges Select Mastercard. Carrying an annual fee of $95, this card will serve as the premium option in the hotel brand's new lineup. Looking at the Choice Privileges Select, it offers a mix of rewards categories....
Melissa Urban holding a Ness card

Health and Wellness Rewards Card Ness Partners with Whole30

In recent years, several unique rewards cards have come to market. These include offerings from FinTech startups as well as brands looking to do something special for their loyal fans. On that note, a recently-announced rewards credit card offering is now working with a popular brand to introduce new benefits for customers. This week, the Ness Card (which is issued by The Bank of Missouri) unveiled a new partnership with...