If you are thinking about switching brokers, always check if that broker is offering a transfer bonus for moving your assets over. Most brokers work within the Automated Customer Account Transfer Service (ACATS), which makes it easy to move your existing holdings including tax cost basis history.

SoFi Invest is offering a ACAT transfer bonus up to $5,000 for transferring in new assets (expiration date has been removed).

$25 Referral bonus. As this promo includes existing accounts, you should consider grabbing this new account referral bonus first, worth $25 of stock with an initial deposit of $100.

Get $25 worth of your favorite stock to start building your portfolio when you fund your SoFi Active Invest account** with at least $100*.

New SoFi Invest accounts (both new and existing accounts are eligible)

  • $50 bonus with $5,000 to $19,999 in new assets
  • $125 bonus with $20,000 to $99,999 in new assets
  • $250 bonus with $100,000 to $249,999 in new assets
  • $500 bonus with $250,000 to $499,999 in new assets
  • $1,000 bonus with $500,000 to $999,999 in new assets
  • $2,500 bonus with $1,000,000+ to $1,999,999 in new assets
  • $5,000 bonus with $2,000,000+ in new assets

Assets are required to remain in your SoFi account for 180 days.

Earn a bonus (as described below) when you transfer investments from another brokerage firm into a taxable SoFi Invest Active brokerage or Active retirement account (Traditional, Roth, or SEP IRA). Bonus amounts are based on the total net dollar amount (incoming transfers less outgoing transfers) of settled transfers from another brokerage to an individual SoFi Invest account during each calendar month. Bonuses will be paid within 14 days of the last day of the month in which the transferred assets settled in your SoFi Invest account. Bonuses will be paid into the same account you transferred investments into. Transfers into multiple accounts may not be combined. Assets are required to remain in your SoFi account for 180 days. SoFi reserves the right to recoup up to the bonus amount from any withdrawals that take place prior to the 180-day period.

Note that SoFi Invest does NOT accept mutual funds.

We do not accept mutual funds. These funds would need to be liquidated prior to initiating an ACAT with SoFi. Please contact your brokerage firm to complete this action, prior to submitting an ACAT.

In addition, SoFi will cover the outgoing transfer fee charged by your existing broker:

If you transfer a brokerage account with total asset value over $5,000 through the ACAT system, SoFi will reimburse up to $75 of ACAT Fees from your outgoing brokerage firm.

Transfer Tips

  • Before moving, I would download all your old statements and tax cost basis information to make sure it transfers over correctly.
  • An ACAT transfer can take a week or so to complete, so you won’t be able to make any sell transactions during that time.
  • Consider performing a “partial” ACAT transfer where you only move over specifically designated shares (ex. only all 100 shares of BRKB) if you wish to keep some of your original brokerage account open. I would personally transfer over all shares of any specific ticker, so that the tax cost basis carries over neatly.
  • Compare bonuses across different brokers. Look carefully at the tiers, there may be a sweet spot where the percentages are better.

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SoFi Invest ACAT Transfer Bonus Promotion: Up to $5,000, Both New and Existing Accounts from My Money Blog.

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