Learn how to enter SoFi’s sweepstakes and the rules.
SoFi® is an online bank, and its flagship product is the SoFi Checking and Savings account. It has no monthly fees, high APYs, no overdraft fees and much more. The hybrid account comes with a membership called Plus, and by joining that membership, you could enter the Power of Plus Sweepstakes and for a chance to win big money.
What you could win in the SoFi sweepstakes
Here are the Prize Pools that you can choose from when entering the SoFi Power of the Plus Sweepstakes:
Home Ambition. Up to $400,000 deposited into the winner’s SoFi Checking & Savings account that may be used toward the purchase of a home.
Student debt ambition. Up to $70,000 deposited into the winner’s SoFi Checking & Savings account that may be used toward paying off student debt.
Retirement ambition. Up to $35,000 deposited into the winner’s SoFi Checking & Savings account that may be used toward retirement.
Vacation ambition. Up to $35,000 deposited into the winner’s SoFi Checking & Savings account that may be used toward vacation.
Wedding ambition. Up to $35,000 deposited into the winner’s SoFi Checking & Savings account that may be used toward a wedding.
Entertainment ambition. Up to $25,000 deposited into the winner’s SoFi Checking & Savings account that may be used toward entertainment.
Enroll in SoFi Plus for a chance to win up to $400,000
How to enter the SoFi Plus Sweepstakes
The SoFi Plus Sweepstakes offers up to six prizes with up to six potential winners, with the highest prize being $400,000 that can be used toward the purchase of a home. It’s a limited-time sweepstakes, allowing entries from February 11, 2025, and ends on May 14, 2025, at 11:59:59 p.m. PT.
Here’s how to enter the Power of the Plus Sweepstakes online:
Open a SoFi Checking and Savings account.
Enroll in SoFi Plus by setting up direct deposit (no minimum amounts required), or subscribe for $10 per month.
Check your email for the SoFi Plus welcome email and select Enter Now in the registration link. You can enter the sweepstakes once this way.
Select your Prize Pool and complete your registration, which includes submitting your name, address, email, phone number and date of birth.
Earn additional submissions by sharing on social media (limit 1 per person), or by referring people to sign up for SoFi Plus (limit 10 per person).
Enroll now
You can also submit up to 12 mail-in entries:
On a plain 3×5-inch paper or card, hand-print your full name, email address (associated with your SoFi account if you have one), your home address, date of birth, phone number and write your selected Prize Pool.
You may submit up to 12 mail-in entries during the promotion period, and must be postmarked by May 14, 2025, and received no later than May 21, 2025.
Power of Plus Sweepstakes
Enroll in SoFi® Plus for a chance to win up to $400,000.
Enroll in Plus with eligible direct deposit or a $10 monthly membership fee.
Unlock our highest savings APY.
Get up to 10 bonus entries with successful referrals.
Enter sweepstakes by 5/14/25.
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savingsis offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults)and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.80% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00%APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with Eligible Direct Deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
Sweepstakes disclosure: NO PURCHASE NECESSARY. A PURCHASE WILL NOT INCREASE YOUR CHANCES OF WINNING. Open only to legal residents of the 50 US/DC, 18+. Void where prohibited by law. Sweepstakes ends at 11:59 pm ET on 5/14/25. Subject to Official Rules, including alternate and free methods of entry, prizes, limits, and odds, click here. Sponsor: Social Finance LLC (“SoFi”) 234 First Street, San Francisco, CA 94105.
Can I enter the SoFi sweepstakes if I’m already a Plus member?
Yes, existing SoFi Plus members can enter the sweepstakes.
In your SoFi App or email, click the Power of Plus promotional communication and choose your Prize Pool to enter the sweepstakes.
How many winners will there be?
There will be six potential winners of the SoFi Power of the Plus Sweepstakes, one for each of the six Prize Pools.
There will be a random drawing around July 7, 2025. Each potential winner will be notified via email using the information provided in the entries.
Enroll in SoFi Plus for a chance to win up to $400,000
Bottom line
There will be one winner for each prize pool in the SoFi Power of the Plus Sweepstakes. Entries must be submitted or postmarked by May 14, 2025, and the random drawings will be held on or around July 7th, 2025.
Remember that you can submit up to one electronic entry, up to 12 mail-in entries, get one additional entry for sharing on social media, and then up to 10 extra entries via successful SoFi Plus referrals. Good luck!
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