Seems like this time of year, every online investing platform is rolling out some type of giveaway, and SoFi Invest is no exception.
Once you set up a SoFi account, you can participate in the promo.
They’ve put a bit of a spin on the usual free stock randomly selected (although their game is also random) with an electronic “claw” graphic that lets you grab onto a game piece. It’s a little more interactive than some of the other games.
Once the claw touches a game piece, your app screen will display the dollar amount you have won. Then, it will be converted into a stock bit (more on that below) that you can select for yourself. If you don’t make a choice, they will do it for you.
You can theoretically win up to $1,000 but chances are slim.
Here’s the breakdown:
However, keep in mind that there is no minimum to open an SoFi investing account, so any amount you win is a good deal.
A stock bit is the name SoFi gives to fractional shares of a whole stock. It allows you to buy less than one share that may be out of range for you to purchase.
When you buy a stock bit, you specify how much you have to spend, rather than the fractional number you’re looking for. So for example, instead of placing an order for 10% of a stock, you would indicate you have $50 to spend on the purchase.
If you happen to win a dollar amount greater than the share price, SoFi will give you a full share plus any fractional share up to the amount specified.
SoFi offers financial services, including borrowing, investing and saving. Borrowers can take advantage of personal loans, home loans, private student loans and student loan refinancing. You can also save, spend and manage your cash with SoFi Money, and invest or automate investments with SoFi Invest. You can manage all of these services are both online or with SoFi’s mobile app.
SoFi has no account minimums for you to start building a portfolio. They won’t ever take commissions, but they also aren’t set up to give you personalized investing tips.
You can design your portfolio yourself or get an automated portfolio that's basically one-size-fits-all. Products include stocks, ETFs, and cryptocurrency.
SoFi also offers a student loan debt navigator, personal loans and retirement accounts. Their competitive home and student loan refinancing rates help members shoulder the burden of monthly payments. Not every online brokerage is set up to help you open a retirement account.
SoFi has a wide array of financial products and has grown in popularity. There are now more than 1 million members and that number is growing.
The claw game promotion is a small gift of the season to encourage people still sitting on the fence about online investing to open a SoFi account. It is 100% free and who knows, you could be lucky and end up winning the $1,000 prize!
