SoFi is a digital personal finance company that doubles as a nationally chartered online bank, meaning you can use SoFi at any sweeps casino that accepts ACH transfers, Plaid, or Trustly.
SoFi Sweepstakes Casinos - Guide to Purchases and Redemptions Using SoFi
When you use SoFi to make purchases and redemptions at sweepstakes casinos, you’re essentially requesting a standard bank transfer through SoFi. Money moves directly from one account to another, just like ACH. There’s no need to enter your credit card number or send funds to an intermediary e-wallet unless you want to
Redemptions typically take 3 to 5 days via ACH, but they can take as little as 1 to 3 days if you’re using Trustly or Plaid to facilitate the transfer.
We’ll discuss how SoFi works, document how to request redemptions using SoFi, and cover some of the best sweeps sites that offer compatibility with this method.
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SweepsKings Recommended SoFi Casinos - quick comparison
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SoFi Sweepstakes Casinos 101
SoFi is a neobank that’s growing in popularity as a purchase and redemption option at sweeps casinos. It’s as accessible as Chime, but it’s accepted on almost all platforms that support ACH and Trustly Online Banking.
While SoFi has no physical branches, it’s a real, federally insured bank that protects deposits up to $250,000. You can open a new account by visiting SoFi.com or downloading the mobile app for iOS/Android.
You have to be at least 18+ years old, have a valid Social Security number, email address, and physical US address to qualify. Opening an account requires a soft credit pull to verify your ID and information, which doesn’t harm your credit score.
Once you’ve been approved for an account, you’ll receive a digital Mastercard debit card right away. A physical card will be sent to your address in 7 – 10 business days.
SoFi’s biggest perks include no-fee checking/savings accounts, fee-free ATM withdrawals through Allpoint, up to $3 million in FDIC insurance coverage, access to direct deposits two days early, and up to 4.50% APY on your first $20,000 in savings with SoFi Plus ($10/month).
What We Like About SoFi
SoFi has 15.8 million active users at the time of writing. There are plenty of benefits to using SoFi as opposed to a traditional bank, and we’ll discuss some of them here:
Easy Funding
You’re able to fund your SoFi account by linking your Visa or Mastercard debit card (up to $500), linking a standard bank account, setting up direct deposit, making cash deposits at participating Green Dot retailers, or requesting a wire transfer.
Fee-Free Checking & Savings Accounts
SoFi doesn’t charge any monthly account, maintenance, or overdraft fees when you open a checking/savings account with the brand. Plus, you won’t pay ATM fees when you withdraw cash across 55,000+ Allpoint network ATMs.
While outgoing wire transfers and cash deposits through Green Dot may have a fee, incoming money transfers, mobile check deposits, and direct deposits are fee-free.
A Real Mastercard Debit Card
As soon as you sign up and get approved for SoFi, you’ll receive a virtual Mastercard debit card that you can use with PayPal, Apple Pay, and other e-wallets. A physical card arrives in the mail soon after. From here, buying Gold Coins is as simple as entering your card number.
Wide-ranging Compatibility for Redemptions
In addition to ACH transfers, you can use your SoFi debit to request Push-to-Card redemptions, instant bank transfers through Plaid, or Trustly redemptions.
Should your chosen sweepstakes casino accept PayPal or another e-wallet, you can send money back to your card there as well.
Extended FDIC Insurance ($3 million)
All deposits are insured by the FDIC, up to $250,000 for single accounts and up to $500,000 for joint accounts. If you sign up for the SoFi Insured Deposit Program, you can expand your FDIC insurance up to $3 million. There is no fee required to extend your FDIC insurance.
High APY for Savings Accounts
Signing up for SoFi Plus will cost $10 per month, but in exchange, you’ll earn up to 4.5% APY on your first $20,000 in a SoFi savings account. You’ll also enjoy 5% cash back on SoFi travel bookings and 10% cash back on eligible SoFi credit card rewards.
What We Like A Little Less About SoFi
SoFi is an excellent choice for your banking needs, but it doesn’t always mesh with sweeps casinos. Here’s what you should be aware of:
Terms of Service Prohibit Gambling-Related Transactions
SoFi’s terms of service prohibit transactions restricted by the Unlawful Internet Gambling Enforcement Act of 2006 (UIGEA). Even though sweepstakes purchases and redemptions legally aren’t considered to be gambling, sweeps platforms still operate in a legal gray area.
As more states prohibit sweepstakes gaming, SoFi may follow suit by restricting sweepstakes redemptions. We haven’t found any reports of SoFi purchases or redemptions getting blocked, but you will need to respond to a fraud notification from SoFi before approval.
Requires Bank Account Details
If you’re using SoFi to request an ACH transfer, you will need to include your account number and routing number in the transaction. If you’re not willing to part with these details, it’s best to connect your SoFi account to Trustly instead.
Longer Processing Times if Using ACH
Again, if you’re using ACH as a redemption method, you’ll have to wait 3 – 5 days, factoring in the casino’s approval of your prize. Trustly banking payments via SoFi usually take 1 – 3 days.
Finding the Best SoFi Sweeps Casinos
As mentioned, SoFi is available at nearly every sweepstakes casino that accepts ACH transfers, instant bank transfers through Plaid, or Trustly Online Banking. You can also use Push-to-Card, so long as the site supports Mastercard payments.
Still, leading SoFi casinos must do more than accept ACH, Trustly, Push-to-Card, e-wallets, or a combination of all four to earn our seal of approval. Here’s what we evaluate when ranking sites:
Coin Bundles: Variety and Cost
Leading SoFi casinos boast accessible purchase minimums ranging from $1.99 to $4.99. You shouldn’t have to spend a small fortune to boost your GC and SC balance. We also prioritize platforms that accommodate big spenders with GC packages worth several hundred dollars.
Sweepstakes Rewards
Sweepstakes casinos promise free SC bonuses when you sign up and sign in each day. You can also get discounts on larger purchases and on your first purchase. For example, some of the best SoFi-friendly sweeps sites offer a 150% – 200% bonus on your first $9.99 purchase.
Availability of Alternative Methods
SoFi works with a wide range of outlets, and we look for sweepstakes casinos that offer more than regular ACH transfers. You can also use SoFi wherever Plaid, Push-to-Card, Trustly Online Banking, and select e-wallets are available.
Redemption Times
SoFi approves all transactions within the same timeframe, but the casino’s ability to process cash redemptions quickly heavily influences our final rankings. Some leading casinos approve your SC redemptions within a day or two, while others take half a week to send them to SoFi.
Transaction Fees
SoFi doesn’t charge fees on purchases or redemptions, and neither should the casino you choose. We look for SoFi-friendly sweeps casinos that offer fee-free transactions through ACH, Plaid, Trustly, Push-to-Card, and various e-wallets.
Redemption Limits
Depending on where you look, you can redeem a minimum of 50 – 100 SC at a time using SoFi. We prioritize sweepstakes casinos with lower minimum limits and natural caps of 10,000 SC per day (excluding players in Florida).
How to Play at Sweepstakes Casinos Using SoFi
You have to sign up with SoFi online. There are a few steps to follow, and I’ll walk you through the process:
1. Apply through the app or website: Visit SoFi’s official website or download the app for iOS/Android. Click “Get Started” at the top-right corner of the screen to begin registering.
2. Enter your personal info: Enter your legal name, choose your state of residence, and enter your email. Then, create a password, complete the captcha, and check the box to confirm you agree to SoFi’s terms of service.
3. Open your account: Decide whether you’d like to open an individual or joint account. From here, enter your residential address. You must be at least 18+ years of age and a US citizen or resident to apply.
4. Wait for approval: You’ll either be instantly approved or asked to verify your identity. If you’ve been denied, make sure your personal details match up (including your SSN).
5. Activate your virtual card: Once you officially have a SoFi account, you can connect your virtual SoFi Mastercard debit card to Apple Pay or GPay. You’ll then use your card details for GC purchases and/or Push-to-Card redemptions at a sweepstakes casino.
6. Fund your SoFi account: You can link an external bank account or debit card to your SoFi account to deposit funds. It’s also possible to deposit cash at retail locations that accept Green Dot, but each cash deposit comes with a $4.95 fee.
7. Find your banking details: Click on “Banking” from the top menu, select your account, and view your routing/account information on the next page. This is the information you’ll need for a standard ACH redemption.
Purchasing Gold and Sweeps Coins With SoFi
You’ll receive a standard Mastercard debit card when you sign up with SoFi, allowing you to make GC purchases as you would with any other card. Check out our guide for Mastercard sweepstakes casinos to learn more.
Deposit Limits and Welcome Bonuses
Usually, you can buy Gold Coins at any sweepstakes casino for $1.99 – $299.99. Some sites offer even larger GC packages or a custom package builder (such as the one at Chino).
Whenever you purchase GC, you’ll get bonus SC as a gift. By law, you’re not required to spend any money before playing games at sweepstakes sites, so you can expect a no-deposit bonus and a percentage boost on your initial purchase from reputable casinos.
If you’re looking for a solid offer, Crown Coins Casino gets you started with 100,000 GC + 2 free SC. If you decide to spend money, you’ll collect 1,500,000 CC and 75 free SC for $24.99. That’s a 200% boost on coins.
Other sites, such as LoneStar, offer built-in discounts that give you more than 1 free SC per $1 spent at higher purchase tiers.
Redeeming Sweeps Cash Prizes via SoFi
While you can send prizes back to your SoFi debit card using Push-to-Card or a compatible e-wallet, we’ll focus on three ways to redeem prizes using Plaid, Trustly Online Banking, or a standard ACH transfer.
Method 1: Instant Bank Transfer (Plaid)
- Select “Bank Transfer” or “Instant Bank Transfer” as your redemption method.
- Using Plaid, search for “SoFi” in the list of compatible banks.
- Log in with your SoFi credentials to link your account.
- Confirm the linked account and submit your redemption request.
- Funds will usually arrive in 1 – 3 days, but it depends on how quickly the sweepstakes casino approves your request.
Method 2: Trustly Online Banking
- Select “Trustly Online Banking” as your redemption method.
- Search for SoFi from the supported banking list.
- Log in to your SoFi account through Trustly.
- Confirm the account and submit your prize request.
- Funds arrive in 1 – 3 days, pending the casino’s approval.
Method 3: Standard ACH Transfer
- Log in to your SoFi account and select “Banking” to view your routing/account details.
- Select “ACH” or “Bank Transfer” from the casino’s redemption page.
- Manually enter your routing and account number as shown on the website.
- Confirm that the info on your ID matches the info on your SoFi account exactly.
- Submit your request and wait 3 – 5 days for an ACH transfer to land in your account.
Payout Speed and Limits
Redemptions sent through Plaid, Trustly, Push-to-Card, or an e-wallet take 1 – 3 days to process before reaching you. If you request a manual ACH transfer instead, you can expect to wait 3 – 5 days for delivery.
Most sweepstakes casinos let you request up to 10,000 SC ($10,000) in prizes per day. Some may impose weekly or monthly restrictions, while players in Florida can cash out only $5,000 from any single win or round.
If you request a prize worth $500 or more, the casino may ask for additional documents and run extra security checks. This will probably slow your redemption by a few days.
My Top SoFi Sweeps Casino Picks
I chose the best sweepstakes platforms accepting SoFi based on their sign-up rewards, redemption limits, transaction speeds, game collections, and more. Here are my top three picks:
Crown Coins Casino
Crown Coins Casino
- Sign-up bonus: 100,000 Crown Coins + 2 free Sweeps Coins
- Banking methods: Chime, SoFi, Visa, Mastercard, Skrill, Apple Pay, Instant Bank Transfer, and more
- Minimum redemption via SoFi: 100 SC ($100)
Crown Coins is one of the sweepstakes industry’s most recognizable names, and that’s for good reason. It boasts an 500-strong game library from leading providers like Hacksaw and Playson, features a downloadable app for iOS devices, and promises IBT redemptions starting at 100 SC. You can request an ACH transfer or instant bank transfer with SoFi, and your winnings are delivered in 1 – 3 days for IBT redemptions specifically.
LoneStar Casino
LoneStar Casino
- Sign-up bonus: 100,000 Gold Coins + 2.5 free Sweeps Coins
- Banking methods: Visa, Mastercard, Skrill, Gift Card, Direct ACH (SoFi compatible)
- Minimum redemption via SoFi: 100 SC ($100)
LoneStar is a SoFi-friendly sweepstakes casino that offers progressive daily rewards, built-in GC discounts on higher-priced packages, and a wide range of VIP benefits, including 24/7 live support once you reach the site’s Gold tier. All purchases, though not mandatory, come with XP.
With 625+ slots, tables, and specialties to choose from, it’s a great site for anyone who wants a traditional gaming experience. Plus, your SC comes with a mere 1x playthrough.
You can use your SoFi Mastercard debit card to purchase Gold Coins, and when it comes time to redeem prizes, you can enter your banking information to request transfers starting at 100 SC ($100). You’ll wait 2 – 7 days for prizes to reach your account.
Rolla Casino
Rolla Casino
- Sign-up bonus: 500,000 Gold Coins + 10 free Sweeps Coins
- Banking methods: Debit/Credit, Apple Pay, GPay, Trustly, Skrill, SoFi, Gift Cards
- Minimum redemption via SoFi: 100 SC ($100)
Rolla Casino is a phenomenal choice for slot enthusiasts and jackpot hunters. You can play 2,000+ games and potentially win site-wide jackpots on any game in the library. When you sign up, you’ll receive an outstanding no-deposit bonus of 500,000 GC and 10 free SC.
Beyond this, you can purchase GC using your SoFi debit card and request redemptions via Trustly. Just search for “SoFi” in the list of compatible banks, then log in to your account and confirm the transaction. You’ll need to win at least 100 SC to request a SoFi redemption, and you can request up to 10,000 SC per day.
Alternative Payment Methods at SoFi Sweepstakes Casinos
SoFi is a popular choice for purchases and redemptions at qualifying sweepstakes casinos, but it’s not the only way to move funds. You can also use these banking options:
Visa Credit/Debit
SoFi is only compatible with Mastercard, so Visa holders are out of the picture. Alternatively, you can request a Push-to-Card redemption using Visa. The 1 - 2 day timeframe for delivery won’t change.
Visa
Skrill
Skrill is an e-wallet that serves as an intermediary between the site you’re using and your bank account. If you don’t want to link your SoFi details directly, register for a Skrill account and then link your bank info or card details. Fees may apply when you send money from Skrill to SoFi.
Skrill
Gift Cards
Gift cards offer a quicker, more accessible way to get SC prizes. In most cases, you can win as little as 10 SC (as opposed to the 50 - 100 SC minimum for SoFi prizes) and receive your virtual gift card code in as little as 24 hours.
Gift Cards
Chime
Chime is a financial technology company that offers mobile banking solutions in partnership with real national institutions (Stride Bank or Bancorp Bank). The main draw is that Chime doesn’t perform credit checks when you open an account, making it easier to get approved than SoFi.
Chime
Conclusion
As a nationally chartered bank, SoFi holds just as much weight as larger institutions when it comes to making GC purchases and requesting sweepstakes redemptions. The downside is that you’ll have to respond to a fraud notification for each transaction, but it takes just a minute.
The benefits of using SoFi are diverse – you get flexible redemption compatibility through ACH, Trustly, Plaid, and Push-to-Card. You’ll also qualify for up to 3.3% APY normally and up to 4.5% APY if you sign up for SoFi Plus. All said, it’s a worthwhile banking choice for high-yield savings and reliable sweepstakes redemptions.
Author: Alex Windsor
Updated:
The man, the myth, the legend, Alex is the head honcho in charge of SweepsKings, where he puts his 15+ years of iGaming experience to good use. He ensures all articles are accurate and motivates the team to produce truly exceptional content. Whenever you receive an exclusive bonus from SweepsKings or learn about a brand-new sweepstakes casino, you can thank Alex!
The man, the myth, the legend, Alex is the head honcho in charge of SweepsKings, where he puts his 15+ years of iGaming experience to good use. He ensures all articles are accurate and motivates the team to produce truly exceptional content. Whenever you receive an exclusive bonus from SweepsKings or learn about a brand-new sweepstakes casino, you can thank Alex!
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