SoFi Money came out with a new account opening and referral bonus. I found this deal on one of my regular blogs. You can earn an easy $50 for signing up and $100 for referrals.
What is SoFi Money?
SoFi Money falls under the SoFi brand of products. They are an online lender that started out with mortgages and loans, but is now also moving towards banking and investing. They don’t have any physical branches so they tend to offer competitive products. We actually used SoFi for our Condo mortgage and had a great and seamless experience. SoFi Money describes themselves as a cash management account, with no account fees and, on top of it, earns 1.80% APY. That rate, however is subject to change.
How does this deal work?
So let’s get to how you’re going to get the bonus and potential referral money. Start with my link here.
That will take you to the page to open an account and since you used the link, will be eligible for the $50 bonus. I will also receive $100 for referring you and you should be able to do the same for yourself afterwards as well by passing your referral link on.
If you have two people in your household that could be an easy $200. For us it worked out like this:
Alex opens account with a $50 referral bonus.
Alex refers Elli and she opens an account: $50 sign up bonus and $100 referral bonus to Alex.
Total free cash: $200
Your debit card should then arrive in the mail within 7-10 days.
Requirements and key points
Once you opened your account, you will need to fund it with at least $100 over the next 14 days to receive the bonus. The account is completely free and doesn’t charge any ongoing fees.
- Must be new to SoFi Money to be eligible for the bonus
- Only one referral reward and one welcome bonus per new customer: you will not receive multiple referral bonuses for the same friend taking out multiple loans or products, nor will your friend receive multiple welcome bonuses for taking out multiple loans or products.
- The cash balance in SoFi Money accounts is swept to one or more program banks where it earns a variable rate of interest and is eligible for FDIC insurance. FDIC Insurance does not immediately apply. Coverage begins when funds arrive at a partner bank.
Why is the account worth it beyond the bonus?
The Sofi Money account might be worthwhile to also hold on longer term, based on a few great features.
- No account management fees
- 1.80% APY on all cash in the account as of this writing. This might change in the future. In comparison Chase pays 0.01% at the moment.
- No ATM fee worldwide with their debit card. SoFi will reimburse those fees if an ATM is displaying the Visa®, Plus®, or NYCE® logo.
- SoFi will also reimburse any foreign exchange fees charged by Visa
How to get your own referral link
You have to download the SoFi App on your phone. When you login, you will find a head/profile in the top left corner.
From there, follow the pictures below to generate your referral link and then forward to friends and family.
Summary
We each signed up for an account and mostly plan on using it for overseas trips to be able to take out money without any annoying fees. Those fees can add up quickly when you take out money multiple times. Based on our previous great experience with SoFi, this is a no-brainer for us. This is an incredible deal and an easy money-making opportunity.
If you haven’t already clicked to get started, here is my referral link: Alex referral link
