Open a SoFi Money Account and Earn an Easy $50, or More, with a $100 Deposit
SoFi is an online money management platform that offers its members a variety of financial products and tools aimed at helping to set and achieve financial goals.
*The interest rates and sign-up bonuses mentioned in this post have changed. The program’s overview is accurate.*
SoFi Money
SoFi Money, referred to as a mobile-first cash management account, works similarly to a traditional bank’s checking account. You can make deposits, pay bills electronically, perform P2P transfers, write checks and even earn a decent rate of return on your deposited money…currently 1.60% APY.
SoFi, however, is not a bank. And SoFi Money, while acting like a checking account, is not one.
SoFi Money is actually a brokerage account with checking functionality through Wilmington Savings Fund Society, a member of the FDIC.
Initial deposits into a SoFi Money account are not insured like deposits at traditional banks. However, cash balances are swept to one or more program banks where deposits are FDIC insured up to $250,000 per bank.
We’re seeing a similar tactic being used with Credit Karma’s new high yield savings account.
Just be aware, for the period of time between deposit and arrival at a partner bank, your money is not insured. While not a huge issue, it is something to consider if you’re planning significant deposits into a SoFi Money account.
In addition to a fairly easy to use cash management system that earns 1.60%, a SoFi Money account has no fees, and reimburses all ATM fees, no matter where in the world you use your SoFi Money Visa Debit Card to access your money (must be an ATM displaying the Visa®, Plus®, or NYCE® logo).
Additionally, once you have a SoFi Money account, you’re able to access member benefits like exclusive deals and discounts from partner companies, financial planning advice, career advice, member rate discounts on SoFi loans and referral bonuses to name just a few.
As you can see, a SoFi Money account has a lot to offer those who are open to utilizing a less traditional financial institution.
SoFi Money as a Moneymaker
And currently, SoFi is offering a $50 sign-up bonus to new SoFi Money account holders who fund their account with at least $100. SoFi has offered similar bonuses in the past for a limited period of time. This $50 deal has no official end date, but if similar to previous sign-up promotions, it won’t be around too much longer.
*SoFi sign-up and referral bonuses change periodically. We’ll do our best to keep the latest bonus amounts updated in this post.*
And once you open a SoFi Money account, you can refer others to SoFi Money, earning yourself a $100 $50 referral bonus.
The sign-ups must be made via a referral link to be eligible for the $50 new account bonus and to earn the $100 $50 referral bonus. And the initial $100 deposit must be made within 14 days of account opening.
Below is my referral link for SoFi Money accounts.
SoFi Money Account Referral Link
New account bonuses show within a day or two and become available within a week of funding a SoFi Money account with at least $100.
And after your SoFi Money account is active, you can refer others with your personalized referral link which can be found in the SoFi app.
Making SoFi Money – and SoFi’s other products – a potential moneymaker.
Not only will you earn the $50 for opening and funding your SoFi Money account, but you can make up to $10,000 referring others to SoFi.
You can learn more about SoFi Money at SoFi’s FAQs page.
And you can read more about SoFi and all it has to offer at the SoFi Homepage.
Wrap Up
SoFi Money is a money management program that for some, might be the perfect way to handle their finances.
It has no fees, allows worldwide, fee-free access to your money via ATMs and pays a decent return – currently 1.60% – on your deposited money.
And on top of all that, it can be used as a moneymaker if you have friends and family who may be interested in a SoFi Money account.
To get started, use this SoFi Money account referral link to apply.
I’ll earn a $100 $50 referral fee and you’ll earn $50 after depositing $100 or more within 14 days in your new SoFi Money account.
And once your SoFi Money account is up and running, you can refer others to SoFi Money, earning $100 $50 for each new account that is opened.
Have you used SoFi Money to manage your finances? Let us know what you think in the comment section below.
