SoFi Money Now Offering $50 for New Account Sign-Ups
SoFi Money’s offering $50 when a new SoFi Money account is opened and at least $500 is deposited within the first 14 days.
This is a new promotion from SoFi, effective late July 2020. No end date is provided, so if you’re interested you might want to act now.
New account sign-up bonuses and the accompanying requirements change regularly. This $50 sign-up bonus is better than the regular $25 sign-up bonus, but not as good as previous offers of $75 or more…although, the higher sign-up bonuses required greater deposit amounts/direct deposits.
The $50 Sign-Up Promo
Unlike some previous SoFi Money sign-up promotions, this one is fairly straightforward.
- Sign-up for a new SoFi Money account using the referral link below
- Deposit $500 or more within 14 days of registration
- The one-time cash bonus of $50 will be deposited into your SoFi Money account within two weeks of the $500 deposit being made
SoFi Money Account $50 Sign-Up Bonus Referral Link
Want more details on SoFi Money? Here you go.
SoFi Money
We’ve published a few posts on SoFi Money, its associated benefits and changes to the program.
A quick rundown includes:
- No account fees
- Reimbursed ATM fees worldwide
- Earns up to 0.25% *Read details and my thoughts below
- A new SoFi Money World Debit Mastercard with a **variety of benefits
- Ability to earn money via SoFi referrals
I’ve had a few hundred dollars deposited in a SoFi Money account for a while now and have had no issues with access to money, transfers of money, and have earned the 1.60% (now 1.10 0.25%) rate on my deposited funds.
Overall it’s been a positive experience.
But…
SoFi Money Changes and My Thoughts
*To be honest, the value proposition for keeping money in your SoFi Money account has been reduced due to the lower interest rate paid. Still, for some, the rate is better than what can be found at most traditional banks.
SoFi has changed its rules over the past months regarding the payment of interest. When SoFi Money first launched, the payment of 1.60% interest was fantastic. It was so fantastic that in our current low-to-no interest rate environment, it wasn’t sustainable. So now the interest payment rules are as follows.
“As of 7/1/2020, accounts with monthly deposits of $500 or more will earn a 0.25% APY (0.25% interest rate). All other accounts will earn a 0.01% APY. Accounts opened prior to June 9, 2020, will continue to earn a 0.25% APY regardless of deposit activity. Interest rates are variable and subject to change at any time.”
Unless your SoFi Money account has monthly deposits of $500 or more or was opened prior to 6/9/2020, the interest paid will be 0.01%…or, effectively, nothing. Not worth keeping extra money in the account as far as I’m concerned.
Another change to SoFi Money pertains to the money-saving benefits associated with its World Debit Mastercard.
Currently, when your SoFi Money debit card is used to pay, you can save 10% on Instacart, Netflix, Whole Foods, Disney+ Trader Joe’s and Spotify purchases (through September 30th). There are additional, rotating, cash back offers, too.
**But only if you set up direct deposit or inflows of $500 per month on your SoFi Money account.
That’s another less than positive change in my view…there used to be no deposit requirements associated with the money-saving offers.
So, before opening a SoFi Money account, make sure the interest rate and deposit requirements aren’t deal breakers for you.
SoFi Money Referral
*As of late July 2020, the referral bonus is now $50. Referral bonuses change, we’ll do our best to keep updated.
SoFi Money account holders can earn referral bonuses for each new account opened using his/her specific SoFi Money referral link.
SoFi Money referrers can earn up to $10,000 in cumulative referral or welcome bonuses in a calendar year.
The current referral bonus is $50. Typically the referral bonus is $25, but has been as high as $100. Referral bonuses change regularly.
Below is my referral link.
SOFI MONEY ACCOUNT REFERRAL LINK
You’ll enjoy the $50 bonus once a deposit of $500 or more is made, and I’ll get $50 as well. Thank you if you use my referral link.
Wrap Up
The latest SoFi Money promotion is offering $50 when a deposit of $500 or more is made within 14 days from account opening.
SoFi is working to make its SoFi Money account a worthy alternative to traditional financial institutions.
For some, SoFi just might be a good option for managing their money.
To know for sure, though, I encourage you to give SoFi and all the products it offers a close look to see if it meets your financial needs.
Or, just use it as I do, a no-fee place to keep a chunk of money that earns a nice return (depending on if you’ll be making regular deposits) and allows access fee-free from any worldwide ATM.
