SoFi Money’s Offering $75 for Setting up Direct Deposits

The $125 sign-up bonus offer SoFi was briefly offering has expired.

Below are details on the currently available $50 sign-up bonus with no direct deposit requirement, and the $75 sign-up bonus with a somewhat restrictive direct deposit requirement.

The SoFi Money $75 bonus for setting up direct deposits to your SoFi Money account specifics are:

• Set up direct deposits from your employer to SoFi Money
• Receive $500 or more in qualified direct deposits between 8/4/2020 and 11/30/2020
• SoFi will deposit the $75 bonus into your SoFi Money account

This is the latest $75 promotion from SoFi, geared toward making the SoFi Money account the go-to money management account for those looking for an alternative to traditional financial institutions.

The Latest $75 Direct Deposit Promo

This $75 promo applies to new and existing SoFi Money accounts that have yet to have direct deposit set up on them.

You’ll need to set up direct deposit and make one deposit of $500 or more to your account between 8/4/2020 and 11/30/2020.

The Enrollment Period is 8/4/2020 through 9/30/2020.

New accounts are automatically enrolled when an account is opened. Existing accounts are automatically enrolled beginning 8/4/2020.

Once enrolled, you have until 11/30/2020 to make your first direct deposit.

Qualifying direct deposits must be made from the enrolled member’s employer, payroll, or benefits provider via ACH deposit.

SoFi is distinguishing between employer/payroll type deposits and those from PayPal, Venmo, etc. They want traditional direct deposits for this promo, and will likely not pay out the $75 bonus for any other type of direct deposit.

Once those criteria are met, $75 will be deposited to your SoFi Money cash management account.

If you want SoFi Money to be your primary money management account, then you can keep those direct deposits going forward.

If not, you can always change the deposit institution after the $75 promo is triggered to your usual bank and enjoy the “free” $75.

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 1.60 1.10 0.20% on deposits *As a result of Federal Reserve rate cuts, SoFi has lowered the amount of interest it pays.
• 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 0.20%) rate on my deposited funds. To be fair, the value proposition for keeping money in your SoFi Money account has been reduced due to the lower interest rate paid. Still, the rate is better than what can be found at most traditional banks.

Overall it’s been a positive experience.

SoFi Money Referral

*As of August 2020, the referral bonus is now $50. Referral bonuses change, we’ll do our best to adjust this post accordingly.

Current SoFi Money customers who have not previously set up direct deposit will be able to earn the $75 direct deposit bonus.

Those who don’t yet have a SoFi Money account should be able to set up an account using my referral link and earn $50 after a $500 deposit of any kind. Then, automatically be enrolled – if before 9/30/2020 – for the direct deposit bonus of $75, too.

Below is my referral link.

SOFI MONEY ACCOUNT REFERRAL LINK

You’ll enjoy the $50 and $75 bonuses once the deposit and direct deposit requirements are met and I’ll get $50. Thank you if you use my referral link.

And, once you’re a SoFi member, you’ll be able to refer others and earn referral bonuses as well.

The promotions and referral amounts change, but both those referring and those being referred will earn something when referral links are used to sign up for a SoFi product.

Wrap Up

The latest SoFi Money promotion is offering $50 after setting up an account and making a $500 deposit then, you’ll be automatically enrolled to earn an additional $75 when direct deposit is set up on the account and one, or more, direct deposits of $500 or more is made to the account.

SoFi is working to make its SoFi Money account a worthy alternative to traditional financial institutions.

This direct deposit promo is one more way to make SoFi Money a long-term money management program for members.

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 and allows access fee-free from any worldwide ATM.