SoFi money is incentivizing savings and with that will match up to $50 earned in their “Roundup savings” program. With this program, SoFi will roundup the money spent on each purchase with the card to the nearest dollar and put the extra change into the vault created. So let’s say you make a purchase for $5.02, they will charge you $6 for the purchase and put $0.98 in your savings vault.
While you can save as much as you’d like in this program, SoFi will match up to the first $50 saved through Dec. 24, 2020. Ultimately, this will give you up to an extra $50 in your SoFi account for free, which you can then keep for savings or transfer back into your bank account.
Of course there are easy ways to maximize this promotion but purchase $1.01 Amazon gift cards, but if SoFi sees any misuse or suspicious activity, they could exclude a member from participating in the program.
The only caveat to this program, the program terms state: “Participation in the Program is open to all SoFi Members with a SoFi Money account with $500 in monthly deposits or more, or an account that was opened prior to June 9, 2020, who reside within the United States and have opted in to the Roundups feature.”
So, if you opened up your account on June 9, 2020 or after, you’ll have to deposit $500 a month to be eligible for this promotion.
New member sign up offer
Now, if you do not yet have a SoFi money or SoFi invest account, now might be the time to do so. SoFi is currently offering $50 cash back for new members per account — which means if you open up both accounts you can earn $100 in total.
- My SoFi Money Referral Link: Deposit $500 or more in your account and you’ll receive a $50 bonus.
- My SoFi Invest Referral Link: Deposit $1,000 in your account and you’ll receive a $50 bonus in free stock.
Not only that, you’ll also earn $50 for referring others to sign up for SoFi, such as a friend, family member — even your significant other. There is a cap of $10,000 per year, so start sharing your referral link with others. Thanks in advance to those who use my referral link.
Even more bonus opportunities
In addition to the bonus you’ll receive with the Vault savings and new member bonus, those with a SoFi money account will save money on many streaming services. This is similar to the last promotion, but without the grocery savings. Through Dec. 31, 2020, you’ll receive 10% cash back — up to $50 total — on the following: Netflix, Disney+ and Spotify. All you have to do is pay for these services with your SoFi Money account. This cash back promotion is for all new and existing SoFi members.
This means if you spend $500 on these streaming services you can maximize your $50 savings.
What is SoFi Money?
There has been quite a bunch of hype recently about SoFi Money over the past year and for many good reason. For starters, SoFi Money is a cash management account with absolutely no fees. All ATM fees are also reimbursed when using their debit card, so it is a great account to use when traveling. And most importantly, there is no hard pull so it will not go against your Chase “5/24” status or show up as a ding on your credit reports. It is also an easy way to make money on the sign up offers and referral bonuses.
I personally opened both a SoFi Money and SoFi Invest account last year. It took me just a few minutes to fully get both accounts set up. The process was seamless and transferring money into my account was easy.
I received my SoFi Money cash bonus within just 3 business days of setting up my account, and I received my free stock from the SoFi Money account within the same time period. My debit card then arrived within a week from when I applied.
While I haven’t traveled internationally with the card yet — and unfortunately have no plans to do so for awhile — I have tested it out at ATMs in my hometown many times. This card works out quite well at my favorite bagel place that only takes cash but has a random ATM in the building — perfect for when I need cash in a pinch. This ATM charges a fee and I am always immediately reimbursed. So far, I truly have enjoyed my new debit card.
This is a great way to get some money back into your pocket. First you can get an extra $50 in free simply by saving, an extra $100 if you do not yet have an account and an extra $50 by maximizing the streaming credit. Unlike credit card welcome offers, there is no minimum amount of spend needed, no hard inquiry, no wondering whether or not you are going to get approved, etc. But really, my favorite benefit is the reimbursed ATM fees. For me personally, that is huge.
Feel free to comment below with your experience using SoFi.