If you have not yet signed up for a SoFi money or SoFi invest account, now might be the time to do so. SoFi just increased their bonus for both types of account where new members can earn up to $50 cash back per account ($50 for the Invest account and $25 for the Money account). Not only that, you’ll also $50 for referring others to sign up for SoFi. This means if you sign up and then refer another family member or friend, you can earn quite a bit of money for not much effort. Both accounts require you to deposit $500 to $1,000 to earn the bonus.
In addition to the bonus you’ll receive, those with a SoFi money account will save money on many grocery and streaming services. Through September 30, you’ll receive 10% cash back — up to $100 total — on the following: Instacart, Whole Foods, Trader Joe’s, Netflix, Disney+ and Spotify. All you have to do is pay for these services with your SoFi Money account. This promotion is for all new and existing SoFi members.
This means if you spend $1,000 on groceries — $333 a month — you can maximize your $100 savings. For many families, this is quite realistic to do, so you can easily think of this as $100 back in your pocket.
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.
New Members Sign Up Offer
- My SoFi Money Referral Link: Deposit $500 or more in your account and you’ll receive a $25 bonus.
- My SoFi Invest Referral Link: Deposit $1,000 in your account and you’ll receive a $50 bonus in free stock.
As mentioned above, if you refer friends or family members and they open up either account, you can continue to earn free money. You’ll receive $50 for everyone that opens up either account — with a cap of a whopping $10,000 per year! Thanks in advance to those who use my referral link.
I personally opened both a SoFi Money and SoFi Invest account many months ago. 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.
To refer a friend, you’ll need to install the SoFi app. (I was able to find it quickly in the App Store). Once in the app, on the upper left-hand side of the welcome screen you’ll see a circle with a person icon enclosed. Click that button.
Then, click the link that says “Invite friends.”
From there, you can refer a friend to SoFi Money and SoFi Invest. You can save your referral link and send it to friends, or you can directly send the link via a text message, email, Facebook, etc.
This is a great way to get some money back into your pocket simply by signing up for a debit card account and maximizing the $100 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.
Right off the bat, you’ll receive $25 for signing up for the SoFi Money account and another $50 for signing up for a SoFi Invest account. Then, once you refer your significant other, you’ll receive another $100 in total ($50 for referring to SoFi Money and $50 for SoFi Invest). That means you personally can be ahead with $175 back in your pocket. That does not take into consideration the free money your significant other earns on the bonus or any other friends or family members you continue to refer. Then you’ll get up to another $100 with this current promotion — think of this as $275 in free money.
Feel free to comment below with your experience using SoFi.
Note: Feel free to leave your referral link in the comments below, but comments offering to pay readers for using their links will be deleted.