There has been quite a bunch of hype recently about SoFi Money due to its pretty awesome sign up bonus. For starters, SoFi Money is a cash management account with absolutely no fees. They are also offering a decently high interest rate of 1.6% APY. Best of all, all ATM fees are reimbursed when using their debit card, so it is a great account to use when traveling. Also, 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.
On top of the bonus you’ll receive for signing up and referring members, right now SoFi is offering a fun game to give its members free stock — with the claw game.
Free Stock with the Claw Game
If you are already a SoFi member, sign into your SoFi app and on the homepage scroll down to the “Invest” section. Click on the “Play for a chance to win” to get your free stock with SoFi Invest.
Play the claw game to see how much you win. I personally won $25 in free stock, which is a very nice offer for simply having an account. Especially since I can eventually transfer that money into my SoFi Money account and then straight to my bank account. I’ve seen offers of people winning anywhere between $5 and $25.
New Members Sign Up Offer
If you are not yet a member, you can still sign up, receive the free money for new members and still take part in the claw game (through March 31, 2020).
There are two new member offers for those signing up for both a SoFi Money and SoFi Invest account through a referral link. Best of all, you are eligible to get the bonus for each account.
- My SoFi Money Referral Link: Make two direct deposits of $500 or more, receive a $75 bonus.
- My SoFi Invest Referral Link: Deposit $1,000 in your account and you’ll receive a $50 bonus in free stock.
Additionally, if you refer friends or family members and they open up either account, you can continue to earn free money. You’ll receive $25 for everyone that opens up a SoFi Money account and $50 for a SoFi Invest account. You are capped at earning $10,000 per year! Thanks in advance to those who use my referral link.Â
My Experience
I personally opened both a SoFi Money and SoFi Invest account. 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. Not only did I receive free money from opening up an account, I also just got another $25 for free in a stock of my choice.
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. I also referred many friends and family members and most of those referrals show up around 6pm ET the following day.
I also received my debit card within about a week. While I haven’t traveled internationally with the card yet, I did test it out at a random ATM in my hometown. This was an ATM that charges a fee and I was immediately reimbursed. So far, I truly have enjoyed my new debit card!
Referring Friends
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.
Overall…
This is a great way to get some money back into your pocket simply by signing up for a debit card account. 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 $75 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 $75 in total ($25 for referring to SoFi Money and $50 for SoFi Invest). That means you personally can be ahead with $200 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.
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.
The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.