6 Reasons to Sign Up for SoFi Money’s Quick and Easy Bonus Cash

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SoFi Money will give you $25 when you sign up and deposit $100, and you can leverage this by referring friends – which gets you $25 each, and they get $25 for their deposit too. You can get up to $10,000 per year this way.

Here are 6 reasons to sign up with SoFi Money.

  1. $25 easy. Open an account using a referral link and deposit $100 within 14 days to earn a $25 bonus. Your $25 is added within a day or two. You don’t even need to keep the funds there after that.

  2. Leverage referrals for up to $10,000 a year since you earn $25 per person you refer who makes their own qualifying deposit, and they earn their $25 also. Once you have an account download the SoFi app to find your referral link.

  3. Earn 1.6% APY interest. That’s not a bad rate of return on the cash you’ve got sitting in the account, of course rates are variable and subject to change (say if the Fed brings down rates again).

  4. No account fees at all – no transaction fees, foreign transaction fees, annual or monthly fees, account inactivity fees or account minimum fees. Nada.

  5. ATM fee reimbursement SoFi will credit your account for ATM fees at all Plus, NYCE, and Visa ATMs worldwide.

  6. 20% rebate on Lyft rides through February 18, 2020 up to $1000 back. Add your SoFi Money debit card to your Lyft profile and make it your default payment method to earn the rebate. Reportedly this stacks with promo codes as well.

You’ll get $25 after signing up and depositing $100 (as long as you make the deposit within 14 days of account opening). That’s easy money and you can keep getting $25 for each person you refer with your SoFi Money link. That’s free, easy money.

There are no hoops, but bear in mind you should be in the U.S. when you sign up for an account or their security systems will flag you. I was traveling internationally and called in once I got back to open my account no problem.

And if you have $1000 you can let sit for a bit, you can also pick up a SoFi Invest account. That offers a $100 bonus when you deposit $1000 and everyone you refer who funds a new SoFi Invest account gets you another $100 as well subject to the same $10,000 per year cap.

About Gary Leff

Gary Leff is one of the foremost experts in the field of miles, points, and frequent business travel - a topic he has covered since 2002. Co-founder of frequent flyer community InsideFlyer.com, emcee of the Freddie Awards, and named one of the "World's Top Travel Experts" by Conde' Nast Traveler (2010-Present) Gary has been a guest on most major news media, profiled in several top print publications, and published broadly on the topic of consumer loyalty. More About Gary »

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Comments

  1. @ Gary — The bonus was $50. Stupid of them to lower it. Now, people like me who were on the fence on this deal are definitely not interested. Marketing geniuses these people are not.

  2. @ Gary, your article is incorrect with regard to hoops.

    When in the US, the application process collects all personal information and then asks about residency status. At this point, non-resident aliens are told that they are not welcome.

    Please update your article to include the choice of SoFi to discriminate against this segment of the community.

  3. @UA: “Please update your article to include the choice of SoFi to discriminate against this segment of the community.”

    There is no discrimination, this is an actual status difference.

  4. I applied and was declined for no or a vague reason saying they could not verify all my information. I sent in a photocopy of my id and then re-applied and was approved. It was not an easy process or clear exactly why I was declined and someone less tenacious may have given up. I was largely motivated to sign up with the Lyft promo, I wonder if they will extend that.

    I find it moderately frustrating that it takes 2-3 days when I ACH transfer funds from my regular bank checking account in to SoFi. I can see maybe having this restriction on the first transfer, but it seems like a long time to wait especially for an ACH in our digital age. I wonder how long they take if you deposit a paper check?

    I just wanted to post this especially because literally all the blogs are saying SoFi is like cake and ice cream, and not really talking about the glitches or cons of the service.

    I am still very happy I signed up, I got the $50 bonus and I’m getting the 20% Lyft credits, but like anything, there absolutely are things about SoFi that are ffrustrating and inconvenient as well as some tangible benefits as the article says.

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