Weird Wrinkle In The Best Free Money Offer Of The Year ($100 – $10,000)

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A couple of weeks ago I covered a great, easy free money offer.

SoFi Invest is an easy investment platform. SoFi Money offers a no fee account and debit card, offers ~ 1.5% interest, and reimburses ATM fee. Both accounts offer money to sign up, and both accounts give you money when you get others to sign up.

  • SoFi Money: Deposit $100, receive a $25 bonus. Everyone you refer who funds a new SoFi money account gets you another $25 as well, up to $10,000 per year (and the year is almost over, your cap should reset soon).
  • SoFi Invest: Deposit $1,000, receive $100 to invest. Everyone you refer who funds a new SoFi Invest account gets you another $100 as well, the same cap applies.

SoFi Money will give you up to $1000 back for Lyft spend too? Add your SoFi Money debit card to your Lyft profile and make it your default payment method. You’ll get 20% back on Lyft through February 18, 2020, up to $1000 (you won’t max out on the promo until you’ve spent $5000 in the next 3 months which is unlikely for most).

sofi lyft offer

>Opening the accounts takes just a few minutes. Getting your signup bonus takes just a few days. Referrals show up quickly as well. Your debit card should come in a week, and ATM fee reimbursements should process right alongside the withdrawal transaction fee.

Sign up online for SoFi Invest and for SoFi Money, then once you’ve created your account you will want to download their app (either from the app store or Google Play store) because you’ll want to pull up your profile in order to find your referral link and start referring friends and family.

I’ve gotten the signup credits from both accounts, and referral credits work well to. There’s one interesting twist to the credits you receive on the investment account. It appears they deposit $100 in your account, and then use it to automatically purchase stock. You’re still getting the $100, it just works differently than it had been and I originally expected.

It even seems I’m getting the $100 in stock commission free, they’re not recapturing cash that way, though I haven’t verified I’m getting the best possible price on the shares at the time of the transaction [however I’ve had gains in the account, not losses, not I’m actually coming out ahead so far].

You can get $125 in bonuses for creating and funding both accounts, and then get more for referring friends and family, who also get their own bonuses, so this is really lucrative. But in the investment account it seems like you wind up with stock rather than cash for your referral bonuses.

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, 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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  1. Gary, thanks for your persistence publishing this blog despite the comments of a$$holes like JohnB. Only a moron would think even if you owned the stock, the readers of your blog would or could buy enough shares to move the price even a penny.

    Of course, the issue is irrelevant because SoFi is PRIVATELY HELD! But I guess doing 10 seconds of research before posting an oh-so-clever comment is too much to expect.

    Should you decide to moderate/delete comments that directly or indirectly attack you and/or your integrity, I’d welcome not having to sort through vitriolic comments to read the many helpful comments made by your regular readers.

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