Update: SoFi ups the bonus to $75 for their money account
March 5, 2020
Please note some of the links in this article are referral links.
This is an update to a previous post. SoFi has moved their debit card from Visa to Mastercard. This has added a bunch of new benefits. But most importantly, they’ve increased their sign-up bonus when using a referral link. The Money account doesn’t charge account fees and reimburses ATM fees at Plus, NYCE, and Visa ATMs worldwide.
Please note they have decreased their bonus for their investment account. They have also lowered their APY on their Money account to 1.10% after the Fed cut rates.
SoFi (Social Financial) is an online investment platform that offers a high-yield savings/checking account, individual investment accounts, and loans. They are best known for their student loan refinancing products. They are currently offering valuable bonuses for opening accounts. If you refer friends and family to open accounts, SoFi will match these bonuses and deposit them directly into your account.
- SoFi Money – $75 bonus after two direct deposits of at least $500
- SoFi Invest – $50 bonus (in the form of a partial stock) after depositing $1000
- SoFi Loan is also offering bonuses for referrals up to $300.
To be eligible, just click on the links for Money and/or Invest (this is a personal referral link). Open an account. And deposit the minimum amount within 14 days. The bonuses will appear after a few days. Download the SoFi app to access your own referral links to share with friends and family. Each person that signs up will get a bonus and you will get a bonus!
SoFi Money offers a great 1.60% APR. There are no account fees and no minimums. You can choose to take your $125 out as soon as it appears. They will also send you a VISA debit card which can be used at any ATM around the world. They offer unlimited reimbursement of any ATM fees if the card is used at any ATM displaying the Visa®, Plus®, or NYCE® logo. This can lead to huge savings if you take out a lot of cash.
SoFi Invest offers a personal investment platform for stocks, ETFs, and crypto. You can track stocks for your own trades or choose an Auto Investing options to allow SoFi to invest for you based on your risk profile. SoFi doesn’t charge any management fees or trading fees. They have a really cool feature called Stock Bits which are basically fractional shares. You can choose to invest as little as $1 into any stock regard of the stock price.
Part of being able to travel, spend, and maintain good credit is managing your finances. Not only should you keep track of all your credit cards and accounts using a tool like Mint.com, but you should also make the most of your money. One simple way is to put the bulk of your liquid cash into a high-yield savings account. These online accounts are from big-name banks and offer interest rates uncomparable to your generic savings account. Another way is to jump on bonuses like these offered by banks. It requires a bit more work, but they can add up and help you reach your next financial goal or dream vacation.