(New promo: Get 20% off Lyft rides from now until February 18th, 2020 when you link your SoFi Money debit card as the default payment method. No other activation or promo code required. Up to $1,000 cash back. Don’t open a new account through that link though, read below and get a $50 bonus.)
Updated with new Direct Deposit bonus, referral offer details. SoFi (“Social Finance”) is expanding from students loans into a cash management and stock brokerage account. Both are competitive and modern app-first products, but enter a crowded field. To get your attention, they are offering $50 and $100 bonuses to try them out, and if you have a spouse/partner, you can refer each other to grow the total bonus pot up to $450. There is also a new $100 direct deposit bonus for existing customers (see below).
SoFi Money (Cash Management Account)
- Get a $50 cash bonus when you fund your account with at least $100. That is a friend’s SoFi Money referral link. The referrer gets $50, so thanks if you use it! You don’t have to do anything else but wait for your bonus to arrive in a day or so. There is no set expiration date on this offer, so it could end at any time.
- After joining, if you refer a friend yourself, you will get $50 and they will also get the $50 bonus. That means a couple together can earn a total of $150.
- FDIC-insured. No account fees. No minimums.
- Free debit card with unlimited reimbursed ATM fees.
- Currently pays 1.60% APY.
SoFi Invest (Brokerage Account)
- Get a $100 of your choice of stock when you fund your account with at least $1,000. That is my SoFi Invest referral link. The referrer gets $100. This is quadruple the standard $25 bonus, but with a higher minimum deposit.
- After joining, if you refer a friend yourself, you will get $100 and they will also get the $100 in free stock. That means a couple together can earn a total of $300 value.
- SoFi Invest allows fractional shares (“stock bits”), so you can get exactly $50 worth of Apple, etc. Trade as little as $1 at a time.
- No trading fees.
For example, you can get $100 of Apple, S&P 500 ETF, or Berkshire Hathaway.
An excerpt of the terms is below, and the way I read it, you can get one Money bonus and one Invest bonus since SoFi Invest and SoFi Money are different accounts. If so, a couple could earn $450 altogether. Find your referral links to refer others in the SoFi app.
Only one Money Referral Bonus and one Money Welcome Bonus will be awarded for each referred Eligible Money Recipient, regardless of whether the Eligible Money Recipient opens and funds multiple accounts. An Eligible Money Referrer will not earn a Money Referral Bonus if the Eligible Money Recipient has or had an existing funded SoFi Money account, or does not use the unique referral link provided by the Eligible Money Referrer.
Only one Invest Referral Bonus and one Invest Welcome Bonus will be awarded for each referred Eligible Invest Recipient, regardless of whether the Eligible Invest Recipient opens and funds multiple accounts. An Eligible Invest Referrer will not earn an Invest Referral Bonus if the Eligible Invest Recipient has or had an existing funded SoFi Invest account or does not use the unique referral link provided by the Eligible Invest Referrer.
Opened an account recently? New targeted $100 Direct Deposit bonus! If you opened an account, or after you do open an account, be on the lookout for an e-mail offer of another $100 bonus if you make two direct deposits of $500+. The e-mail ended up in my spam folder, but had a subject line of “Get $100 when you set up direct deposit”. If you have the ability to split your direct deposit or have a small business where you pay yourself, this is another easy $100. Here are the terms that I got:
Only SoFi Money members without any history of direct deposit transactions as of 11/07/2019 are eligible. To receive the bonus offer, a payroll direct deposit of at least $500 must be made by the SoFi Money member’s employer, or payroll provider by ACH deposit before 12/31. A second deposit from the same employer must then be made to the member’s SoFi Money account within 31 days of the initial direct deposit. Direct deposits that are not from an employer (such as check deposits; P2P transfers such as from PayPal or Venmo, etc; merchant transactions such as from PayPal, Stripe, Square, etc; and bank ACH transfers not from employers) do not qualify for this promotion. Within two weeks of the second direct deposit clearing, qualifying participants will receive a $100 deposit into their SoFi Money account. This offer is limited to one per person and is limited to recipients of this email. The offer expires on 12/31/2019, at 5pm EST.
You can also get another $100 bonus if you refinance your student loans through SoFi.
SoFi does try to deliver on their “Social” claim by hosting free member events around the country. For example, they are hosting a free brewery tour + tacos tasting at Blue Owl Brewing in Austin, Texas on November 7th. By opening one of these accounts, you become a member and thus free beer and food!
I don’t see anything groundbreaking about either of these accounts, but high interest and free trades are what’s hot these days. The good news is that SoFi makes the opening process quick and simple. You can open, apply, fund online and be poking around the app all in the same day. They also don’t require you do to keep the money in there for months or move assets over.
Bottom line. SoFi is offering cash and free stock bonuses for trying out their new products. They can quickly add up to easy money for a minor amount of effort. There’s also a new direct deposit bonus for even more free money.