SoFi Money is running a lucrative referral promotion right now: Get $50 when you open an account and transfer $100 to it. Better yet, earn $50 when you refer a friend who opens and funds a SoFi Money account. Below is everything you need to know about this and SoFi’s other ongoing promotions. [UPDATED 12/11/19: The referral bonus for the SoFi Money account has decreased from $100 to $25].
SoFi Money $50 referral bonus
The SoFi Money referral promotion is an easy way to get $50 and potentially earn $50 per referral. Sign up, get $50, refer a household member and earn $50 while they earn $50. Boom: You just increased your household’s net worth by $150.
It’s not going to pay for a new roof, but it is extra cash you can put towards upcoming expenses. With Thanksgiving (and Black Friday) weeks away, this is an easy way to earn some quick cash.
Account set-up takes less than 10 minutes and you’ll see the $50 within 2-8 business days of your bank transfer posting.
Is SoFi FDIC insured?
One important thing to keep in mind is that the SoFi Money account may not be FDIC insured at any given time. According to SoFi, “Once your money arrives at our partner banks, it is FDIC insured up to $1.5 million.” If the bank goes under and your funds weren’t transferred to an FDIC-insured partner, you’re out of luck.
So you really shouldn’t use SoFi Money as your primary bank account or keep a large balance.
Notable features of the SoFi Money account
While the SoFi Money referral program is reason enough to open an account, there are several other notable features to be aware of:
ATM fee reimbursement worldwide
Beyond the $50 welcome bonus and $50 referral, a SoFi Money account could actually come in handy. The account comes with unlimited free ATM withdrawals worldwide.
This is great if you like to travel with as little cash as possible but want the option to withdraw it at your destination. SoFi’s ATM fee waiver could save you quite a bit of cash if you use your ATM card abroad.
In the past, Charles Schwab has been a popular banking option for frequent travelers looking for international ATM fee waivers. Hopefully, more banks will begin offering the same.
No fees
SoFi Money has no account fees, so even if you just deposit that $100 for the welcome bonus and skip the direct deposits, you won’t incur any fees.
1.6% APY
SoFi Money is currently offering 1.6% APY, which isn’t bad for a checking account equivalent. There are higher yield checking accounts for bigger balances. However, 1.6% APY is actually not bad if you’re just keeping a small balance for the referral bonus and fee-free ATM withdrawals.
No foreign transaction fees
With the SoFi Money debit card, you pay no foreign transaction fees. This is unique for a debit card since some credit cards don’t even offer $0 foreign transaction fees (I’m looking at you, Chase Freedom Unlimited). If any fees are charged, SoFi reimburses them.
$0 wire transfer fees
SoFi Money account holders pay $0 on domestic and international wire transfers. This is a useful feature if you end up making SoFi your primary checking account.
SoFi Invest $100 referral bonus
In addition to the SoFi Money account, SoFi is also offering $100 worth of free stock when you open a SoFi invest account. The requirement for getting the $100 bonus for this is also to deposit $100 into the account.
When I signed up, I got Amazon stock. I opened an account on October 29, my transfer went through on November 1 and I got my bonus the same day.
If you successfully refer a friend to a SoFi Invest account, you will earn $100.
Note: You can’t refer one person to both a SoFi Money and Invest account
You’ll only receive credit for one type of account referral per person. For example, you can’t refer your spouse to both a Money and Invest account – it has to be one or the other. If you plan on signing up for both types of accounts, please alternate between our referral links:
SoFi Money referral links:
SoFi Invest referral links:
SoFi $50 new account bonus: Is it worth it?
SoFi Money’s $50 new account bonus is absolutely worth taking advantage of, regardless of whether you plan on being a long-term customer or not. If you’re looking for an investment account with $0 fees and the ability to buy fractional shares, the SoFi Invest $50 free stock offer is also a nice incentive.
Competition between banks is ramping up, which could mean more referral program bonuses like this one. And with mobile-friendly apps and easy sign-ups, these bonuses can be a great way to generate extra cash for travel or holiday shopping.
If you have your own SoFi referral links, feel free to share them in the comment section.
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