Free Money! $50 for SoFi Money Account + $100 Per Referral

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SoFi Money is offering up $50 to new members who open up a SoFi Debit Card. While this card has many benefits (that I will write about below), the immediate benefit is the free money that you can earn right off the bat. Depending on the number of friends and family members that you are able to recruit, this could possibly be one of the best deals of the year. Thanks to Miles to Memories and Frequent Miler for introducing me to this!

The Deal

For new members who open up an account through a referral link and deposit $100 into the account within the first 14 days, you’ll receive a $50 bonus. Then, for every additional person you refer, you’ll continue to receive an additional $100 bonus per referral, up to $10,000!

When I found out about this deal, it took me just a few minutes to get everything set up (I’d say 3 minutes max). Opening the account was seamless and then transferring the money into my account was also easy. For now, I personally just transferred the minimum of just $100.

I opened up my account and transferred my money in at about 10:30pm ET last night. I also sent my referral link to my husband at that time and he immediately opened up an account as well. When I look at my account this morning it still does not show any balance in my account — neither the amount I transferred in or the referral bonus. After reading reports and speaking to Nick over at Frequent Miler, it seems like the system might update around 6pm ET on a daily basis (although no hard facts on that). I’ll make sure to update this post once money shows up in my account.

You’ll also receive your debit card within 7-10 business days of opening your account. (Note: There is also an entire investing side, but I will get to that in another post).

Referring Friends

To refer a friend, you’ll need to install the SoFi app. (I was able to find it quickly in the App Store). Once in the app, on the upper left-hand side of the welcome screen you’ll see a circle with a person icon enclosed. Click that button.

Then, click the link that says “Invite friends, earn up to $10k”

From there, you can refer a friend to SoFi money and get your $100. The app will then allow you to save your link and send it to friends, or you can directly send the link via a text message, email, Facebook, etc. Your friend will also get the same $50 that you received upon opening the account.

Benefits of the SoFi Money Debit Card

For starters, when you sign up for this debit card, there is no hard pull. It will not go against your Chase “5/24” status or show up as a ding on your credit reports. However, it is a cash management account. This is not a bank account and your money is not FDIC insured. With that being said, I am comfortable transferring over $100 for a huge upside.

Once you receive your card, it truly comes with no fees if you decide to use it as an actual debit card. You’re reimbursed ATM fees, there are no monthly fees, no account minimums, etc. Currently, you’ll also receive 1.8% APY on your balance. UPDATE: The new APY is 1.6%


This is a great way to get some money back into your pocket simply by signing up for a debit card account. Unlike credit card welcome offers, there is no minimum amount of spend needed, no hard inquiry, no wondering whether or not you are going to get approved, etc.

Right off the bat, you’ll receive $50 and then let’s say you refer your significant, combined you both will receive $200 total ($50 per sign up and then another $100 for referring the other). Then let’s say you continue to refer some friends or family members, that could get you an extra few hundred bucks pretty quickly. Of course if you have many many friends and continue to share your referral link, that could bring in some real cash. There is also a bonus and referral program for opening up a SoFi Invest account as well.

For those looking to sign up for an account through a referral link, here is my link. THANK YOU IN ADVANCE. Also, once you sign up, feel free to post your link to the comments section below.

Aside from your referral link, please comment below with your experience using SoFi and also let me know when your money appears in your account. Data points are always welcome! (NOTE: Comments offering to pay readers for using their links will be deleted).

The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.


  1. I tried to link three accounts and none worked. On the fourth attempt it said ‘you’ve reached your limit and cannot try again until November 1’. So, I cannot move $100 in until then. Will I still get my bonus?

    • @Bill Bob – Hmmmm… not sure why that is happening? As of right now there is no expiration date listed for the bonus, so I am not sure.

  2. Hi there, sharing some data points: signed up Wednesday via iOS Safari, but had an issue initially and had to finish signing up in my Win10 laptop via Firefox, but worked out just fine. Downloaded the app and signed in, and the $100 referral link showed up right away so copied that to send off to my sister and friends. Went to deposit my initial $100 but evidently small banks require two small deposits to verify the account is valid, so had to wait a day to go through that confirmation process. Late Thursday night (day 2) the small deposits showed up and I confirmed my account. Moved my $100 over and went to sleep. Went to work Friday and checked about 5 PM, and my referral earnings – my $50 and my $100 referral to my sister are pending to be posted! If I had signed up on a Monday, I’d have my money already… Hope that helps someone… My referral link is

  3. Used your referral. Took about 10 hours for the two small deposits to show up in my bank account. Confirmed and placed $110 into soFi. Now I wait to find out if the deal for referrals is still in effect.

  4. I signed up using your referral link. I hope many others have as well. It’s a way to help repay you for all the deals you’ve led me to over the past few years. The $50 bonus showed up today.
    BTW… I think the referral links are only good for 14 days, so between Nov, 3rd and November 11th, if the Deals We Like referral link doesn’t work, feel free to use mine.

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