There has been quite a bunch of hype recently about SoFi Money due to its pretty awesome sign up bonus. For starters, SoFi Money is a cash management account with absolutely no fees. They are also offering a decently high interest rate of 1.6% APY. Best of all, all ATM fees are reimbursed when using their debit card, so it is a great account to use when traveling. Also, there is no hard pull so it will not go against your Chase “5/24” status or show up as a ding on your credit reports.
New Members Sign Up Offer
- My SoFi Money Referral Link: Deposit $100 into your account and you’ll receive a $50 bonus.
- My SoFi Invest Referral Link: Deposit $1,000 in your account and you’ll receive a $100 bonus for free stock.
Additionally, if you refer friends or family members and they open up either account, you can continue to earn free money. You’ll receive $50 for everyone that opens up a SoFi Money account and $100 for a SoFi Invest account. You are capped at earning $10,000 per year! Thanks in advance to those who use my referral link.
20% Back with Lyft
Aside from the bonus offers for signing up for a new account, they just launchd a great partnership with Lyft. All you have to do is add your SoFi Money debit card to your Lyft account and set it as your payment method, and you’ll receive 20% back on all Lyft rides you take. This is valid for rides between Nov. 20, 2019 and Feb. 18, 2020. This is valid for pretty much every ride you take as you can earn up to $1,000 back with this promotion.
If you take Lyft rides often, this is an unbelievable way to save money.
I personally opened both a SoFi Money and SoFi Invest account. It took me just a few minutes to fully get both accounts set up. The process was seamless and transferring money into my account was easy.
I received my SoFi Money cash bonus within just 3 business days of setting up my account, and I received my free stock from the SoFi Money account within the same time period. I also referred many friends and family members and most of those referrals show up around 6pm ET the following day.
I also received my debit card within about a week. While I haven’t traveled internationally with the card yet, I did test it out at a random ATM in my hometown. This was an ATM that charges a fee and I was immediately reimbursed. So far, I truly have enjoyed my new debit card!
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 SoFi Invest. You can save your referral link and send it to friends, or you can directly send the link via a text message, email, Facebook, etc.
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. And on top of it, you’ll also get a huge savings when using Lyft.
Right off the bat, you’ll receive $50 for signing up for the SoFi Money account and another $100 for signing up for a SoFi Invest account. Of course though, the Invest account requires a higher deposit. Then, once you refer your significant other, you’ll receive another $150 in total ($50 for referring to SoFi Money and $100 for SoFi Invest). That means you personally can be ahead with $300 back in your pocket. That does not take into consideration the free money your significant other earns on the bonus or any other friends or family members you continue to refer.
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: Feel free to leave your referral link in the comments below, but comments offering to pay readers for using their links will be deleted.