SoFi has burst onto the scene in a big way over the past year, offering fee-free ATM withdrawals anywhere in the world with their new SoFi Money debit card. It’s emerged as one of the best debit cards to have on hand for your travels. And lucrative sign-up bonuses and offers just keep making it better.
SoFi is currently offering an easy $50 bonus after depositing $500 into a new account. But SoFi has another offer that allows you to easily earn more than double that sum. And even existing SoFi Money users can cash in.
Set up direct deposit into your SoFi Money account and deposit at least $500 between Aug. 4 and Nov. 30, 2020, and you’ll earn a $75 bonus. This stacks with the normal welcome offer, so that’s $125 total for new accounts. Already have SoFi Money? Set up direct deposit now to get an easy $75 bonus.
The beauty of this promotion is that there’s no requirement to make ongoing direct deposits – one deposit of $500-plus will trigger the extra $75 bonus. Read up on how to set up direct deposit with SoFi Money.
On top of that, you can earn up to another $100 with the 10% cashback promo SoFi is currently offering at Trader Joe’s Whole Foods, and Instacart as well as streaming services Netflix, Disney Plus, and Spotify. You can earn up to $50 back at grocery stores and another $50 back on streaming on purchases through Sept. 30, 2020. In this case, you’ll have to continue making direct deposits in order to qualify for cashback bonuses (unless if you signed up for SoFi before June 9, 2020).
Want to take it even further? Refer a spouse, partner, or friend to open their own SoFi Money account, too! Stacking these sign-up and cashback promos together, you could earn a combined $350! You’ll get $50 for signing up, $50 for referring another person, and they’ll earn another $50, too
SoFi Money Overview and Highlights
SoFi Money boasts a fee-free online account service. Here are all of the perks that come along with a SoFi account:
- No account fees
- ATM fees reimbursed worldwide
- No foreign transaction fees
- No overdraft fees
- No hard credit pull when you apply
- Transfer money via mobile from major U.S. banks or check deposit
- $50 sign-up bonus when you deposit at least $500
- Earn 10% cash back at select grocery stores and streaming services (up to $50 each) through Sept. 30, 2020.
- Open a SoFi Money account today!
One important caveat to keep in mind with SoFi Money is that it’s not a banking institution in the traditional sense. Your money will not be FDIC insured until it is transferred to their banking partners, two days after deposit.
That means you’re probably better off treating SoFi Money as a designated travel account rather than your go-to checking account. So any direct deposit you setup to SoFi Money is probably best as a temporary measure. If changing your direct deposit accounts with your employer is complicated, this may not be worth it for the purposes of earning this additional bonus.
Earn $125+ in Sign-Up Bonuses!
This is one of the easiest bonuses to get. Here is what you need to do:
- Use a referral link, the only way to get the bonus.
- Sign Up for a Checking Account
- Set Up Direct Deposit
- Deposit at least $500 into your account between
- A $50 bonus will be deposited into your account within a few days
- Another $75 bonus will be deposited into your account within a few days
- Refer friends and family and earn $50 for each referral!
Use our referral link to get $50! (we earn $50, too.)
Then Refer your Friends to earn $50!
On top of the welcome bonus, you can earn $50 for every single friend, family member, or complete stranger you refer after you sign up for an account. This is a no brainer and the $50 cash posts within 24 hours of the approved referral. You can find your $50 referral link in your profile within the SoFi phone app.
Read our guide on how to refer friends and family to earn $50 each!
SoFi Money just keeps sweetening the deal on one of our favorite travel ATM accounts. This is an easy way to earn up to $125 (or more!) for your future travels.