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 the deals just keep getting sweeter. After a slew of referral bonuses and bonus categories over the last year, it’s safe to say this latest offer is one of the most lucrative bonuses we’ve seen for a debit card.
Just for opening a new account, you’ll get a $50 cash bonus when you deposit $500 or more into your SoFi Money account. That’s an easy-to-earn bonus for a great, dedicated travel debit card.
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.
The one hitch is that you’ll need to continue depositing $500 each month in order to qualify for earning cash back. Already have a SoFi Money account opened before June 9, 2020? No need to make those monthly deposits to earn extra cashback.
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.
Add that $150 sum to the $200 you could earn by maxing out the cashback promo, and you can fairly easily amass $350 in bonuses!
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!
Earn a $50 Sign Up Bonus!
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
- Deposit at least $500 into your account
- A $50 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!
Is SoFi Money Too Good to Be True?
No fees, high-interest rates, a $50 cash bonus, plus up to $100 cash back? Where’s the catch?
After using SoFi Money for ourselves, we can say there is no catch – it really is that good. Clearly, SoFi is hoping you like their free service enough to trust them with the rest of your business. SoFi also offers auto and life insurance, loans, and loan refinancing, investing, financial planning, and more.
The one thing to be concerned about, if you were thinking of making this your primary account, is that SoFi Money is 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 this account may be best used as a travel-only account, rather than for everyday use. That is our team’s primary use of the account.
So 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. This ultimately depends on how much work your willing to put in and your comfort level with the way FDIC deposit insurance works on SoFi money accounts.
No fees, no hard credit card pull, a slick phone app, plus the $50 sign up bonus may be enough to make SoFi the easy choice. And make sure to maximize the 10% back you can earn on select grocery stores and streaming services to earn another $100.
Sign up today using our referral link to get $50 (we earn too $50 too).
Lead Photo Courtesy of SoFi Money