SoFi has burst onto the scene in a big way over the past month, offering fee-free ATM withdrawals anywhere in the world with their new SoFi Money debit card product. And the deals just keep getting sweeter.
For a limited time, you’ll get a $100 cash bonus when you set up a recurring payroll direct deposit of at least $500 into your SoFi Money account. And Once SoFi has received two recurring direct deposits (of at least $500 each), you’ll receive the bonus. But your first deposit must be made into your account by Dec. 31, 2019.
It’s not yet clear if this is targeted or if it will be available to all SoFi Money customers, so keep an eye on your email inbox. You can find more information and assistance to get this set up with your employer on the SoFi website.
You can combine this promotion with the $50 bonus for signing up for SoFi Money through our link and the $100 bonus for referring friends and family. That means you can easily earn an extra $250 for your travels – or much more!
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 you’re willing to put in. And it’s worth noting that SoFi is not a traditional bank, so you may also want to stop depositing your paychecks directly after earning the bonus.
My wife’s direct deposit information through work is all managed through a self-service portal so setting this up and/or removing it should only take a minute or two.
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 $100 or more
- Another $100 by setting up a direct deposit of $500 or more and making at least two deposits. The first deposit must be made by 12/31/19.
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 $100
- A $50 bonus will be deposited into your account in 1-2 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!
You’ll still get an extra $50 after you immediately deposit $100 into your new SoFi Money account by opening an account through a referral link. But now, 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. The $50 referral link is 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, plus up to $150 of bonus cash!? 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. Adding a $100 bonus for setting up a direct deposit of at least $500 and making at least two deposits seems like another easy way to earn additional cash from SoFi Money.
Sign up today using our referral link to get $50 (we earn too).
Lead Photo Courtesy of SoFi Money
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer.