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 quickly become one of the best ways to get your money while traveling. And the deals just keep getting sweeter.
Just for opening a new account, you’ll get a $75 cash bonus when you make two payroll direct deposits of at least $500 each into your SoFi Money account.
On top of that, SoFi is offering 5% cashback on all purchases made within the first 60 days of account opening (for up to a maximum of $100 back) on accounts opened between April 20 and June 30, 2020.
Once you have an active SoFi Money account, you can simply register for this promotion here.
Through June, you can earn also earn 20% cashback on food delivery via DoorDash and nearly every streaming service: Netflix, Amazon Prime Video, Disney+, Hulu, HBO Now, and many more. These purchases will be excluded from the current 5% cashback promo.
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
- $75 sign up bonus when you make two direct deposits of $500 + each
- Earn 5% cash back on all purchases for new accounts through June 30, 2020.
- Earn 20% cash back on select streaming services through June 30, 2020
- Open a SoFi Money account today!
Earn a $75 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
- Make two direct deposits of at least $500 each
- A $50 bonus will be deposited into your account in 1-2 days!
- Refer friends and family and earn $25 for each referral!
- Register for the 5% cash back promotion through June, 30.
Use our referral link to get $75! (we earn $25 too.)
Then Refer your Friends to earn $25!
On top of the welcome bonus, you can earn $25 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 $25 cash posts within 24 hours of the approved referral. The $25 referral link is in your profile within the SoFi phone app.
Read our guide on how to refer friends and family to earn $25 each!
Is SoFi Money Too Good to Be True?
No fees, high-interest rates, a $75 cash bonus, plus up to $100 cas 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 $75 sign up bonus may be enough to make SoFi the easy choice. And make sure to register to receive 5% cashback on all purchases through June 30, 2020.
Sign up today using our referral link to get $75 (we earn too $25 too).
Lead Photo Courtesy of SoFi Money