- Get $75 for signing up for a SoFi Money account and making two direct deposits of $500 each
- Get $100 in stocks for signing up for a SoFi Invest account and depositing $5,000
I’ve written a few times over the past several months about SoFi’s generous referral program. Well, unfortunately they’ve made some major changes to the referral program, for both SoFi Money and SoFi Invest. In this post I wanted to provide an updated rundown of what you can expect.
It’s not unusual to see some sort of a bonus when signing up for a checking or savings accounts and completing some activity. However, historically SoFi has been especially generous. Unfortunately this has changed and probably won’t have as wide appeal as it did before, though some people may prefer the new system.
For those of you not familiar with SoFi, they’re essentially an online personal finance company offering savings accounts, investment opportunities, and more. Here’s what you need to know about how these two SoFi referral bonus opportunities work:
Get $75 With New SoFi Money Account
In the past SoFi offered $25 when you signed up for a SoFi Money account and deposited $100. That’s no longer valid.
Now you can earn $75 when you sign up for a SoFi Money account and make two direct deposits of at least $500 each.
In turn you can earn a $25 bonus for every friend or family member that you refer, who does the same.
As far as the bonuses go:
- Your bonus should post within ten business days of when eligible activity is completed
- To be eligible the person you refer needs to open the account and made eligible direct deposits, though there’s no restrictions on how long the account needs to stay open
- You can earn up to $10,000 per year for referring people
- To find your referral code you’ll need to download SoFi’s app and click on the top left of the page, where you’ll see a link to “Invite friends”
Signing Up For A SoFi Account Is Easy
Signing up for a SoFi account couldn’t be easier. It literally took me three minutes. You just have to enter some personal details across a few pages, including your name, SSN, address, and more.
Then you’ll have the option of easily linking your SoFi account to a bank account, so that you can fund the account (or you can do that at a later point if you want).
Benefits Of A SoFi Money Account
Why would you want to keep a SoFi Money account long term?
- It pays a 1.60% APY (which is very good when you consider how good their account management and app is)
- There are no account fees
- ATM fees are reimbursed worldwide; use any ATM machine and they’ll reimburse you
For many a SoFi Money account will actually be well worth leaving open. Getting a no fee account with ATM fees reimbursed is awesome.
On top of that, the SoFi Money debit card is transitioning from Visa to Mastercard, which will come with a bunch of additional benefits, including:
- Mastercard Airport Concierge: Available 24/7/365 at over 450 destinations worldwide, cardholders get 15% off personal Meet and Greet agents to escort them through the airport on departure, arrival and/or any connecting flights and expedite them through the security and/or the immigration process (at participating airports).
- Cell phone protection: When you pay your cell phone bill with SoFi Mastercard, receive up to $200 per claim, $25 deductible, up to 2 claims per year. Unlimited lines associated with the cell phone bill.
- Mastercard golf: Provides discounted access to golf courses, complimentary grounds passes for PGA Tournaments, access to domestic and international golf travel packages, and more.
- Additional SoFi member experiences: On top of SoFi member experiences, SoFi Money Mastercard cardholders will have the opportunity to engage in bonus exclusive, once-in-a-lifetime experiences with the people they love in the cities where they live and travel.
- Enhanced security with credit monitoring, alerts for suspicious activity, and white-glove service to help you resolve issues with Mastercard ID Theft Protection
- Purchase Assurance: Provides coverage for most new items purchased with your SoFi Money card that are damaged or stolen within 90 days of the date of purchase, up to $1,000 per claim.
- Extended Warranty: Doubles the original manufacturer’s (or store brand) warranty. Coverage is for eligible items purchased with your Mastercard.
Get $100 With New SoFi Invest Account
In addition to the standard SoFi Money account, there’s also SoFi Invest, which is their stock trading platform.
With this, both the person referring and person being referred get $100 worth of stock trades when funding a SoFi Invest account with at least $5,000.
The process of signing up for an account is really easy, especially if you’ve already set up a SoFi Money account, as most of the information transfers over.
Here you’re not getting cash, but rather you’re getting $100 in stocks both for referring and for being referred. You can choose from a wide array of popular stocks.
Note that the $5,000 in the account can be kept “liquid,” so the only thing that needs to be in stocks is the referral amount (whether referring or being referred). And you can always liquidate those stocks after opening your account.
Back in December it took me about five minutes to set up both a SoFi Money and SoFi Invest account, and to earn the awesome bonuses. Unfortunately the bonuses have changed over time, but for many they may still be worth it.
Not only is this a great opportunity to earn a bonus, but you can then refer friends and family members to this. There’s also long term value in a SoFi Money account, like getting ATM fees reimbursed worldwide.