SoFi (“Social Finance”) is expanding from students loans into a cash management and stock brokerage account. Both are competitive and modern app-first products, but enter a crowded field. To get your attention, they are offering two easy $50 bonuses to try them out, and if you have a spouse/partner, you can refer each other to grow the total bonus pot up to $350. I just opened these both.
SoFi Money (Cash Management Account)
- Get a when you fund your account with at least $100. That is . The referrer gets $100. You don’t have to do anything else but wait for your bonus to arrive in a few days.
- After joining, if you refer a friend yourself, you will get $100 and they will also get the $50 bonus. That means a couple together can earn a total of $200.
- FDIC-insured. No account fees. No minimums.
- Unlimited reimbursed ATM fees.
- Currently pays 1.80% APY.
SoFi Invest (Brokerage Account)
- Get a when you fund your account with at least $100. That is . The referrer gets $50. This is double the standard $25 bonus, but ends 10/31.
- After joining, if you refer a friend yourself, you will get $50 and they will also get the $50 in free stock. That means a couple together can earn a total of $150 value.
- SoFi Invest allows fractional shares (“stock bits”), so you can get exactly $50 worth of Apple, etc. Trade as little as $1 at a time.
- No trading fees.
Together, that means a couple could earn $350 altogether. The easiest place to find the referral links to refer others is in the SoFi app.
Here’s a screenshot of some of the stock choices given. Getting $50 guaranteed of the stock of your choice is better on average than getting a but probably only worth about $10. (Of course, I just got both…)
You can also get a if you refinance your student loans through SoFi.
SoFi does try to deliver on their “Social” claim by hosting free member events around the country. For example, they are hosting a free brewery tour + tacos tasting at Blue Owl Brewing in Austin, Texas on November 7th. You can sign up for free as a member in the app.
I don’t see anything groundbreaking about either of these accounts so far, but the good news is that SoFi makes the opening process quick and simple. You can open, apply, fund online and be poking around the app all in the same day. They also don’t require you do to keep the money in there for months or move assets over.
Bottom line. SoFi is offering cash and free stock bonuses for trying out their new products. They can quickly add up to easy money for a minor amount of effort.
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