Update 3/24/20: For the next three months, you can earn 20% cash back when you charge the following on your SoFi Money debit card:
• Streaming services, including Netflix, Amazon Prime Video, Disney+, Hulu, HBO Now, CBS All Access, Spotify, Pandora Music, and Google Play Music.*
• DoorDash orders.**
Update 3/9/20: Log into your SoFi Invest account and you should find a pseudo-claw game that can win you some free stocks. No cost to play. Screenshots below. I got $5 of Berkshire (no dividends = no tax paperwork), but maybe you’ll do better!
Original post:
SoFi (“Social Finance”) has expanded from students loans into a cash management and stock brokerage account. They’ve also updated their bonuses for trying them out, and if you have a spouse/partner, you can refer each other to grow the total bonus. There is also a new $75 direct deposit bonus for existing customers.
SoFi Money (Cash Management Account)
- Get a when you open a new account and make two direct deposits of at least $500 each. This is . The referrer gets $25, so thanks if you use it!
- After joining, if you refer a friend yourself, you will get $25 and they will also get the $75 bonus. That means a couple together can earn a total of $175.
- FDIC-insured. No account fees. No minimums.
- Free debit card with unlimited reimbursed ATM fees.
- Currently pays 1.60% APY.
SoFi Invest (Brokerage Account)
- Get a when you fund your account with at least $5,000. This is . The referrer gets $100. This is quadruple the standard $25 bonus, but with a higher minimum deposit.
- After joining, if you refer a friend yourself, you will get $100 and they will also get the $100 in free stock. That means a couple together can earn a total of $300.
- 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.
For example, you can get $100 of Apple, S&P 500 ETF, or Berkshire Hathaway. Find your referral links to refer others in the SoFi app after joining.
Opened an account recently? New targeted $75 Direct Deposit bonus. If you opened an account, or after you do open an account, be on the lookout for an e-mail offer of another $75 bonus if you make two direct deposits of $500+.
You can also get another if you refinance your student loans through SoFi.
SoFi has a lot of competition as high interest savings accounts and free trades are what’s hot these days. 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.
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. Existing users may also be eligible for a direct deposit bonus for even more free money.
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