(I don’t know if this was targeted, but SoFi Invest (not Money) just sent me an email about a 1% deposit match bonus for the month of June for existing customers. The maximum bonus is $5,000 (if you move over $500,000). You cannot withdraw the net deposits for 90 days. Getting 1% of your deposit in 90 days is roughly the same as 4% annualized, which beats the interest rate on any cash equivalent even if you didn’t invest in anything.)
Updated. 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 (in addition to other friends and family) to grow the total bonus.
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.
- 20% cash back on DoorDash, Netflix, Disney+, Hulu, HBO Now, Spotify, and more through June 30, 2020.
SoFi Invest (Brokerage Account)
- Get a when you fund your account with at least $1,000. This is . The referrer gets $75.
- After joining, if you refer a friend yourself, you will get $75 and they will also get the $75 in free stock. That means a couple together can earn a total of $225.
- SoFi Invest allows fractional shares (“stock bits”), so you can get exactly $75 worth of Apple, etc. Trade as little as $1 at a time.
- Sample stocks are Apple, S&P 500 ETF, or Berkshire Hathaway.
- No trading fees.
The opening process is quick and simple. Find your referral links to refer others in the SoFi app after joining. 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 financial products. They can quickly add up to easy money for a minor amount of effort. A couple where one person refers the other can earn $400 in total bonuses.
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