Posted by Chuck on September 15, 2019
Bank Account Bonuses

Published on September 15th, 2019 | by Chuck

536

[Expired] SoFi Money 2.25% Account $50 Referral Bonus + $100 for Referrer

Deal has expired, view more SoFi deals by clicking here

Update 9/15/19: Bonus is up to $100 now for the referrer. Remains $50 for new member, as before. Valid through 9/23/19, then it should revert back to $50/$50. (ht Ryan Goldstein & Gadget Geek)

Update: Comments closed to prevent referral link abuse.

[Update 6/19/19: Bonus has been increased to $50 for referrer and $50 for new member. Do Not Leave Your Referral Again if you already left it below. I’ve removed all the referral links which don’t include the word ‘money’ in them since those are the old links which don’t work anymore. If you left the old link and it was removed, feel free to leave the new link now. (ht Kyran and Ryan Goldstein)]

SoFi offers a competitive checking/savings account which earns 2.25% APY interest called SoFi Money. They recently sent out a referral offer:

Direct Link to offer

  • New member gets $25 $50 bonus when signing up with a referral link and funding the account $100.
  • Referrer gets $25 $50 as well.

It’s probably not worth signing up just for the $25 bonus, but if you’re signing up anyway it’s an easy bonus. Could also make a bit of sense for someone in 2-player mode since it’ll be a $50 net bonus. SoFi’s rates are competitive at 2.25%, though not at the top accounts which offer 2.50-2.51%. Check out our review of the SoFi savings account here. Compare all High Yield Savings accounts on this dedicated page. Some people like the SoFi account since it’s the highest yield checking account available if you like keeping healthy balances there. We wrote about various options for high-yield checking accounts here.

They also offer a bonus for referring a friend for a student loan or personal loan: referrer gets $300 and new member gets $100. (There may be better deals out there on this so scour the internet.)

Feel free to leave your referral links in the comments below.

  • Do not leave any commentary, your comment should look something like this “https://www.sofi.com/share/12345678/”. If there are any additional words in the comment, it will be removed.
  • Do not thread referrals, just leave your referral as a new line.
  • Leave your referral once.
  • We may lock comments in a few days.

Hat tip to readers Ryan Goldstein and Chief Loss Leader

 



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Gadget

Chuck I see you updated the article, but just a suggestion, you may want to invalidate all the non-money links. Or, at least a bigger warning. I signed up the night the changeover happened where the Share links stopped showing the Money offer. I used a non-Money link, and it didn’t pay out on either end. But, I am eligible to refer others to Money apparently because I collected a referral bonus on 6/19.

Sam F.
Sam F.

I searched the thread, but could not find your referral link. You’re a helpful community member and I wanted to reward you.

Gadget

I had one posted but thinking it got pulled because the original was listed without “money”. Edit: Chuck said to repost.

EBF
EBF

Used yours from your website. Hope someone will use mine!

Gadget

Thank you.

Betelgeuse
Betelgeuse

I noticed when you sort by newest it doesn’t show all the comments only the latest.

Jenn
Jenn

Used your link!

Gadget

Thank you!

Chris G
Chris G

Thanks for your helpful comments in this thread! Used your link on Sunday and saw my bonus posted today 🙂

Gadget

Thank you. Yeah, SoFi is paying out super fast. I am surprised they haven’t revamped the signup bonus and referral payout terms, but it’s been working very well.

Leosc
Leosc

When can we cash out?

Gadget

As soon as shown as available. Bonus is available for withdrawal same day, showing up faster than the account funding. No fees, and no mention of a early closing fee. https://www.sofi.com/money/fees/

Ryan Goldstein
Matt D.
Matt D.

Used yours cheers!

Pak
Pak

Used yours

skolkjer
skolkjer

Used yours! Thanks for sharing this with the DoC community.

Ryan Goldstein

Thanks, I appreciate it!

icemule1
icemule1

Used yours, thanks for telling me about Sofi in the high interest savings thread.

freeismylife

Used your link 😉

John
John
Matt from SF
Matt from SF

Used your link and posted mine below

Ryan Goldstein

I’ve been using SoFi Money as my primary bank account since March, and I’m very happy with it. No fees at all, insanely high 2.25% rate for a checking account with no requirements, and unlimited ATM fee refunds also with no requirements. The only downside is that they don’t waive the 1% fee that Visa charges for international ATM withdrawals.

fubag
fubag

I’m not really aware of many banks that cover the 1% fee visa chargers for international atm withdrawls….not even the Fidelity cash management account covers that

Ryan Goldstein

I believe Schwab’s checking account does ( https://www.schwab.com/public/schwab/banking_lending/checking_account ). That’s the only one I know of, though.

icemule1
icemule1

I believe the Fidelity Cash Management account does as well.

J2
J2

Ryan Goldstein does everything work well on the desktop or do you have to use the app?

Ryan Goldstein

J2 Their website on a computer is fully functional in my experience, except for mobile check deposit, which is only supported in their app. (It wouldn’t really make sense to support that on a website anyway.)

Brian
Brian

Ryan Goldstein On a previous post about SoFi, there are a couple comments (below) that say the 1% fee only applies to purchases (which most us would be using a no FTF credit card anyway) and that does not apply to ATM withdrawals. Is that incorrect? I have the account but have not used the debit card internationally yet.

https://www.doctorofcredit.com/sofi-money-review-up-to-2-25-apy/#comment-715710

https://www.doctorofcredit.com/sofi-money-review-up-to-2-25-apy/#comment-716794

Ryan Goldstein

@guest_767691 I haven’t used my SoFi Money debit card internationally either, but in the fine print on their website ( https://www.sofi.com/money/fees/ ), it says: “SoFi doesn’t charge any ATM fees and will reimburse ATM fees charged by other institutions when a SoFi Money™ Visa® Debit Card is used at any ATM displaying the Visa®, Plus®, or NYCE® logo. Please note, though SoFi doesn’t charge foreign transaction fees, there is a foreign exchange fee of 1% charged by Visa that is not waived.”

King Roger
King Roger

Yes, Fidelity also says the same in the fine print but I used their debit card internationally and basically got the standard exchange rate which makes me believe that is for debit card purchases, not ATM withdrawals. I will be overseas in a couple of weeks again and will test both Fidelity and SoFi ATM withdrawals.

Ethan
Ethan

This is my experience too with Fidelity. The ATM fees are all reimbursed and the exchange rate is practically even. I saw no additional charge, so unless the 1% is factored into the exchange rate, I don’t believe it counts towards ATM withdrawals.

John
John

Almost certainly a bait and switch given SoFi’s track record. If I didn’t have to switch DD, I might give it a try but keep a backup for the inevitable.

Ryan Goldstein

You don’t need to switch DD. There are no requirements to get the referral bonus or any other features of this account.

Matt
Matt

I don’t trust SoFi to live up to any promotions. What happened to the $200 bonus on launch they repeatedly promised?

Matt S
Matt S

Well, the difference here is the former was just a promise to launch a promotion in the future, this is actually a promotion.

I’m gonna wait to see if they have a $50 bonus. The referral bonuses usually increase at some point…

interest_king
interest_king

How does Sofi’s experience compare with Aspiration? Thinking of switching from Ally but wasn’t sure which account is better overall.

raekwon
raekwon

I’ve used SoFi as my primary checking account for the last few months and I’m pretty darn happy with it. I’ve also got an Aspiration account (just for the bonus) but haven’t used it much. Anything in particular you’re wondering about?

King Roger
King Roger

I have been with Ally forever and used Aspiration for a couple of years until they switched the underlying banks and messed up that transition. To your point about which is better between Aspiration and SoFi, the key difference is the interest rate, 1% at Aspriation vs 2.25% at SoFi. Moreover, during the switch they split the account in to two: Save (savings) and Spend (checking) accounts basically voiding the high interest checking account. I got pissed with them and moved away to Heritage Checking (3% up to 25k) as my primary bank.

King Roger
King Roger

Moreover, Aspiration’s website and app aren’t as good. Their banks transfers take forever (4-5 business days).

Vishal
Vishal

Use yours

raekwon
raekwon

Literally paid for my gas fill-up this morning, so thanks. Quit trying to game the system down there, though.

GoPack
GoPack

[removed]

Appreciate anyone who uses my referral!
Thanks!

Vishal
Vishal

[removed- do not post your link, duplicates are not allowed]

JV
JV
shari
shari

used your link and posted mine below

js
js

used yours!

Flea
Flea

Thanks; used yours! Posting mine below

Midnight
Midnight
Anisha
Anisha

[removed- do not post your link, duplicates are not allowed]

Chris
Chris

Used yours

Monica
Monica

[removed- do not post your link, duplicates are not allowed]

Matt
Matt

Doc,

This guy Vishal has posted his refferal once and then under another name Anisha.

Wow these people!

Anon
Anon

and monica.

Matt
Matt

Wow I hope Doc removes his links!

Ryan Goldstein
Michael
Michael

Used yours

Chris
Chris

Appreciate it! The bonus posted the same day.

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