Posted by Chuck on February 26, 2020
Checking Accounts

Published on February 26th, 2020 | by Chuck

69

SoFi Money: Get $75 When Signing Up For 1.60% Account & Getting Direct Deposit

The Offer

SoFi Money is offering the following referral bonus:

  • Get $75 when signing up with a referral link and making two $500 direct deposits.
  • Referrer gets $25, I believe.

$75 offer will show clearly on the referral link page. Not sure what counts for direct deposit with SoFi. 

Referring Friends

Do not leave referral links in the comments to this post.

You can share your referrals in this dedicated post by following the instructions there. We had a SoFi referral thread, but all those links have expired as they changed the referral offer from $25 to $75.

Our Verdict

We usually don’t post bonuses less than $100. In this case, your friend will also get a bonus (I think $25), so that bumps up the value. Plus, a lot of people find this one of the best accounts to have as it’s a hybrid checking/savings account, along with things like worldwide ATM refunds and other perks.

Do not leave referral links in the comments to this post.



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Stavros
Stavros

Do you receive a notification when someone completes the referral? I don’t access my SoFi account much these days after my initial bonuses. Thanks in advance!

K-Man
K-Man

Check you referral stats from menu on mobile and I think you also get an email.

Matt

To those on the fence: Sofi Money is 100% worth signing up for. I started using it as my primary “checking” last year.

They pay hysa interest on your checking balance.

There are no account fees at all.

They rebate all ATM fees. Offer free checks. Have a good referral program.

They also offer you free appointments with their CFPs on staff. And they have meet up activities (like Axe throwing or like financial seminars) available for free to members in small to large cities.

It’s such a ridiculous value it’s hard to explain. Even though the 20% cash back on lyft was temporary, their new debit product has a hidden rewards program embedded in the design and it’s probably going to get better in the future after they switch to MasterCard network.

The bad things about the account:
1. You can’t deposit cash anywhere. ACH or mobile deposit only.
2. Clearance time. Takes a week to get mobile deposits. Fastest way to get money is an ACH push.
3. No wire transfer support.
4. You can’t mail in checks for deposit. Have to use mobile.
5. For some arbitrary reason you can only link 2-3 external accounts to their transfer tool.
6. The website design is annoyingly weird.

There’s really very little downside.

Mr Blonde
Mr Blonde

They updated to 5 external accounts recently. I’m still going to suggest more on their feedback box, but hey ill take it as a tier 1 hub account. Just below Schwab in usefulness

Eric
Eric

I don’t find Schwab useful at all since they stopped letting me add additional external accounts. Are you still able to?

Sammy
Sammy

Definitely agree with much of your viewpoints Matt! I would like to add that their daily cash withdrawal limit is pretty low ($610). If you plan to for big cash withdrawals, you would have to plan days ahead as their ACH out is pretty slow (3-5 business days) in my experience. A big/small trade-off depending on the person for that higher APY in comparison to a bank with branches. I also noticed their account also has the hidden benefit of receiving direct deposit paychecks early (about 1-2 days early) when I linked them.

IS250
IS250

Something is wrong with your ACH transfer then. All my ACH transfers (push) are next business day if initiated before 6PM EST.

Kyle ❤️

From which account? I have the same problem. They show up in a day or two but the funds then take an additional 5 days to actually become available.

IS250
IS250

He was talking about ACH out (push), not in.

Kyle ❤️

Ahh, oops lol

Matt

Mobile check deposits. ACH is faster.

IS250
IS250

I’m able to link 5 external accounts now. This was changed for me months ago. The initial limit was 3 external accounts.

Kyle ❤️

On point! Great review

Peek
Peek

I used one of their accounts when traveling last year and it was great. No worry about ATM fees, just used any ATM I wanted and they refunded all the fees. They even claim that they reimburse if you use an ATM out of country.

Taxman
Taxman

They don’t accept money order deposits either but I agree still worthwhile and my main account.

jene
jene

does ACH deposit count as direct deposit with them?

Erin
Erin

.

Scott
Scott

What is the deadline for the direct deposits? The “Money Referral Terms” say nothing about them, referring only to a $100 deposit within 14 days.

HarryTheFirstHarry
HarryTheFirstHarry

What counts as DD anyone?

Eric
Eric

I second this question. It’s barely even worth signing up even if we know we will get the $75 as it’s a rather small bonus.

Kyle ❤️

Previous bonus only required funding the account so it is unknown what will qualify as DD

Eric
Eric

In that case it may be worth waiting for that bonus to return (or until people confirm what counts as DD).

Kyle ❤️
Eric
Eric

Unfortunately, I didn’t see your comment until I opened a SoFi account.

I just read through that entire thread. It seems Wealthfront is the only thing (besides employer DD) that worked for anyone.

I searched on DoC to see if they ever offer a sign-up bonus and found this thread. Do you know if this is the account those people used to trigger the bonus?

https://www.doctorofcredit.com/wealthfront-2-51-apy-cash-account-available-nationwide/

Veg
Veg

In a promotional email to existing SoFi Money account holders ($75 for setting up DD’s), this appears in a footnote:

“Direct deposits that are not from an employer (such as check deposits; P2P transfers such as from PayPal or Venmo, etc.; merchant transactions such as from PayPal, Stripe, Square, etc.; and bank ACH transfers not from employers) do not qualify for this promotion.”

A M
A M

Yeah, most bonuses have this kind of fine print. But often various transfers do work

Eric
Eric

For anyone that signed up today, do you automatically receive a referral link when you sign up for this account or is that targeted?

Kyle ❤️

In the past a referral link was available immediately.

Peek
Peek

Eric I had to look in the app for mine but I had an existing account. I couldn’t find it on the website.

Mike
Mike

Previously had a SoFi Money account that I closed this year. Based on the program terms, I’m not sure I’d be eligible for a $75 referee bonus based on the following. If anyone has been in the same boat and been successful churning this, let me know.

“Referrer will not earn a Money Referral Bonus if the Eligible Money Recipient has or had an existing funded SoFi Money account, or does not use the unique referral link provided by the Eligible Money Referrer. If the Eligible Money Recipient already has a Money account, is on our opt-out list or the national email opt-out list, or has already received and used another Eligible Money Referrer’s unique referral link, SoFi Securities will not send an email to the Eligible Money Recipient.”

Veg
Veg

In a SoFi email offering a bonus for arranging direct deposits on my existing Money account, this helpful footnote about direct deposits was included:

“² Terms and conditions apply. Only SoFi Money members who have not previously set up direct deposit and are original recipients of this message (email, sms text, push notification) are eligible. To receive the promotional balance, two qualifying payroll direct deposits of at least $500 must be made by the new SoFi Money member’s employer, or payroll provider by ACH deposit within 60 days of receiving this email. Direct deposits that are not from an employer (such as check deposits; P2P transfers such as from PayPal or Venmo, etc.; merchant transactions such as from PayPal, Stripe, Square, etc.; and bank ACH transfers not from employers) do not qualify for this promotion. Within two weeks of the second direct deposit clearing, qualifying participants will receive a $75 deposit into their SoFi Money account. After receipt, the promotional balance must remain in the account for 30 days. This offer is limited to one per person. The offer expires on 4/25/2020, at 5pm EDT. Participants must comply with the SoFi Money terms of use. Any fraudulent or returned funding will result in disqualification. Bonus amounts of $600 or greater in a single calendar year may be reported to the Internal Revenue Service (IRS) as miscellaneous income to the recipient on Form 1099-MISC in the year received by applicable law. Recipient is responsible for any applicable federal, state or local taxes associated with receiving the bonus offer, consult your tax advisor to determine applicable tax consequences. SoFi reserves the right to change or terminate the offer at any time or without notice.”

Eric
Eric

This line is very useful.

“After receipt, the promotional balance must remain in the account for 30 days.”

wendy
wendy

what does “promotional balance” mean? The $75, or the DD amount +$75?

Peek
Peek

Eric wendy
I would assume that means the $75 dollars but hard to say for sure. I think I will contact Sofi on this one, seems a valid question. I just setup real DD for this for my next pay period.

Peek
Peek

Emailed Sofi, will post again if I get a reply. Tried chat but there’s no chat support for money.

Peek
Peek

Eric wendy I heard back from Sofi: “Thank you for choosing SoFi Money! I hope you are having a great day so far. We thank you for being a valued SoFi member.

I was able to receive your email and that is a great question. At this time, even though we are stating you must retain the money in your account to keep your bonus it was confirmed by my manager that that is not actually being enforced. Meaning once all the requirements are met and you get the bonus, you will be able to withdraw your funds if you would like.

If you have any other questions, suggestions, or feedback that we can look into, please do let us know!

Kind regards,

Darion and the SoFi MoneyTM Team
SoFi Securities LLC
855-456-7634 “

wendy
wendy

Thanks for sharing the information!

FRD
FRD

Good to know. Thanks for finding out!

Onsale
Onsale

The only DP on DD is Wealthfront. Has anyone had DD success with SoFi and not reported it?

Ryan Goldstein

Amazon Associates payments code as a direct deposit.

Matt

Almost any ACH credit qualifies AFAIK. Maybe not paypal.

HarryTheFirstHarry
HarryTheFirstHarry

Do you have an actual DP? Per DPs in the threads posted by Kyle ❤️ none of the regular ACH methods are counting as DD.

Ryan Goldstein

That’s correct in my case. Any existing SoFi Money user can find transactions flagged as a direct deposit by clicking the Filter button on the top right of the Transactions list and selecting “Direct Deposit” as the ‘Transaction type’.

Despite having many different ACH push transactions to SoFi Money, the only ones that appear as Direct Deposit are my actual direct deposit paychecks and my Amazon Associates payments.

Gadget 🕵️

Sometimes the front end that the user sees does not reflect the system back end where the decision to pay the bonus is made. I’ve seen banks like BBVA online banking that classify transactions one way, P2P, ACH, transfer, Other, as does Mint and other budget planners, but still payout. The few DP’s we have are making it seem difficult to trigger DD status, or people are just being impatient and/or were not enrolled. It’s possible SoFi is wise to our feeble attempts.

ozzi
ozzi
Eric
Eric

That’s only 1 person. Did anyone else say the same?

A
A

I have to say, I use it as a travel account for international travel and I love it beyond words. Super easy to use abroad (although they REALLY need to make it so you can do travel notifications online instead of calling…that is absurd). Being able to take as much or as little cash as you need as often as you need to for 0 fee, at any atm with no penalty and get super great rates is huge for me. Over my last two trips, I got anywhere from 0% spread on the spot rate when I took out cash to about a slightly under 1%. Absolutely fantastic, and when combined with the freedom to get as much or as little as I need as trip goes on at almost any location is massive. The small but decent interest rate does not hurt either for money that just sits in there.

Eric
Eric

I just posted in this in the referral thread by mistake. I meant to post it here.

“I clicked on someone’s referral link and it says “Get a $75 welcome bonus when you sign up for SoFi Money® and make two direct deposits of at least $500 each-plus”

It doesn’t specify when the DD needs to be completed by. Does anyone know?”

A M
A M

Huh. The fine print on the referral page doesn’t specify. Seems not to have been updated from the old offer

Eric
Eric

Yes, that is what I wrote.

MCT
MCT

I’m going to pass on this one, it’s not worth my time to setup and hope it triggers the bonus. From reading the data points this is reminding me too much of ACE Flare prepaid where Discover, E*trade & PayPal did not trigger bonus for me.

SkayDk
SkayDk

Anyone else has issues with bill pay in sofi? I cannot add new contacts, nor through the app not online, even if i manually enter all the data. I’ve been trying to do it over several month with the aame failure

Ken
Ken

“We are unable to open your cash management account at this time. We attempted to access your credit file as part of our consideration of your application, however, your credit file is Frozen.”

Gadget 🕵️

This is very common. You should thaw your reports before applying for bank accounts because they typically soft-pull one of the big 3 for id verification.

DoC mentions this in his article here: https://www.doctorofcredit.com/sould-i-keep-my-credit-report-frozen-a-look-at-pros-cons/

Jackrin
Jackrin

I opened up an account just 2 days ago and customer service over email wouldn’t let me do it but then they reached out to me to tell me they could over the phone if I provided name and email of the person referring me.

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