Update: SoFi money has now been released and most people did not get offered any $200 bonus. Read our full review of SoFi Money here.
SoFi is planning to launch a new checking/savings account called SoFi money. They have sent out an e-mail to existing SoFi customers stating that when the product launches they will be offering a $200 bonus when you sign up for an account and set up direct deposit. The full e-mail is below:
It’s cute that they think that a 1.09% APY account is attractive, given the best rates are currently up to 2% APY or 5% on a rewards checking account. Despite the abusive use of emoji’s in the e-mail, I’ll still happily take the $200 assuming it’s a soft pull to open. You can’t currently sign up, but you can join the wait list here. It’s not necessary to be an existing SoFi customers to join when the account does go live and obviously we will do a full post when that happens.
The $200 bonus is broken down as follows:
- Receive a direct deposit of at least $500
- Receive $100 into the money account
- Receive $100 into SoFi Wealth account (if you don’t have this, they give you 30 days from receiving the other $100 to set one up)
The account itself might also be useful due to no FTF and reimbursed ATM fees worldwide. Similar to Charles Schwab & Denizen. Update: They do actually charge a 1% foreign transaction fee, no so attractive anymore.
Hat tip to reader @shinobidolife
