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Offer at a glance
- Maximum bonus amount: $100
- Availability: Nationwide, targeted offer
- Direct deposit required: None
- Additional requirements: $100 deposit
- Hard/soft pull: Soft
- Credit card funding: None
- Monthly fees: None
- Early account termination fee: Unknown
- Household limit: None listed
- Expiration date: July 6, 2019
The Offer
No direct link, targeted offer
Some SoFi members are getting the following offer via email:
- Open a new SoFi Money account and get $100 bonus when you transfer at least $100.
The Fine Print
- Only new SoFi Money accounts opened by existing members (funded loan or SoFi Invest account) as of 6/26/2019 are eligible.
- To receive the bonus offer, at least $100 dollars must be deposited into the newly opened SoFi Money® individual or joint account, and the transfer of $100 must be initiated within two business days of receiving the email offer, or from the date of account approval. Once funds clear, you will receive a $100 deposit within 10 business days.
- The offer is limited to one per person.
- The offer expires on 7/6/19, at 5pm EST.
- 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.
Avoiding Fees
There are no fees on this account.
Our Verdict
This offer is being sent out to SoFi customers of other products (loans, investments) who don’t yet have a SoFi Money account. Separately, there’s a deal where anyone can get $50 by using a referral bonus to signup for the SoFi Money account; the referrer gets $50 as well. That deal is gaining popularity as it started as $25, then got bumped to $50. And the bonus posts instantly making it one of those easy and quick deals, albeit just $50. It also looks like they won’t be sending out 1099 forms unless you get $600 over the course of the year, if that’s even possible (consult your tax advisor for actual tax advise).
This $100 targeted offer is even better. If anyone has a direct link to share, please let us know; it’s possible this deal is open to all existing SoFi members, but I’m pegging it as ‘targeted’ for now as I don’t have a direct link.
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.
Hat tip to readers Matt and Danno
