SoFi Money is a free online bank that is currently offering a $5 referral bonus if you download the SoFi app and a $25 referral bonus if you open a SoFi Money account using a SoFi Money referral link. That’s a total of $30 you can earn just by downloading the SoFi app and creating a SoFi Money account. You can earn the $5 and $25 referral bonus by doing the following:
- Download the SoFi app using a referral link (here’s my SoFi app referral link).
- You’ll earn 500 rewards points after downloading the SoFi app, which you can redeem for $5 in your SoFi Money account.
- After you’ve downloaded the SoFi app, then sign up for a SoFi Money account using a referral link (here’s my SoFi Money referral link).
- Fund your SoFi Money account with at least $10 within 5 days of opening the account.
To earn the maximum referral bonus, be sure to first download the SoFi Money app using my referral link. Then, you can sign up for a SoFi Money account using my referral link.
When it comes to bank account bonuses, SoFi Money is currently one of the easiest bank account bonuses to earn. This makes SoFi Money an especially good bank account bonus for beginners looking to dip their toes into the world of earning bank account bonuses.
Specifically, the following reasons are why SoFi Money is a bank account worth opening to earn the referral bonus:
- No Fees. SoFi Money has no minimum balance requirement, no monthly fees, and no maintenance fees of any kind. Since there are no fees to worry about, this makes SoFi Money an easy bank account to manage.
- The Bonus Terms Are Easy To Meet. SoFi Money has really easy terms you have to meet to earn your referral bonus. All you have to do is download the SoFi app and create a SoFi Money account. Since SoFi Money has no maintenance fees or minimum balance requirements to worry about, you can keep the account open without having to do anything to keep it fee-free.
- The Bonus Posts Quickly. Most banks have a waiting period before your bonus posts – some longer than others. The SoFi Money bonus, on the other hand, posts immediately.
- You Can Refer People With Your Own SoFi Referral Link. When you open a SoFi Money account, you also get your own referral link that you can then use to refer friends and family to both the Sofi app and SoFi Money. You’ll earn $5 for every person you refer to the SoFi app and $25 for every person you refer to SoFi Money. The person you refer will also earn $5 and $25 respectively. If you have people that you can refer to, you can dramatically increase your bonus earnings via referrals.
With all that said, In this post, I’ll walk you through the step-by-step directions you need to follow so that you can earn your $5 SoFi app referral bonus and $25 SoFi Money referral bonus. I’ll also give you some additional strategies you can use to earn even more from opening your SoFi Money account.
But before we get started, a little background about what SoFi Money is and how it works would be helpful.
What Is SoFi Money?
SoFi Money is an online-only bank account that you can access via the SoFi app or the SoFi website. The account has no monthly fees, no minimum balance requirement, and also provides free ATM transactions at over 55,000 ATMs worldwide. Since SoFi Money has no fees, this makes it a good bank account to use beyond just getting the referral bonus. And of course, all of your funds are FDIC insured.
Beyond being a good bank account, one of the little-known benefits of a SoFi Money account is that it makes you a SoFi member. This gives you access to all of the benefits that SoFi provides its members. And one of the best benefits has to be SoFi experiences.
In normal times, SoFi hosts free events for its members throughout the country. Tickets for these events are typically given out on a first-come, first-serve basis and you can sign up for these events via the SoFi app. I’ve gone to fancy dinners, attended fun parties, and have been to multiple sports events where I got to watch games in a suite with other SoFi members – and these events were all completely free because I’m a SoFi member.
For example, I’ve done the following:
- Attended multiple dinners at fancy restaurants in my city (each dinner would easily cost $100 per person)
- Went to a debt payoff party in New York City which was held in a great venue and included a catered dinner, free drinks, and an ice cream food truck
- Went to the Big Ten Championship twice in Indianapolis to watch my alma mater, the Wisconsin Badgers. The tickets included access to the game in the SoFi suite and free food and drinks in the VIP pre-game area.
- VIP tickets to watch the X-Games, along with free food and drinks in the VIP lounge.
- Tickets to see West Side Story, along with free drinks and food before the play.
I’ve written about my experience at these events in previous posts on the blog, which you can check out below:
- A Weekend In New York City, Compliments of Hyatt and SoFi
- How I’ve Received Thousands Of Dollars Worth Of Free Stuff From Refinancing My Student Loans With SoFi
- Combining SoFi Experiences And Travel Hacking For Free Flights And Free Events
Of course, things are very different right now given the state of the world and it’s unknown what the future of these in-person events will be like. At the moment, SoFi has shifted to online SoFi events, which are nice, but of course, don’t come with the benefit of going to cool events and getting free food and drinks.
Long story short, even without a referral bonus, I’d recommend signing up for SoFi Money simply to gain access to these free SoFi experiences, assuming things go back to normal in the future.
SoFi Money Referral Bonus: Step-By-Step Directions
The thing you want to know is how to earn the SoFi Money referral bonus. These steps should only take you a few minutes to complete, so if you follow the steps, you’ll earn the $5 SoFi app referral bonus and the $25 SoFi Money referral bonus with just a few minutes of work.
Here are the step-by-step directions to earn your $5 SoFi app referral bonus and $25 SoFi Money referral bonus.
1. Download the SoFi app using a referral link. First, download the SoFi app using a referral link. Here’s my referral link to download the SoFi app. You’ll earn 500 points for downloading the SoFi app, which you can redeem for $5.
2. Open A SoFi Money Account. After you download the SoFi app, the next step is to Open a SoFi Money account using a SoFi Money referral link. Here’s my SoFi Money referral link.
3. Fund Your SoFi Money Account With At Least $10. You’ll need to fund your SoFi Money account with $10 or more within 5 days of opening your account. The terms state that you need to either link a bank account and transfer the $10 via an ACH transfer, or via an “Instant Transfer” from a debit card. Your $25 SoFi Money referral bonus should post within two weeks after you fund your account with at least $10.
Assuming you follow all of the above steps, you should earn $5 for downloading the SoFi app using a referral link, plus another $25 for opening a SoFi Money account.
After you earn your bonus, you can decide what you want to do with your SoFi Money account. It’s a free account with useful benefits, so I recommend keeping it, especially since it won’t cost you anything to keep it open.
Also, you’ll want to keep your SoFi Money account because of the possibility of referring your friends and family, which you can do when you have a SoFi Money account. More on that in the next section.
Refer Your Friends And Earn More SoFi Money Referral Bonuses
One key benefit of having the SoFi app and the SoFi Money account is that it allows you to refer other people to SoFi as well using your own referral link. You’ll earn $5 for every person you refer that downloads the SoFi app. Plus you’ll earn $25 for every person you refer to SoFi Money.
To refer someone to download the SoFi app, you’ll need to open the SoFi app and then refer them via the referral link on the main page.
Then, to refer someone to SoFi Money, simply open your SoFi app and go to your SoFi Money account. From there, you’ll see an option to invite friends to SoFi Money.
On the next page, you’ll get an option to share your referral link. Share your referral link with anyone who you think might benefit from this account and the signup bonus.
The big thing you can do is to refer your spouse or partner to download the SoFi app and create a SoFi Money account. If you do this, they’ll get $5 for downloading the app and you’ll get $5 for referring them. Then they’ll get $25 for opening a SoFi Money account and you’ll get $25 too. Together, that’s a net profit of $120 for a few minutes of work ($5 and $25 for downloading the app and opening a SoFi Money account, then $5 and $25 each for referring your spouse or partner).
In addition to SoFi Money, SoFi also has another product called SoFi Invest, which offers free stock trading. You can earn a signup bonus from SoFi Invest as well if you open a SoFi Invest account and fund it with a certain amount.
I’ve written a full step-by-step guide on how you can earn your SoFi Invest referral bonus. Check out my SoFi Invest step-by-step guide for more information.
Student Loan Refinancing
SoFi also does student loan refinancing and personal loans. You’ll earn $300 if you refinance your student loans or get a personal loan. If it makes sense for you, consider refinancing your student loans. The fact that you can earn a bonus for refinancing your loans is a nice benefit. I refinanced my student loans several years ago and it’s part of the reason I was able to pay off my student loans in just 2.5 years.
SoFi Money is an easy bank account bonus that is worth doing, especially if you are a beginner and new to the world of bank account bonuses. Because SoFi Money is completely free and has no minimum balance requirement, it’s an easy account to open and manage. I typically recommend everyone keep their SoFi Money account open forever so they can refer people and gain access to free SoFi experiences.
Earning this bonus is fast and easy, so you should be able to earn your $5 SoFi app referral bonus and $25 SoFi Money referral bonus with just a little bit of work. You can download the SoFi app and earn a $5 referral bonus by using my SoFi app referral link. Then, you can open your SoFi Money account and earn your $25 referral bonus with my SoFi Money referral link.
If you’re interested in learning more advanced strategies about bank account bonuses, be sure to check out my post, The Ultimate Guide To Bank Account Bonuses. That is a massive post that goes into a lot of detail about how bank account bonuses work and how you can take advantage of them. Hit me up if you have any questions!