SoFi Money is a free online bank that is currently offering a $25 referral bonus if you open a SoFi Money account using a SoFi Money referral link. You can earn your $25 SoFi Money referral bonus by doing the following:
- Open 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.
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 use to refer friends and family to SoFi Money. You’ll earn $50 for every person you refer to SoFi Money. The person you refer will earn $25. If you have people that you can refer, you can dramatically increase your bonus earnings via referrals.
In this post, I’ll walk you through the step-by-step directions you can follow to earn your $25 SoFi Money referral bonus. I’ll also give you some additional strategies you can use to earn even more from 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. My hope is that SoFi eventually brings back these experiences.
SoFi Money Referral Bonus: Step-By-Step Directions
With that brief bit of background out of the way, here’s what you need to do to earn your SoFi Money referral bonus. These steps should only take you a few minutes to complete, so if you follow the steps, you’ll earn your SoFi Money referral bonus with just a few minutes of work.
Here are the step-by-step directions to earn your SoFi Money referral bonus.
1. Open A SoFi Money Account. Open a SoFi Money account using a SoFi Money referral link. Here’s my SoFi Money referral link.
2. 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. In practice, I’ve found it posts faster than that.
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 has no fees and won’t cost you anything to keep it open. Also, you’ll want to keep your SoFi Money account open because of the possibility of referring your friends and family, which you can only 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 a SoFi Money account is that it allows you to refer other people using your own referral link. You’ll earn $25 for every person you refer to SoFi Money.
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 refer your spouse or partner to open a SoFi Money account. If you do this, they’ll get $25 for opening a SoFi Money account and you’ll get $25 too. Together, that’s a net profit of $75 for a few minutes of work ($25 for opening a SoFi Money account, then $25 each for referring your spouse or partner).
How to Earn an Additional $50-$250 Bonus
After opening your SoFi Money account, you have the opportunity to earn either an extra $50 or $250 by setting up Direct Deposit. Here are the step-by-step directions to earn your additional SoFi Account referral bonus.
1. Open A SoFi Money Account. This is found in the first part of this post above.
2. Set up Direct Deposit and Wait For It To Hit Your Account. You’ll need to need to complete direct deposit(s) in order to earn an additional bonus. Here is the breakdown of how much you need to deposit and how long you have.
The terms state that you have 25 days from when the initial direct deposit hits your account to earn the maximum bonus. So you can have multiple direct deposits within the 25 day window and the aggregate of those deposits will determine the bonus amount you get. So for example, if you receive a direct deposit of $2,500 and then another one 2 weeks later, you will qualify for the $250 bonus.
So to recap,
Receive direct deposits totaling $1,000 or more within 25 days of the first direct deposit being received to earn a $50 bonus
Receive direct deposits totaling $5,000 or more within 25 days of the first direct deposit being received to earn a $250 bonus
This money will be in addition to the $25 bonus you will receive for opening a SoFi Money account in the first part of this post (opening a SoFi Money account and depositing at least $10). So your total bonus amount will be either $75 or $275, depending on how much you direct deposit into your account.
The terms also state that you should receive your bonus within 7 business days after the 25-day evaluation period from receiving your first direct deposit. My experience has been that the bonus pays out pretty quickly after you meet the direct deposit requirements.
In addition to SoFi Money, SoFi also has another product called SoFi Invest, which offers free stock trading. You can earn a $25 signup bonus from SoFi Invest as well if you open a SoFi Invest account and fund your account with $10.
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 SoFi Money referral bonus with just a little bit of work. 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!