Spiral is a fintech bank that’s currently offering new customers a $50 signup bonus after opening a free checking account with them. To earn your Spiral referral bonus, you have to do the following:
- Open a Spiral checking account using a referral link (here’s my Spiral referral link).
- Deposit at least $200 into your Spiral checking account within the first 30 days.
- Keep the account open for at least 90 days.
The Spiral referral bonus is especially good because it’s a free checking account and doesn’t require a direct deposit to earn the bonus. And while you do have to keep the account open for 90 days, the terms do not seem to require you to keep the initial $200 deposit in the account.
The Spiral app is currently only available on iOS, but you can still log into your account via your computer, so you don’t have to have iOS to open your account (you just won’t be able to use the app on Android).
With that being said, in this post, we’ll look at what Spiral is, go through how to earn your referral bonus, and discuss additional ways to earn more from your Spiral referral bonus.
What Is Spiral?
Spiral is a fintech banking app similar to other fintechs like Chime, Varo, etc. It offers a checking account with no fees or minimum balance requirements, making this a bank you could consider using (my rule with any bank is that I’ll only use it if it has no fees or minimum balance requirements).
Spiral is different from other banks in that it approaches banking from a giving perspective. Whenever you deposit money into your checking account, Spiral will set aside a percentage of your deposits into a separate “Giving” account that you can donate to non-profits or charitable organizations of your choosing. You can adjust your giving percentage to whatever you want, but the lowest you can set it to is 0.25%. That means for every $100 you deposit into your Spiral account, Spiral would set aside 25 cents into your Giving Account.
Donating to a charity is easy with the Spiral app. There are over 1 million charities in the app that you can donate to. As a plus, Spiral will also match up to $150 of donations per year.
So, for a bank account, Spiral isn’t bad. The app looks good and is easy to use. The checking account doesn’t have fees or minimum balance requirements to worry about. And the donating aspect is interesting and makes it easy to donate to charity.
Spiral $50 Referral Bonus Step By Step Guide
Now that you understand what Spiral is and how it works, let’s get into how to earn your bonus. Here are the steps to earn your $50 Spiral referral bonus.
1. Open A Spiral Account Using A Referral Link. The first step is to open a Spiral checking account using a referral link. Here is my Spiral referral link if you would like to earn your bonus and support this site. Opening an account is straightforward and should only take you a few minutes.
If you used my referral link, it should automatically populate the referral code section when you begin the account opening process. If not, however, make sure my referral code is in the referral code section (KEVH02).
2. Deposit At Least $200 Into Your Spiral Checking Account Within 30 Days. Once you’ve opened your Spiral account, the next thing you’ll need to do is deposit at least $200 into your Spiral checking account. I recommend depositing $201, just in case (always better to give yourself a cushion when you can).
You can deposit the $200 when you open your account or you can link your bank account later in the app and then initiate a transfer. You’ll need to do this within 30 days, so don’t wait!
3. Maintain Your Spiral checking Account In Good Standing For 90 Days. You’ll need to keep your Spiral checking account open for 90 days to qualify for the bonus. Fortunately, Spiral doesn’t charge monthly fees or have a minimum balance requirement, so it’s easy to keep your Spiral account open.
There are two things to note here:
First, the bonus terms do not say you have to keep the $200 deposit in the account. That means you should be able to withdraw your $200 deposit. To be safe, it’s best to leave the account with some money so it doesn’t get closed. I recommend leaving $1 in the account. If you want to be extra safe, you can also leave the $200 deposit in your account until your bonus posts, but I don’t think that is necessary since the terms do not say anything about maintaining a minimum balance.
Second, while Spiral does not charge monthly fees or require a minimum balance, it does charge a $7 inactivity fee if you have no activity in your account for 90 days. To avoid this fee, you just need to schedule a small transfer into or out of the account every 90 days.
The easiest way to do that is to automate a transfer into the account. You can do this in the Spiral app. I’m always extra careful, so I’ve scheduled a $1 monthly transfer into my Spiral account to avoid any inactivity fees.
4. Your Bonus Will Post Within 30 Days After Your Account Has Been Open For 90 Days. The terms state that Spiral will credit your account for $50 within 30 days following the month in which the customer maintained the account for 90 days. The language is a bit confusing, but I read it as saying your bonus will post within 30 days after you meet the 90-day requirement.
A Note On Some Conflicting Terms.
Spiral recently launched their referral program, so it seems like they haven’t updated their terms throughout the site. Previously, the terms required you to deposit $200 and then spend $100 per month for 2 months, while completing 5 debit card transactions each month. When you click on the Spiral referral link, you’ll still see those terms in the fine print.
However, in the app and elsewhere on their website, the terms state what I’ve written in this post (i.e. use the referral link, fund your account with $200, then leave it open for 90 days).
I’ve included a screenshot of the referral program terms directly from the Spiral website, in case you find yourself with any issues. Feel free to use this screenshot if you need it.
I’ve also included screenshots of the referral information from the Spiral app. It says the same thing as the above terms. Again, feel free to use these screenshots if you need them.
If you want to be extra cautious, you could meet the previous bonus conditions as well. To do that, you’d need to deposit $200 or more into your Spiral account and complete 5 debit card purchases totaling $100 or more each month for two consecutive months within 90 days of opening your account.
I personally think that if you save these screenshots, you shouldn’t have a problem getting the bonus.
Refer Friends And Family For Additional Spiral Referral Bonuses
Spiral allows users to refer as many people as they want using their own referral link. That means if you have friends or family members that are willing to open a Spiral account, you can earn some decent money.
You can find your referral link in the Spiral app. Click on the top right corner to open the Profile and Settings page, then click the Refer a friend button located near the top of the screen. From there, you’ll get to a screen that gives you your promo code and a link that you can send to your friends and family.
This works out particularly well if you’re a two-person household. You can open your Spiral account and earn $50, then refer your spouse or partner with your referral link. You’ll earn $50 for referring them and they’ll earn $50 when they meet the terms. That’s good for $150 worth of referral bonuses for a few minutes of work.
Conclusion
Spiral offers a free checking account that comes with no fees or minimum balance requirements, making it a solid bank account to use. The bonus is particularly easy to earn since it doesn’t require a direct deposit but only requires you to fund the account to qualify for the bonus.
If you’re a two-person household, you should be able to make $150 with just a few minutes of work. That’s really solid, so I recommend snagging this bonus while you can. Currently, the terms state that this promotion is active until June 30, 2022, so make sure to sign up for it before then to get the bonus. I have a feeling that this will probably get extended (possibly indefinitely), but you never know.
There is a lot that goes into bank account bonuses, and if you’re interested in earning extra money from bank account bonuses, make sure to check out my post, The Ultimate Guide To Bank Account Bonuses. This is required reading if you want to get into the more advanced bonuses out there.
If you have any questions or comments, please feel free to leave them below.
More Recommended Ebike/Scooters
Check out these other ebikes/scooters I've had the chance to do a review for:
- GEN3 Outcross Bike – The GEN3 Outcross is a solid, affordable fat tire ebike that does a good job of doing what I need it to do. It works great for city riding, giving me a smooth ride in all conditions. It’s works really well as a winter ebike since the fat tires give it good traction over snow and ice. Check out my GEN3 Outcross Review.
- Himiway Escape Bike – The Himiway Escape is an interesting bike for anyone looking for a moped-style ebike. If you’re a gig economy worker, the Himiway Escape is particularly interesting and it’s possible to think of it as an investment, especially if you can opt to do deliveries with the Himiway versus using a car. It’s not cheap, but you can definitely make your money back when you compare the mileage you’ll put on your car versus using an ebike. Check out my Himiway Escape Bike Review.
- Espin Sport Bike – The Espin Sport is a good ebike for someone who is looking for an ebike that feels and rides more like a regular bike. There are many ebikes that are really only bikes in name. In reality, they’re basically electric mopeds. The Espin Sport, by contrast, is a bike you could probably ride without the battery and you’d feel like you’re just riding a regular bike. Check out my Espin Sport Review.
- Varla Eagle One Scooter – The Varla Eagle One is an excellent scooter that can make sense for a lot of people. It can work as a primary mode of transportation. You can use it to work on gig economy apps like DoorDash, Uber Eats, and Grubhub. And it can also be a recreational vehicle if you’d prefer to use it for that. Check out my Varla Eagle One Review.
- Fucare H3 Scooter – The Fucare H3 is a fun scooter and I’ve enjoyed testing it out. For a daily commuter or quick trips or errands, the Fucare H3 is probably the scooter I’ll use. It’s portable and easy to maneuver, so it’s just easier to take on the road when I need it. Check out my Fucare H3 Scooter Review.
More Recommended Investing App Bonuses
For additional investing app bonuses, be sure to check out the ones below:
- M1 Finance ($10) – This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $10 for opening an account. Check out my M1 Finance Referral Bonus – Step-By-Step Guide.
- SoFi Invest ($25) – SoFi Invest is an easy brokerage account bonus that you can earn with just a few minutes of work. Use my SoFi Invest referral link, fund your SoFi Invest brokerage account with $100 and you’ll get $25 of free stock. I also have a step-by-step guide for the SoFi Invest referral bonus.
- Moomoo (5 free stocks) – Moomoo is a free investing app currently offering 5 free stocks (usually worth around $75-$100) if you open an account using a referral link and deposit $2,000. Read my Moomoo referral bonus guide for more information.
- Webull (5 free stocks) – Webull also gives you 5 free stock valued between $3-$3,000 each if you open an account using my referral link. Here’s a guide I wrote about how to earn your free stocks using Webull.
- Robinhood (1 free stock) – Robinhood gives you a free stock valued between $2.50-$225 if you open an account using my referral link.
- Public (1 free stock) - Public gives you a free stock valued between $3-$70 if you open an account using my referral link.
More Recommended Bank Account Bonuses
If you’re looking for more easy bank bonuses, check out the below options. These bonuses are all easy to earn and have no fees or minimum balance requirements to worry about.
- Chime ($100) - Chime is a free bank account that offers a referral bonus if you use a referral link and complete a direct deposit of $200 or more. In practice, any ACH transfer into this account triggers the bonus. This bonus is easy to earn and posts instantly, so you’ll know if you met the requirements as soon as you move money into the account. I wrote a step-by-step guide on how to earn your Chime referral bonus that I recommend you check out.
- Digital Federal Credit Union ($100) – Digital Federal Credit Union (DCU) is a free, nationwide credit union that I recommend to readers for two reasons. First, DCU has a $100 referral bonus if you open a free DCU checking account with a referral link. Second, DCU has a saving account that gives you 6.17% interest on your first $1,000. Check out my in-depth post on how to set this account up.
- Upgrade ($100) – Upgrade is a free checking account that’s currently offering a $100 referral bonus if you open an account and complete three debit card transactions. These bonus terms are easy to meet, so it’s well worth doing this bonus as soon as you can. Importantly, this bonus says that it’s now scheduled to end on January 31, 2023. As long as you get your account opened before January 31st, you should be eligible. Here’s a post I wrote with more details: Upgrade $100 Referral Bonus – Step By Step Directions.
- SoFi Money ($275) – SoFi Money is a free checking account from SoFi. They’re currently offering a $25 referral bonus if you open a SoFi account with a referral link and deposit $10. You can also make an additional $250 as well if you complete a direct deposit. This is a good bank that is also 100% free, so you won’t have to worry about managing this account. Here’s a post I wrote with instructions on how to earn your SoFi Money bonus: SoFi Money Referral Bonus: Step By Step Guide.
- Current ($50) – Current is a free fintech bank that’s offering new users a $50 referral bonus after signing up for an account using a referral link.Current is an easy bonus to earn and also gives you access to three savings accounts that pay you 4% interest on up to $2,000. That means you can put away up to $6,000 earning 4% interest. That’s very good and makes Current an account I recommend to everyone. Check out my step-by-step guide on how to earn your Current Bank bonus.
- Fairwinds Credit Union ($100) – Fairwinds Credit Union is offering a referral bonus for users that sign up using a referral link. Fairwinds has no fees or minimum balance, so this is a particularly easy bonus to earn. Since this is a smaller credit union, my gut instinct tells me this offer won’t be around long, so if you’re in a position to meet the bonus requirements, grab this bonus before it’s gone. Here is my step-by-step guide on how to earn your Fairwinds Credit Union bonus.
- OnJuno ($60) – OnJuno is a fintech/neobank that is currently offering a $10 referral bonus if you open an account using a referral link and make a deposit of $50 or more. You will also get 1000 JCOIN. The 1000 of JCOIN is cryptocurrency. At the time I'm writing this, it'll be worth about $50. Check out my OnJuno referral bonus guide here.
- Varo ($30) – Varo is a free fintech banking app similar to Chime or Current. It’s currently offering a $30 bonus to new users that open a new Varo account with a referral link. The bonus for this bank is very easy to meet, all you need to do is spend $20 within 30 days of opening your Varo account. Check out my step-by-step guide to learn how to earn this bonus.
- Novo Bank ($40) - Novo bank is a free business checking account that’s currently offering a $40 bonus if you open a Novo business checking account using a referral link. In addition to being a good bank bonus, Novo is also a good business checking account. It has no monthly fees or minimum balance requirements and operates a good app and website. Indeed, it’s the business checking account I currently use for this blog. Check out my post on how to easily open a Novo account.
- Albert ($150) – If you can manage to do a real direct deposit, Albert is an easy account you can use to earn a referral bonus. Here’s a review about Albert I wrote. And here’s a step-by-step guide on how to earn your Albert referral bonus.
- Netspend ($20 + 5% Interest Savings Account) – Netspend is a company that provides 5% interest savings accounts. If you sign up using my referral link, you’ll get a $20 signup bonus once you make your first deposit into your Netspend account of $40 or more. That means you get a 5% interest savings account and a free $20 to start! Make sure to check out my in-depth guide on how to set up these accounts.
Kevin is an attorney and the blogger behind Financial Panther, a blog about personal finance, travel hacking, and side hustling using the gig economy. He paid off $87,000 worth of student loans in just 2.5 years by choosing not to live like a big shot lawyer.
Kevin is passionate about earning money using the gig economy and you can see all the ways he makes extra income every month in his side hustle reports.
Kevin is also big on using the latest fintech apps to improve his finances. Some of Kevin's favorite fintech apps include:
- SoFi Money. A really good checking account with absolutely no fees. You'll get a $25 referral bonus if you open a SoFi Money account with a referral link, and an additional $250 if you complete a direct deposit.
- DCU. Digital Federal Credit Union (DCU) is a free, nationwide credit union that I recommend to readers for two reasons. First, DCU has a $100 referral bonus if you open a free DCU checking account with a referral link. Second, DCU has a savings account that gives you 6.17% interest on your first $1,000.
- Novo Bank. Novo bank is a free business checking account that’s currently offering a $40 bonus if you open a Novo business checking account using a referral link. It’s the business checking account I currently use for this blog.
- M1 Finance. This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $10 for opening an account.
- Personal Capital. One of best free apps you can use to monitor your portfolio and track your net worth. This is one of the apps I use to track my financial accounts.
Feel free to send Kevin a message here.
Can you please post an updated referral link 🙂
Based on your screenshot says expires end of April.
I only noticed this after opening my account this past week, but I will try to see if it’s still possible for both of us to claim the reward!
Looks like they just keep pushing the expiration date to the end of whatever month we’re in. Now it says expire June. The referral link didn’t change, so you should be good.
I went through all this in early august and my bonus should land early December. However, I got an email from Spiral on Sep 1 that said: “Hi Eric,
Spiral has decided to discontinue the Savings Cash Bonus Program effective 8/31/2022. Any cash bonuses earned in August have been credited as of 9/1/2022.
Should you have any questions please feel free to contact Spiral Support at 888-888-8075 or support@spiral.us.
Thanks,
Spiral Support Team”
There’s not a whole lot of detail in that email but it leads me to believe that, even though I met the requirements for the bonus before that email came out, I won’t be receiving any bonus. Anyone else had a similar experience?
Hmm…seems like you should still qualify. Can’t see how they can retroactively pull your offer when you signed up when it was valid. If you don’t get it, you should definitely file a complaint with the CFPB.
I *think* (read: “hope”) I’m confusing the Referral Bonus with a Cash Back Bonus they used to have for using their debit card. I guess we’ll see after the incredibly vague timeframe they set forth in their Terms and Conditions has passed.
Seems like Spiral bank is shutting down by the end of the year… I signed up and made a deposit in September so will see if they give me the bonus but it seems like this deal is dead.