Easy money: SoFi debit card new account / referral bonuses

In a nutshell, this is a debit card account that has no fees and a number of benefits (including a $50 new account bonus when you deposit $100 within 14 days of account opening and a $100 referral bonus when referring your friends). With no monthly fees, no minimums, no deposit requirements, ATM fee reimbursement worldwide, and a current 1.8% APY on your money, this looks to me like the biggest no-brainer I’ve seen in quite a while. The entire sign up process took me less time than it’ll take you to read this post and I expect to get my $50 bonus within a day or two based on the reports of others. After I refer a couple of friends and family members, this will be a really nice bonus for really minimal effort.

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The Deal

  • Sign up for a SoFi Money cash management account (which comes with a Visa debit card) and deposit at least $100 within 14 days and get a $50 bonus
  • Refer new members and get a $100 bonus for each person you refer up to $10K in bonuses. Feel free to sign up with our referral link with our thanks:

GoEatSleep referral code .  Brian

 

Key Terms

  • Must be new to SoFi money to get a new account bonus
  • Cap of $10,000 in earned bonuses (combined new account and referrals) per customer within a calendar year
  • Referral Bonuses and Welcome Bonuses are each considered miscellaneous income and may be reportable to the IRS on Form 1099-MISC (or Form 1042-S, if applicable).
  • Only one referral reward and one welcome bonus per new customer: you will not receive multiple referral bonuses for the same friend taking out multiple loans or products, nor will your friend receive multiple welcome bonuses for taking out multiple loans or products.
  • SoFi mortgages are never eligible for the SoFi Referral Program
  • SoFi Money is a cash management account not a bank account, and is offered by a broker dealer.
  • SoFi will reimburse ATM fees at any ATM displaying the Visa®, Plus®, or NYCE® logo and will also reimburse any foreign exchange fees charged by Visa (though note that this is subject to change at any time along with the other program features)

Quick Thoughts

I’d kind of ignored the first few posts I saw about SoFi Money, but when I actually took a look at it I realized what a great deal this is. If you’re playing in 2-player mode (i.e. with a spouse or partner), you should clear at least $200 for four minutes of effort ($50 when you sign up and make your deposit, $100 for referring your significant other, and $50 when they sign up and make a deposit).

In a nutshell, this is a pretty solid cash management account that also happens to offer an easy $50 in free money when you sign up. They do note in the terms that things like their no-fee structure and APY can change at any time. The nice thing is that the new account bonus pays out immediately — I opened my account on Day 1 and referred two people and both my $50 bonus and both $100 referral bonuses posted to my account the very next day. In other words, if they change the fee structure in the future, you wouldn’t be stuck waiting months for your new account or referral bonuses to post.

When signing up, you’ll have the ability to link your bank account from another institution to make your initial deposit, which can be done via the routing number and account number or by simply logging in to your external account to link it. I logged in to an account at a different institution and funding my account was quick and painless. It literally took me about 2 minutes to sign up and fund this account. It couldn’t have been easier.

SoFi will then send a Visa debit card in the mail in 7-10 days.

In order to get your referral link, you’ll need to download the SoFi app (available for both Apple and Android). As soon as I logged in to the app there was a banner at the top advertising the ability to get my link and refer friends, but see below for full details about how to find your referral links for the various SoFi products.

As you can see, this account is as quick and easy as easy money gets. It’s well worth signing up and getting at least your significant other involved if not a few friends/family members.

Bottom line

Once I dug into the details on this, I realized that it was such an easy win. If you know even two people who would open a free account that costs them nothing more than a few minutes of their time, that’s an easy $250 in your pocket in a few days. If one of those two referrals is your spouse, count another fifty bucks in your collective pockets once he or she gets their new account bonus. If you know three or four people who may be interested, you’ve got yourself a bonus rivaling most credit cards without any spending requirement. That’s a pretty awesome deal for very minimal effort. If you like low-hanging fruit, it’s harvest time.

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