SoFi Referrer Bonus Increased To $100 Per Referral
Update: Yesterday SoFi reduced the referral bonus back to $50 for the referrer. This is the standard offer. The $100 offer has come back twice in the past 4-5 weeks but it is unclear at this time if it will come back again any time soon.
I have spilled a lot of digital ink on SoFi Money the last few weeks. It is a great program that offers a lightning quick bonus offer. I even ran some tests and put it up against the Charles Schwab debit card, a favorite among travelers, and SoFi came out on top. Well they have now increased the bonus for referrers. So it is time to turn this good bonus offer into a great one!
How To Turn This Bonus Into A Money Making Machine
If you have signed up for SoFi Money already then you are half way there. If you have not already and you want to support the site you can use our link.
Once you sign up for the account and fund it with $100 you should get a $50 bonus. Then get everyone you know to sign up using your referral. Your spouse, parents, kids etc. You will get $100 for each of them and they will get a $50 bonus as well! If you have 5 people in your life you can get to do it that is $550 in your SoFi account for depositing $100. And now you also have the best debit card for traveling out there.
Don’t stop there – jump on the investing bonus train too! Sign up for SoFi Investing and get a $50 stock of your choice for adding $100. The best part is this $100 can come from your SoFi Money account! There is no need to invest the $100 you just need to deposit it into your account. Then refer those same 5 friends for the investing and you get another $250 in bonuses! At the end of the day you have $800 sitting there for getting 5 people to sign up. Now you can take those 5 people out for dinner and drinks 😉.
The investing offer ends at the end of the month. I am not sure how long the $100 referrer offer will last though.
Final Thoughts
It really is as easy as it sounds. You can rack up some serious profit here and you get an amazing SoFi Money account on top of that. No fees for the account or ATM withdraws, 1.6% interest (updated 10/1/19) and near instant ATM fee refunds. All of this without a hard pull!
Quit sitting on the sideline and get in the game…the only thing you are hurting by not playing is your bank!
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I really wonder how long this will last with the $100 referrals. Guess I should have started sooner!!
It just was increased to $100 a few days ago so you didn’t miss much. Was at $50 before then. I think it lasted around a week last time around.
For anyone concerned about leaving large amount of money for the pretty good 1.8% return and the FDIC insurance, I pulled out this from the FAQ:
https://www.sofi.com/faq/
Are my deposits insured?
Deposits are swept daily to one or more banks (the “Program Banks”) where they earn a variable rate of interest and are eligible for FDIC insurance. Once your deposits reach one of the Program Banks (typically within 2 business days), they are FDIC insured.3 FDIC Insurance is not provided until the funds arrive at Program Bank. Funds in the SoFi Money Sweep Program are eligible for up to $1,500,000 of FDIC insurance through the Program Banks. If the number of Program Banks changes, or you elect not to use, and/or have existing assets at, one or more of the available banks, the actual amount of FDIC coverage will change. For more information on FDIC insurance coverage, please visit http://www.FDIC.gov. Customers are responsible for monitoring their total assets at each of the Program Banks to determine the extent of available FDIC insurance coverage in accordance with FDIC rules. The SoFi Money deposits are not covered by SIPC.
Can you fund this via PayPal? Asking for a friend with a Chase Freedom card … 😀
I wish 🙂
Applied Mark. $100 coming your way.
Awesome – thank you James very much appreciated!
I have a screenshot of the referral screen on the app that says BOTH parties will get $100. But, when I clicked the referral link to do it for my wife, it only mentioned $50 for her. I see that they have since changed the offer page to read $100 for the person who refers and $50 for the person who applies. A bit shady if you ask me.
They do seem a bit dodgy with all of their “can change at any time” wording all over their website (with regard to fees)…and a bit desperate with all of these giveaways. How many times have we seen companies that pay whatever cost necessary to obtain new customers (even if not financially sustainable) wind up failing miserably? These payouts can’t last forever (I don’t even know how they can last a week, frankly…they must have some confident backers), but in the meantime, I’ll take ’em! They do appear to be naming a new stadium in LA…they must be somewhat for-real.
They had $500M in sales with a $126M profit last year so I am not worried about them. Not that I can promise anything but I think they have some serious investors as well. I think they are just trying to grow this sector which is newer for them. Having people in the ecosystem will lead them to investing with SoFi and get personal loans, student loan refi’s etc. with them. That is my take on it at least.
Terrific article – it’s unclear to me though how I actually go about referring other people? I can’t seem to find anything on the website. Any advice on that?
At this page, it says you need to get the link through the app:
https://www.sofi.com/referral-program/#official-rules
The rules on that page are vague and don’t tell you amounts of the bonuses, and says it depends on the promotion. So, when getting the link, I guess you need to be sure it’s the right promo.
Also, my link to an external bank account (in order to transfer the initial deposit) failed. I called them and, because I got an e-mail that referenced a company called GIACT, they told me that indicates there is something different between the two accounts. I tried a different external account at a different bank and it linked with no problem.
Kind of hard to find in the app. Go to your profile (click on the head in the upper left after logging in), click on “Invite friends, earn up to 10K”, then you wlil see a link for “Refer SoFi Money, get $100”.
It sometimes comes up online but easiest to find in the app. Frank gives good instructions but it pops up on my home screen in the app quite often too. Sometimes just refreshing it brings it up.
[…] Miles to Memories has written a few posts lately about the SoFi Money cash management account / debit card that caught my eye. 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. […]
FYI- Your kids must be 18 years old.
Thanks Jason
Does this count as a hard pull?
No hard pull according to the article.
Soft pull David 😉