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SoFi Money and is out with a new referral offer that may be of interest to some, though it isn’t as good as the previous offer for most. The SoFi Money referral bonus has increased to $50 per referral, but it only represents a better deal for those who can not meet direct deposit requirements (note: at the time of writing, we have links to both the old and new deals below; YMMV on the “old” links as noted in the post details). The new SoFi Money bonus offers the new account holder a $25 bonus after opening a new account and funding it with $500 – there is no direct deposit requirement on the new bonus, which might make it simpler for those who can not easily meet the direct deposit requirement of the old offer. The “old” SoFi Money referral bonus (which our links below still show and thus may still be available) offers the new account holder a $75 bonus after making two direct deposits of $500 or more. While the person referring you gets less on that offer (only a $25 bonus for the person referring), that is a significantly better deal for the new account holder assuming you can meet the direct deposit requirement. Note that since the “official” offer in the app has changed and the terms state that the “new” offer replaces all “previous” offers, I’d recommend keeping screen shots of the offer you apply with to be able to follow up if your bonus does not post correctly. I believe this new referral offer is open to all SoFi Money users.
- SoFi Money has increased its referral bonus to $50 for the person making the referral. The new account holder gets a $25 bonus after opening and funding their account with $500 (no current direct deposit requirement)
- Nick’s link to this new offer
Note: If you prefer the previous offer of a $75 bonus for opening a new account and having two direct deposits of $500 or more, see these older links which are still showing that offer at the time of writing (be sure to take screen shots and double check the terms as these are subject to change at any time):
- In order for the new SoFi Money account holder and referrer to earn a bonus under the new $25 new account / $50 referral offer, the new account holder must open their SoFi Money account and fund it with at least $500
I’m a fan of SoFi Money and have been glad to maintain the accounts that my wife and I opened last year. Between 20% I’m getting back on Spotify and HBO Now subscriptions (temporarily), the 20% back I got on a couple of Lyft rides earlier this year, and ATM fees rebated the couple of times I’ve needed to get cash, it has felt like an easy win to keep in my wallet. Given the total lack of fees, worldwide ATM fee reimbursement (that posts instantly) and no requirements for regular activity or direct deposits, it seems like a no-brainer account to have and hold. Unfortunately, new account bonuses have declined over the past 9 months so that the opening process is less of a win than it once was, but the account itself is still worth having.
This new offer of just a $25 bonus only makes sense if you either can’t meet the direct deposit requirement or don’t want the hassle of doing so. I haven’t tracked what non-employer methods work for triggering a SoFi bonus, but if you are turned off by the idea of actually changing your work direct deposit and can’t ind another method, you may be happy enough with the easy $25 bonus (though note that there are much better new bank bonuses on the market if that’s your primary motivator).
I’d not refer friends to the new offer if they can meet the direct deposit requirement of two $500 direct deposits to earn a $75 bonus. As noted above, I’d strongly recommend taking screen shots so you can follow up if you are automatically given the new bonus despite.
Key note: The terms on all referral links say:
The Referral Programs described herein replace all earlier versions of such SoFi referral programs. SoFi reserves the right to temporarily, or permanently modify or discontinue the Referral Programs at any time, for any reason, at our sole discretion and without notice to you.
Based on that wording, the “new” $25 offer would technically replace the $75 offer. However, with absolutely no dates included in the terms, I’m not sure how the person opening a new account would know which offer is the most current. It is certainly possible that SoFi will only allow the $25 bonus on the “new” offer and not honor the previous offer despite the landing page. YMMV and be ready with screen shots if you open the old offer now.
Again, I don’t think the new offer is particularly exciting, but if you’re playing in 2-player mode and haven’t yet opened any SoFi accounts, here is what you do:
- Morgan opens and funds a SoFi Money account through a referral and earns a welcome bonus ($25 cash for Morgan)
- Morgan refers Ryan to open a SoFi Money account and earns a referral bonus ($50 cash for Morgan)
- Ryan opens and funds a SoFi Money account and earns a welcome bonus ($25 cash for Ryan)
- Morgan opens and funds a SoFi Investing account through a referral and earns a welcome bonus ($75 in free stock)
- Morgan refers Ryan to open a SoFi Investing account ($75 in free stock)
- Ryan opens and funds a SoFi Investing account and earns a welcome bonus ($75 in free stock)
Total: $100 in cash and $225 in free stock.
Overall, it’s still a relatively easy win for those new to SoFi, but it might be better to wait for a higher bonus as I’d expect we’ll see something better than $25 at some point.