SoFi is a financial services company that offers all kinds of financial products and services.
Do you need a bank account? They have one (technically, a cash management account, but basically the same thing)
Need a brokerage account? Yep, they have that too.
Need to refinance a loan? They can help with that as well.
All of this on top of in-person events (after the pandemic) and career services that can help you get the job you want or get them to pay you more. SoFi takes a holistic approach to helping you with your money and it’s what separates them from many other companies.
This includes bonus money promotions. When you sign up for an account, when you refinance a loan, and sometimes even when you simply request a quote – they will give you bonus money to help you out.
As you’d expect, the biggest promotions are the ones associated with their loan products. If you need a loan, and if the rate and other terms are right, it’s a great incentive to use them over others. If you don’t need a loan, they also have some great promotions associated with their banking and investing products.
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SoFi Money New Account – $50 (No Direct Deposit)
SoFi Money is their cash management account and the current yield is 0.25% APY, which is decent, but they also offer a sweet $50 bonus. This offer does not have a direct deposit requirement (the next one, which is for more money, requires one).
Just open an account and get $50 if you deposit $500 or more. With no account fees, you won’t have to worry that a little mistake will cost you some of that bonus money.
SoFi Money New Account – $100 (Direct Deposit Required)
SoFi Money has a higher $100 bonus offer that requires a direct deposit. It’s a little more involved but has a higher total bonus amount, which is why we list it second.
The bonus has three tiers:
- Sign up and deposit $250 into your account – you get $25
- Set up a direct deposit of $500+ – you get another $75
As you can see, this offer is slightly higher than the first one but requires you to jump through more hoops. If you don’t mind changing a direct deposit, we list a lot of banks with higher bonuses for this.
10% Cashback on Food Delivery
Until February 7th, you can get 10% cashback on up to $500 in purchases made through Doordash, Postmates, Uber Eats, and Grubhub. This pairs nicely with their new sign up bonuses.
This is only available to new SoFi Money accounts. A nice little benefit worth knowing but I wouldn’t sign up strictly for this.
SoFi Money Switch Direct Deposit – $75
If you already have an existing SoFi Money account, you can get $75 if you switch your direct deposit from your employer to SoFi Money. Just get $500 or more in qualified direct deposits by February 28th, 2021 and they’ll give you $75.
Learn more about this offer
(Offer expires 2/28/2021)
SoFi Invest New Account – $50
Once you have a SoFi Money account, it’s time to get another $50 by opening a SoFi Invest account. You get that in stock and all you need to do is fund the account with at least $5,000. That’s the only requirement and the account has no fees, so you won’t get dinged.
The only requirement is that you need to sign up to SoFi Invest with a referral link (that’s one so you can use that). Then, deposit the $5,000 and you get $50 in free stock.
As an added bonus, if you want to get into cryptocurrencies, you can get $25 in Bitcoin after your first crypto trade of at least $10. Trading crypto has no “fee” but they do charge a markup of 1.25% on each trade, so the fee is integrated into the price.
SoFi Loan Refinance – $300
SoFi offers a variety of loans but the two biggest areas are Personal Loans and Student Loan Refinancing. SoFi will give you $300 when you successfully complete a SoFi Personal Loan or Student Loan Refi, it’s as simple as that.
IF you are looking to refinance, it’s important to shop around because $300 is a nice bonus but only if you get the best possible rate given your situation. No sense taking $300 now if it means paying more on your loan in the long run. We maintain a list of the best student loan refinance companies and I recommend you give them a look to see who can give you the best rate. Some of them will offer bonuses too.
Check your rates in minutes for free on SoFi
Check back for more promotions as they become available – I will update this post as we learn more.
Kevin says
How soon is the $50 added when you create a New Money Account with $500 deposited.
Jim Wang says
I’m not sure because I did this a while ago but it’s pretty fast. I’d say a few days?
Kevin says
Here are the details:
Offer: New SoFi Money Members who make a deposit(s) of $500 or more will receive a $50 bonus; additionally, the $500 minimum balance needs to stay in the new member’s account for 90 days in order for the new member to qualify for the $50 bonus.
Randy says
The Sofi Invest referral now requires a $5,000 deposit instead of $1,000. I was just getting ready to use it too!
Jim Wang says
You’re right Randy! Thanks for letting me know, I’ve updated the post. There are a lot of great free stock promotions out there too from the likes of Webull and Robinhood.