Free Money: $50 from SoFi Money

Posted By Stephen Hoechst on Oct 30, 2019 | 5 comments

Typically when somebody says free money, you run the other way. There’s a catch, something is too good to be true, and you end up walking away with less money than you started with. As much fun as I’m sure grifting must be, I’d rather tell you about a way where you can actually get money with no strings attached.

SoFi Money recently came onto our radar with an offer that sounded too good to be true. After some investigating and numerous reports, maybe it’s not?

What is SoFi Money?

For those of you who haven’t heard of SoFi Money, it’s a cash management account similar to Charles Schwab. The account comes with some great benefits like:

• Unlimited ATM fee reimbursements worldwide
• No monthly fees
• No monthly minimums
• Account earns variable interest (currently 1.8%)
• No direct deposits required

On their own,these are some fantastic benefits. Unlimited ATM fee reimbursements worldwide is an incredibly strong perk for travelers that could make this your go-to debit card when traveling abroad. While we always prefer to pay with a credit card, there are still a lot of places where cash is king.

So how do I get $50?

I’m sure the headline of “Free Money” is what got you this far. So how do you get it?

For starter’s you’ll need to use a referral link to sign-up for a SoFi Money account. I’d greatly appreciate if you use my link, but you can use anyone’s referral link to receive the offer. The whole process is incredibly simple and only takes a few minutes.

Once you’ve created an account, you’ll need to transfer $100 into your account and that’s it. You can easily link your bank account to your SoFi Money account to make the process even easier. SoFi has partnered with most major banks to make transferring money almost effortless.

Once you’ve made a $100 transfer, your bonus should post pretty quickly (within 48 hours). I deposited money in the morning and the welcome bonus posted later that evening.

It takes 7-10 business days for your debit card to arrive. Once that arrives, you’ll be able to withdraw the bonus money from your account. Additionally, you should be able to transfer the funds to another bank account within about a week of the referrals posting.

Possibility for more

Ok, maybe it’s not this much money but… (image courtesy of The Walt Disney Company)

In addition to the $50 you’ll receive for signing up for a SoFi Money account, you can earn up to $10,000 through referrals. Each referral is worth $100 and posts incredibly fast as well.

If you sign-up for this and refer a partner or spouse, you should be able to get $200 easily. $50 for your initial sign-up, $50 for their sign-up, and another $100 from referring them. That’s $200 for less than five minutes of work.

Update 11/8/19: The referral bonus has dropped to $50 per user. You’ll still get $50 for signing up, but only $50 for each friend you refer now.

How to find your referral link

If you’re having trouble finding your referral code online, you’ll need to head over to the SoFi app. In the top corner of the app’s home screen, click the person icon:

You’ll be taken to your profile. On your profile, you’ll see several options. The one we’re looking for here is “invite friends, earn up to $10k”. Click on that.

Next, you’ll see three options for referrals. For SoFi Money, you’ll click to use the first option. However, SoFi’s other products also come with a referral bonus.

Once you’ve clicked the SoFi Money referral link, you’ll have the option of how to share it. If you just want to get the link, you can text or email it to yourself and copy the link. Otherwise you can send it directly to your friends and family.

If you’re still having trouble finding your referral code, Nick over at Frequent Miler has a great, in-depth guide on how to do this.

Final Thoughts

While they say there’s no such thing as free money, this is about as close as it gets. There’s not much downside to signing up for a SoFi Money account and the upside is, well…free money. The process is incredibly easy and you’ll be at least $50 richer by the end of it.

If you’re interested in signing up for a SoFi Money account, you can do so by clicking here.

Feel free to leave your referral link in the comments and pass it on to another reader!