We get tons of messages asking us where to find the highest interest paying checking or savings account. Here’s a highly recommended option that is the best interest rate you can make without going to a credit union or jumping hoops.
SoFi Money is a cash management account with absolutely no fees. Similar to a regular bank account without all the hassles and fees. They also offer a higher interest rate than most banks. Best of all, all ATM fees are reimbursed when using their debit card, so it is a great account to use when traveling internationally. Also, there is no hard pull that will hurt your credit reports.
Best of all, the sign up offer for the SoFi Money account was just increased to nice $50 – $300 bonus for new sign-ups! SoFi has been around since 2011 and have almost a million people using their app so they are growing significantly to be a competitor to the major banks with it’s high interest payout and easy to use interface and did we mention sign-up bonus!
New App Members Sign Up Offer
There are two new member offers for those signing up for both a SoFi Money and SoFi Invest account this month. As mentioned above, the SoFi Money bonus just increased, although it is still not as high as the bonus you’ll receive with the Sofi Invest bonus. You can get both bonuses because you are eligible to stack the bonus for each account.
- SoFi Money $50 – $300 Bonus: Make two direct deposits of $500 or more, receive a $50 – $250 bonus.
- SoFi Invest $50 Bonus: Deposit $5,000 in your account and you’ll receive a $50 bonus for free stock.
Additionally, if you refer friends or family members and they open up either account, you can continue to earn free money. You’ll receive $25 for everyone that opens up a SoFi Money account and $100 for a SoFi Invest account.
To add more to the list of things we like with this app they are currently offering a 20% cash back on Netflix paid with their debit card this is similar to the promotion that they ran with Lyft where we profited over $100 in ride reimbursements last month.
SoFi Checking and Savings Account Bonus: Up to $250 Bonus PLUS 4.60% APY
SoFi Checking and Savings is much like other deposit accounts, except with one big benefit—you can earn up to 4.60% APY on your savings balance, as well as 0.50% APY on your checking balance. New customers can also currently earn a sign-up bonus worth up to $300 just for opening a new Sofi Checking and Savings account and receiving qualifying direct deposits.
You also won’t have to jump through a lot of hoops to earn that elevated annual percentage yield (APY). All you have to do is set up monthly direct deposits of your paycheck or government-issued benefits. You won’t even have to receive a minimum direct deposit amount to earn the increased APY. If you don’t receive monthly direct deposits, you can still earn the top savings rate by depositing $5,000 or more each month.
SoFi Checking and Savings: $250 Bonus
It’s pretty common for banks to offer a welcome bonus when you sign up and meet certain requirements, and the SoFi Checking and Savings account is no different.
New customers can currently earn a one-time bonus of up to $300 when they open a new SoFi Checking and Savings account before December 31, 2024.
Go Here To qualify for the bonus:
Open a new SoFi Checking and Savings Account.
Receive at least $1,000 in qualifying direct deposits within a 25-day “Evaluation Period,” which begins the day your first qualifying direct deposit is received.
Hit the minimum requirement to earn a $50 cash bonus.
Reach the next tier to earn you a $300 bonus.
Once you meet the direct deposit requirement, you’ll receive your bonus within seven business days after the Evaluation Period.
SoFi Money: Earn 10% Back On Whole Foods, Trader Joe’s, Instacart, Netflix & Spotify
SoFi Money is offering 10% back up to $50 for streaming and grocery store merchants.
- Grocery stores:
- Instacart
- Whole Foods
- Trade Joe’s
- Streaming services:
- Netflix
- Disney+
- Spotify
Our Thoughts on Sofi
When I tried opening both a SoFi Money and SoFi Invest account it took me just a few minutes to fully get both accounts set up. The process was seamless and transferring money into my account was easy. It’s not nearly as much a hassle as the big bank accounts.
I received my SoFi Money cash bonus within just 3 business days of setting up my account, and I received my free stock from the SoFi Money account within the same time period. I also referred many friends and family members and most of those referrals show up the following day.
It took about a week to receive my debit card. I tried it out on an ATM that charges a fee and I was immediately reimbursed. So far, I truly have enjoyed my new Sofi debit card!
This is a great way to get some money back into your pocket simply by signing up for a debit card account. Unlike credit card welcome offers, there is no minimum amount of spend needed, no hard inquiry, and no guessing whether or not you are going to get approved. Many may just enjoy the benefit of the reimbursed ATM fees.
Referring Friends (or spouse)
To refer a friend, you’ll need to install the SoFi app. (I was able to find it quickly in the App Store). Once in the app, on the upper left-hand side of the welcome screen you’ll see a circle with a person icon enclosed. Click that button.
Then, click the link that says “Invite friends.” From there, you can refer a friend to SoFi Money and SoFi Invest. You can save your referral link and send it to friends, or you can directly send the link via a text message, email, Twitter, Facebook, etc.
Feel free to comment below with your experience and referral links from using SoFi.
