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Tag: Sofi Money

  • $50 to $300 SoFi Checking and Savings Account Bonus with Up to 4.60% APY

    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.

    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.

  • SoFi is a One-Stop Shop to Spend, Save, Borrow and Invest

    As our lives continue a noticeable shift to virtual SoFi has positioned itself as an option in an increasing number of online personal financial services.

    SoFi offers a variety of lending options such as student loans, home mortgages and personal loans, as well as money management and investment tools. It’s marketing itself as a one-stop financial shop on your mobile devices.

    The one-stop shop even offers no-cost membership perks like career services and financial planning advice.

    What Is SoFi?

    SoFi, which is short for Social Finance, Inc., is an online personal finance company that offers a variety of financial services through its app and website.

    The types of financial services offered by the California-based company include student loans, home mortgages, and personal loans, as well as investing and banking options. It also offers special perks to members, including regional events and discounts on future lending opportunities.

    Earn $50 Bonus with SoFi Money App. Bonus: Get 10% Back on Streaming.

    How Does SoFi Work?

    Your first step is to sign up for a user account with SoFi to become a member.

    To do so on a cell phone, you can download the SoFi app on the Google Play Store or Apple App Store. Otherwise, most functions of the SoFi service can be found on its website.

    Membership does not cost you anything and the initial signup process requires no more than your name and a valid email address. Once logged in with your membership, you will have access to browse and apply for each of the SoFi services.

    Remember, you get to pick and choose what you use from the products that are offered under the SoFi portfolio. That means you only have to provide personal information that is necessary for each product. For instance, a student loan may require different documentation than a home loan, so you’re only going to be asked to provide the pertinent information for the one for which you apply.

    Since there is not a physical meeting with bankers or financial planners, communication with SoFi staff is done electronically through the app, website and email.

    What Services Can I Get With SoFi?

    SoFi has a wide variety of financial services available actually too many to list here so we have provided an overview of some of the more popular categories.

    Student Loan Services

    SoFi offers student loan solutions for pretty much every situation: offerings for new student loans, people looking to refinance their student debt and even student loan options for parents.

    New Private Undergraduate and Graduate Loans

    For those entering college or are already enrolled, SoFi has a private student loan program where you can apply for both undergraduate and graduate loan. The rates are higher on the latter. That’s to be expected in the student loan industry. SoFi offers both fixed and variable rate loans, allows for adding cosigners during the online application process and touts that the loans will cover 100% of the cost of attendance.

    For undergraduate loans, SoFi will allow you to repay via one of four methods: deferred (make first payment six months after graduation), interest only (pay only interest while in school), partial ($25/month fixed payment while in school) or immediate (start paying right away).

    Refinancing Student Loans

    SoFi will refinance both federal and privately funded student loans. There are no application or origination fees involved, and these refinanced loans have no prepayment penalties. It appears that you can receive a quote on your potential interest rate without enduring a credit check.

    Parent Student Loans

    If you are a parent who either is paying for or plans to help pay for your child’s higher education experience, SoFi has some options for you as well. These privately funded loans allow for a fixed or variable rate of borrowing on a child’s tuition.

    The repayment method on these loans is limited to either immediate (pay regular payments as your child progresses through school) or interest-only (pay only the interest on your loan for your child’s tuition until education is complete).

    Home Loans

    You may not think of a phone app like SoFi as a mortgage lender, but they actually do have the capability to help you purchase your next house or refinance the one you already have.

    The mortgage offerings require as little as a 10% down payment and can be for as much as $3 million.

    SoFi says it can quote you a home loan interest rate in as little as two minutes without impacting your credit score by using a “soft credit pull,” so you should be able to get an idea of how competitive they are with rates you’re seeing elsewhere before applying. However, do note that they will have to pull a full credit report (which impacts your credit report) if you decide to move forward with the application process.

    Other mortgage perks touted are SoFi’s ability to “typically” close loans within 30 days and a $500 discount on processing fees for members.

    We recommend of course that you get several mortgage quotes before making any decision on a purchase or refinance. For most people, this is the largest debt obligation of your life and being sure you’re making the right choice is of the utmost importance.

    Personal Loans

    If you’re looking to make a major purchase or pay off some outstanding debts with a potentially lower rate of interest, SoFi’s personal loans may be an option worth considering.

    SoFi will issue personal loans for between $5,000 and $100,000 with no origination fees or prepayment penalties. At the time of this article, SoFi was advertising fixed rates as low as 5.99% APR if you’re willing to enroll in their autopay program.

    As you apply for this type of loan, SoFi is going to assess things like the purpose of the loan, your desired amount and capacity for a monthly payment.

    SoFi Money is the new Online Bank

    SoFi Money is a “cash management” product that gives SoFi offers to members on a fee-free platform. It is free to sign up and has no minimum balance requirement.

    While the program does offer some of the full-service bank-like options, it’s important to note that you are not signing up for an online checking or savings account. Instead, you are signing up for what amounts to a FDIC-insured brokerage account.

    Some of the functions you’re able to execute with an account like this include basic banking necessities:

    • Debit card spending
    • No-cost ATM access
    • Automated bill pay
    • Free person-to-person cash transfers
    • Earn interest on balance (SoFi was offering 0.2% APY at the time this article was published)

    If you’re looking for an online bank Sofi has proven to be one of the easiest to set up and actually paid their bonuses fast!

    SoFi Invest from Fractional Stocks & Bitcoin

    In addition to its loan and money management elements, SoFi has tools for making investments.

    There is no fee for trading traditional stocks and ETFs and the service even allows you to invest in “stock bits” in increments as little as $1. That’s basically buying a share of a share of an expensive stock. For example, at the time this article was published Amazon’s stock was trading for roughly $2,400 per share. “Bit” or “fractional” investing would allow you to purchase as little as 1/2400 of a share of Amazon for $1.

    SoFi also allows you to invest in cryptocurrencies like Bitcoin.

    SoFi Relay

    The SoFi Relay platform is also offered free of charge and is all about monitoring your financial well-being. You can access things like a free credit health tracker as well as a host of tools for your personal budget.

    It’s important to note that you’ll have to link personal banking information to the SoFi platform in order to enable things like analysis of your spending trends. Services like Digit and TrueBill that also monitor your spending habits and may potentially offer more benefit by automatically saving money or trimming the cost of your monthly bills.

    What Users Are Saying About SoFi

    The generally positive outlook on the services rendered by SoFi extends to the Better Business Bureau, which has issued SoFi an “A-” rating. That’s a score between 90 and 93.99 on its 100-point grading scale.

    The SoFi app has a 4.8 out of 5 star rating on the Apple App store with more than 32,000 reviews. The Google Play Store rating is slightly lower at 4.1 out of 5 after more than 3,000 reviews.

    Membership Benefits

    Once you are signed up as a member with SoFi, you have access to a menu of benefits that you may not typically expect from a company trying to make money on your financial decisions. SoFi has been known to host regional events such as cooking classes or a night at a fancy restaurant that are exclusively offered to members.

    Here’s a quick rundown of some of the membership perks:

    • Access to financial planning advice through credentialed advisors
    • Member rate discounts (save on your interest rate if you sign up for an additional loan through SoFi)
    • Referral bonus programs
    • Personalized career advice
    • Ticketed member events such as cooking classes, themed parties and topic-specific speaking events and webinars

    Final Thoughts

    SoFi definitely offers a fresh alternative to many of the traditional outlets for your personal financial needs. As things like social distancing become a regular part of our society, having the ability to access so many financial options right from your mobile phone is a plus. None of us like to go into banks or deal with “nosey” bankers.

    We think you’ll find that Sofi is pretty easy to navigate. We recommend using this as just one of many tools in your financial life. Just like with travel or anything else you want to have a bunch of tools at your disposal to live your most frugal life.

    If you are looking for a one-stop shop for financial services and are comfortable completing major transactions without much human interaction, you may find that SoFi is the perfect fit for your personal financial situation.

  • Get 20% Cashback on DoorDash, Netflix, Disney+ using SoFi Money

    Everyone is at home streaming and ordering takeout so why not get the best prices in a time of no income from working.

    With people across the country stuck indoors more than ever before, SoFi Money is offering a major deal for some of the most useful services during this era of quarantines and isolation. Through June, you can earn 20% cashback on food delivery via DoorDash and nearly every streaming service: Netflix, Amazon Prime Video, Disney+, Hulu, HBO Now, and many more.

    SoFi Money has been pushing to become a mainstay in travelers’ wallets with a new debit card offering no ATM fees or foreign transaction fees worldwide. It gets even sweeter, with a $75 sign-up bonus after making two direct deposits of $500 or more and $25 for each friend you refer.

    Breaking Down SoFi’s Latest Offer

    This latest offer just boosts SoFi’s appeal at a time when travel is largely off-limits. Call it the quarantine special.

    DoorDash is the only food delivery service included in this offer. New SoFi Money members can earn up to $100 in cashback on DoorDash orders, while current members can earn up to $40. This is a great deal for our favorite food delivery service – look here at the comparison to UberEats.

    Movie, show, and music streaming services included in this cashback offer include:

    • Netflix
    • Prime Video
    • Disney+
    • Hulu
    • HBO Now
    • CBS All Access
    • Spotify
    • Pandora
    • Google Play Music

    All new and current members can use the SoFi card with multiple eligible streaming services and earn up to $75 cashback through the streaming service promotion. Cashback caps for DoorDash and the streaming services are calculated separately.

    All About SoFi Money

    SoFi Money boasts a fee-free online account service. Here are all of the perks that come with a SoFi account:

    • No account fees
    • ATM fees reimbursed worldwide
    • No foreign transaction fees
    • No overdraft fees
    • No hard credit pull when you apply
    • Transfer money via mobile from major U.S. banks or check deposit
    • $75 sign up bonus when you make two direct deposits of $500 or more

    To make sure you get the $75 sign up bonus, here is what you need to do:

    1. Use a bonus link, the only way to get the bonus.
    2. Sign up for a checking account
    3. Make two direct deposits of $500 or more
    4. A $75 bonus will be deposited into your account in 1-2 days!
    5. Refer friends and family and earn $25 for each referral!

    Once you have a SoFi Money account, you can earn $25 for every single friend, family member, or anybody else you refer (up to $10,000 annually) after you sign up for an account. This is a no-brainer and the $25 cash posts within 24 hours of the approved referral. The $25 referral link is in your profile within the SoFi phone app. Read more about setting up your SoFi Money account.

    Get 20% Cashback on DoorDash 

    If you’re ordering delivery while at home, this is the perfect excuse to support your local restaurants – and use your SoFi debit card to do it. Here’s how to earn cashback on your DoorDash orders:

    1. Add your SoFi Money debit card to your DoorDash account.
    2. Set SoFi Money as your default payment.
    3. Earn cashback within 2-4 days of your purchase.

    A few things you need to know about this DoorDash promotion:

    • Your SoFi Money account must have at least a $50 balance.
    • DashPass subscription transactions are excluded.
    • New SoFi Money members can earn a maximum cap on cashback bonus of $100. Current SoFi Money members can earn a maximum cap on cashback bonus of $40.
    • Promotional period ends June 30, 2020.

    Get 20% Cashback on Streaming Services

    Watching a few more shows than usual right now? Make the most of it by paying your monthly subscriptions with your SoFi debit card and earn 20% back! Here’s how:

    1. Add your SoFi Money debit card to your account with any of the eligible streaming services.
    2. Set SoFi Money as your default payment for subscription payments.

    Things to know about this streaming services promotion:

    • Eligible services include: Disney+, Hulu, Netflix, Spotify, HBO Now, Amazon Prime Video, CBS All Access, Pandora Music, and Google Music.
    • Cashback is eligible for ongoing monthly subscription payments to these services
    • The maximum cap on cashback earnings is $75 per member.
    • You can use a SoFi Money card with more than one of the above merchants to earn cashback.
    • Promotional period ends June 30, 2020

    Bottom Line

    If you have any video or music streaming service and are ordering delivery, now is a great time to get or use the SoFi Money debit card and link your account. Earn 20% cashback on two of the arguably hottest stay-at-home commodities right now through June 30.