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Tag: sofi

  • $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.

  • Earn Banking Bonuses using Swagbucks

    Swagbucks and MyPoints are ways to earn rewards (cash and gift cards) for online activities. They are owned by the same parent company, so their offers are often similar or identical. We prefer Swagbucks for most of our bigger bonuses for banking and they have offered bonuses for things such as driving for DoorDash or Uber and grocery shopping.

    Swagbucks has 18 money-making offers available that will give you over $850 in rewards. Some of these offers require you to open a bank account, an investment account, or a credit card and make a minimum deposit or receive a direct deposit which is an easy way to make money online. For example, you can get $200 from Swagbucks if you open a Chime Bank account and receive at least 2 qualifying direct deposits in your account. You can also get $40 from Swagbucks if you open a Greenlight debit card for kids and make a $20 minimum deposit. You could even get $150 from Sofi Bank just for throwing $100 into your account after signing up as a new customer.

    OfferRewardMinimum DepositBank Rating
    Chime Bank$200$04.5
    Greenlight$40$204.7
    SoFi$100$505.0
    Abra$40 + $10 bonus$253.9
    Public$16 + $5 bonus$54.2
    Axos Bank$150 or $200$750 or $10004.3
    Lili Banking Account$50$254.2
    Charlie App Account$10$04.6
    U.S. Bank Account$100N/A5.0
    Copper Banking Account for Teens$10N/AN/A
    Varo Banking Account$120$254.7
    BBVA Banking Account$50$254.5

    Non-Direct Deposit Bank Offers

    As I began my research, I noticed the offers for banks divided themselves into two categories – offers requiring direct deposit and offers not requiring direct deposit.

    I do have direct deposits to my current bank account. But they are not usually large enough to meet the requirements detailed in the fine print of the offers. You can use services such as Brex Banking to do easy direct deposits if you do not have an employer who will do this.

    If you do all the offers, you will get over $350 just for the non-direct deposit bonuses! To find these offers on the Swagbucks website, login to your account and click on Discover.

    These offers are subject to change so always read the fine print on these offers.

    Sofi $150 Bonus

    A bank offering a hybrid of investing, credit, and cash banking, SoFi is proving a bit hard to navigate for me. This is the one I am trying out first. I signed up for my account a few weeks ago and I still cannot figure out how to fund it. It may be my bank (a smaller, local bank). Hopefully it will work for you. Since they offer hybrid banking, there are a number of offers for SoFi within Swagbucks and MyPoints. Make sure you are opening and completing the requirements for the bonus for the type of account which works for you. Read our full Sofi review here.

    Swagbucks offer: Open an online account, deposit $100, get $150.

    This is our favorite banking offer especially with the high interest they are paying out. Earn up to 4.20% APY on savings balances with direct deposits, and 1.20% APY on checking balances. Members without direct deposit will earn 1.20% APY on both savings and checking balances. FDIC insured up to $2M through a network of participating banks. Open a new account and deposit at least $100 to earn 15,000 Swagbucks. PLUS if you direct deposit $4,999.99 or more in 1 month, you are eligible to earn an additional $250 bonus into your SoFi account.

    Axos Bank $150 Bonus

    Axos Bank gives you all of the features of online banking with none of the fees. Open a bank account and deposit $750 or more to earn 15,000 SB (worth $150).

    Swagbucks offer: Deposit $750, get $150.

    Varo $52 Bonus

    A mobile banking platform with no monthly fees and debit card, Varo provides the same protection as a normal bank account. It offers a little something when you sign up. Varo also has the options to save automatically by rounding up the totals on your purchases and saving the change or automatically setting aside a percentage of your direct deposits.

    Swagbucks offer: Deposit $25, get $52

    Charlie

    An app intended to help young people get out of debt, Charlie helps debtors plan to be debt-free. The app also lays aside money (for debt or for savings) based on the rules set by the user. An example given may be: “Set aside $5 each time I spend at Target.”

    Swagbucks offer: Deposit $10, get $10

    BBVA Online Checking $50 Bonus

    The BBVA Online Checking account promotes it is fee-free. Their website shows the various fees of other online banks for checking. This fact makes it easy to sign up for an account for a short-term in order to get a little bonus. An initial deposit of $25 is required to open a free account.

    Note: the fine print of this offer warns of an automatic paper statement fee of $3 per month. You can opt out of it, but you must opt out in order to avoid the fee.

    Swagbucks offer: Open an online account, deposit $25, get $50.

    Oxygen $30 Bonus

    Another online personal or business account without fees, Oxygen is a debit-card based banking system. Both the business account and the personal account have a cash back program attached. They also have a referral program which can net you $50 for each friend who meets the requirements of a new account up to $500 every 6 months. The friend also gets a $50 reward.

    Swagbucks offer: Open an online account, deposit $20, get $30.

    Copper $25 Bonus

    Actually a bank targeting teens, MyPoints still offers real money to give Copper a try. Braces and awkward disposition are not a requirement. As I was researching their website, I discovered they offer teens rewards for learning about finances. Financial literacy and bonus money – win, win!

    MyPoints offer: Open an online account, deposit $10, make one purchase get $25.

    Lili $40 Bonus

    An account marketed to freelancers, Lili is a debit-card based banking option. Fee-free banking and automatic savings options are great features of this bank. They also have a referral program which can net you $50 for each friend who meets the requirements of a new account. There is a $500 lifetime cap on rewards.

    Swagbucks offer: Open an online account, deposit $200, get $40.

    Direct-Deposit Bank Offers

    Some may not have direct deposit high enough to qualify for most of these bank offers below. But if you do have a direct deposit set up for your account, these offers may be a wonderful way to make extra cash for switching your bank account. We recommend opening a Brex account or checking to see what will count as a direct deposit.

    Note: It requires work to switch not only the bank account over, but also the direct deposit. Take that into consideration when deciding if these offers are right for you.

    $100 or $50 Swagbucks with Current Fee-Free Banking

    A modern banking option, Current is offering many of the fee-free banking benefits of the other banks detailed in this list. I like the ability to automatically save and create “pods” for specific savings goals. They also offer some banking options for families with teens.

    Swagbucks offer: Open an account, have a direct deposit of over $250 in the first 30 days, get $100.

    Chime

    Another fee-free debit based account, Chime also offers a Savings Account when you sign up for their Visa debit account. They also offer automatic savings options to help you save money effortlessly.

    Swagbucks offer: Open an account, have a direct deposit of over $200 in the first 45 days, get $125.

    MyPoints offer: Open an account, have a direct deposit of over $200 in the first 45 days, get $135.

    Rakuten offer: Open an account, have a direct deposit of over $200 in the first 30 days, get $40.

    Is Swagbucks legit? Will I get paid?

    Swagbucks is a legitimate company. Let’s say Bank A will pay Swagbucks $60 for a new customer, and then Swagbucks promises you $50 of that. That means both Swagbucks has to track that you opened the account, and Bank A has to track that someone from Swagbucks opened the account, and they both have to agree that Swagbucks user was you specifically. We recommend using the same email that you used to open the bank account that you use with your Swagbucks account.

    We love to stack and use Swagbucks when they offer a bonus that is stacked on top of another bonus, and not instead of another bonus. For example, with Plynk they may only offer 3500 SB right now (worth ~$35), but at least it is on top of the standard $50 bonus. That way, it’s just gravy on top, instead of a possible net loss by making you miss out on an alternative bonus if the tracking goes awry. I usually avoid Swagbucks if they tell me I’ll be disqualified from the standard bonus.

    How much are Swagbucks worth?

    Thankfully, their redemption options are relatively easy to understand. 2500 SB is worth approximately $25 via various options. 2500 SB = $25 cash deposited directly into your bank account or brokerage account, no fees, uses Plaid service. You can also redeem it for Paypal cash, Uber, Airbnb, and Amazon gift cards at sometimes a discount of 10% making it worth more than your typical cash back bonus redemption.

  • 20% Cash Back on Lyft Rides – Pay with SoFi Money Card + $50 Bonus

    20% Cash Back on Lyft Rides – Pay with SoFi Money Card + $50 Bonus

    Get 20% cashback on every Lyft ride when you pay with your SoFi Money card – up to $1,000! Valid now through 2/18/20.

    This is nice new benefit on the SoFi Money card, which is already offering a $50 cash bonus when you open an account and deposit $100. New Lyft riders also get $5 credit. I’m surprised they are offering such a generous offer but it does get people to sign up and using their accounts. They might end this early…so you know the drill. If you’re a big spender on ride sharing, you can max out the $1000 cash back if you spend $5000 on Lyft through the expiration data of this promotion.

    Get 20% cashback on every Lyft ride when you pay with your SoFi Money card – up to $1,000! Valid now through 2/18/20. This is nice new benefit on the SoFi Money card, which is already offering a $50 cash bonus when you open an account and deposit $100. New Lyft riders also get $5 credit. I’m surprised they are offering such a generous offer but it does get people to sign up and using their accounts. They might end this early…so you know the drill. If you’re a big spender on ride sharing, you can max out the $1000 cash back if you spend $5000 on Lyft through the expiration date of this promotion.

    How To Get 20% Off Every Lyft Ride

    1. Open a free Sofi Money account. $50 Bonus: You’ll need to deposit some money anyway to use it so… deposit $100 and you’ll get a $50 cash bonus.
    2. Add your Sofi Money card to your Lyft account and make it your default payment method.
    3. Get 20% cash back every time you pay for your Lyft ride with Sofi Money.

    What is a SoFi Money card?

    SoFi offers a free cash management account with a $50 bonus offer when you open an account and deposit $100. They also give a $100 bonus worth of stock when you open a trading account and deposit $1000 but that’s a completely separate offer. These are are refer a friend offers. Feel free to use my links and post yours in the comments below. Thank you in advance if you do use our links!

    This is nice new benefit on the SoFi Money card, which is already offering a $50 cash bonus when you open an account and deposit $100. New Lyft riders also get $5 credit. I’m surprised they are offering such a generous offer but it does get people to sign up and using their accounts. They might end this early…so you know the drill. If you’re a big spender on ride sharing, you can max out the $1000 cash back if you spend $5000 on Lyft through the expiration date of this promotion.

    How To Get 20% Off Every Lyft Ride
    Open a free Sofi Money cash management account. $50 Bonus: You’ll need to deposit some money anyway to use it so… deposit $100 and you’ll get a $50 cash bonus.
    Add your Sofi Money card to your Lyft account and make it your default payment method.
    Get 20% cash back every time you pay for your Lyft ride with Sofi Money.
    What is a SoFi Money card?
    SoFi offers a free cash management account with a $50 bonus offer when you open an account and deposit $100. They also give a $100 bonus worth of stock when you open a trading account and deposit $1000 but that’s a completely separate offer. These are are refer a friend offers. Feel free to use my links and post yours in the comments below. Thank you in advance if you do use my links!

    Fine Print

    SoFi Money®? is a cash management account, which is a brokerage product, offered by SoFi Securities LLC. Member FINRA/SIPC. Neither SoFi nor its affiliates is a bank.

    SoFi Securities, LLC Member FINRA/SIPC.
    ¹ The SoFi Money Annual Percentage Yield as of 10/31/2019 is 1.60% APY (1.59% interest rate). Interest rates are variable and subject to change at our discretion, at any time. No minimum balance required.

    ² The following describes the terms that apply to participation in the SoFi Money Lyft promotional program (“Program”) offered by SoFi Securities LLC (“SoFi”). Promotion with Lyft through the Program is open to current SoFi Money members. No opt-in required. To participate, enter your SoFi Money debit card number in the Lyft app and use it to pay for rides. Promotion Period: 11/20/19 12:00PM EST – 2/18/20 11:59AM EST. Only Lyft rides completed and processed for payment during the Promotion Period are eligible for the Cash Back Promotion. 20% cash back is calculated using the quoted price for your Lyft rides only – it does not apply to other charges such as tips, cancellation fees, and other services such as rental and bike rides. Cash back will be rounded up to the nearest into the participant’s SoFi Money account. Cash back reimbursements can be delayed by up to 14 business days.SoFi reserves the right to terminate the promotion at any time without notice.