SoFi Money, Easy $50 Bonus Plus No Foreign Transaction or ATM Fees
Update: Referral bonus is now $50.
SoFi Money is an online cash management account offered by SoFi. Customers’ funds are swept into partner banks, where they benefit from FDIC insurance. SoFi Money accounts offer a relatively high interest rate of 1.60% and no monthly or overdraft fees. A great added perk of this account is that you get no fee ATMs worldwide. They reimburse all the fees. There’s no foreign transaction fees either. Now they are also offering a very easy bonus of $50. You just deposit $100 at account opening to get the cash bonus. It takes about a minute or two.
Sign up for SoFi Money, a cash management account that earns you 1.60% APY on all your cash and has no account fees. Get $50 when you fund your account with at least $100 within 14 days. Bonus is deposited once the funding is completed.
- Earn 1.8% APY on your account balance, with no requirements. It was up to 2.25% a month or so ago.
- No account fees.
- ATM fees reimbursed worldwide. As long as there is the ATM is displaying the Visa®, Plus®, or NYCE® logo.
- No foreign transaction fees charged from SoFi. There is a 1% foreign exchange fee though from Visa that is likely charged by Schwab as well.
- FDIC Insured once funds are swept into other banks.
- Order free checks from the app.
- Lock and unlock debit card.
- Read terms here.
The bonus is only $50 but it is super easy and it is a great account, especially for those traveling abroad. No-fee ATMs and no foreign transaction fees on a free account are not very common. Charles Schwab offers a similar account but it requires a hard pull. SoFi is a soft pull and account can be set up in minutes from the app.
On top of that, if you’re in two player mode, you can also refer you significant other, and make a total of $200 for two people. That’s two $50 sign up bonuses and one $100 referral bonus. And $150 more ($50 signup bonus and $100 referral bonus) for every other person that you refer.
SoFi Money also offers a neat feature called vaults. These are extensions of your SoFi Money account (not distinct accounts). You can use them to earmark money for goals, an emergency fund, or just a rainy day. Money in those vaults still earns the same interest rate.