SoFi Money, $50 Signup Bonus and 10% Cashback on Groceries/Streaming
SoFi Money is an online cash management account offered by SoFi. It comes with a free debit card with no ATM fees or foreign transaction fees. However the no-fee ATMs have now been limited to the Allpoint Network only. Interest rate has also dropped drastically, down to just 0.25%, and you need to have a $500 balance to get it unless you are grandfathered in. But this is still an easy bonus of $50 that is paid out immediately and we often see offers such as 10% off groceries or up to 15% on local merchants.
$50 Bonus
Get a $50 bonus when you sign up for SoFi Money. Here’s how to get your bonus:
- Sign up for SoFi Money® in minutes.
- Fund your account with $500 or more.
- Get $50—plus, you can get cash back rewards when you spend on a debit card with no account fees.
Referral bonuses and signup bonuses usually post within 2-3 days. If you have any issues with bonuses, or anything else SoFi has a very helpful Live Chat feature during business hours.
Earn 10 % Cash Back on Groceries/Streaming
SoFi members also have different offers every few months, which can give you extra savings just for having an account. Right now you can get 10% cash back on Trader Joe’s, Instacart, and Whole Foods and 10% cash back on Netflix, Disney Plus, and Spotify.1 Offers change, so be sure to check back.
With the current offer you can earn up to $50 total for streaming services and $50 total for groceries. Current offers valid until September 30th. You can see the offer here.
SoFi Money Details
- No monthly fees.
- Free ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM. Third party fees incurred when using out-of-network ATMs are not subject to reimbursement. Accounts opened prior to June 9, 2020 will continue to receive reimbursement for third party ATM fees under our prior policy.
- As of 7/1/2020, accounts with monthly deposits of $500 or more will earn a 0.25% APY (0.25% interest rate). All other accounts will earn a 0.01% APY. Accounts opened prior to June 9, 2020, will continue to earn a 0.25% APY regardless of deposit activity.
- Accounts which are eligible to earn a 0.25% APY (including accounts opened prior to June 9, 2020) will also be eligible to participate in the SoFi Money Cashback Rewards Program.
- You can earn up to $10k for referring friends ($50 per referral) to SoFi, after you open an account.
Guru’s Wrap-up
A good opportunity for a $50 bonus. This is a better bonus than the $25 they were offering recently, but it has been at $75 and even $100 in the past. Requirements are easy and you get the bonus right away. Plus it gets even better if you can refer more people to join after you join yourself. You can earn $50 for every referral. Also check out the $50 bonus for joining SoFi Invest, a fee-free trading app and online platform.
If this bonus is not for you, then you can check our full list of available bank bonuses. And, if you’re new to bank account bonuses, you can learn more about churning bank accounts here.
