I’ve shared many ways how to travel for nearly free using credit cards. This past month, I decided to look into new ways to earn extra cash on the side. SoFi Money Account came into my life, gladly so. It’s my new favorite go-to account for fee-free debit card use (domestic and international). It had also opened up opportunities to earn a bit on the side, funds that I’m sure will be put to good use whether it’s for my upcoming trip, or cover a few expenses in the family.
Since opening up the account on October 19, here’s what’s taken place since
In just a little over two weeks, I earned $2,150 in referral and welcome bonuses. That may not be a lot of money for some of you, but I was quite thrilled to share this new account since I believe in the benefits of having a SoFi Money Account. Need a refresher?
What is a SoFi Money Account:
– open an account with $100 min deposit
– earn 1.6% APY
– No account fees
– No direct deposit required (optional)
– No hard credit check
– No ATM fees worldwide (fees reimbursed)
– No need to keep the account open for a length of time
How to get a $50 welcome bonus and earn $50 per referral from SoFi
Once you fulfill the requirements above, what’s in it for you?
- you earn a $50 welcome bonus.
- you can refer others, get $50 for each new referral
What’s in it for the ones you referred?
- all they have to do is open up a $100 account
- they, too, get a $50 welcome bonus
- And, they could also begin referring others to earn $50 per referral
- everybody wins.
How to make an extra $100 with SoFi
So what’s new? While having a direct deposit is NOT required with a SoFi Money Account, SoFi is rewarding its account holders with another $100. How? Here’s the answer from SoFi.
That’s another quick and easy way of earning $100. All you need to do is set up a direct deposit of at least $500 into your SoFi Money Account, and boom, you’re rewarded with $100 (after SoFi receives two recurring direct deposits). If you have the means to do this, that’s not a bad way of making an extra $100.
Just remember the deadline. It could take awhile to work with your payroll department to set up a direct deposit. So keep this in mind. The 1st deposit must be in your account by 12/31/2019.
So, there, a $50 welcome bonus, plus $100 earning if you choose to do at least two direct deposits. That’s $150. But if you refer others, the potential to earn a bit more is all up to you. That’s another $50 per referral
My lessons-learned with having a SoFi Money Account
The referral now is $50 per referral, who knows when we’ll see the $100 promo again. Still a great easy earning opportunity based on my personal experience. Just refer your family or friends, and all they need is to make $100 deposit, they get $50 bonus, you get $50 per referral. That’s it.
To be honest, when I applied for a SoFi account, there was no $100 referrals. I applied because I saw the value in having a fee-free debit card that I truly needed for all my worldly travels. It wasn’t until a few days later when SoFi offered the $100 referrals which lasted 2 weeks.
SoFi cash withdrawals
Of my $2,150 referrals and bonus, I was able to withdraw $1,120, meaning I was able to get my initial deposit + $1000 + a part of my welcome bonus. I was also able to take out as much as $600 in one transaction via ATM. So folks, I’ve not lost a thing.
Money Transfer options
I can transfer SoFi money to any of my linked accounts. No transfer fee. It could take 2-3 business days to transfer. I did a $2 electronic transfer on Monday.
If you refer over $599, you will get a 1099 form during tax season. My suggestion, if you’re doing this with your family, plan your referrals accordingly.
When can you withdraw funds
Your $100 deposit and $50 welcome bonus can be used within a day or so. The $100 referrals take 5-10 days to become available.
What do you mean fee-free ATM withdrawals?
It’s exactly what I meant. I used an ATM yesterday and today. The ATM charged $3 each transaction. But, SoFi took care of the fees immediately. That’s fee-free withdrawal.
How long does it take to get started
It took me 5 minutes. Click here –> https://bit.ly/32yyoqR
To those who used my referral, thank you! If you have any questions, or would like to share your experience with SoFi, please let me know.