SoFi Money is sort of a hybrid between a checking and savings account. SoFi is a cash management account that offers a competitive APY and right now there is a promotion where you can earn a quick $50 after funding it with $100 if you use a referral link like mine right here.
Keep reading below for more details!
Table of Contents
SoFi Money account details
Here are the highlights of the SoFi Money account:
- Welcome bonus of $50
- No account fees
- APY of 1.6%
- Refundable ATM fees (even on international withdrawals)
- Easy to send money
SoFi is not a bank but they work with partner banks that are FDIC insured, each up to $250K for a total of $1.5M. The last time I checked there were six banks although I am not sure exactly which banks they are.
$50 welcome bonus
All you have to do is open a SoFi Money account and fund it with $100 dollars within 14 days, and you will receive a $50 credit. Considering opening up an account only takes a couple of minutes, this is easy money.
Once you have an account then you can refer other people and make more easy money once they fund their account (they will also receive $50 if they fund with $100).
There is a $10,000 cap on referrals so you can get busy with referrals.
Money Referral Bonuses and Money Welcome Bonuses are each considered miscellaneous income, and may be reportable to the IRS on Form 1099-MISC (or Form 1042-S, if applicable).
No account fees
You will not be charged any account fees (transaction fees, monthly fees, etc.) and there is no minimum for your balance. You can even get free checks. This truly is a no nonsense account.
APY of 1.6%
The APY (interest rate) for the account is 1.6%. This is not the highest APY that you can find but it is still competitive compared to a lot of major banks.
The interest rates are subject to change.
Refundable ATM fees
SoFi does not have its own ATM network but they will reimburse you for a lot of ATM fees when you use their debit card.
- Sofi does not charge you for ATM fees when using their debit card.
- You will be reimbursed for any ATM fees that come from an ATM displaying the VISA, Plus, or NYCE logo.
- You will also be reimbursed for foreign exchange fees charged by VISA
For us international travelers this is a great way to avoid foreign transaction fees on cash withdrawals, especially if you don’t want to bother opening up a Charles Schwab High Yield Checking account.
One thing to note is that the Visa zero liability does not apply to ATM transactions. So you will want to be extra careful about protecting your pin.
You can also easily send money to anyone right from your app. And when you send funds to SoFi Money holders, they’ll get it instantly. You can also set up automatic bill pay.
Easy to use app
I have found the SoFi app very easy to use. The sign-up process only takes a minute or two and it is also easy to fund your account through your bank. Customers are very happy with SoFi and I can see why.
Sign up now
If you would like to sign up here is my referral link. Once you sign up, you will be able to easily generate your own referral link.
I think this is a great product, especially for travelers. It is great to have an easy option to avoid international ATM fees that requires no hassle to sign-up for. And I also like the ability to earn a quick $50 by signing up and having the opportunity to earn more with referrals. The APY is also very respectable as well.
Daniel Gillaspia is the Founder of UponArriving.com and the credit card app, WalletFlo. He is a former attorney turned travel expert covering destinations along with TSA, airline, and hotel policies. Since 2014, his content has been featured in publications such as National Geographic, Smithsonian Magazine, and CNBC.