Banking (to earn miles), General

The Easiest $50 (and then $50 + $50 + $50….) You’ll Ever Make – SoFi

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I’d hesitated on posting this deal because it’s not really “miles and points” related. However, most people that love miles and points also love free money.

SoFi Overview

sofi money

SoFi Money

SoFi is an online financial service, currently paying a 1.6% yield on its “Money” online banking product. A Money account is “like a bank account” but it’s not technically one. But the reason to open this account is the $50 referral bonus and then the ATM fee rebate program.

When you open a new account and deposit a mere $100 using a referral link only (here’s my link to refer you), you will get $50 in your account (and the referrer gets $50 (it was $100 but it’s been reduced). Once you have the account open, you are now the referrer! So you’ll now be the one getting $50 $100 every time you refer a friend, significant other, etc. to join. I’d think this can be quite the money train!

You’ll need to download the SoFi app to get your SoFi Money referral link. For some reason, it’s not on the website.

ATM Fee Rebates

This can now be your “non-local bank and overseas money withdrawal card” because SoFi will reimburse ALL of your ATM fees. In Vegas and hit up an ATM with a $7 fee? SoFi puts that $7 right back in your account.

Are SoFi deposits insured?

Not like a typical bank, but yes, they are. This is what SoFi says on their website:
Deposits are swept daily to one or more banks (the “Program Banks”) where they earn a variable rate of interest and are eligible for FDIC insurance. Once your deposits reach one of the Program Banks (typically within 2 business days), they are FDIC insured.3 FDIC Insurance is not provided until the funds arrive at Program Bank. Funds in the SoFi Money Sweep Program are eligible for up to $1,500,000 of FDIC insurance through the Program Banks. If the number of Program Banks changes, or you elect not to use, and/or have existing assets at, one or more of the available banks, the actual amount of FDIC coverage will change. For more information on FDIC insurance coverage, please visit www.FDIC.gov. Customers are responsible for monitoring their total assets at each of the Program Banks to determine the extent of available FDIC insurance coverage in accordance with FDIC rules. The SoFi Money deposits are not covered by SIPC.
Truly, the above was all I needed to want to signup and get my $50. If you don’t have an account yet, please use my link to signup for an account.

A Note on Referrals:

Many MilesTalk readers will want to post their own referral links. To reward MilesTalk contributors, I’m only allowing referrals in the post on the MilesTalk Facebook group. People can reward fellow group members (or myself or a moderator) that have helped them the most. If you aren’t in the group and just want the  free $50 and account to refer your own friends from, once again this is my link which will get you your free $50.

Questions?

Ask me here, on Twitter, or in the private MilesTalk Facebook group.

You can find credit cards that best match your spending habits and bonus categories at Your Best Credit Cards

New to all of this? My “introduction to miles and points” book, MilesTalk: Live Your Wildest Travel Dreams Using Miles and Points is available on Amazon and at major booksellers.