SoFi Money $25 Cash Bonus / SoFi Invest $100 in Free Stock / 20% Off Lyft Rides

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(New promo: Get 20% off Lyft rides from now until February 18th, 2020 when you link your SoFi Money debit card as the default payment method. No other activation or promo code required. Up to $1,000 cash back. Don’t open a new account through that link though, read below and get a $50 bonus.)

SoFi (“Social Finance”) is expanding from students loans into a cash management and stock brokerage account. Both are competitive and modern app-first products, but enter a crowded field. To get your attention, they are offering bonuses to try them out, and if you have a spouse/partner, you can refer each other to grow the total bonus. There is also a $100 direct deposit bonus for existing customers (see below).

SoFi Money (Cash Management Account)

  • Get a $25 cash bonus when you fund your account with at least $100. That is a friend’s SoFi Money referral link. The referrer gets $25, so thanks if you use it! You don’t have to do anything else but wait for your bonus to arrive in a day or so. There is no set expiration date on this offer, so it could end at any time.
  • After joining, if you refer a friend yourself, you will get $25 and they will also get the $25 bonus. That means a couple together can earn a total of $75.
  • FDIC-insured. No account fees. No minimums.
  • Free debit card with unlimited reimbursed ATM fees.
  • Currently pays 1.60% APY.

SoFi Invest (Brokerage Account)

  • Get a $100 of your choice of stock when you fund your account with at least $1,000. That is my SoFi Invest referral link. The referrer gets $100. This is quadruple the standard $25 bonus, but with a higher minimum deposit.
  • After joining, if you refer a friend yourself, you will get $100 and they will also get the $100 in free stock. That means a couple together can earn a total of $300 value.
  • SoFi Invest allows fractional shares (“stock bits”), so you can get exactly $50 worth of Apple, etc. Trade as little as $1 at a time.
  • No trading fees.

For example, you can get $100 of Apple, S&P 500 ETF, or Berkshire Hathaway.

An excerpt of the terms is below, and the way I read it, you can get one Money bonus and one Invest bonus since SoFi Invest and SoFi Money are different accounts. If so, a couple could earn $450 altogether. Find your referral links to refer others in the SoFi app.

Only one Money Referral Bonus and one Money Welcome Bonus will be awarded for each referred Eligible Money Recipient, regardless of whether the Eligible Money Recipient opens and funds multiple accounts. An Eligible Money Referrer will not earn a Money Referral Bonus if the Eligible Money Recipient has or had an existing funded SoFi Money account, or does not use the unique referral link provided by the Eligible Money Referrer.

Only one Invest Referral Bonus and one Invest Welcome Bonus will be awarded for each referred Eligible Invest Recipient, regardless of whether the Eligible Invest Recipient opens and funds multiple accounts. An Eligible Invest Referrer will not earn an Invest Referral Bonus if the Eligible Invest Recipient has or had an existing funded SoFi Invest account or does not use the unique referral link provided by the Eligible Invest Referrer.

Opened an account recently? New targeted $100 Direct Deposit bonus! If you opened an account, or after you do open an account, be on the lookout for an e-mail offer of another $100 bonus if you make two direct deposits of $500+. The e-mail ended up in my spam folder, but had a subject line of “Get $100 when you set up direct deposit”. If you have the ability to split your direct deposit or have a small business where you pay yourself, this is another easy $100. Here are the terms that I got:

Only SoFi Money members without any history of direct deposit transactions as of 11/07/2019 are eligible. To receive the bonus offer, a payroll direct deposit of at least $500 must be made by the SoFi Money member’s employer, or payroll provider by ACH deposit before 12/31. A second deposit from the same employer must then be made to the member’s SoFi Money account within 31 days of the initial direct deposit. Direct deposits that are not from an employer (such as check deposits; P2P transfers such as from PayPal or Venmo, etc; merchant transactions such as from PayPal, Stripe, Square, etc; and bank ACH transfers not from employers) do not qualify for this promotion. Within two weeks of the second direct deposit clearing, qualifying participants will receive a $100 deposit into their SoFi Money account. This offer is limited to one per person and is limited to recipients of this email. The offer expires on 12/31/2019, at 5pm EST.

You can also get another $100 bonus if you refinance your student loans through SoFi.

SoFi does try to deliver on their “Social” claim by hosting free member events around the country. For example, they are hosting a free brewery tour + tacos tasting at Blue Owl Brewing in Austin, Texas. They then offered tickets to the Big 10 college football championship game. By opening one of these accounts, you become eligible to join these free events.

I don’t see anything groundbreaking about either of these accounts, but high interest and free trades are what’s hot these days. The good news is that SoFi makes the opening process quick and simple. You can open, apply, fund online and be poking around the app all in the same day. They also don’t require you do to keep the money in there for months or move assets over.

Bottom line. SoFi is offering cash and free stock bonuses for trying out their new products. They can quickly add up to easy money for a minor amount of effort. There’s also a new direct deposit bonus for even more free money.

My Money Blog has partnered with CardRatings and Credit-Land for selected credit cards, and may receive a commission from card issuers. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned. is also a member of the Amazon Associate Program, and if you click through to Amazon and make a purchase, I may earn a small commission. Thank you for your support.

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  1. I used your referrals.

  2. The fine print says:

    ” Only one referral reward and one welcome bonus per new customer: you will not receive multiple referral bonuses for the same friend taking out multiple loans or products, nor will your friend receive multiple welcome bonuses for taking out multiple loans or products.”

    Sounds like that may not be correct if you received both Jonathan? I guess best to do the Cash account first just in case since that’s the larger bonus

    • You may be correct, I read that as you won’t 5 bonuses if the same friend opens say 5 SoFi Money accounts (and neither will the friend). I read it as if they opened one of each it would be okay, but it is possible that they interpret it differently.

  3. I’ve used Sofi account for about 6 months so far and a fan so far. I found it gave me the best exchange rates (slightly) at overseas ATMs in my limited experimenting. It is now my goto for access cash while traveling.

  4. That’s an impressive deal. I’ve looked through the SoFi web site. What’s the catch?

    • No catch, the customer acquisition cost for a banking or brokerage product is often in the $100 to $300 range. SoFi is choosing to give it to people directly, as opposed to TV ads or a billboard. There are competitors with similar high interest rates and free trades now, so they have to try harder to get you to try them instead of someone else.

  5. Do we need to provide SSN to open accounts?

  6. Happy to use your referrals. Thanks for all the great advice over the years! 🙂

  7. Hi Jonathan,
    I used your link and appropriated the info. Have been following your website side for a while and keep the good work!

  8. Thanks! used both of your referral links.

  9. Seems like I only got 1 bonus for opening both accounts. Funny I opened the Invest account first, but they are giving the bonus for the Money account.

  10. Lucas Baile says:

    I have a question. Is this investment for Banks or Stock Market?

  11. Jonathan, I used your link and opened a Money account. I have not funded it yet. When I go to Membership dashboard and click Refer a friend, I only see my personal referral link for SoFi personal load or student loan. What am I doing wrong?

  12. is this a soft or hard pull?

  13. Has anyone received their bonus money? My deposit has come through and shows in my “money” but my bonus amounts show up as transactions, but aren’t present in my “money”.

  14. SoFi Invest bonus ended yesterday (Oct 31)

  15. Has anyone tried the SoFi Money account today? Do the bonus and referrals still work?

    • As of 11/1, the SoFi Invest link works but still shows the 10/31 expiration date.

      The SoFi Money $50 bonus for $100 deposit is still live and working. There is no expiration date given.

      • Thanks! I used your referral link. It says my $100 funding transfer will be available on 11/7. No message or email mentioning the $50 bonus coming. Hopefully I’ll see it this week.

        Is this a pull ACH transfer when they use your logon credentials to transfer the money from the funding bank? There would be no fee for that. I’m wondering if I’ll get a transfer fee from the funding bank for this method.

  16. Thanks. Used your referral link and got my welcome bonus and the bonus for referring the wife already.

    Note for others that the app and website can be a bit wonky on older phones. I couldn’t download the app on my old phone (Samsung S5) and when I used the web browser, I could log in, but it kept throwing up error messages when trying to navigate through the site. My workaround was to just download and log in using the app on my wife’s phone. No problem using website on my laptop, but as others mentioned, you do need to use the app to send the referral.

  17. Used your links! Been a long time reader (2007 i think?). Enjoy the $150!

  18. Looks like they reduced the SoFi Money referral bonus down from $100 to $50.

  19. My deposit finally showed up in My “Money” today but still no sign of the referral bonus. Does that usually come later? I used your referral link on 11/1.

    • Great experience with Sofi support. I didn’t receive my referral bonus so I contacted support through email. They responded quickly and let me know the information that they needed to submit the referral manually. I provided that information and the bonus was deposited on the next business day. Now that is service!

  20. Have you received your investment bonus? It said that it would be deposited within 10 days. I still don’t see mine. Thanks!

    • Sorry to hear that. It’s kind of hard to tell for me because they don’t tell me what the referral bonus is from, someone else, or from me opening the account. And if someone else I don’t know for who it is. I haven’t gotten my free stock either though, I just thought they might have just given me the cash instead. I would contact SoFi and ask for help if needed. If you need something from me, please email at jonathan at this domain or use my contact form.

  21. Signed up using your link, for both the Money and the Invest accounts on Oct 29. The Money bonus showed up right away, but I never got the Invest bonus (should show up within 10 days). I contacted them via chat today, and they said they needed verification from you to add the bonus (i.e. they asked that I have you contact them to verify my referral). Just a heads up for others that may be missing the Invest bonus. Same thing happened when I subsequently referred my wife, so I’m guessing you’re missing the bonus from my sign up also.

    • Sorry to hear that. I don’t see any of your personal details (name, email, etc) when you use the referral link, so if you something on my end like that, please send me your first/last name and the e-mail address you used with SoFi and what you would like me to do to my email at jonathan at this domain or use my contact form. Please don’t leave personal details in a comment. Thanks!

  22. Naomi WIllard says:

    Thank you! I just chatted an agent at So Fi and they said the investment bonus would be credited in 7-10 business days. Hoping you get the bonus. Thank you again for all your help through the years. Hope you and your family have a Happy Thanksgiving!

  23. The SoFi invest bonus does pay out, but it seems much slower
    As of now, the SoFi money bonus seems to be down to $25

  24. Based on my personal experience with SoFi, don’t trust them to pay the bonus they advertise. I signed up and was really liking the interface and what they had to offer, until they wouldn’t pay the bonus I signed up under. I can’t give them my money if I can’t trust them. My recommendation is that you explore some of the other options out there–there are a lot of other online banking and investing options available now. SoFi was not a good experience.
    ***Have come across numerous other people who haven’t gotten the bonus either–beware!!!

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