Update: SoFi money has now been released and most people did not get offered any $200 bonus. Read our full review of SoFi Money here.
SoFi is planning to launch a new checking/savings account called SoFi money. They have sent out an e-mail to existing SoFi customers stating that when the product launches they will be offering a $200 bonus when you sign up for an account and set up direct deposit. The full e-mail is below:
It’s cute that they think that a 1.09% APY account is attractive, given the best rates are currently up to 2% APY or 5% on a rewards checking account. Despite the abusive use of emoji’s in the e-mail, I’ll still happily take the $200 assuming it’s a soft pull to open. You can’t currently sign up, but you can join the wait list here. It’s not necessary to be an existing SoFi customers to join when the account does go live and obviously we will do a full post when that happens.
The $200 bonus is broken down as follows:
- Receive a direct deposit of at least $500
- Receive $100 into the money account
- Receive $100 into SoFi Wealth account (if you don’t have this, they give you 30 days from receiving the other $100 to set one up)
The account itself might also be useful due to no FTF and reimbursed ATM fees worldwide. Similar to Charles Schwab & Denizen. Update: They do actually charge a 1% foreign transaction fee, no so attractive anymore.
Hat tip to reader @shinobidolife
Just got off the wait list but based on the comments below about the bonus being over, not going to bother. Hopefully a bonus comes back at some point
I just got my an email today that I am off the waitlist. No bonus mentioned anywhere and based on other comments, looks like the bonus is gone. The interest rate is mentioned as 2.25%, which does have ongoing requirements after the first 3 months: monthly direct deposits of $3k or more OR $500 or more in monthly debit card purchases. If you do not meet those requirements, the rate will drop to 1.25%
Curious to see what will happen with my bonus given the post from
Will Ryan . At any rate, just noticed some new terms on the account itself when I signed in today:
Annual Percentage Yield or APY is effective as of 10/15/18 and calculated based on maintaining an average daily balance of $10,000 or more, each month, for 12 months. If after 3 months of opening your first SoFi Money account (either individually or jointly) you do not either: (i) maintain an average daily balance of $10,000 or more in any month; OR (ii) make at least $3,000 in direct deposits in any month, your account will neither earn interest nor receive ATM fee reimbursements. In addition, you may not be eligible for other member benefits until you achieve one of these 2 activity targets. Service fees may reduce earnings. The interest rate is variable and subject to change by SoFi Securities from time to time, in its sole discretion, without advance notice to you. Changes to the interest rate will change the APY described. For more information, please refer to your Customer Agreement. Some account features, including ATM fee reimbursements, may change or be removed at any time, without prior notice.
WARNING:
They have told me this bonus is ‘discontinued’ and are not paying me. Even though the terms were still in their FAQ when they approved my account. They’ve now scrubbed any mention of this bonus from their website.
Wow that’s crazy, considering it hasn’t even launched beyond the waitlist yet. Did you have a previous relationship with SOFI?
No previous relationship.
I filed a CFPB complaint and suddenly they are very anxious to resolve the issue.
are they honoring the bonus for you?
my $500 direct deposit is hitting tomorrow to satisfy the original requirement..now im worried ill have to chat them and fight for this.. iguess ill file CFPB too. hows it looking for you?
I had to file a complaint and exchange a bunch of emails with people at Sofi but in the end yes they paid me the $100. Still waiting on the $100 to my Wealth account.
I am in the same boat, although my $500 DD won’t hit until Nov 2. Curious to see how this plays out.
I wrote in to clarify whats going on with the bonus and received the following response (I opened on 10/3, DD supposed to hit 11/2):
” Only our beta phase SoFi Money members who also have a SoFi Wealth account were eligible for a $200 bonus ($100 in SoFi Money and $100 in SoFi Wealth) if they set up a direct deposit into their SoFi Money account of $500 from their employer. This incentive program has discontinued however you are still able to take advantage of it.
Once the qualifying direct deposit posts to your SoFi Money the $100 Money bonus is applied instantaneously. The $100 Wealth bonus is applied within 10 business days. ”
So…. thanks for doing the legwork with CFPB Will Ryan.
They approved my account today with no mention of the $200 in the email or in my account area. However in the FAQ it says this:
>After we receive your first deposit of at least $500, we’ll add $100 directly to your SoFi Money account and $100 into an individual, non-IRA SoFi Wealth account. Don’t have a SoFi Wealth account? You’ll have 30 days from the day the first $100 of your welcome bonus deposits to your SoFi Money account to set up a Wealth account. After your account is open, we’ll add $100 into your account.
Hard or soft pull? Thanks
Not 100% sure but I know I never received an Experian hard pull from them.
Sweet. I am going to go for it. Thanks
They’ve now told me the bonus is ‘discontinued’ and are not paying me. Sorry if you already started the process.
Looks like they’ve started Early Access. I see the deposit offer after signing up for the account, and it looks like interest rate is currently 1%.
I received the early access email as well but I didn’t see the deposit offer anywhere. Where are you seeing it? Maybe I have to wait for them to ‘finish setting up my account’ (their words)?
Edit: Disregard. Once I linked a bank account the offer language showed on the ‘Manage Account’ page on the right side under ‘Direct Deposit’
My big issue is getting a $500 check to clear as I’m paid weekly. I would like to see if they would be cool with just a regular DD. Or if pushing to them would trigger it.
1.09% + free atm withdrawals + free checks + it being a checking account + slick website etc, sounds pretty nice. i’d take that over a 1.6% savings account (granted i don’t keep huge savings balances). i might give this a spin for my everyday checking account.
What no transaction limit, no minimum transaction account is at 1.09%? There is none. Sure you can link an Ally, Alliant, or Capital One checking account to a higher interest savings account but there is some hassle there and the risk of paying the “safety check” charge if you fail to account for a ACH debit or check.
Schwab is a better product. No foreign transaction fees and unlimited ATM fees reimbursed worldwide. 0.2% on the checking right now too.
Like the OP said, I’ll take the $200 though.
This interest rate is more than 5x Schwab’s…
This says no foreign transaction fees. Basically this offers an extra 1% interest and twice the signup bonus in exchange for limiting ATM fees reimbursed worldwide to 6 per month. Most people can easily make that work. And make this their primary checking account that has high interest without requirements.
You would trade almost 1% of interest for a hypothetical case where you’d use the ATM more than six times in one month? If you keep around ~$1,000 buffer in your checking account, that’s an extra ~$7.50 a month in interest over the Schwab account. You’d have to be going to the ATM 9 times a month every month for the Schwab account to be better.
I prefer to keep a small buffer (~$500 – ~$1,000) in my checking account, but I hate losing the interest with a fiery passion.
By that logic you should go for Memory Bank.
What I mean is using ATM 2-4 times a month is normal/expected usage, using an ATM more than six times a month regularly is highly unusual usage for most people.
Hrm… from the post: “Update: They do actually charge a 1% foreign transaction fee, no so attractive anymore.”
Uh… so no foreign transaction fee was a lie? Uh…