I’m slow on the uptake with this offer, but better late than never.
The $50 bonus will be added within a week of funding the account.
SoFi is a cash management account, which is an alternative to a checking account.
- There is no hard pull credit check.
- There are no accounts fees, monthly fees, minimum balance requirements, or overdraft fees.
- You can order checks free of charge.
- There are no ATM fees and SoFi will reimburse the fees charged by any ATM worldwide to take out cash. Note that the maximum daily ATM withdrawal is $610, but you can withdraw more money via ACH transfers.
- You’ll earn 1.6% APY on your balance, which is variable based on the federal interest rate.
- There are no foreign transaction fees. SoFi will also reimburse the 1% foreign exchange fee that is charged by Visa. That makes this a better option than other banks that advertise no foreign transaction fees!
- Money is automatically swept into 6 partner banks, so that you get $1.5 million in FDIC coverage instead of $250,000 on a regular checking account. It takes up to 2 days for the deposits to reach those banks to be eligible for coverage.
- You can send money instantly via the app or online to other SoFi holders, deposit mobile checks, setup automated bill pay, make ACH transfers, etc.
- You can earn $50 by referring your friends to SoFi.
Will you signup for SoFi Money?