
Sofi is a U.S. FinTech company based in San Francisco, CA. They offer traditional banking services and products through their free mobile banking app, as well as desktop interface.
Currently, SoFi is offering a $25 sign up bonus when you open a new SoFi Money account using a referral link. If you’re ready to open an account now, then you can use my referral link here to get the free reward money.
If you’re still on the fence or need help with how to properly complete the necessary requirements to earn the bank bonus reward, then this article will help. I recently signed up with a new account and will share with you my experience on earning my $25 SoFi Money referral Bonus.
Plus, you’ll also learn about the one mistake I made and wish someone had told me prior to signing up.
What is SoFi Money?
SoFi Money is a free online banking option most beneficial to people who do simple banking, and who don’t need to go into a physical bank location. They offer a hybrid checking/savings account with no monthly fees nor overdraft fees, 2-day early paycheck access, cash back offers and much more.
Earlier this year, SoFi was granted approval by federal regulators to obtain their charter and become a national bank. This means they will no longer be restricted to only using their partner banks, such as Bancorp Bank, to offer their banking services and products to you. They will also be able to do business under their bank as well.
Additionally, they’ll be able to expand their financial products, as well as offer you more competitive interest rates for lending accounts. This change also means that Sofi will soon be offering separate checking and savings accounts with upwards of 1% APY.
As a current SoFi Money member, you’ll have advanced access to the upgrade for free.
SoFi Money Fintech Banking Features
- No Account Fees – Monthly banking fees are a thing of the past. No minimum balance is required, and you’ll have access to over 55,000 + fee-free ATMs within the AllPoint® Network. If using an out-of-network ATM, you will be charged a fee.
- No-Fee Overdraft Coverage – You’re on a tight income and you overspent on your card by accident. No worries. You’ll be covered up to $50 with no fees when you set up a qualifying direct deposit.
- Free Mobile Banking – You’ll be able to do all your banking right from your smartphone. This includes depositing checks, getting real time-alerts, changing your pin and much more.
- 2-Day Early Paycheck – Get paid faster, up to two days early, by setting up direct deposit on your account. No need to wait for your money or risk losing it in the mail.
- Local Cash Back Offers – Pay with your SoFi debit card at your favorite local spots and Sofi will reward you up to 15% cash back on eligible purchases.
- Automatic Saving Features – Organize your money, set savings goals, and save your change with Vaults and Roundups (SoFi’s current version of a savings account). Keep an eye on this feature as it may soon change now that Sofi will be offering an actual savings account under their new bank charter.
- FDIC Insured Banking – Your money is FDIC insured with Sofi through their bank partners. So you can rest assured that your money is safe in your SoFi Money account.
Ultimately, SoFi Money is a cash management account that lets you save and spend in a single account. For new account holders, they currently offer a $25 SoFi Money referral bonus. Please note that this offer is subject to change at any time.
SoFi Money Referral Bonus Guide
As mentioned earlier, I recently received my SoFi Money referral bonus, but not without a little hiccup. It’s not a huge one, but it’s worth mentioning since it may deter some people from taking advantage of the sign up bonus. Below is the complete, but short guide to your Sofi Money referral bonus.
SoFi Money Referral Bonus Requirements
There are 2 requirements to be eligible for the referral bonus:
- You must sign up to SoFi Money with a referral bonus link. You can use my referral link here.
- You must add at least $10 to your account within 5 days.
Once you complete the necessary requirements, you’ll earn $25 in free bank bonus money from Sofi. No strings attached.
Sofi Account Setup Process
The Sofi setup process is straightforward and offers the standard questions any bank requests of you when opening a new account. This includes things such as: a social security number to verify your identity, name, date of birth, and mailing address.

Next, you’ll be asked to link your bank account or debit card to make an initial deposit into your new Sofi Money account.
- Transfer from Bank – Link a bank to add up to $5,000. It arrives to your Sofi account within 3 – 5 days.
- Transfer from Debit Card – Use a debit card to add up to $100. It arrives to your Sofi account instantly.
If you want to take advantage of Sofi’s 0.25% APY interest rate on your money, then you’ll need to make a minimum deposit of $500 each month into your account. But this is not necessary in order to earn your $25 SoFi Money referral bonus.

This money transfer step is where I encountered a small issue that I wish I had known earlier.
Since I needed to meet the $10 transfer requirement within 5 days of opening my SoFi account to be eligible for the referral bonus, I opted to do a debit card transfer. This meant that my money would arrive into my SoFi account instantly as opposed to the 3 – 5 days with a linked bank transfer.
I had initially planned to only transfer the required $10 minimum, until I discovered there’s a $50 minimum for debit card transfers.

This might not be a big deal for everyone, but for someone that is short on cash, this may deter you from getting the sign up bonus. So before you decide to go for this bonus with a debit card transfer, just be aware that you need a $50 minimum for this.
But the good news is that according to other SoFi members who have received the referral bonus, you can do the required $10 minimum transfer with a linked bank account. I didn’t go this route so I can’t fully confirm this, but it’s worth trying out for a free $25 bank bonus.
My SoFi Money Referral Bonus Experience
Other than that small hiccup, my experience with receiving my SoFi Money referral bonus was a seamless one. As you can see from the image below, I initiated a debit card transfer in the amount of $55 to my new account. The money posted to my account instantly, and within seconds my $25 referral bonus was issued.


I should also mention that prior to confirming the transfer, I was given a run down of the transaction. It showed a 1.60% processing fee of $0.88, which was being waived for new Sofi Money members.

All in all, my $25 referral bonus truly came with no added fees and no strings attached!
SoFi Money, Give $25, Get $50 Referral Bonus
Now that you know how to get your free $25 referral bonus, it’s time to earn a lot more with SoFi Money!
As a new SoFi member, you’ll be able to earn up to $10k per year in SoFi referral bonus money by simply referring friends and family to SoFi.
For a limited time, SoFi is offering you a $50 bonus for each person that uses your link to register with SoFi and funds a new Money account with $10 within 5 days. In order to qualify, you must have an open SoFi Money account.


Within your account profile settings, you’ll find your unique referral link that you can send to family and friends to join SoFi.
The easiest way to earn $50 right now is to have your spouse or partner join Sofi with your referral link. They'll earn $25 in free money and you’ll also earn a $50 bonus. It’s an easy way to make quick money with very little effort.
Final Thoughts
The Sofi Money referral bonus was one of the easiest bank bonuses I’ve earned to date. Most other fintech companies, such as Chime, require direct deposits to earn the bank bonus and can lead you to miss out on free money. This is one of the reasons I was initially attracted to SoFi. Though there’s plenty of other reasons to continue banking with SoFi, especially now that they have obtained their bank charter.
In the coming months, SoFi Money will be offering high yield savings account which can help you effortlessly grow your money. As a new SoFi Money member, you’ll be able to upgrade for free once the feature rolls out.
SoFi also offers personal loans as well as refinancing opportunities for your student loans. Not to mention, you can invest in Crypto right within the app.
So while the app offers a great sign up bonus, it’s array of wealth building features is what may keep you banking with SoFi Money for the long haul!
You may also want to read next about the $100 DCU referral bonus, which doesn't require a direct deposit to earn the bonus.
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