Last updated on April 2nd, 2020 at 02:21 pm
I actually came across this promo on Facebook in November. SoFi Money is an online cash management account that is promoting a $75 sign up reward for new members after loading it with two $500 through Direct Deposit.
NOTICE: The cash reward changes. It started as $50 but now it’s $75 but now requiring two $500 direct depoists. So I can’t guarantee the reward will stay at $75. Clicking on any of the SoFi Money links will let you know of the current requirements.
But to be honest, I’m not familiar with these cash management programs. So to me, it looks like an online bank (they even give us a debit card & free checks if we’d like!). But it’s not a bank. It’s a brokerage account.
It doesn’t work as a second-chance checking account either, so please be aware of that. We still need a bank account to link it with.
Before we tackle on getting things started, here are the perks listed on their site below:
- <del>High 1.60% APY</del> <ins>(it is now a low 0.20% APY as of 3/30/2020</ins>
- Completely free – no fees whatsoever (including overdraft & maintenance)
- No minimum balance
- ATM fees reimbursed worldwide
- FDIC insured with partner banks
- Send money through the app (instantly to other account holders)
- And of course, it helps us manage money
Step 1. Sign Up with SoFi Money
This is a simple guide to show you what kind of information they want from us to open an account.
So first off, sign up with a referral link. The $75 offer will not work otherwise and may be lower or nonexistent.
I’ve just checked, and going straight to SoFi Money without a referral link will not reward us with the $75. It won’t even mention said reward (as of right now).
Right after trying to register, we are taken to this screen above. If unsure of which one to pick, just go with Individual.
Afterwards, we need to provide our residential address. Be sure to enter it correctly to receive your debit card in the mail!
For the next page, we are forced to enter our phone number (and for good reason!). Our account will be extra secured with the mandatory 2FA (two factor authentication) by sending us a text with a random code.
Right after providing our number, the next page asks us to input the verification number that we received through text.
On this page, we’re asked about our citizenship and social security number. This is required by US law, unfortunately. But SoFi is a reputable company since 2011, so no need to worry.
Apologies for the missing image here! But for the next questions, I’m sure it was concerning our military history (if any).
And that’s that for signing up! Now, to add some money into our new cash management account…
Step 2. Link Bank Account
If you’re not already on this page, go to Money from the top navigator, then click on ‘Connect bank accounts’ from the left menu under More.
The most famous banks will be displayed for quick access. If your bank is not shown, simply type in the name of your bank through the Search box.
But if your bank is not found, then just click on the link ‘Unable to connect your bank?’.
Whether your bank is listed or not, you’ll have a page like this show up. You will obviously need your routing & account numbers.
NOTICE: If you have problems linking your bank account, click here or scroll all the way down to the last section.
Step 3. Wait for Micro-Transactions
From here on out it’s waiting time for a few days. They will send two micro-transactions to the linked bank account during this time.
On your bank account, check the two micro-transactions and take note of the exact amounts that were taken.
Afterwards, go back to SoFi, login, and go to the page about bank linking. And on that page it will ask how much each transaction was.
Step 4. Direct Deposit $500 twice to Earn The Reward
Once the bank account is fully connected, now we can transfer some money. But to earn the $75 reward, we must deposit a minimum of $500 twice (within 14 days or otherwise noted). It should take 2 days or less to receive the reward (mine took less than a day).
And that’s it!
Having Problems Linking Your Bank Account?
I actually had a frustrating problem trying to link my bank account. Their system acknowledges it and sends an email. Just like this one:
The email gives a number to call an agency to try to fix the problem (or to discuss a workaround).
In my case, after verifying that all information was correct, they told me that SoFi was be the problem. Not them, the agency. And so I called SoFi, told them the problem, and the representative then told me that their systems have problems with credit union banks. Something about these type of banks having very strict security rules.
So how do we fix this problem, though?
A day later, I then noticed that I can add external accounts to my bank account. SoFi also provides us with an account and routing number. So all we have to do is…simply do things backwards! Add SoFi as an external account instead. Simple!
After that, just transfer money from the bank to SoFi. You should get $75 within 2 days (or in a few hours).
To take advantage of this offer, register here…