SoFi offering free $75 for Money accounts and $50+ for Invest accounts

SoFi is one of the best overall financial institutions for investments, interest earnings, traveling abroad, and overall simplicity without any fees.  They offer both Money, which is a cash management account, and Invest accounts for free, and both accounts come with unlimited free trades and no fees, no minimums, and no credit checks.  With the Federal Reserve's recent rate cut, the interest earnings rate for SoFi Money is still at a respectable 1.1%.  And right now, SoFi is offering a $75 bonus to anyone who opens a Money account and makes two direct deposits of at least $500 each.

What I really like about SoFi is the simplicity without fees.  Money accounts come with free unlimited trades and a free debit card with no fees.  All ATM withdrawal fees from third party ATMs are reimbursed worldwide, making it perhaps the best debit card to travel with the following features:

  • Earn 1.1% APY on your account balance.  This rate moves as interest rates move.  It was up to 1.6% before the Fed's rate cut last week.
  • No account minimum balance requirements.
  • No account fees.
  • ATM fees reimbursed worldwide.  As long as there is the ATM is displaying the Visa®, Plus®, or NYCE® logo.
  • No foreign transaction fees.
  • No credit check required to sign-up.
  • The cash balance in SoFi Money accounts is swept to one or more program banks where it earns a variable rate of interest and is eligible for FDIC insurance. FDIC Insurance does not immediately apply. Coverage begins when funds arrive at a partner bank. There are currently six banks available to accept these deposits, making customers eligible for up to $1,500,000 of FDIC insurance (six banks, $250,000 per bank).

SoFi Invest, which is their brokerage account product with no fees, also offers $50 in free stocks as a sign-up bonus if you deposit at least $1,000 within 14 days of sign-up.  New and existing SoFi Invest account holders can also score an easy $5-$25 in free stocks by playing their in-app sweepstakes came with one click.

Bottom line

SoFi Money and Invest are great and simple financial product with no fees.  Free trading is really easy online or over their app, and international travel is an absolute breeze.  You can use my referral links to sign up for the free $75 with SoFi Money and the $50 in free stocks with SoFi Invest:

H/T: Miles to Memories

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