Earning free money doesn’t get any easier than this! Here’s the deal — when you open a new SoFi Money® account and add $100, they’ll give you $50. In addition, you can refer friends (or a spouse) and they’ll get $50 for opening a new account, plus you will get $100 for the referral. That’s $200 for couples in exchange for just a few minutes of time.

Even if you only refer one person, the bonus money you’ll earn is pretty amazing for so little time invested. If you’re able to refer several more people, you’ll earn a bonus that rivals most credit card sign-up bonuses! And that money will be earned without having to meet a minimum spending requirement.

Account Details

SoFi Money® is a cash management account that has no fees, no minimums, no direct deposit requirement, worldwide ATM fee reimbursement and a current variable interest rate of 1.8% APY.

This account can be a real boon to travelers because it comes with a debit card and reimburses ATM fees worldwide. Use any ATM worldwide that accepts Visa and they’ll reimburse you for the fees.

When signing up you’ll be asked to link your bank account from another institution to make your initial deposit. You can do so very easily by logging into your external account during the SoFi account setup process. The whole process took more no more than two minutes and was totally painless.

Fine Print

To take advantage of the deal, sign up for a SoFi Money® cash management account, deposit at least $100 within 14 days and receive a $50 bonus. Then when you refer a new member, get a $100 bonus for each referral. To get started and support TopTravelOnPoints.com, sign up with my referral link.

You must be new to the SoFi Money® account to get the welcome bonus
Referral bonuses are capped at $10,000 per customer within a calendar year
Welcome and referral bonuses are considered miscellaneous income and may be reportable to the IRS on Form 1099-MISC (consult your tax adviser for more details)
Only one referral reward and one welcome bonus per new customer; you will not receive multiple referral bonuses for the same friend taking out multiple products, nor will your friend receive multiple welcome bonuses for taking out multiple products
SoFi will reimburse ATM fees at any ATM displaying the Visa®, Plus®, or NYCE® logos and will also reimburse any foreign exchange fees charged by Visa

Find Your Referral Link

Once you’ve created your account, you’ll surely want to find your referral link and share it with others. In order to do that, you’ll need to download the SoFi app (available for both Apple and Android). When you log into the app, navigate to your profile screen and you’ll see a banner near the top advertising the referral process. See the visuals below:

1. Click on the Profile icon in the upper left of the home screen

Is There a Catch?

The short answer is no.

If you’re like me, one of the barriers stopping you from taking advantage of this offer right now is that you don’t want or need a new account. Well, there is nothing in the fine print that stipulates that you need to keep the account open for any specific period of time. So it certainly seems that you can close the account at any time after receiving your bonuses.

The other barrier for some may be the potential impact to your credit. The good news here is that this new account does not get reported to your credit profile like a new credit card application would. Thus there’s no negative impact to your credit.

Bottom Line

When I first saw this offer, I didn’t think much of it. Even though it sounded easy, I wasn’t interested in opening a new account. However, when I went back and looked at the details, this offer is too good to pass up. For just a few minutes of time, I can earn at least $200 and possibly much more. All of this with no minimum spending requirement and no fees. That’s what I call a win-win!

I signed up yesterday and my $50 welcome bonus was in my account the very next morning.