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Written by Cari Scribner on October 1, 2021
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How To Make Money With SoFi

People get into investing for one common reason: to expand their wealth. No one wants to maintain the status quo, or worse, watch their money disappear.

At the same time, investing carries risk, and there are no guarantees you will see your portfolio grow exponentially.

There are ways, however, to help this process along. The more you know about investing platforms, the better.

If you stay on top of promotions they offer, you will have a strong start to keeping your portfolio in the red. Right now, SoFi is offering several ways to earn money.

What Is SoFi?

SoFi is a digital personal finance company with a long list of financial products. The platform helps members take control over their finances by:

  • Investing
  • Refinancing student loans and mortgages
  • Getting low-interest personal and home loans
  • Setting up IRAs

SoFi offers financial services that include investing, borrowing and saving. Members can create portfolios and automate investments with SoFi Invest. They can take advantage of personal loans, home loans, private student loans and student loan refinancing.

Right now, you can take advantage of several incentives that will get you started making money on SoFi.

SoFi Money Account $100 Giveaway

You can receive $100 plus your paycheck up to 2 days early when you set up direct deposit into a SoFi Money Account. Also unlock no-fee overdraft coverage, and pay no account fees.

This offer ends 10/31/21.

SoFi Money is one of the many services offered within the app. It is a cash management account where you can save, spend and keep track of your money.

There are no fees to open a cash management account to help you spend and save wisely. You might use this account to put away cash until you’re ready to invest, or for another financial goal like a down payment on a home.

SoFi Money doesn’t require you to have a minimum balance. What’s more, you won’t be charged overdraft or fees at more than 50,000 ATMs across the country. You can use your SoFi Money Debit Card in other countries for purchases and ATM withdrawals wherever Mastercard is accepted.

Members can earn 6x the national average (0.25% APY) on their funds with $500 or more in recurring monthly deposits into their SoFi Money account. You will earn 0.01% APY if you do not make these deposits.

SoFi Money holders also get access to exclusive member benefits including financial planning, career services, member rate discounts on additional SoFi loans, and more—all at no cost.

Earn 5% Cash Back On The SoFi Credit Card

Another way to make money on SoFi is to earn 5% cash back from the SoFi credit card. This deal caps the amount you can earn at $200, and is available for the first three months after you sign up for the card.

You can redeem this amount toward saving, investing, or paying down an eligible SoFi loan.

The standard cash back rate associated with SoFi’s credit card is 2%. There are no fees associated with the credit card.

It also carries other benefits including:

  • Smart spending and budgeting tools. Set a monthly budget and get notifications when you are close to reaching the limit of this budget
  • Cell phone protection. Complimentary cell phone insurance of up to $1,000
  • Mastercard ID theft protection. Ensure your personal info is safe with this service that detects potential fraud

The deadline to apply is 10/31/21.

Get Up To $510 For Personal Loans

Another way to make money with SoFi is to take advantage of a bonus to earn $500 in a SoFi money account for taking out a SoFi personal loan. You can also get an additional $10 when you view your rate.

With the SoFi Personal Loan, the minimum amount you can borrow is $5,000 in most states and the maximum is $100,000. Terms for repayment are 2 to 7 years.

sofi personal loan

SoFi Personal Loans are 100% fee-free. There are no origination fees, pre-payment fees, and no late fees. Once approved, money is sent directly to your personal bank account under your name. You are responsible for making payments after that.

The SoFi Personal Loan is an unsecured loan. This means that you do not need to put up collateral for your loan.

This $510 offer ends 9/30/21.

Earn Points For Linking, Spending, Monitoring and More

The next way to make money on SoFi is to earn points that you can use to:

  • Turn into cash with SoFi money
  • Redeem towards eligible SoFi loans
  • Convert into fractional shares of stock with SoFi invest
  • Get statement credits toward your SoFi credit card
  • Convert points into cryptocurrency with SoFi crypto

There is no cost to you to participate in the points program. Program eligibility is open to all members who are in good standing with any loan, account or other product they may have with SoFi, and who have registered on SoFi’s website ( and agreed to program terms.

The SoFi Member Rewards Program allows you to earn points from activities such as:

  • Spending on your SoFi Credit Card
  • Logging into the SoFi mobile app
  • Linking your non-SoFi accounts to SoFi Relay
  • Signing up for SoFi Relay Credit Score Monitoring
  • Using direct deposit with your SoFi Money account
  • Activating your SoFi Money debit card
  • Adding recurring direct deposits into your SoFi Money account
  • Setting up bill pay from your SoFi Money account

Points with SoFi do not expire. SoFi in its sole discretion may prohibit or limit your ability to use, earn, keep or redeem points at any time if you are a SoFi Member in “bad standing,” which includes being delinquent or defaulting on a loan or having a negative balance in your SoFi money account or your SoFi invest account.

SoFi Relay is a credit score monitoring and money tracking tool.  It keeps all of your money organized and gives you spending breakdowns, financial insights and more, all at zero cost to you

How to Make Money with SoFi: Conclusion

Every investor, whether just starting out or more experienced, has high hopes of making money. Many online platforms offer special deals for you to cash in for taking advantage of the financial products they offer, and SoFi is no exception.

This autumn, there are several promotions that will earn you money regardless of how your portfolio is doing.

Browse the incentives and see what makes financial sense for you.

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Article written by Cari Scribner
Cari Scribner is a career journalist with 20 year’s experience writing for newspapers and magazines. Now a freelance writer, she is also a published fiction writer with more than 15 short stories in literary mags. She recently completed a novel that is on the desk for consideration at two publishing houses. She lives with her two small dogs, Miloh and Lucy, in Upstate NY.

Platform Reviews

Power Your Investing

Choosing the right product and service is essential for your investing. Here are some of the tools and services to help your portfolio grow.
Robinhood provides an easy-to-use free trading platform for beginner investors. Robinhood has $0 account minimums. Get a free stock when you open an account below.
Try Robinhood
M1 Finance
M1 Finance offers a free investing platform where users can build portfolios of stocks and ETFs. Users can also choose from a variety of pre-built portfolios offered for free.
Try M1 Finance
Passively invest in private real estate deals with as little as $10. Fundrise allows you to own residential and commercial real estate across the U.S. starting at a 1% annual fee.
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