(Click on image to skip the explanation and go right to the free $50.)
I am a big fan of Gen. Grant, especially after finishing Ron Chernow’s magnificent biography. I’d be fine with dropping Pres. Jackson from the $20, but think that Grant’s place should remain on the $50. Want one with no risk and minimal bother? Here’s how:
Deposit $100 into SoFi Money and they will add $50 to your account within two weeks. Here are the details: They offer a 2.25% annual percentage yield. The account features unlimited free ATM usage – no ATM transaction fees and no foreign transaction fees either. There are no account fees. The average bank account charges $329 in account fees per year compared with $0 at SoFi. There are no account minimum fees or overdraft fees. This compares with the average overdraft fee of $38. They don’t even charge anything for the first replacement card.
I have hundreds of bank accounts (don't ask) and some charge account opening fees, monthly fees, annual fees, fees on foreign transactions, on inactivity, dormant accounts, escheatment, P2P transfers, bill pay, mobile check deposits, physical checks, return items, overdraft, point of sale transactions, and ATM transactions. If I have enough of a balance or squeal loudly enough they can occasionally be avoided or reversed. At SoFi it is easier: they are all $0.
Too Good To Be True?
There are two reasons why this isn’t too good to be true. First, it is a direct to customer, internet/app-based offering with low overhead that allows them to pass on savings to you.
Secondly, we are in the midst of a mad tech startup bubble. Investors are offering pre-public companies virtually any amount of capital if they can show growth. So some recipients are happy to simply pay for that growth. In the case of SoFi, they have received $2.5 billion of funding in twelve rounds over seven years, most recently a $500 million private equity round from the Qatar Investment Authority in May. This values the company at $4.3 billion. In such circumstances, it is better to receive than to give. You can receive $50 of this $500 million simply by depositing $100, getting some of the cash and allowing them to show growth. Such opportunities will not be around forever, but are worth the couple of minutes it takes to take advantage of this one today.
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
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