Present is a free fintech financial institution that’s providing new customers a $50 referral bonus after signing up for an account utilizing a referral hyperlink. Right here’s what you have to do to earn your $50 Present referral bonus.
- Open a Present account utilizing a referral hyperlink (right here’s my Present referral hyperlink).
- Obtain a direct deposit of $200 or extra inside 45 days of opening your account.
- Your $50 bonus will publish inside 10 enterprise days after finishing a qualifying direct deposit.
Present is a straightforward bonus to earn and in addition provides you entry to 3 financial savings accounts that pay you 4% curiosity on as much as $2,000. Which means you’ll be able to put away as much as $6,000 incomes 4% curiosity. That’s excellent and makes Present an account I like to recommend to everybody.
On this publish, we’ll take a look at how Present works and stroll you thru the steps you have to observe to earn your $50 Present referral bonus.
What Is Present?
Present is a fintech banking app much like apps like Chime and Varo. It presents two predominant merchandise – a checking account and a financial savings account (they name their financial savings accounts, financial savings pods).
The Present checking account works like an everyday checking account. It comes with no hidden charges and entry to a community of free ATMs. The Present debit card additionally presents money again at choose eating places and different retailers.
Along with the checking account, Present additionally provides customers entry to a financial savings account that provides 4% curiosity on as much as $2,000. This makes Present a helpful choice for anybody seeking to get probably the most return on their money or anybody in search of a superb place to retailer their emergency fund. We’ll discuss concerning the financial savings account in additional element later on this publish.
Prior to now, Present got here with two plans. There was a free primary plan that gave you entry to 1 financial savings account. In the meantime, the premium plan gave you entry to 3 financial savings accounts but in addition got here with a $5 per thirty days payment. I used the essential plan as a result of it was free.
Nevertheless, Present just lately made some adjustments. If you join now, you’ll be able to open the premium plan with no month-to-month charges. This provides you entry to the three financial savings accounts, so whenever you join, you must open the premium plan (assuming it stays free).
Present Referral Bonus – Step By Step Instructions
With that background out of the best way, let’s take a look at the precise steps you’ll be able to observe to earn your $50 Present referral bonus.
1. Open A Present Account Utilizing A Referral Hyperlink. The very first thing you’ll must do is open a Present account utilizing a referral hyperlink. Right here’s my Present referral hyperlink in case you are interested by incomes your bonus and supporting this weblog too. My referral code ought to robotically be crammed in whenever you open the account, but when not, you should definitely use my code: KEVINH891.
If you open your Present account, you’ll get the choice of selecting between a primary or premium account. As I discussed within the earlier part, the premium plan is now free, so you must choose the premium plan whenever you open your account. It’s okay should you choose the essential plan nonetheless – you’ll be able to nonetheless improve to the premium plan later.
If you join, it might say that the premium plan prices $5 per thirty days, however whenever you truly open the account, it’ll say that it has no annual charges in your app.
2. Full A Direct Deposit Of $200 Or Extra Inside 45 Days. When you open your account, you’ll want to finish a direct deposit of $200 or extra inside 45 days. The phrases state the next:
A Payroll Direct Deposit have to be made by an employer or payroll supplier by ACH deposit. Transfers from Paypal, Zelle, Venmo, Sq., GooglePay, Money App, or related peer to look switch providers, one-time direct deposits (reminiscent of tax refunds), cell examine deposits, and money hundreds don’t qualify as a Payroll Direct Deposit.
The plain language of the phrases suggests that you’d want to finish an actual direct deposit to set off the bonus. If you are able to do an actual direct deposit, that’s your best choice to earn the bonus.
That being stated, many knowledge factors present you’ll be able to meet this bonus by finishing an ACH switch from an everyday checking account. Ally Financial institution doesn’t work to set off the bonus, however folks have reported that Uncover Financial institution or Schwab will set off the bonus. It’s possible you’ll want to finish a number of transfers to see which one works.
3. Your Bonus Will Submit Inside 10 Enterprise Days. The phrases state that your bonus will publish inside 10 enterprise days, however most individuals see their bonus publish in a few week. That is essential as a result of it’ll provide you with time to see in case your direct deposit methodology labored. Should you don’t see your bonus in a few week, strive once more with one other financial institution. Bear in mind, you solely have 45 days to finish a qualifying direct deposit, so don’t waste an excessive amount of time right here.
Present 4% Curiosity Financial savings Account Technique
Past the referral bonus, Present is particularly helpful as a result of it comes with a 4% curiosity financial savings account. I’ve written intimately concerning the financial savings account on this publish: Present Financial institution App – A 4% Curiosity Financial savings Account On Up To $2,000.
Present calls their financial savings accounts “financial savings pods.” It pays 4% curiosity in your first $2,000. The whole lot above $2,000 doesn’t earn curiosity. In different phrases, should you had $2,001 in your financial savings pod, you’d earn 4% curiosity on $2,000 and no curiosity on the remaining $1.
Should you open join the premium plan (which is now free for everybody), you’ll be capable to divulge heart’s contents to 3 completely different financial savings pods and put $2,000 in each. That’ll provide you with $6,000 incomes 4% curiosity.
The financial savings pods are saved in an FDIC-insured checking account, so that you’re not placing your cash in danger by having it in Present. Even should you don’t care concerning the $50 referral bonus, you must nonetheless open a Present account solely for entry to the financial savings accounts.
Refer Your Associates And Household For Extra Bonuses
Present customers get entry to a referral hyperlink they’ll use to refer their family and friends. You’ll earn $50 for every particular person you discuss with Present that completes the above steps. You’ll discover your referral within the prime proper nook of the app, the place it says “Get $50.”
You’re restricted to a most of $1,000 price of referrals per calendar yr, which suggests you must be capable to refer 20 folks in a yr underneath the present referral phrases. I’m undecided if Present counts the $50 signup bonus as a part of that restrict. In the event that they do, then you definitely’d actually be restricted to 19 referrals.
Both approach, that’s a superb deal. My recommendation is to ship your family and friends your referral hyperlink. You possibly can refer them to this publish if they’ve questions on the right way to earn the bonus.
Present has been making a reputation for itself just lately and appears to be making a powerful push for brand spanking new customers. The referral bonus is nice and price getting should you can meet the phrases. Having access to a number of financial savings accounts that pay 4% curiosity is even higher.
Plus, should you mix Present with my different 5% curiosity financial savings accounts choices you’ll be able to put away a big sum of money in financial savings accounts incomes a superb fee of return.
To study extra about checking account bonuses, take a look at my publish, The Final Information to Financial institution Account Bonuses. And to get extra element about Present and the way its 4% curiosity financial savings accounts work, take a look at my publish: Present Financial institution App – A 4% Curiosity Financial savings Account On Up To $2,000.