SoFi is an online bank that gained popularity because of its combined Checking and Savings account, which offers a high Annual Percentage Yield (APY) without overdraft fees and monthly charges.
However, other online banks offer a higher APY than SoFi, don’t require a minimum balance to open an account, and your funds are also insured by the Federal Deposit Insurance Corporation (FDIC):
Bank: | Annual Percentage Yield (APY): |
SoFi | 4.50% |
Poppy Bank | 5.50% |
UFB Direct | 5.15% |
Bask Bank | 5.10% |
BMO Alto | 5.10% |
EverBank (formerly TIAA Bank) | 5.05% |
TAB Bank | 5.02% |
Upgrade Bank | 5.02% |
If you want to maximize the value of your hard-earned money, learn how to close your Sofi Account and transfer your funds to a bank that offers a higher-earning savings account.
How to Close Your SoFi Account or Subscription
You can close your SoFi account or subscription by logging into your Account, navigating to the correct Account, clicking More, and selecting Close Account.
After you select “Close Account,” SoFi’s system will review the status of your accounts and assess if they’re eligible for closure.
Your Checking and Savings, and Money accounts can only be closed under the following conditions:
- There are no pending transactions.
- There are no active debit card disputes.
Your Invest account can only be closed under the following conditions:
- All holdings in the account must be sold or transferred.
- All cash must be withdrawn.
- Pending and recurring deposits are canceled.
- Recurring purchases are canceled.
If your accounts don’t comply with these conditions, they cannot be closed online. You’ll have to Contact SoFi for assistance.
How to Close Your SoFi Checking and Savings Accounts
Follow the steps below to close your SoFi Checking and Savings accounts.
- Log into your Account.
- Navigate to the SoFi Checking and Savings homepage.
- Select More, then click Close Account.
- Sofi’s system will determine if your account is eligible for closure.
- If eligible, read the information provided and accept the Disclaimer.
- Select Close Account.
- Designate a linked bank account to receive the remaining balance. If your account has a balance, then click Continue.
- Answer the Questionnaire, and select Continue.
- Review the Account Details, then press Submit.
- Select Back to SoFi on the Confirmation screen.
💡Note: If no external bank account is linked to your SoFi Checking and Savings account, a check will be mailed to your address within 30 days from the date your account was officially closed by SoFi.
What Happens After You Close Your SoFi Checking and Savings Accounts?
After you close your SoFi Checking and Savings accounts, your debit card will be automatically suspended. SoFi will cancel all scheduled transfers and bill payments.
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- Inform your payroll provider and all merchants linked to your debit card that you are closing your SoFi account.
- Once your account is closed, you cannot receive incoming transfers, including direct deposits and peer-to-peer (P2P).
- Lastly, before you close your account, download all your statements for your banking records.
How to Delete Your SoFi Account
You can delete your SoFi account by starting a chat session with a customer service agent or by calling customer service at (855) 456-7634.
- Inform the customer service agent that you want to delete your SoFi account.
- Prepare the following information to help the agent verify your account:
- Full name
- Account number
- Email address
- Mobile number
- Birth date
- Provide the agent with your reason for deleting the account.
- The agent might entice you to keep your account open with special offers or suggest other alternatives.
- Reiterate your decision to delete the account.
- The agent will walk you through the account deletion process.
💡Note: After your account has been deleted, the login and password will be removed from the system, and your account will no longer be accessible.
How to Delete Your SoFi Account on the App
You can also delete your SoFi account on the app, but the feature is only available for iOS.
- Open the SoFi app.
- Navigate to the Home Screen.
- Select your Profile/Avatar.
- Go to the Profile tab.
- Tap Delete Account at the bottom of the page.
💡Note: You can only delete a SoFi account after it’s been closed.
How to Close Your SoFi Money Account
Follow the steps below to close your SoFi Money account.
- Log into your Account.
- Navigate to the SoFi Money homepage.
- Select More, then click on Close Account.
- Sofi’s system will determine if your account is eligible for closure.
- If eligible, read the information provided then accept the Disclaimer.
- Select Close Account.
- Designate a linked bank account to receive the remaining balance if your account has a balance.
- Answer a 3-question survey then click Submit.
- Select Continue on the Confirmation screen.
💡Note: If no external bank account is linked to your SoFi Money account, a check will be mailed to your address within 30 days from the date your account was officially closed by SoFi.
How to Close Your SoFi Invest Account
Follow the steps below to close your SoFi Invest account.
- Log into your Account.
- Navigate to the SoFi Money homepage.
- Select Manage or the Gear Wheel.
- Click on Close Account.
💡Note: You cannot close your SoFi Invest account if it has a negative balance. For assistance, call the Invest team at (855) 456-7634.
How to Close a Bank Account in 6 Steps
Withdrawing all your money will not close your bank account. Ignoring your bank account after moving your money out will also not close it.
The account will remain open and continue to incur penalties for falling below the minimum required balance and dormancy.
You can avoid these problems by following the six steps for closing a bank account.
1. Open a New Bank Account
Did you decide to close your bank account because you were unimpressed with its Annual Percentage Yield (APY)? Are you transferring to a new location and prefer a bank that’s closer to home?
Whatever the reason, you must first find a new home for your money before closing your bank account.
If you’re still looking, here are three things to consider when opening a new bank account.
- What is the APY? Look for a bank that offers an APY of 5% or higher. Find out if there are conditions for maintaining the APY.
- What are your financial goals? It might be a good idea to open multiple savings accounts to suit your financial goals. For example, you can open a savings account to fund your monthly expenses and another one for your emergency fund.
- What are the bank’s penalties and fees? Find out if the bank charges fees for overdrafts, maintenance, and minimum balance.
2. Transfer Automatic Transactions
If you have bills and direct deposits set up with your current bank, you must transfer them to your new bank before closing your account.
- Prepare a spreadsheet and list your monthly expenses including recurring bills such as subscriptions and Buy-Now-Pay-Later (BNPL) arrangements. Indicate the amount and include the due dates of each bill.
- You also have to review your recent transactions. You might have issued checks that haven’t cleared. Contact the payees and advise them to deposit the checks before you close the account.
- Meet with your employer and advise them about your plan to change bank accounts. You might have to fill out paperwork to have your payroll deposited to your new bank account.
💡Note: Creditors report missed payments to the credit bureaus. One missed payment could lead to a 100-point drop in your credit score.
3. Transfer Your Money
Once you have set up your automatic payments and direct deposits and accounted for all issued checks, you can transfer your money to the new account.
If your previous bank imposes a minimum balance requirement, transfer your money just before you officially close your savings account. This way, your previous bank won’t charge you for failing to meet the minimum balance requirement.
4. Download Your Transaction Records
You can’t access your records once your bank account has been closed.
Before deactivating your savings account, download your transaction records. You might need them for tax and record-keeping purposes.
5. Meet with the Bank Manager
Now that you’re set with your new bank take the time to meet with the manager of your previous bank.
Inform the Bank Manager that you plan to close your account with the bank. Although you updated your automatic payments and direct deposit arrangements and monitored the status of the issued checks, something might have slipped under your radar.
If a transaction does go through your closed account, you might be charged overdraft fees and other penalties. However, by meeting with the manager, you’re giving the bank a heads-up.
The situation won’t look as bad, and the bank might cut you some slack for being upfront and forward-thinking.
6. Close the Account
Account closing procedures might vary from bank to bank.
You might be asked to fill out forms and surrender your checkbook. The bank might stamp your old passbooks as Canceled. Some banks might allow you to close your account online or call customer service.
Get a written confirmation from the bank that your account has been officially closed.
Frequently Asked Questions:
Does SoFi charge an inactivity fee?
Yes, SoFi charges an inactivity fee of $25.
You can avoid the inactivity fee by logging into your account, which counts for an activity.
What is the penalty for closing a bank account?
Generally, there are no fees for closing a bank account.
However, some banks charge an “early closeout fee” if you close your account before a predetermined date.
If you don’t close your account properly, the bank could charge you fees for dormancy and falling below the minimum account balance.
Summary
Close your SoFi Checking and Savings, and Money accounts by logging into your Account, clicking More, and selecting Close Account.
You can close your SoFi Invest account by logging into your Account, clicking Manage, and selecting Close Account.
Remember, you can’t close your accounts unless you meet certain conditions. If your account doesn’t meet these conditions, you have to Contact SoFi for assistance.
This might not be the last time you change bank accounts. Next time, you’ll know what to do.