Close your SoFi savings account through the mobile app or website in under five minutes
To close a SoFi savings account, log into the SoFi app or website, go to your account settings, find the savings account you want to close, and select the option to close it. SoFi will ask you to confirm the closure and may ask why you're leaving. The account closes immediately, but any pending transactions will still process. You don't need to withdraw your money first — SoFi will send any remaining balance to your linked external bank account within one to three business days.
Before you close, make sure your account balance is what you expect it to be. Check for any automatic transfers or scheduled payments tied to that savings account and cancel or redirect them first. If you have multiple SoFi savings accounts (SoFi lets you create separate "buckets" for different goals), you'll close them one at a time through the same process.
Key Takeaways
- Close your account through the SoFi app or website by navigating to account settings and selecting the close option for your savings account.
- Your remaining balance will transfer to your linked external bank account within one to three business days after closure.
- Cancel any automatic transfers or recurring payments tied to the account before you close it, or they may fail.
- Account closure is immediate, but pending transactions will still go through, so check your recent activity before confirming.
Steps to close through the SoFi app
Open the SoFi app and tap on the savings account you want to close. Look for the account menu — this is usually three dots or lines in the top right corner of the account screen. Tap it and scroll down until you see an option like "Close Account" or "Manage Account." Tap that option.
SoFi will show you a confirmation screen with your current balance and ask you to confirm the closure. Read through any warnings about pending transactions. If you're ready, tap the button to confirm. The app will ask you optional questions about why you're closing the account — you can skip these or answer them. Once you confirm, the account closes immediately.
After closure, check your linked external bank account. SoFi will send your remaining balance there within one to three business days. If you don't see the transfer after three business days, contact SoFi support through the app.
Steps to close through the SoFi website
Log into your SoFi account on the website. Click on "Savings" or navigate to the savings account section. Find the specific savings account you want to close and click on it to open the account details.
Look for a settings icon or menu option — usually a gear icon or three-dot menu near the account name. Click it and look for "Close Account" or similar language. Click that option. SoFi will display your current balance and ask you to confirm the closure. Review the information and click the confirmation button.
The account closes right away. Your remaining balance will post to your linked external bank account within one to three business days. You can check the status of the transfer by logging back into SoFi and looking at your transaction history.
What happens to your money and pending transactions
When you close your SoFi savings account, any money in it doesn't disappear — SoFi sends it to the external bank account you linked to your SoFi profile. This transfer takes one to three business days. If you haven't linked an external account, SoFi will prompt you to do so before the closure completes.
Any transactions that were already in progress when you closed the account will still go through. For example, if you scheduled a transfer out of that savings account for tomorrow, it will still happen even though the account is closed. This is why you should check your recent activity and cancel any automatic transfers or payments before you close. If a transaction fails because the account is closed, the sending institution may charge you a fee.
If you have multiple SoFi savings accounts (buckets), closing one does not affect the others. Your money in other accounts stays where it is.
Cancel automatic transfers and payments first
Before you close your account, look for any automatic transfers or recurring payments tied to it. These might include automatic deposits from your paycheck, regular transfers to another account, or bill payments. If you close the account while these are still active, the transactions may fail and trigger overdraft or returned-payment fees from the other bank involved.
To find these, open the SoFi app or website and look at your account activity or settings. Some automatic transfers show up in a "Transfers" or "Scheduled Transactions" section. Cancel each one before you close the account. If you want to keep the transfer or payment going, set it up with a different account first.
If you forget to cancel an automatic transfer and it fails after you close the account, contact SoFi support. They can sometimes help you recover fees charged by the other bank, though this is not may provide.
What to do if you want to reopen your account later
SoFi does not have a formal waiting period before you can reopen a closed savings account. However, you may need to create a new account rather than reactivate the old one. When you log back into SoFi after closing, you can open a new savings account using the same process you used to create your first one.
If you closed the account due to a problem — such as unexpected fees or a service issue — contact SoFi support before reopening. They may be able to address the underlying issue or offer you information about how to avoid it with a new account.
Frequently Asked Questions
Will closing my SoFi savings account affect my SoFi checking account?
No. Closing a savings account does not affect any other accounts you have with SoFi, including a checking account. Each account is separate and can be closed independently.
How long does it take for my money to arrive after I close?
SoFi sends your remaining balance to your linked external bank account within one to three business days. Weekends and holidays may add time. If the money doesn't arrive after three business days, contact SoFi support with your transfer confirmation number.
Can I close my account if I have a negative balance?
No. You must bring your account to a zero or positive balance before you can close it. If your account is negative, deposit money to cover the negative balance first, then close the account.
What if I forgot to cancel a recurring payment before closing?
Contact SoFi support right away. If the payment failed because the account was closed, SoFi may be able to help you recover fees charged by the other bank. Provide them with the date you closed the account and the name of the payment or transfer that failed.
Do I lose my interest if I close early?
SoFi savings accounts do not have early withdrawal penalties. You keep any interest you've already earned. Interest accrues daily and is paid monthly, so you'll receive interest through the day you close the account.