Savings switch kit
How to move savings to SoFi Bank
A practical checklist for opening the account, funding it safely, testing transfers, and avoiding payroll or bill-pay surprises.
Live APY
3.30%
On $25,000
$730
Transfer timing
1-3 business days
Freshness
stale
Last verified
Who this switch is for
- Existing SoFi users
- Direct-deposit customers who can qualify for stronger tiers
- People who want checking and savings in one app
Switch checklist
Printable checklist: use your browser print command to save this switch plan as a PDF.
- 1Open the destination savings accountUse the bank's official application flow. Confirm the account name, APY tier, fees, and minimum balance before submitting.
- 2Link your current bank by ACHUse instant verification when available. If micro-deposits are required, expect one to three business days before funding.
- 3Send a small test transferMove a small amount first, confirm it arrives, then schedule the larger transfer once the link is proven.
- 4Move idle cash in stagesKeep bill money and near-term cash in your current account until automatic payments and payroll timing are stable.
- 5Update alerts and beneficiariesTurn on balance and transfer alerts, then add beneficiaries if the bank supports them.
- 6Decide whether to close the old account laterDo not close your old account until deposits, bill pay, and subscriptions have cleared through the new setup.
Timing and gotchas
Opening deposit
No minimum balance is typically required, but rate tiers can depend on account activity and membership status.
Transfer timing
ACH transfers commonly take one to three business days after linking.
Direct deposit
SoFi savings rates can depend on qualifying direct deposit and membership terms. Verify the current tier rules before switching.
FDIC coverage
SoFi Bank, N.A. is FDIC-insured. Network-bank coverage may differ by program and eligibility.
Cautions before you move cash
- Check: Do not move payroll just for a rate until you have confirmed the current direct deposit and membership requirements.
Methodology: live APY comes from SwitchWize rate observations when available. Break-even math compares the destination APY with the national-average savings benchmark on a representative $25,000 balance.