You can close your SoFi Checking and Savings account directly in the app or on the website in just a few minutes. Other SoFi products, like a credit card or investment account, have their own closure processes. Here’s how to handle each one, along with the prep work that keeps things clean.
Before You Close Any SoFi Account
Rushing to close an account before tying up loose ends can trigger failed payments, lost funds, or unexpected fees. A few tasks apply no matter which SoFi product you’re closing.
First, move your direct deposit. If your paycheck lands in a SoFi account, update your payroll provider before you close anything. The same goes for government benefits, freelance payment platforms, or peer-to-peer transfers. Once the account is closed, incoming transfers will bounce.
Next, reroute automatic payments. Comb through a few months of statements and make a list of every recurring charge: subscriptions, insurance premiums, loan payments, credit cards. Switch each one to your new account. If an automatic payment hits after you’ve emptied or closed the account, it could fail or create a negative balance you’ll need to resolve.
Download your statements and transaction history. After closure, you’ll lose access to your online records. If you need documentation for taxes or your own bookkeeping, save it now.
Finally, redeem your SoFi rewards points. Under the SoFi Member Rewards program, if you don’t hold a product eligible for point redemption for 90 consecutive days, your unredeemed points expire and are forfeited. Close all your SoFi products without redeeming first, and those points vanish.
Closing SoFi Checking and Savings
SoFi bundles its checking and savings accounts together, so closing one closes both. You cannot keep one and drop the other.
To close the account online or in the app:
- Go to your SoFi Checking and Savings homepage and tap the account you want to close.
- Tap the gear icon.
- Select “Close account.”
- Read the disclaimer and select “Continue to close accounts.”
- If you have a remaining balance, choose a linked external bank account to receive your funds.
- Select “Continue,” fill out a brief questionnaire, and confirm by selecting “Close my accounts.”
If you have a balance but no external bank account linked, SoFi will mail a check to the address on file. That process can take up to 30 days.
When You Can’t Close Online
SoFi’s system checks for two things before letting you proceed: pending transactions and active debit card disputes. If either exists, the self-service option is blocked. You’ll need to wait until those transactions post or disputes resolve before you can close through the app or with an agent.
Once you confirm closure, your debit card stops working immediately, all scheduled transfers and bill payments are canceled, and your account can no longer receive incoming deposits. This is why updating your payroll and recurring payments beforehand matters so much.
Closing a SoFi Invest Account
If you hold stocks, ETFs, or other securities in a SoFi Invest account, you have two options: sell everything and withdraw the cash, or transfer your holdings to another brokerage.
Selling and withdrawing is the simpler route. Liquidate your positions, wait for the trades to settle (typically one to two business days for stocks and ETFs), then transfer the cash to your bank account. Once the balance hits zero, you can request account closure.
Transferring your holdings to a new brokerage uses a process called ACATS (Automated Customer Account Transfer Service), which moves your investments without selling them. SoFi charges a $100 fee for full or partial outgoing ACATS transfers. Your receiving brokerage initiates the transfer on their end, and the process typically takes five to seven business days. Some brokerages will reimburse the transfer fee if you ask or if you’re moving a large enough balance, so it’s worth checking with the new firm first.
If you hold retirement accounts like a SoFi IRA, transferring rather than liquidating avoids triggering a taxable event. A direct transfer (trustee to trustee) keeps the money tax-sheltered.
Closing a SoFi Credit Card
Unlike the checking and savings account, you can’t close a SoFi credit card online. You need to call SoFi at 844-945-7634, select the credit card option, and speak to a representative who will process the closure.
Closing the card doesn’t erase any outstanding balance. You’re still responsible for paying off whatever you owe, and interest will continue to accrue on unpaid amounts. Pay down the balance before calling if you want a clean break, or confirm the repayment terms during the call.
Keep in mind that closing a credit card can affect your credit score. It reduces your total available credit, which can increase your credit utilization ratio, and over time the closed account will eventually drop off your credit report, potentially shortening your credit history. If you have other credit cards with healthy limits, the impact is usually modest.
Closing a SoFi Loan
If you have an active personal loan, student loan refinance, or home loan through SoFi, there’s no separate “closure” step. The account closes automatically once the loan is paid in full, whether through regular payments or an early payoff. SoFi personal loans don’t charge prepayment penalties, so you can pay off the remaining balance at any time without extra cost. Contact SoFi to get your exact payoff amount, which includes any accrued interest up to the payoff date.
After Your Accounts Are Closed
Keep an eye on your old linked bank account for a couple of weeks after closure. Occasionally a stray transaction or refund tries to route to a closed account, and catching it early prevents headaches.
For tax season, remember that SoFi may still need to send you a 1099 form for interest earned, investment gains, or rewards received during the year you held the account. If you earned taxable income through SoFi in a given calendar year, expect tax documents to arrive by the following January or February. Since you may not have app access at that point, make sure your mailing address was current before you closed the account, or check whether documents were delivered electronically before closure.