Yes, you can withdraw money from SoFi savings accounts, but the method and timing depend on what type of account you have and how you move the money

SoFi offers two savings products: SoFi Savings and SoFi Money Market Account. Both let you withdraw funds, but they work differently. SoFi Savings has no withdrawal limits and no monthly transaction caps — you can move money out whenever you need it. The Money Market Account also allows unlimited withdrawals, though it's structured more like a traditional money market product. The key difference is how fast you can access the money and which tools you use to get it out.

Withdrawals from SoFi savings accounts don't require you to close the account or pay a penalty. You keep the account open and active, and your remaining balance continues to earn interest at SoFi's current rate. The process itself takes a few minutes to set up, though the actual movement of money between accounts follows standard banking timelines.

Key Takeaways

  • SoFi Savings and Money Market accounts both allow unlimited withdrawals with no monthly transaction limits or fees.
  • You can transfer money to an external bank account, move it to another SoFi account you own, or request a check.
  • Internal transfers between your own SoFi accounts happen when ready, while transfers to external banks typically take one to three business days.
  • You do not need to close your SoFi savings account to withdraw money — the account stays open and continues earning interest on the remaining balance.

Transfer money to an external bank account

The most common withdrawal method is an external transfer — moving money from your SoFi savings account to a checking or savings account at another bank. You initiate this through the SoFi mobile app or website by selecting the savings account, choosing "Transfer Out" or "Send Money," and entering the receiving bank's details.

The receiving bank account must be in your name. SoFi uses the ACH network (Automated Clearing House) to move the money, which is the standard system banks use for electronic transfers between institutions. The transfer typically arrives within one to three business days. Weekends and federal holidays don't count as business days, so a transfer you start on Friday afternoon may not arrive until Wednesday.

You can set up a one-time transfer or create a recurring transfer if you want money to move on a regular schedule — weekly, biweekly, or monthly. There is no limit on how much you can transfer out or how many transfers you can make.

Move money between your own SoFi accounts

If you have multiple SoFi accounts — for example, a savings account and a checking account, or two savings accounts — you can transfer between them when ready. This is an internal transfer, and the money appears in the receiving account when ready, even at night or on weekends.

You do this through the SoFi app by selecting "Transfer" and choosing another SoFi account you own as the destination. The system confirms that both accounts are registered to you, so there is no waiting period. This is the fastest way to move money if you need it right away — for instance, if you want to move savings into your SoFi checking account to cover an upcoming expense.

Request a check or wire transfer

SoFi also lets you withdraw by check, though this is slower than electronic transfer. You request a check through the app, specify the amount, and SoFi mails it to your address on file. The check arrives in five to seven business days, and the recipient then has to deposit or cash it, which adds another few days.

A wire transfer is another option for larger amounts. Wire transfers move money faster than ACH transfers — typically the same business day or next business day — but SoFi may charge a fee for outgoing wires. Check the current fee structure in the app or contact SoFi directly, as fees can change. Wire transfers are useful when you need money to arrive quickly and the receiving bank is in the United States.

Timing and what counts as a business day

When SoFi says a transfer takes one to three business days, that clock starts when you submit the transfer, not when you initiate it. A transfer submitted at 11 p.m. on a Tuesday counts as submitted on Tuesday. Business days are Monday through Friday, excluding federal holidays like Thanksgiving, Christmas, and New Year's Day.

The receiving bank also has a role in timing. SoFi sends the transfer on its end, but the receiving bank processes it on its end. Most banks post ACH transfers within one business day of receiving them, but some take longer. If your transfer shows as sent from SoFi but hasn't appeared in your external account after three business days, contact SoFi's support team with the transfer confirmation number.

Limits and fees on SoFi savings withdrawals

SoFi does not charge a fee for withdrawals from savings accounts. There is no monthly limit on how many times you can withdraw or how much total you can move out. This is different from some traditional savings accounts, which historically limited withdrawals to six per month — a rule that has largely disappeared across the industry.

The only limit is the balance in your account. You cannot withdraw more than you have. If you try to transfer an amount larger than your current balance, the transfer will be rejected. Keep in mind that if you have a pending deposit — for example, a direct deposit that hasn't cleared yet — that money is not yet available to withdraw, even though it shows in your account balance.

What happens to your interest after you withdraw

Interest on SoFi savings accounts is calculated daily on your balance and paid monthly. When you withdraw money, your balance drops, so the interest you earn in future months is based on the lower amount. For example, if you have $10,000 earning interest and you withdraw $3,000, next month's interest is calculated on the remaining $7,000.

There is no penalty for withdrawing, and you do not lose any interest you have already earned. If you withdraw on the 15th of the month and interest is paid on the last day of the month, you receive interest on the full balance through the 15th, then on the reduced balance from the 16th onward.

Frequently Asked Questions

How long does it take to withdraw money from SoFi savings?

Internal transfers to another SoFi account are when ready. External transfers to another bank take one to three business days. Checks take five to seven business days to arrive, plus time for the recipient to deposit them. Wire transfers typically arrive the same or next business day but may have a fee.

Can I withdraw money if my SoFi account is linked to a credit card?

Yes. Your SoFi savings account is separate from any SoFi credit card you may have. Withdrawing from savings does not affect your credit card balance or credit line. The accounts operate independently.

What if I withdraw all the money from my SoFi savings account?

You can withdraw your entire balance and leave the account open with a zero balance. The account will not earn interest while empty, but you can deposit money back into it later. You do not have to close the account or pay any fee for having a zero balance.

Do I need to report large withdrawals to the IRS?

No. Withdrawals from your own savings account are not reported to the IRS. You are moving money that is already yours. The IRS only requires reporting of interest earned on the account, which SoFi sends to you on a 1099-INT form if you earned more than $10 in interest during the year.

Can I set up automatic withdrawals from SoFi savings?

Yes. You can create a recurring transfer to move money to an external bank account on a schedule — weekly, biweekly, monthly, or any interval you choose. Set this up through the app by selecting the savings account, choosing "Transfer Out," and selecting "Recurring" instead of "One-Time."