You can close a SoFi savings account online through the app or website, or by calling customer service

SoFi lets you close your savings account in a few minutes without visiting a branch or paying a fee. The fastest way is through the SoFi mobile app or website — you go to your account settings, find the close account option, and confirm. If you prefer to talk to someone, you can call SoFi customer service and they will walk you through it. Either way, you need to empty the account first (withdraw or transfer any money out), and SoFi will send you a confirmation once the account is closed.

The process is straightforward because SoFi has no early closure penalties or minimum balance requirements. You will not lose money by closing early. The main thing to plan for is where your money goes — whether you are moving it to another bank, another SoFi account, or withdrawing it in cash.

Key Takeaways

  • Close your SoFi savings account through the app, website, or by calling customer service — all three methods are free and take less than 10 minutes.
  • You must withdraw or transfer all money out of the account before closing it; SoFi will not close an account that still holds a balance.
  • SoFi charges no fee for closing a savings account at any time, even if you opened it recently.
  • After you request closure, SoFi sends a confirmation email and the account typically closes within one to three business days.

Closing through the SoFi app or website

Log into the SoFi app or go to sofi.com and sign in. Navigate to your savings account and look for account settings or a menu icon (usually three dots or lines). Scroll down until you see an option that says "Close Account" or "Manage Account" — the exact wording varies slightly depending on whether you are on mobile or desktop, but it will be in the account settings area.

Tap or click on the close account option. SoFi will show you a confirmation screen that lists your account number and current balance. If there is any money in the account, you will see a message telling you to transfer or withdraw it first. Once the account is empty, the close button will become active. Click it, and SoFi will ask you to confirm one more time. After you confirm, you will see a message saying your request has been received, and you should get a confirmation email within a few minutes.

Closing by phone with SoFi customer service

Call SoFi customer service at 1-855-456-7634. Have your account number ready (you can find it in the app or on any statement). Tell the representative you want to close your savings account. They will verify your identity by asking security questions, then check that your account balance is zero. If you still have money in the account, they can help you transfer it to another SoFi account or to an external bank account during the call.

Once your account is empty, the representative will process the closure and give you a confirmation number. Write this down or ask them to email it to you. You will also receive a confirmation email from SoFi. The account will close within one to three business days.

What to do with your money before closing

You have three main options: transfer to another SoFi account, transfer to a bank outside SoFi, or withdraw cash. The fastest is usually transferring to another SoFi account if you have one — this takes one business day. Transferring to an external bank account (another bank's checking or savings account) also takes one to three business days depending on the receiving bank. Withdrawing cash means visiting an ATM or bank branch, which is when ready but only works if you need the money right away.

To transfer money out through the app, go to your savings account, tap "Transfer," and choose your destination. You can transfer to another SoFi account when ready. For external transfers, SoFi will ask you to verify the receiving account by depositing small test amounts first (this takes a day or two), then you can transfer. If you are in a hurry, the fastest route is transferring to another SoFi account you already have set up, or withdrawing from an ATM.

What happens after you request closure

SoFi will send you a confirmation email with the date your account closed. This usually happens within one to three business days of your request. After the account closes, you will no longer see it in the app or on the website. Any automatic transfers or bill payments linked to that account will stop working, so if you set up recurring transfers, cancel them first or update them to point to a different account.

If you had a debit card linked to the savings account, that card will still work if it is also linked to another SoFi account (like a checking account). If the savings account was your only SoFi account, the debit card will stop working once the account closes. You do not need to do anything else — SoFi handles the rest.

Reasons you might want to close your SoFi savings account

Some people close their SoFi savings account because they are moving their money to a different bank, or because they prefer to keep savings in a different place than their checking account. Others close it because they are no longer using SoFi altogether. Some people open a SoFi account to take advantage of a promotional interest rate, then close it once the rate drops back to the standard rate. None of these reasons will cause problems — SoFi does not penalize you for closing early or for moving your money elsewhere.

If you are closing because you are unhappy with the interest rate, keep in mind that SoFi's rates change based on the broader economy, and other banks' rates change too. Before you close, you might compare SoFi's current rate to what other banks are offering. But if you have decided to move on, closing takes just a few minutes and costs nothing.

If you change your mind after closing

If you close your account and then decide you want to use SoFi again, you can open a new savings account. There is no penalty for having closed an account, and you can open as many accounts as you want. Your new account will have a new account number and will start fresh. Any interest you earned on the old account will have been paid out before closure, so you will not lose that money.

The only thing to note is that if you closed the account because of a problem with SoFi's service, opening a new account will not fix that problem — you will have the same experience. If the issue was specific to that account (like a linked debit card that was not working), a new account might solve it. But if you had a broader issue with SoFi, it is worth trying a different bank instead.

Frequently Asked Questions

Do I lose money if I close my SoFi savings account?

No. SoFi charges no fee for closing a savings account. Any interest you earned will be paid to you before the account closes. The only money you lose is if you withdraw cash and your bank charges a fee for that withdrawal, but that would be your bank's fee, not SoFi's.

What if I have a pending transfer when I try to close?

Wait for the transfer to complete before requesting closure. If you request closure while a transfer is in progress, SoFi will tell you to wait. Once the transfer finishes and your balance is zero, you can close the account.

Can I reopen a closed SoFi savings account?

No, you cannot reopen the same account. But you can open a new SoFi savings account at any time with no penalty. The new account will have a different account number and will start fresh.

How long does it take for SoFi to close my account after I request it?

Usually one to three business days. You will get a confirmation email when the closure is complete. The account will disappear from your app and website once it is closed.

What if I have a linked debit card?

If your SoFi debit card is linked only to the savings account you are closing, the card will stop working once the account closes. If it is also linked to another SoFi account (like checking), it will keep working. You do not need to do anything — SoFi handles this automatically.