SoFi Bank

Give a savings goal its own allocation

Open the savings account’s Vaults area, choose a suggested goal or customise one, and select the amount to move. Review the remaining spending balance before sliding to confirm. Up to 20 Vaults can be active, with no minimum balance for an individual Vault.

The bank permits a combined maximum of 25 Vault openings and closures within the statement cycle. A continuing goal can therefore stay in the same Vault as contributions accumulate.

For automatic contributions, open Autopilot, add a deposit rule and select recurring transfers. The available schedules include monthly and every direct deposit. Choose the source account and amount, then confirm the instruction.

Closing a goal

Delete Vault moves its remaining money back to the main savings balance immediately. Scheduled transfers to or from that Vault stop automatically. Any interest still due is credited separately at month end, so closing the goal does not require manually withdrawing every last cent first.

Account costs and eligibility

Checking and Savings has no monthly maintenance, minimum-balance or overdraft fee. Outgoing domestic wires cost $30. An outgoing instant transfer costs 0.75%, with a $1 minimum and $30 maximum; cash-deposit partners may charge separately.

Applicants must be at least 18 and have a physical address in a supported US state, the District of Columbia or a US military address. The application requires contact details, date of birth and an SSN or ITIN, with identity documents if requested. Individual and joint accounts are available; trust and business accounts are not.