You can close a SoFi account online, by phone, or through the mobile app in a few minutes
SoFi lets you close most account types without penalty or waiting period. The process is straightforward: you log in, navigate to account settings, and request closure. SoFi will ask you why you're leaving (the answer is optional), then confirm the closure. If you have money in the account, you'll need to withdraw it first. If you have an outstanding loan or credit card balance, closing the account won't erase the debt — you'll still owe it and still make payments.
The exact steps depend on which type of SoFi account you have: a checking or savings account, a credit card, a personal loan, student loan refinancing, or an investment account. Each closes slightly differently, though all can be done without calling if you prefer to handle it online.
Key Takeaways
- You must withdraw or transfer all money from a SoFi bank account before closing it; SoFi will not close an account with a balance.
- Closing a SoFi credit card or loan does not erase what you owe — you remain responsible for the full balance and must continue making payments.
- You can close most SoFi accounts through the mobile app or website without calling, though phone closure is also available.
- SoFi does not charge a fee to close any account type, and closure takes effect when ready once confirmed.
How to close a SoFi checking or savings account
Log into your SoFi account on the website or mobile app. Go to Settings (usually a gear icon), then select Account Settings or Account Information. Look for the option to close the account — the exact wording varies, but it will say something like "Close Account" or "Manage Account." SoFi will show you your current balance and ask you to confirm that you've withdrawn all funds.
If you still have money in the account, transfer it to another bank first. You can do this by linking an external account and moving the balance, or by requesting a check from SoFi. Once the balance is zero, return to the closure screen and complete the request. SoFi will send a confirmation email, and the account closes when ready.
If you prefer to close by phone, call SoFi customer service at the number on the back of your debit card or on your account statement. A representative will walk you through the same steps and confirm closure over the phone.
How to close a SoFi credit card
Closing a credit card does not erase your balance. If you owe money on the card, you will continue to owe it and must keep making payments even after closure. SoFi will send statements and accept payments on the closed card until the balance reaches zero.
To close the card, log into your SoFi account and navigate to the credit card section. Select the card you want to close, then look for "Close Card" or "Manage Card" in the settings. Confirm the closure request. You can also call SoFi to close the card over the phone.
After closure, you can no longer use the card to make new purchases. Existing balances, pending charges, and any interest that accrues will still be your responsibility. If you have automatic payments set up on the card, update those to a different payment method before closing.
How to close a SoFi personal loan or student loan refinance
You cannot close a loan early through the app or website settings the way you can with a bank account or credit card. Loans must be paid off or managed through the loan servicer. If you want to pay off your SoFi loan early, you can do so at any time without penalty — SoFi does not charge prepayment fees.
To pay off the loan in full, log into your account, find the loan details, and look for a "Pay Off" or "Payoff Quote" option. This will show you the exact amount needed to close the loan as of a specific date. You can then make a lump-sum payment to settle the balance. Once the loan is paid in full, it closes automatically.
If you want to close your account with SoFi but keep the loan active, you can close your linked bank account separately. The loan will remain open and you can continue making payments from a different bank account.
How to close a SoFi investment account
SoFi investment accounts (brokerage or retirement accounts) must have a zero balance before closure. Sell all holdings first — stocks, funds, or other investments — and withdraw the cash proceeds to a linked bank account.
Once the account balance is zero, go to Settings, select Account Information, and look for the closure option. Complete the request and SoFi will confirm closure by email. If you have a retirement account (IRA or similar), check whether you need to take any required distributions before closing, as retirement accounts have specific rules.
What happens to automatic payments and linked accounts after closure
If you have automatic payments set up from your SoFi account to pay bills or loans, those will fail once the account closes. Update any automatic payments to a different bank account at least a week before you close the SoFi account. Check your utility companies, loan servicers, subscription services, and any other billers that pull money from the account.
If you have linked an external bank account to SoFi for transfers, that link will no longer work after closure. You do not need to unlink it manually — it will become inactive automatically.
Reasons SoFi might not let you close your account
SoFi will not close a bank account if it still has a balance. You must withdraw or transfer all funds first. If you're having trouble accessing the closure option, the most common reason is that a small balance remains — check your account statement for pending charges, fees, or interest that may not have posted yet.
If you have an outstanding loan or credit card balance with SoFi, you can still close your bank account, but the debt remains. You cannot close a loan early through the app — you must pay it off in full or let it run its course. Contact SoFi customer service if you're unsure whether anything is preventing closure.
Frequently Asked Questions
Does SoFi charge a fee to close my account?
No. SoFi does not charge any fee to close a checking account, savings account, credit card, or investment account. Closing is free and takes effect when ready once you confirm the request.
What if I close my account but still owe SoFi money?
You remain responsible for the full amount. If you close a bank account but have an outstanding loan or credit card balance, SoFi will continue to send statements and accept payments. You must keep making payments until the balance is paid off.
Can I reopen a SoFi account after I close it?
Yes, you can open a new SoFi account after closing one. You'll go through the sign-up process again, and SoFi will verify your identity and run a credit check as it does for any new account. There is no waiting period.
What should I do with my direct deposits if I'm closing my SoFi checking account?
Update your direct deposit information with your employer or benefit provider at least a week before you close the account. Provide them with your new bank account details so your paycheck or benefits go to the correct account. If a deposit arrives after closure, SoFi will return it to the sender.
Do I need to call SoFi to close my account, or can I do it online?
You can close most SoFi accounts online through the app or website without calling. Phone closure is also available if you prefer to speak with a representative, but it is not required.