You can withdraw from SoFi savings through the app, online portal, or by transferring to another bank account

SoFi savings withdrawals work through three main routes: using the mobile app or website to transfer money out, moving funds to an external bank account you've linked, or requesting a wire transfer. The method you choose depends on how quickly you need the money and where it needs to go. Most transfers between SoFi and another bank take one to three business days, while internal transfers within SoFi (to a checking account, for example) happen the same day or next business day.

You don't face withdrawal limits or penalties for taking money out of a SoFi savings account. Unlike some savings products, SoFi doesn't restrict how many times per month you can withdraw or charge you for doing so. The account is designed to let you move money freely while still earning interest on the balance you keep there.

Key Takeaways

  • SoFi savings withdrawals happen through the app, website, or by linking an external bank account, with no withdrawal limits or fees.
  • Transfers to another bank typically take one to three business days, while transfers within SoFi can post the same day.
  • You must link an external bank account before you can transfer money out to it, which requires your routing and account numbers.
  • Wire transfers are faster but cost money and require you to initiate them through the SoFi app or website.

Transferring money to another bank account you own

To move money from SoFi savings to a checking or savings account at another bank, you first need to add that account to your SoFi profile. Open the SoFi app or website, go to the transfer section, and select "Add external account." You'll enter the receiving bank's routing number, your account number at that bank, and the account type (checking or savings). SoFi will verify the account by depositing two small amounts (usually under a dollar each) into it within one to two business days.

Once the account is verified, you can transfer money to it. Log into SoFi, select your savings account, choose "Transfer out," pick the external account you want to send money to, enter the amount, and confirm. The transfer typically posts within one to three business days. SoFi doesn't charge you for outgoing transfers, but your receiving bank may charge a deposit fee (though this is rare for standard transfers).

If you're moving a large amount, check whether your receiving bank has daily deposit limits. Some banks cap how much you can deposit in a single day, which could delay access to your full balance even after the transfer completes.

Moving money within SoFi (to checking or other accounts)

If you have a SoFi checking account or other SoFi products, transferring between them is faster and simpler. Open the SoFi app, go to Transfers, and select "Transfer between my accounts." Choose your savings account as the source and the destination account (checking, money market, or investment account) as the recipient. Enter the amount and confirm.

Internal SoFi transfers usually post the same business day or by the next business day, depending on the time you initiate the transfer. There are no fees for moving money between your own SoFi accounts, and you can do this as often as you need.

Using wire transfers for faster withdrawals

If you need money urgently, a wire transfer gets it to another bank the same business day (if initiated before the cutoff time, usually 2 p.m. ET). To wire money from SoFi savings, open the app or website, select your savings account, and choose "Wire transfer." You'll need the receiving bank's routing number, the account number, and the account holder's name. Enter the amount and review the details carefully—wire transfers cannot be reversed once sent.

SoFi charges a fee for outgoing wire transfers, typically between $15 and $25 depending on whether the receiving bank is domestic or international. This cost comes out of your SoFi account, so the amount that arrives at the other bank will be less than what you initiated unless you account for the fee upfront.

What happens if a transfer fails or takes longer than expected

Transfers occasionally get delayed or rejected. Common reasons include a mistyped routing or account number, a closed account at the receiving bank, or a mismatch between the account holder name on file and the name you provided. If a transfer fails, SoFi will notify you through the app and email, and the money returns to your savings account within one to three business days.

If a transfer is taking longer than the stated timeframe, check the transfer status in the SoFi app under your transaction history. You can also contact SoFi support through the app's help section or by phone. Have your transfer confirmation number ready when you reach out.

Withdrawing cash at ATMs

SoFi savings accounts don't come with a debit card, so you can't withdraw cash directly at an ATM. However, if you also have a SoFi checking account, you can transfer money from savings to checking and then use the checking debit card to withdraw cash at any ATM in the Allpoint network (over 55,000 ATMs worldwide) or at your bank's own ATMs if you use a traditional bank.

Alternatively, you can transfer money from SoFi savings to an external bank account and then withdraw cash from that bank's ATMs. This takes longer (one to three business days) but works if you don't have a SoFi checking account.

Frequently Asked Questions

Can I withdraw money from SoFi savings on weekends?

You can initiate a transfer anytime through the app or website, but it won't process until the next business day. If you start a transfer on Friday evening, it typically posts by Monday or Tuesday, depending on the receiving bank's processing schedule.

Is there a limit to how much I can withdraw at once?

SoFi doesn't set a maximum withdrawal amount, but your receiving bank may have daily deposit limits. Check with your other bank about caps on single deposits. Wire transfers also have no SoFi-imposed limit, though very large transfers may trigger fraud reviews at either bank.

What if I entered the wrong account number for a transfer?

If you catch the error before the transfer posts, cancel it through the app when ready. If it's already sent, contact SoFi support right away. They can sometimes stop the transfer, but once money reaches another bank, recovery is difficult and depends on that bank's cooperation.

Do I lose interest if I withdraw money from SoFi savings?

No. SoFi calculates interest daily on your balance and deposits it monthly. Withdrawing money stops interest from accruing on the amount you remove, but you keep all interest earned up to that point.