How To Transfer Money Out Of SoFi Invest [Complete Guide]

Updated On:
Saltmoney.org is reader-supported. When you buy via links on our site, we may earn an affiliate commission at no cost to you.

SoFi Invest offers a great opportunity to invest in relatively low-risk, dividend-paying equities. The service is easy to use with an intuitive interface and little fees.

However, there are a few downsides of investing through SoFi Invest compared to other online brokers. Two notable examples include not being able to purchase fractional shares of stocks, and not being able to sell individual stocks.

SoFi is attempting to improve its concept of an online brokerage service with the recently released SoFi Money accounts. By having "money in the bank", future apps by SoFi could include being able to purchase fractional shares of stocks, be able to have cash balances exchanged for specific stocks, and sell individual stocks.

However, there is a disconnect between how SoFi Invest and SoFi Money accounts interact with each other. Currently, money can be transferred from SoFi Money to an investment account if you have been making monthly deposits as well as adding money to your investments as a cash balance.

In order to transfer the cash balance out of SoFi and into a bank, you can use the "Transfer Money" option in the SoFi app. However, if your monthly deposits were deposited directly from your bank to SoFi, there is no way to transfer money out of SoFi Invest and into your checking account.

More information about transferring money away from SoFi Invest is below:

To transfer money out of SoFi Invest and into your checking account, follow these steps: Open up the "SoFi" app on your phone, select "Transfer Money", and then select "Checking" or "Savings". From there, you can transfer the money out of SoFi.

The steps to transfer money out of SoFi Invest and into your checking account are tedious because there aren't any buttons for transferring money specifically from an investment account. To do so, you must open up a personal checking account and transfer money from there. You will also need to make a separate request for each of your investment accounts (e.g., SoFi Invest, Acorns, Wealthfront).

Please note: if you opened up one of the above-mentioned investment accounts under a different email address than your SoFi Money account, then you must use that email address to add money from the investment account to your checking account.

Another option regarding transferring money away from SoFi Invest is using a financial service such as PayPal. With PayPal, you should be able to transfer the funds out of SoFi and over to wherever else you wish. This will incur some fees, though, so it may or may not be worth it to you.

*It is important to note that if the money in your account is already invested in stocks, you will not be able to withdraw it until after at least one year of investing has passed.

What might be the reasons for transferring money out of SoFi Invest?

There are several reasons why you would want to transfer money out of SoFi Invest. Here are some examples:

  • If you need the cash for an emergency expense, then transferring money out of your SoFi account into your banking account is an option.
  • If you think that there will be a better investment opportunity in the future, then it could be worthwhile to transfer the money out of SoFi Invest.
  • If you no longer want your money in an online brokerage account, it may make more sense for you to transfer the money into a savings or checking account since you can access those types of accounts easier.
  • You also might want to merely take advantage of transferring money out of SoFi Invest as a security measure. If you think that there might be some sort of issue with your account, then it is a good idea to have direct access to the cash in case something were to happen.

Is SoFi Invest safe and secure?

Yes, SoFi Invest is safe and secure. It is regulated by the U.S. Securities and Exchange Commission (SEC) as well as FINRA, which means that it must adhere to strict rules for protecting online brokerage accounts.Also, your money is backed by the Securities Investor Protection Corporation (SIPC) up to $500,000.

Also, your account can be set up to automatically transfer any dividends and capital gains back into your SoFi Money account, which is a nice feature that helps you avoid paying taxes on those investment perks.

As long as you keep your account balance under the limit of $500,000, you will not have to worry about SIPC insurance.

SoFi Invest is a great online brokerage account that can help you invest your money into stocks and other investment opportunities. It provides an easy way for those who are just getting started investing as well as those with experience investing their money.

SoFi Invest is a low-cost, easy-to-use account that provides many benefits. For those looking to manage their own money and invest it into other opportunities, then SoFi Invest is a great choice for you!

How is the customer support service of SoFi?

The customer service department of SoFi is very helpful. The representatives are professional, well-qualified, and knowledgeable about the industry. If you have any questions or concerns regarding your account, then contacting the support team should help resolve those problems quickly and easily.

How does SoFi Invest compare to other online brokerage accounts?

Although it is similar to other online brokerage accounts, SoFi Invest provides some additional benefits.

The first benefit is the goal setting aspect; it helps you track your progress and make sure that you are on the right path towards reaching your goals.

Another feature of this account is round-up investing. This is an automatic savings option that will move money from your checking account into the SoFi Invest account.

With a competitive interest rate, SoFi Invest is a great online brokerage option for those who want to invest their money and earn a bit of interest on it at the same time.

The round-up saving option makes investing even more cost effective than before since you are essentially earning money back on your investments.

What are some alternatives to SoFi Invest?

To compare SoFi Invest with other accounts, it is best to look at other online brokerage options. Here are a few of the most popular alternatives:

Vanguard – With an average annual commission of $20 per trade, Vanguard's prices are hard to beat. This can make it easier for you to invest your money into other options or stocks that may not be available through SoFi Invest.

E*TRADE – E*TRADE provides a variety of trading tools and high-quality customer service, which can make it a great option for experienced investors.

TD Ameritrade – TD Ameritrade's $6.95 per trade is a great low-cost alternative to SoFi Invest's $4.95, and they also provide additional resources such as research reports and webinars for those with more experience investing their money.

What is SoFi Invest?

SoFi Invest is an online brokerage account that allows you to invest your money directly into other investment opportunities.

It can help those who are just getting started with investing as well as experienced investors who may want to manage their own portfolio and make trades based on their own research.The main benefits of this account include no commissions, goal setting, round-up investing, access to other investment opportunities, and professional customer service.

What is SIPC?

SIPC stands for the Securities Investor Protection Corporation. This corporation helps protect your securities accounts up to $500,000 if the brokerage firm holding it fails. The money you have invested in SoFi Invest would be protected under SIPC.

The main difference between SoFi Invest and other online brokerage accounts is that with SoFi Invest you are not actually buying your investments; rather, the money you invest goes directly into an account held by a third party. This means you will not have to worry about SIPC insurance.

What is Investing?

Investing is the action of using money to buy a financial product or service with the goal of receiving more money in return. For example, you could invest your money by purchasing stocks with the hope that they will go up in value so you can sell them for a profit.

FAQs

Who is SoFi Invest best suited for?

SoFi Invest is best for those who want to start saving and investing their money. The goal setting aspect allows you to track your progress and see if your savings goals are on track or not.

It is also a good option for those who have a little experience with online brokerages and who want access to a wide range of investment opportunities. With its cost effective round-up investing feature, it is also an economical choice.

How much does SoFi Invest cost?

SoFi Invest has no costs associated with opening or maintaining your account. The only fee you would pay is if you choose to sell an investment that is not in your SoFi Invest account.

How does round-up investing work?

When you link your checking account to the SoFi Invest account, any money spent will be rounded up to the next dollar. The round-up amount is then invested into your SoFi Invest account. This feature allows you to invest money without thinking about it so you can meet your savings goals.

How much can I expect to earn with SoFi Invest?

The actual returns on the investments are not guaranteed, so there's no way to know exactly how much money you will earn.

Who manages my investments?

Your investment account is managed by SoFi Investment Management, LLC (a registered investment advisor). They manage other accounts as well so you can view and analyze your own investments along with those of other clients.

What other types of investments are available?

In addition to stocks, SoFi Invest also offers access to fixed income options such as corporate and government bonds. In the future, you could also invest in mutual funds or ETFs through SoFi Invest.

Who can open a SoFi Invest account?

Anyone with a Social Security number who is at least 18 years old can open a SoFi Invest account.

How do I make a deposit?

You can make a deposit by linking your checking account through ACH or wire transfer. You can also add funds through a direct deposit from your employer.

How do I track my investments?

You will be able to view all of your investment details on your SoFi Invest account. You will see the fees, return and performance history for each of your investments as well as the total value of all of them together.

Conlclusion

Investing does not have to be difficult. SoFi Invest offers a simple and cost effective way for you to start saving while investing in the stock market. Start an account by going to our website at socifi.com/invest.

SoFi Invest allows users to make deposits through linking their checking accounts, direct deposit from employers, or wire transfers. Users can also transfer money into their SoFi Invest account from an existing SoFi Money account.

Michael Restiano

I lead product content strategy for SaltMoney. Additionally, I’m helping our broader team of 4 evolve into a mature content strategy practice with the right documentation and processes to deliver quality work. Prior to Instacart, I was a content strategy lead at Uber Eats and Facebook. Before that, I was a content strategist at SapientNitro, helping major Fortune 500 brands create better, more useful digital content.

Leave a Reply

cross