How to Cancel SoFi in 2026 (Close Accounts + Move Your Money)
Updated 2026-02-20 · 6 min read
🏦 The Everything App Trap
SoFi wants to be your bank, brokerage, credit card, loan provider, insurance marketplace, and crypto exchange — all in one app. The problem? Jack of all trades, master of none. Their 4.00% APY savings requires direct deposit. Their investing platform lacks research tools. Their loans aren't always the cheapest. And SoFi Plus ($9.99/month) charges you for features that competitors offer free.
SoFi Products You Might Have
SoFi Checking/Savings: 4.00% APY (with direct deposit), 1.00% without — the rate drops significantly without DD
SoFi Invest: Stocks, ETFs, crypto — no commissions but limited research tools
SoFi Loans: Personal, student, home — often competitive rates but not always lowest
SoFi Relay: Free credit monitoring and budgeting (similar to Mint)
Cancel SoFi Plus ($9.99/month)
Open SoFi app → Profile → SoFi Plus
Tap Manage Subscription
Tap Cancel
Your APY bonus and other perks end at the billing period
Math check: The 0.25% APY boost on $10,000 savings = $25/year. SoFi Plus costs $119.88/year. You need $48,000+ in savings for Plus to break even on APY alone.
Close SoFi Bank Account
Move direct deposit to your new bank first — wait for at least one paycheck to land
Update automatic payments that pull from SoFi or charge your SoFi debit card
Transfer all funds to your new bank via ACH transfer (free)
Wait for all pending transactions to settle
Contact SoFi support: 1-855-456-7634 or in-app chat
Request account closure — they'll walk you through the process
Cut up your SoFi debit card
Close SoFi Invest
Option A — Sell everything: Sell all positions → wait for settlement (T+1) → transfer cash to bank
Option B — ACATS transfer: Transfer investments in-kind to another brokerage (Fidelity, Schwab) without selling
ACATS transfer: Contact receiving broker, they initiate the transfer (5-7 business days)
Tax advantage: ACATS avoids triggering capital gains tax that selling would cause
After all positions are moved, contact SoFi to close the investment account
⚠️ SoFi Loan Accounts Can't Be "Canceled"
If you have SoFi personal loans, student loans, or a mortgage — closing your SoFi bank/invest accounts does NOT cancel the loan. You still owe the balance. You can refinance with another lender to move away from SoFi completely.
Better Alternatives
Banking: Ally (4.20% APY, no DD requirement), Marcus by Goldman Sachs (4.00% APY), or a local credit union
Investing: Fidelity (better research, free index funds, fractional shares) or Schwab (excellent service, no minimums)
Credit monitoring: Your bank's free FICO score + AnnualCreditReport.com (free weekly reports from all 3 bureaus)
The lesson: Specialized tools usually beat all-in-one platforms. Your best bank + best broker + best credit card > SoFi's everything
💡 The All-in-One Trap
SoFi, Cash App, and other "super apps" want to be your entire financial life. This creates vendor lock-in — the more products you use, the harder it is to leave. Keep your finances diversified: one bank for checking/savings, one broker for investing, one credit card for spending. If any single provider has problems, your whole financial life doesn't go down.
🔍 Find Every Recurring Charge
Upload your bank statement to JustCancel to find every subscription and recurring charge — including ones you forgot about when switching banks.