How to Cancel SoFi Plus in 2026 (It's Free — But There's a Catch)

SoFi Plus isn't a subscription you pay for — it's a membership tier you get automatically when you set up direct deposit ($1,000+/month). You can't "cancel" it directly. But if you stop direct deposit, you lose it — and the benefits you lose are worth real money.

How SoFi Plus Works (Not a Traditional Subscription)

• Cost: $0 — it's free with qualifying direct deposit
• Requirement: $1,000+ monthly direct deposit into SoFi Checking
• Activation: Automatic when you set up direct deposit
• Deactivation: Automatic when direct deposit stops

There's no cancel button because there's nothing to pay for. You either qualify or you don't.

What You Lose Without SoFi Plus

This is why it matters:

• APY drops significantly — SoFi Plus members get the highest savings APY (currently ~4.00%). Without Plus, it drops to ~1.20%.
• Paycheck access up to 2 days early — gone without direct deposit
• No overdraft coverage — SoFi Plus includes up to $50 overdraft protection
• No fee-free ATM access — Plus members get 55,000+ fee-free ATMs (Allpoint network)
• Lower loan rate discounts — Plus members get rate discounts on SoFi loans
• No cashback rewards — some Plus-exclusive cashback offers disappear

If You Want to Leave SoFi Entirely

To close your SoFi account (not just lose Plus):

1. Transfer your money out — move your savings and checking balance to another bank
2. Switch direct deposit — update your employer to send your paycheck elsewhere
3. Close any SoFi loans/credit cards — pay off outstanding balances first
4. Sell any investments in SoFi Invest (or transfer them to another brokerage)
5. Contact SoFi support: call 855-456-7634 or chat in the app
6. Request account closure

Transfer Investments Out (ACAT Transfer)

If you have stocks, ETFs, or crypto in SoFi Invest:

• Stocks/ETFs: Initiate an ACAT transfer to your new brokerage (Fidelity, Schwab, etc.) — they handle the paperwork
• Crypto: SoFi doesn't support crypto transfers to external wallets — you must sell and withdraw cash
• ACAT transfers take 5-7 business days
• SoFi may charge a $75 ACAT transfer fee (some brokerages reimburse this)

High-Yield Savings Alternatives

If you're leaving SoFi for a better savings rate:

• Marcus by Goldman Sachs — competitive APY, no minimum balance, no fees
• Ally Bank — strong APY, excellent app, no minimum
• Wealthfront — high APY with direct deposit, similar to SoFi's model
• Capital One 360 — good rates, well-established
• Discover Bank — competitive APY, $0 minimum

The Smart Move: Keep SoFi for the APY

Honestly, if you have direct deposit, SoFi Plus costs you nothing and gives you:

• One of the highest savings APYs available
• Early paycheck access
• Fee-free ATMs nationwide
• No monthly fees, no minimums

Unless another bank consistently offers a higher APY, keeping SoFi as your primary checking/savings is hard to beat at $0/month.