Great question. Most online savings accounts still limit you to 6 withdrawals per month. However, SoFi has unlimited withdrawals from checking and savings. Wohoo!!! Here's a link with more about it: support.sofi.com/hc/en-us/articles/14242974933645-What-are-the-Checking-Savings-transfer-and-withdrawal-limits-
@@KEYBEATZ Yes - you are right on all accounts. The federal law did change, so it's no longer required. Many banks still stick with the 6 withdrawal limit, but SoFi doesn't!
I'm glad you're liking it. I also think it's kind of weird they don't have more options for transfers. Monthly works fine for me...but it would be nice to have weekly options.
When I go into my savings portion of the banking page, I don't have the option of adding vaults. Where your button for "add vault" is, there is just "more".
Hmm....I just double checked on my computer and my phone to see if any changes had been made. When I login on the computer it gives me the options to transfer, add vault, or more. On the phone it has the options of deposit money, transfer, add vault, or more. I'm not sure why it wouldn't be working for you. Here are the instructions from the SoFi help center: support.sofi.com/hc/en-us/articles/360056588751-Emergency-Fund-Vault-Mobile-app- Try that and let me know if it works. If not, I'm thinking contacting SoFi would be the next step?
How does the interest paid work for SoFi when you have all the savings in different vaults? Is it one lump sum amount added to the savings account or is it added to each individual vault category?
If you have vaults setup, then the interest is paid into each individual vault. Not one lump sum. If you prefer to get a lump sum payment, Ally has buckets and will let you choose one bucket to have it put in.
I'm new to Sofi and I'm trying to replicate my Ally buckets where I can select from an external bank to deposit directly in my vaults but it doesn't let me. The option to select my vaults is greyed out. It looked like what you need to do it is transfer from an external bank into your Sofi Checkings or Savings, then set up another transfer from the Sofi Checking or Savings into the vault. Is that right? It doesn't seem efficient.
You're right - it isn't the most efficient. You can set up auto transfers into your vaults, but it has to be from within your sofi checking/savings. There are a lot of options within sofi, but not much automation from external accounts. Ally savings is the only one I know of where you can automate from external accounts directly into your buckets.
I'm only trying to use Savings account for 4.5% right now...what do you mean when you say I have to deposit $10 into checking to get the bonus? what bonus is that?
By funding your account, I just mean depositing money into it. The bonus just changed...you now have to deposit $100. Here's how it works - if you are new to SoFi and create an account and deposit $100 into your checking account you will get a $25 bonus. If you setup direct deposit you can get up to a $250 bonus (the amount of your bonus depends on how much you are having automatically deposited into it). If you click on this link you can scroll to the very bottom to see the term of the bonus: th-cam.com/video/QzNvnIwXTEw/w-d-xo.htmlsi=4coPqWUkudYz8_WZ In order to get the 4.5% savings account, you have to have a direct deposit setup. If you do not setup direct deposit, you will get 1.2% on the savings account. I hope that helps - if you have more questions just let me know.
I get paid through PayPal, Etsy, and Google Adsense. I went through them, set my payment to automatically pay each month into my sofi account. The PayPal did not qualify, but my Etsy and Google Adsense did qualify me for the higher interest rate. Let me know if that doesn’t make sense.
@@AngieWy Qualifying direct deposits, as per their terms of service, include employer, payroll, or benefits provider via ACH deposit. They define non-qualifying as peer-to-peer transfers, merchant transactions, and ACH transfers from non-employers. Examples they provide are things like PayPal across the board, Venmo, Strip, Square, etc. I'd contact SoFi directly for clarification, but the language of their terms does seem to suggest that social security checks would qualify, if they were direct deposit, of course. The restrictions are focused on retaining and rewarding account holders who show some level of long-term commitment to their account, while also reassuring the bank they can expect some level of consistency in terms of incoming money. None of this is necessarily predatory either, but understanding their motives can give you some frame of reference in what to expect. There are plenty of good arguments to be made against why services like Venmo and PayPal shouldn't qualify, none of which apply to social security checks. I genuinely believe you should have no issues, but only SoFi can give you a concrete answer. The worst they can say is no. 👍🏼👍🏼
According to their terms of service, there's also no minimum deposit amount necessary to get the higher interest rate, unlike the normal requirement of $1000 to qualify for the $50 fee-free overdraft coverage. 🙂
I am not sponsored by Sofi bank nor am I a company shill. I am a real customer, and I must say that this is an awesome online bank so far!
Yes! Same here. Thanks for sharing your personal experience!
Thanks, I mainly switched to SoFi for the Round Up feature and was looking into how to get it working.
Sure thing. I hope you got it figured out and are liking it.
Thank you so much for this video. Does Sofi have a monthly limit on how many withdrawals you can make per month out of vaults?
Great question. Most online savings accounts still limit you to 6 withdrawals per month. However, SoFi has unlimited withdrawals from checking and savings. Wohoo!!! Here's a link with more about it: support.sofi.com/hc/en-us/articles/14242974933645-What-are-the-Checking-Savings-transfer-and-withdrawal-limits-
@@BrittanyFlammer Thank you again Brittany. This is great to know and helped a lot 😁
I’m so glad. If you have any other questions, let me know
@@BrittanyFlammerI believe the six withdrawal limit per month for savings accounts is a US federal law It may have changed as of 2022
@@KEYBEATZ Yes - you are right on all accounts. The federal law did change, so it's no longer required. Many banks still stick with the 6 withdrawal limit, but SoFi doesn't!
SoFi is awesome!
I’ve been really happy with it!
SoFi is awesome new member here but I find it odd we cannot setup a reoccurring weekly transfer to my savings account from checking
I'm glad you're liking it. I also think it's kind of weird they don't have more options for transfers. Monthly works fine for me...but it would be nice to have weekly options.
When I go into my savings portion of the banking page, I don't have the option of adding vaults. Where your button for "add vault" is, there is just "more".
Hmm....I just double checked on my computer and my phone to see if any changes had been made.
When I login on the computer it gives me the options to transfer, add vault, or more.
On the phone it has the options of deposit money, transfer, add vault, or more.
I'm not sure why it wouldn't be working for you. Here are the instructions from the SoFi help center: support.sofi.com/hc/en-us/articles/360056588751-Emergency-Fund-Vault-Mobile-app-
Try that and let me know if it works. If not, I'm thinking contacting SoFi would be the next step?
How does the interest paid work for SoFi when you have all the savings in different vaults? Is it one lump sum amount added to the savings account or is it added to each individual vault category?
If you have vaults setup, then the interest is paid into each individual vault. Not one lump sum. If you prefer to get a lump sum payment, Ally has buckets and will let you choose one bucket to have it put in.
I'm new to Sofi and I'm trying to replicate my Ally buckets where I can select from an external bank to deposit directly in my vaults but it doesn't let me. The option to select my vaults is greyed out. It looked like what you need to do it is transfer from an external bank into your Sofi Checkings or Savings, then set up another transfer from the Sofi Checking or Savings into the vault. Is that right? It doesn't seem efficient.
You're right - it isn't the most efficient. You can set up auto transfers into your vaults, but it has to be from within your sofi checking/savings. There are a lot of options within sofi, but not much automation from external accounts.
Ally savings is the only one I know of where you can automate from external accounts directly into your buckets.
I'm only trying to use Savings account for 4.5% right now...what do you mean when you say I have to deposit $10 into checking to get the bonus? what bonus is that?
By funding your account, I just mean depositing money into it. The bonus just changed...you now have to deposit $100. Here's how it works - if you are new to SoFi and create an account and deposit $100 into your checking account you will get a $25 bonus. If you setup direct deposit you can get up to a $250 bonus (the amount of your bonus depends on how much you are having automatically deposited into it). If you click on this link you can scroll to the very bottom to see the term of the bonus: th-cam.com/video/QzNvnIwXTEw/w-d-xo.htmlsi=4coPqWUkudYz8_WZ
In order to get the 4.5% savings account, you have to have a direct deposit setup. If you do not setup direct deposit, you will get 1.2% on the savings account.
I hope that helps - if you have more questions just let me know.
if you are self employed how do you have direct deposit?
I get paid through PayPal, Etsy, and Google Adsense. I went through them, set my payment to automatically pay each month into my sofi account. The PayPal did not qualify, but my Etsy and Google Adsense did qualify me for the higher interest rate.
Let me know if that doesn’t make sense.
@@BrittanyFlammer Does a monthly social security check qualify or where can I find that information? On the fence. I am retiring early next year.
@@AngieWy Qualifying direct deposits, as per their terms of service, include employer, payroll, or benefits provider via ACH deposit. They define non-qualifying as peer-to-peer transfers, merchant transactions, and ACH transfers from non-employers. Examples they provide are things like PayPal across the board, Venmo, Strip, Square, etc.
I'd contact SoFi directly for clarification, but the language of their terms does seem to suggest that social security checks would qualify, if they were direct deposit, of course. The restrictions are focused on retaining and rewarding account holders who show some level of long-term commitment to their account, while also reassuring the bank they can expect some level of consistency in terms of incoming money.
None of this is necessarily predatory either, but understanding their motives can give you some frame of reference in what to expect. There are plenty of good arguments to be made against why services like Venmo and PayPal shouldn't qualify, none of which apply to social security checks.
I genuinely believe you should have no issues, but only SoFi can give you a concrete answer. The worst they can say is no. 👍🏼👍🏼
@@AngieWy Congrats on retiring!!
@@AngieWycongratulations on retiring awesome! It should count as a direct deposit if you get it directly deposited into your account monthly
Do I have to setup direct deposit to my savings or can i split my check that goes into my checkings to get the 4.2%?
I only have direct deposit into my sofi checking and that qualifies me for the higher interest rate.
According to their terms of service, there's also no minimum deposit amount necessary to get the higher interest rate, unlike the normal requirement of $1000 to qualify for the $50 fee-free overdraft coverage. 🙂
I would love to not see the vaults in my total amount. I feel like it defeats the purpose
Hmm..hiding the vaults isn't an option at this point.