How Do I Withdraw Money From SoFi Bank? Methods & Fees

SoFi Bank is an American personal finance company that started in 2011. Originally, it provided student loans and later expanded to offer mortgages, personal loans, and other financial services.

In January 2022, SoFi became an official bank by getting a national bank charter from the U.S. government, allowing it to offer traditional banking services like checking and savings accounts. In this article, let’s see how to withdraw money from a SoFi savings account.

Quick insights

Types of accounts

Withdrawing money from your bank account is easy and there are a few different ways to do it, depending on what type of account you have.

Checking account

Checking accounts are designed for frequent transactions, making them the main account for everyday expenses. You’ll use this account to pay bills, buy groceries, and cover other daily costs.

You can access your money in various ways:

• Paper checks: Write checks to pay for goods or services.
• Debit card: Swipe your debit card in stores or use it online. The funds will be taken directly from your checking account.
• Digital wallets: Link your account to digital wallets (like Apple Pay or Google Pay) for easy payments.
• Direct debit: Set up automatic payments (like for utilities or subscriptions) that directly debit your account.
• Cash withdrawals: Withdraw cash from ATMs or at your bank’s branch.

Savings account

Savings accounts are intended for storing money you don’t plan to spend right away. They’re ideal for building up funds for big purchases or emergencies.

While savings accounts are primarily for saving, you can still withdraw money when needed:

• Transfer to checking: Move money from your savings account to your checking account through online banking or a mobile app. You can then use it as needed.
• ATM withdrawals: Some savings accounts allow you to withdraw money at ATMs, though this might be less common.
• Branch visits: Go to your bank and request a withdrawal in person.

Steps to withdraw money from SoFi bank account

There are three common ways you can withdraw money from your checking or savings account are:

• ATM withdrawal
• In-person at a bank
• Online or mobile transfers

ATM withdrawal

ATMs (Automated Teller Machines) allow you to access your cash using a debit or ATM card.

• Locate an ATM: Find an ATM at your bank’s branch, a retail location, or a gas station.
• Insert your card: Slide your debit or ATM card into the machine.
• Enter your PIN: Type in your Personal Identification Number to access your account.
• Select the withdrawal option: Choose the amount you want to withdraw. Some ATMs may offer preset amounts (e.g., $20, $40, $60) or let you enter a custom amount.
• Complete transaction: Confirm your choice. The ATM will dispense the cash.
• Take your cash and card: Collect your cash, card, and any receipt provided.
• Network fees: ATMs often belong to networks (like Allpoint or Cirrus). Use ATMs within your bank’s network to avoid extra fees. If you use an ATM outside your bank’s network, you might face a fee from both the ATM operator and your bank. Average out-of-network fees are around $4.73.
• Withdrawal limits: ATMs may have limits on how much you can withdraw per transaction and per day to protect against fraud. Typical limits range from $300 to $5,000 per day, depending on your bank and account type.

In-person at a bank

You can withdraw money by visiting your bank’s branch and speaking to a teller.

Write a check to cash

• Prepare the check: Fill out a check to “cash” with the amount you wish to withdraw. Sign it.
• Present it to the teller: Hand the check to the teller at your bank.
• Receive cash: The teller will process the check and give you the cash.
• Write the check only when you’re at the bank to avoid risks if the check is lost or stolen.

Fill out a withdrawal slip

• Get a slip: Obtain a withdrawal slip from the bank’s counter.
• Complete the slip: Enter your account number, the amount to withdraw, and your signature.
• Submit the slip: Hand it to the teller along with your ID if required.
• Receive Cash: The teller will process your request and provide you with the cash.

Present ID and debit card

• Visit the bank: Go to your bank branch with your ID.
• Request a withdrawal: Tell the teller how much money you want to withdraw.
• Show ID and debit card: Provide your ID and/or debit card if necessary.
• Receive cash: The teller will complete the transaction and give you the cash.
• Cash withdrawal limits: Banks may have limits on how much you can withdraw at once or per day. Large withdrawals might need prior notice.

Online or mobile transfers

Online and mobile banking allows you to access and manage your money electronically.

Transfer funds online

• Log in: Access your bank’s online banking website or mobile app.
• Initiate Transfer: Move money from your savings to your checking account.
• Use ATM or debit card: Withdraw the transferred funds using your debit card at an ATM or point of sale.
• Transfers can take a few minutes to a few days depending on your bank and the type of transfer.

Use a peer-to-peer payment app

• Select app: Choose a peer-to-peer payment app like Venmo, PayPal, or Cash App.
• Link bank account: Connect your bank account to the app.
• Send money: Transfer funds to a friend or family member.
• Receive cash: The recipient can give you cash, or you can use the app to make payments directly.
• Ensure the app is secure and that your bank account is properly linked.

Pay with a digital wallet

Add payment method: Add your bank account or debit card information to a digital wallet (like Apple Pay or Google Pay).

• Use digital wallet: Pay for goods or services using your phone at participating merchants.
• Many merchants accept digital wallet payments, allowing you to use your funds without physical cash.
• Transfer times: Check how long transfers take and plan accordingly.
• Security: Ensure your online banking and payment apps are secure. Use strong passwords and enable two-factor authentication if available.

What are SoFi Bank’s interest rates for checking and savings, and how do they depend on deposits?

SoFi Bank offers checking and savings accounts with different interest rates based on how you deposit money. If you set up direct deposit (like getting your paycheck directly into your account), you can earn 4.50% interest on your savings and 0.50% on your checking balance.

If you don’t have direct deposit but deposit at least $5,000 in other ways (like bank transfers or check deposits), you can still earn the same rates. If you don’t meet these requirements, you’ll earn 1.20% on savings and 0.50% on checking.

Conclusion

To withdraw money from your SoFi Bank account, you have several options, including using an ATM, visiting a bank branch, or transferring funds online. The method you choose will depend on your account type and preferences. Remember to be aware of potential fees and withdrawal limits