If you want to fund your SoFi investment account, the first step is to connect an external checking or savings account. The process only takes a few minutes and is completed directly through the SoFi app.
How to Link Your Bank to SoFi
To link your bank to SoFi, start by opening the SoFi app and logging in. Once you reach the main screen, look at the navigation bar at the bottom and tap Invest.
This will take you to your SoFi Invest dashboard. If you’re just getting started, your dashboard may be mostly empty. From here, look for the Add cash button and tap it.
You’ll now be taken to the Transfer Money screen. At the top, you’ll see the amount you want to transfer, along with the account the money is coming from and the account it is going to.
If you haven’t connected an external bank yet, the From field will be empty. Tap it to see your available accounts.
At the bottom of the account list, you’ll see Link new account. Tap that option to begin connecting your bank.
Agree to Connect Your Bank
The next screen will ask you to agree to connect your account. You’ll see a button labeled I agree.
SoFi uses Plaid to facilitate the bank connection. Plaid acts as a secure connection between your bank and financial apps. Your bank credentials are entered through the bank’s secure login process rather than being given directly to SoFi.
When you’re ready, tap I agree.
Verify Your Phone Number With Plaid
You’ll then see Plaid’s welcome screen, which may ask for your phone number.
Enter your phone number and tap Continue. Plaid will send you a verification code by text message. Enter the code when prompted to continue.
If you’ve previously used Plaid with another financial app, the process may be quicker because Plaid can recognize your existing information.
Select Your Bank
Next, you’ll arrive at the screen where you can choose your financial institution.
Plaid supports thousands of banks and credit unions. Popular institutions may appear near the top of the screen, but you can also use the search bar to find your bank.
Search for and select the bank you actually use.
For example, if you bank with Capital One, select Capital One from the list. If you use Chase, Wells Fargo, Bank of America, or another institution, select that bank instead.
Log In to Your Bank
After selecting your bank, Plaid will guide you through your bank’s login process.
Enter your bank username and password just as you normally would when logging into your bank’s official website or app.
Once you’ve successfully logged in, you’ll see information explaining what SoFi Invest is requesting access to. You’ll also have control over which accounts you want to share.
Review the information carefully and continue if you’re comfortable with the connection.
Review the Information SoFi Can Access
Your bank may show you the specific types of information that will be shared through Plaid.
Depending on your bank and account, this can include basic account information, detailed account information, bank account numbers, contact information, and transaction data.
Take a moment to review what you’re authorizing. If everything looks correct, scroll down and tap Continue.
Choose the Checking or Savings Account to Link
You’ll then see the accounts available at your bank.
This is an important step because you should choose an appropriate account for funding your investments.
If you have multiple checking and savings accounts, select the one you want to use and tap Continue.
Don’t Link a Credit Card
If your bank shows a credit card alongside your checking and savings accounts, don’t select the credit card for investment funding.
Using a credit card to fund investments effectively means borrowing money to invest. Credit card interest rates can be extremely high, making this a risky and expensive way to fund an investment account.
Instead, stick with a checking or savings account containing money you can afford to transfer.
Authorize the Connection
Your bank may show one final confirmation screen explaining which account will be connected to SoFi Invest and what information SoFi will be able to access.
Review the details carefully. If everything is correct and you’re comfortable authorizing the connection, tap Continue or the equivalent authorization button.
Plaid will then complete the connection between your bank and SoFi.
How to Authorize the Bank Connection
Once the authorization is complete, you’ll be redirected back to the SoFi app.
Your external bank account should now appear as an available funding source. You can use it to transfer money into your SoFi Invest account.
The process to link your bank to SoFi is now complete, and you’re ready to move money into your investment account.
Final Tips When Linking Your Bank to SoFi
Before you start transferring money, make sure you’ve selected the correct bank account and reviewed the information you’re authorizing.
Keep these points in mind:
- Use a checking or savings account rather than a credit card.
- Make sure the bank account belongs to you.
- Double-check the account you’ve selected before authorizing the connection.
- Review the information your bank says will be shared.
- Follow the verification instructions carefully.
- Make sure you have enough available funds before initiating a transfer.
Once you link your bank to SoFi, the next step is learning how to fund your SoFi account correctly so your money reaches your investment account without unnecessary delays or mistakes.
