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Written by Sam Pennington on April 21, 2022
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How To Transfer From Acorns To SoFi 2022

Acorns is a top investment app for beginners as it offers a hands off experience. The app comes loaded with a number of prebuilt portfolios and a number of features that automate investing such as round ups.

Sofi, on the other hand, offers investors the opportunity to have more control over their investments, though they also offer a number of prebuilt portfolios.

With the ability to choose individual investments as well as a host of other features, some may want to transfer their assets from Acorns to Sofi. Whatever the case may be, if you are hoping to move your assets to Sofi, this is the article for you.

Here, we will highlight the process to transfer from Acorns to Sofi.

Be sure to read our full Sofi review for more!

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Transfer From Acorns To Sofi

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Transferring your assets from Acorns to Sofi can be a bit complicated as Acorns does not offer ACATS (Automated Customer Account Transfer Services) transfers. Instead, they offer Non-ACATS transfers. This simply means that they require hard paperwork to execute the transfer.

While Sofi does support ACATS transfer, Acorns does not. Because of this, you will not be able to perform a standard ACATS transfer.

So, you have two options:

  1. Liquidate your positions in Acorns, transfer your funds to your bank, and re purchase investments within Sofi
  2. Perform a Non-ACATS transfer

While method number one may be easier, it does involve selling your assets. If you sell off your positions for a gain, then you will be responsible for capital gains taxes. We are going to cover both methods in this article. We will start with the first method.

Method 1: Liquidate Your Positions

In order to transfer your assets through liquidation, be aware that capital gains taxes may be applicable should you sell your assets for a gain.

The process is fairly straightforward. Let's dive in:

1. Open a Sofi Account

SoFi Robo Advisor

Opening a Sofi account is easy and only takes a few minutes. (If you already have a Sofi account, you can skip to the next step.)

  1. Go to Sofi's Invest website or download the Sofi app
  2. Click or tap "Invest Now"
  3. Enter in your name, email, and password. This creates a Sofi account. In order to invest, you will need to setup a Sofi Invest account.
  4. Tap "Invest" along the bottom menu in the app
  5. Tap "Start Investing"
  6. Select the type of investment account you would like to create (in this case, you should select the option that allows you to choose your own investments)
  7. Next, input your information such as address, SSN, job, investing experience, etc.

2. Sell Your Assets in Acorns

To sell or withdraw your funds from Acorns, you will need to follow the steps below:

  1. Sign in to your account via your Android or iOS device
  2. Tap "Invest for your future"
  3. Choose the "Withdraw" option
  4. Enter the dollar amount you would like to withdraw
  5. Tap the bank name under the amount if you want to change the bank that your funds are coming from
  6. Tap "Review"
  7. Follow the prompts to confirm your selection

Any withdrawal requests placed before 11am PST on a market day typically will be processed the same day. If your request was made after 11am PST on a market day, Acorns will sell shares the following day that markets are open. Additionally, it can take 3-6 business days for withdrawals to transfer to your primary checking account. Regulatory requirements dictate a mandatory two-day settlement period after shares are sold from your Invest account before we transfer funds to your bank account.

3. Fund Your Sofi Invest Account

To fund your account, you will need to link a bank to your Sofi Invest account. To do so, you will need to navigate to the Sofi Invest section of the app. Then tap "Add Cash." Here, you will need to add a bank account, which will be done through Plaid.

Once you've linked your bank account, you are ready to deposit funds.

You will follow the previous step by clicking on "Add Cash." Follow the steps as prompted and choose an amount to deposit.

4. Invest Your Funds

Once your account is funded, you are ready to purchase new investments. Within Sofi, you have the option to have Sofi invest your funds for you or choose your own investments.

Method 2: Non-ACATS Transfer

Acorns does offer a non-ACATS transfer, which is requested through paperwork (either mailed in or emailed). With this method, there are a few things to be aware of. First, you can only transfer whole shares. In other words, if you own 1.5 shares of Apple, then 1 share only would be transferred to Sofi. The remaining 0.5 shares would automatically be liquidated and returned to your bank account.

Second, Acorns does charge a $50 per ETF fee.

In order to get started with this process, you will need to contact Sofi Customer Support. To do so, you'll need a Sofi Invest account. If you already have one, you can start with step 1 below. If you do not have one yet, please follow the first step above in the first method.

  1. Contact Sofi Invest customer support by logging in to your account. You can either chat or speak on the phone.
  2. Request a non-ACATS transfer form (Sofi will fill out a portion of the form and send to you to finish the rest.)
  3. Acorns requires a medallion signature, which can be thought of like a notary. You will need to go to a local bank that can complete a medallion signature.
  4. Once you have filled out the form and received the medallion signature, you will send back to Sofi. They will request the transfer on your behalf.

While this process may be more complicated than liquidating your assets, it can help you avoid paying capital gains taxes.

Transfer From Acorns To Sofi: Final Thoughts

Sofi offers investors a massive array of features beyond just investing such as banking, crypto, personal loans, home and auto loans, and more. If you want to transfer your assets to Sofi from Acorns, then you have 2 options.

You can either sell your positions and repurchase in Sofi, or you can initiate a non-ACATS transfer. A non-ACATS transfer is more complicated as you will need to fill out a form and acquire a medallion signature from a local bank.

It is important to be aware that with the first method (liquidating your assets), you may be responsible for capital gains taxes. Additionally, with method 2 (Non-ACATS transfer), you are able to transfer whole shares only. Which means the remaining portion of your assets will be liquidated and returned to your bank.

One of the main benefits to choosing Sofi is their incredible customer support team. If you get stuck in the process, their customer support team is happy to help. With both phone and chat support, getting answers to your questions is easy!

Article written by Sam Pennington
Sam is a personal finance writer. While in college, he dedicated his spare time to learning about personal finance, investing, and real estate. Sam currently works as a business analyst for one of the top food manufacturers in the world.

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