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Written by Drew Cochran on August 18, 2022
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How To Transfer From TD Ameritrade To SoFi 2022

SoFi is a rising online brokerage that offers something for everyone. Between personal loans, high-yield savings accounts, an intuitive mobile investing platform, and even credit products, SoFi delivers a modern personal finance experience that is smooth and approachable for even the newest newcomer.

Many investing app users and online bank users are beginning to wonder if SoFi could offer something better than what they're already using. Even TD Ameritrade users are curious about SoFi!

However, it's easy to get lost in the weeds trying to figure out how to move your portfolio from one investing app into another.

Regardless of why you may be looking to switch over, today we're going to help!

Right now, we're going to show you exactly how to transfer your assets from TD Ameritrade into SoFi, from start to finish.

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How To Transfer From TD Ameritrade To SoFi

Thankfully, transferring from TD into SoFi is actually quite easy and quick to execute.

The only thing you'll need to do is copy down your TD Ameritrade account information, sign up for SoFi, and start an "ACATs" transfer with your TD account inside SoFi.

ACATs transfers (Automated Customer Account Transfer Service) allows broker account users to transfer their accounts with the various assets in the account without needing to sell and rebuy anything, avoiding a taxable event.

ACATs transfers can be really convenient, but they can also cost you some cash. Most brokers charge an ACATs fee when users transfer out of their service - TD Ameritrade charges $75 for outgoing ACATs transfers.

The good news is most brokers offer an incentive for new users to move over by paying their ACATs fees, or reimbursing users after the fact. More on that in step 3!

Transferring From TD Ameritrade To SoFi:

  1. Locate your TD Ameritrade Account Info
  2. Sign Up For SoFi
  3. Transfer Your Stocks To SoFi

Let's get down to business.

1. Locate Your TD Ameritrade Account Info

TD Ameritrade Logo

Before you can move your stocks from TD into SoFi, we'll need to find and copy some key details from your TD Ameritrade account for the transfer.

For the ACATs transfer you'll need to know the following:

  • Type of Brokerage Account (Personal/Individual/Taxable, Roth IRA, traditional IRA, etc)
  • Your TD Ameritrade Account Number

When performing an ACATs transfer, you need to make sure your account types match between your old and new brokerage. If they don't, your transfer may get delayed or canceled entirely.

Here's how to get both inside your TD Ameritrade app:

  1. Make sure you're logged in to your account
  2. At the bottom of the home screen, click "More"
  3. Choose "My Profile"
  4. Select "Account Information"
  5.  Note what type of account you have
  6. Click "Show" to reveal your full account number
  7. Safely copy down your account information

Now we can finish the rest of the process inside your SoFi - either the app or website.

2. Sign Up For SoFi

SoFi Robo Advisor

Setting up a new Sofi account is easy and only takes a couple minutes. Not much different from any other brokerage app - enter your information, verify and wait for your account to get approved.

Already set up with SoFi? Skip down to step 3.

Take the following steps to open your new SoFi account:

  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 set up 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.

Your account will need to be verified once your info is in the system. This can take up to 2 business days, but usually if your ID and name match, it wraps up pretty fast.

3. Transfer Your Stocks To SoFi

Finally, with your TD Ameritrade account info at the ready, and your SoFi account fully operational, we can execute the ACATs transfer.

Follow these steps to initiate the transfer:

  1. Log in to your SoFi account and click on the "Invest" tab.
  2. If you’re using the app, then click on the "Transfer Account" button; if you’re using the SoFi.com dashboard, then click on the "Begin transfer" button.
  3. Search for the name of the firm where your assets are currently held.
  4. After selecting your brokerage, a new window will appear from Plaid, which is a third-party security company. Plaid will prompt you to log in with your username and password for TD Ameritrade.
  5. After logging in, you will simply follow the prompts to execute the transfer.

ACATs transfer requests can take up to 2 weeks to finalize.

Again, make sure your new SoFi account type (personal/taxable vs retirement, etc) and your listed name both match your TD Ameritrade account before transferring. If either part doesn't match your transfer could be delayed or canceled.

One more thing: at the time of writing, you can't transfer mutual funds, cryptocurrency, or OTC or pink sheet stocks into SoFi. For these assets, you will have to liquidate them prior to requesting your ACATs transfer, and rebuy them in SoFi after.

If you're unsure if SoFi can support a specific asset you own, check their app for that asset type by searching for it in the app. If it shows up in your search, SoFi supports the asset.

SoFi ACATS Transfer Fee Reimbursement

Like most brokers, TD Ameritrade has a $75 fee for outgoing ACATs transfers.

With SoFi, you can get your fee reimbursed if your transfer is qualified.

To qualify, your transfer must be at least $5000.

After completing a qualified transfer, email [email protected] to request reimbursement.

SoFi Promo For New Online Banking Users

Even if you don't qualify to get your money back from your ACATs transfer, there are a lot of ways to make your money back just by integrating your online banking with SoFi.

Right now, they are offering a cash bonus from $50-$300 to direct deposit SoFi banking users.

If you sign up for their online banking account and link your direct deposit, you'll get a cash bonus based on the amount of money your direct deposit brings in during your first 30 days:

  • $50 for direct deposits ranging from $1000-$1999
  • $100 for direct deposits ranging from $2000-$4999
  • $300 for direct deposits ranging from $5000 or more

But that's not all! Right now SoFi is offering a 1.8% APY earnings on their savings accounts - unheard of interest rates for savings accounts in recent years.

Even if you don't qualify for the cash bonus, earning 1.8% interest on your emergency fund is pretty wild, even for high-yield savings accounts.

SoFi's online bank account also features zero account fees and service charges - including overdraft and minimum balance.

Sign up with SoFi here!

Transfer From TD Ameritrade To SoFi: Bottom Line

There's a lot to explore with SoFi. Though you might not qualify to get your ACATs fee reimbursed, it's probably worth your time to switch over anyways - especially if you feel like your current online investing platform isn't a good fit.

Remember to double-check and ensure you're transferring between accounts of the same type, and that SoFi supports the asset types you're trying to transfer in.

Article written by Drew Cochran

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