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Written by Drew Cochran on October 20, 2022
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How To Transfer From Vanguard To SoFi 2022

SoFi has become one of the most popular online banking platforms - with SoFi, it seems like you can do everything you'd ever want to do with online banking, from earning competitive interest with checking and savings accounts, to investing in stocks and bonds, buying Bitcoin and crypto, to even personal loans, insurance, and mortgages... all inside a really simple mobile app.

Many Vanguard users are looking to see if SoFi's features can help their online investing experience, and are wondering how to make the switch to SoFi.

If that's you, you're in luck: today we're going to show you exactly how to transfer from Vanguard to SoFi, step by step.

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How To Transfer From Vanguard To SoFi

What we'll be doing today is called an ACATs transfer, an "Automated Customer Account Transfer Service".

With this type of transfer, you'll be able to transfer all assets inside your Vanguard account into SoFi, without needing to sell off and rebuy your assets. This way, you avoid a taxable event that can incur capital gains tax, as well as streamline the transfer process into something that's really convenient!

One thing about ACATs transfers to note: they do incur a transfer fee, usually from the bank you're leaving.

Vanguard charges its users $75 for a full ACATs transfer fee, but there's good news: SoFi reimburses the fee for qualifying accounts. We'll explain more about that in step 3!

How To Transfer From Vanguard To SoFi:

  1. Locate your Vanguard Account Info
  2. Sign Up For SoFi
  3. Initiate ACATs Transfer To SoFi

1. Locate Your Vanguard Account Info

For this ACATs transfer, SoFi will need your Vanguard account's 8-digit account number, as well as your Vanguard account's type. For your transfer to work, you'll have to make sure your Vanguard account type matches the account type you open up in SoFi.

How to find your Vanguard account info:

  1. Open your Vanguard app and log in
  2. Tap on the "My Accounts" section in the main screen
  3. Here, you will see your account information, including your 8-digit account number

Copy down both of these details in a secure location. We'll need to refer to them in step 3.

2. Sign Up For SoFi

SoFi Robo Advisor

Signing up for SoFi only takes a few minutes, and if you've signed up for any online bank before, you'll find SoFi doesn't do anything out of the ordinary. For signup, you'll have to enter your information, get your identity verified, and your account will be approved.

Have your SoFi Invest account set up already? Move on to step 3!

Here's how to open an account with SoFi:

  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 matches your Vanguard account)
  7. Next, input your information such as address, SSN, job, investing experience, etc.

When you've finished these steps, SoFi will begin the verification process. If the details you entered during sign up match, you could get verified instantly, but it can technically take up to 2 business days.

3. Initiate ACATs Transfer In SoFi

With your Vanguard account info at the ready, and your SoFi account set up and functional, we can begin your transfer.

Perform these steps to initiate your ACATs 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 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 transfers can take up to 2 weeks to finalize, and can be delayed or cancelled if the account types of your SoFi and Vanguard accounts don't match.

Additionally, at time of writing, SoFi doesn't allow transferring of mutual funds, cryptocurrencies, or OTCs or pink sheet stocks. For these, you'll need to either keep them in your Vanguard account, or sell off and rebuy them in SoFi or another online brokerage that accepts assets of those types (at the moment, you can buy crypto inside SoFi, but they do not offer individual crypto wallets).

In that event, your ACATs fee will only be a partial transfer, and Vanguard will only charge you $25 instead of the full $75.

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 it!

How To Get Your ACATs Fee Reimbursed

If your account is worth $5000 or more, you qualify to have your ACATs fee reimbursed with SoFi.

When you've finished initiating your ACATs transfer, email [email protected] to request your reimbursement.

If your account is close to that $5000 mark, you may want to delay initiating your ACATs transfer, and adding more funds to make sure you qualify before transferring over.

Transferring From Vanguard To SoFi: Final Thoughts

In the world of online finance, there's always something new going on. SoFi's approach to personal banking has helped many people make sense of personal finance, and their offerings always seem to bring something new to the table. Be sure to check out everything they offer, you never know unless you look.

Article written by Drew Cochran

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