Webull offers advanced trading controls and in-depth analysis for seasoned active investors who want a mobile experience - but sometimes it's easy to get lost, and not every mobile brokerage is for everyone.
Some Webull users have found themselves looking for a more streamlined experience, and may be curious about the various personal finance services SoFi has to offer.
Not only can you invest using SoFi, but SoFi has dedicated themselves to being a friendly, reliable one-stop shop for all your online banking needs. Recently, SoFi has even offered a 2% interest earning savings account - something unheard of in recent years, even among online banks.
Regardless of why you might be looking to switch over, it's easy to get confused about how to bring your portfolio from Webull to SoFi.
Today, we're going to show you precisely how to transfer your stocks and assets into SoFi from your Webull account, step by step.
Luckily for us, transfering stocks from Webull to SoFi is actually pretty easy: all you'll have to do is perform what's called an "ACATs" transfer.
ACATs, or Automated Customer Account Transfer Service, is a way brokers allow their users to move their assets between brokerages without needing to sell off and rebuy their assets (which often creates a taxable event for us, not fun).
For your ACATs transfer, all you'll need to do is the following:
ACATs usually have fees attached, as the brokerage you're leaving doesn't want you to take your assets away from them into another bank.
Fortunately, most brokers also have incentives for users who want to switch over, where they'll either pay your ACATs fees outright, or provide a rebate for qualified accounts after the fact. More on that in step 3!
For now, we'll start by gathering your Webull account information.
Before we do anything in SoFi, you'll need to find and securely copy down some of your Webull account info.
You will need to safely copy the following details:
With ACATs transfers, if the names and account types in each brokerage don't match, your transfer could be delayed or even cancelled, which nobody wants.
Here's how to find everything inside Webull:
Next, we'll sign up for SoFi, including your SoFi Invest account. Setting everything up is pretty quick.
Already have your SoFi Invest account set up? Move on down to step 3!
Follow these steps carefully:
When you're finished, SoFi will need to verify your new account, which can take up to 2 business days max.
If your name and ID match during sign up, the processing time is usually really fast.
Now that your Webull account info is on hand, and your SoFi invest account is all set up, and both account types match, we can initiate your ACATs transfer.
How to Initiate Your ACATs Transfer:
This transfer can take up to 1-2 weeks to process.
Transferring out of Webull will cost you $75. However, if your transfer amount is at least $5000, SoFi will pay you back for the fee.
After your ACATs has fully processed, email SoFi's customer support team at [email protected] to receive your money back.
Because of inflation, the spending power of each single dollar erodes over time, at a historical rate of about 3% each year.
If you're keeping your emergency fund or other savings inside of bank accounts that aren't earning any interest, you may want to consider a SoFi savings account.
At the time of writing, SoFi is offering a very accessible savings account that can earn 2% interest - one of the highest rates you can find. Most high-yield savings accounts require a minimum deposit or account balance in order to access the interest yield, but SoFi's is pretty open:
Even if you can't set up direct deposit with SoFi (if you have anything resembling a corporate 9-5, you should be able to set this up, double check with your HR department or your manager), you'll still be able to earn 1% with SoFi.
After providing your info, SoFi will review and verify your account, which is usually fast.
When you've been verified, you'll be prompted to transfer money into SoFi by linking your bank, or with a debit card.
Alternatively, from this page, you can also pre-fill your direct deposit information manually:
After your direct deposit form is generated by SoFi, you can e-mail it to your HR department or employer to finalize.
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