How to designate beneficiaries at SoFi
Beneficiaries are managed online or by phone
Preparing your SoFi accounts for estate transfer involves two primary strategies: designating beneficiaries on individual accounts and aligning account ownership with your broader estate plan. Both approaches bypass probate, but they work differently depending on the account type.
The transfer rules at SoFi vary across 11 accounts. Below is a breakdown of beneficiary options, trust funding, and which products support each method.
Beneficiary form at SoFi
Transfer on Death beneficiary form (for investment accounts).
- Log in to your SoFi account and open the Banking tab
- Select the gear icon, then Beneficiaries
- Select "set up now" on the account, enter the beneficiary's information and confirm
- Individual and joint accounts each need their own beneficiaries
- Log in to your SoFi IRA Invest account
- Select the gear icon, then "Beneficiary"
- Select "Add Beneficiaries"
- Call an Investment Specialist at 855-525-7634, or chat online
- Request the Transfer on Death beneficiary form
Required Documents
- Beneficiary's full name (for SoFi Checking and Savings)
- Beneficiary's Social Security number or ITIN (for SoFi Checking and Savings)
- Beneficiary's date of birth (for SoFi Checking and Savings)
- Beneficiary's U.S. address (for SoFi Checking and Savings)
- Log in to your SoFi account and open the Banking tab
- Select the gear icon, then Beneficiaries
- Select "set up now" on the account, enter the beneficiary's information and confirm
- Individual and joint accounts each need their own beneficiaries
- Log in to your SoFi IRA Invest account
- Select the gear icon, then "Beneficiary"
- Select "Add Beneficiaries"
- Call an Investment Specialist at 855-525-7634, or chat online
- Request the Transfer on Death beneficiary form
Required Documents
- Beneficiary's full name (for SoFi Checking and Savings)
- Beneficiary's Social Security number or ITIN (for SoFi Checking and Savings)
- Beneficiary's date of birth (for SoFi Checking and Savings)
- Beneficiary's U.S. address (for SoFi Checking and Savings)
- Log in to your SoFi account and open the Banking tab
- Select the gear icon, then Beneficiaries
- Select "set up now" on the account, enter the beneficiary's information and confirm
- Individual and joint accounts each need their own beneficiaries
- Log in to your SoFi IRA Invest account
- Select the gear icon, then "Beneficiary"
- Select "Add Beneficiaries"
- Call an Investment Specialist at 855-525-7634, or chat online
- Request the Transfer on Death beneficiary form
Required Documents
- Beneficiary's full name (for SoFi Checking and Savings)
- Beneficiary's Social Security number or ITIN (for SoFi Checking and Savings)
- Beneficiary's date of birth (for SoFi Checking and Savings)
- Beneficiary's U.S. address (for SoFi Checking and Savings)
What SoFi says about beneficiaries and trusts
Each section is SoFi's own statement, with the document it comes from numbered under Sources.
Which accounts take a beneficiary3
- Payable-on-death account
Beneficiary designations for SoFi Checking and Savings apply only to those accounts. Individual and joint accounts each need their own beneficiaries.1
- IRA
Beneficiaries on SoFi Traditional, Roth and SEP IRAs are added online in the SoFi IRA Invest account.2
- Investment account
Taxable (non-IRA) SoFi Invest accounts take Transfer on Death beneficiaries, designated on a form requested from an Investment Specialist by phone or chat.2
Who can be named4
- A person, payable-on-death accounts
A person can be named as a beneficiary on SoFi Checking and Savings.1
- A trust, investment accounts
A trust cannot be named as a beneficiary.2
- A trust, IRAs
A trust cannot be named as a beneficiary.2
- A minor, investment accounts
A minor cannot be named as a beneficiary.2
- A minor, IRAs
A minor cannot be named as a beneficiary.2
- Someone outside the United States, investment accounts
A person who is not a U.S. citizen cannot be named as a beneficiary.2
- Someone outside the United States, IRAs
A person who is not a U.S. citizen cannot be named as a beneficiary.2
How many beneficiaries, and how shares are split
- Payable-on-death account
Up to five primary and five secondary beneficiaries can be named. Balances are split evenly among the primary beneficiaries, and among the secondary beneficiaries only if no primary beneficiary is living.1
Beneficiary forms SoFi issues1
- Transfer on Death beneficiary form
For investment accounts. Sent by the institution on request.2
What SoFi says about trust accounts2
- Whether a new account is opened
SoFi Checking and Savings are offered as individual and joint accounts. Trust and business accounts are not available.3
The Deposit Account Agreement states an account "may not be owned or titled in the name of a company, fiduciary, estate, organization, or other legal entity."4
- Checks and cards on a trust account
SoFi does not accept checks written out to a trust.3
Not in SoFi's published guidance1
- Which trust documents it accepts
Sources
Data sourced from SoFi primary sources (18 pages reviewed). How we research.
Download these SoFi instructions
Download instructions for the whole estateA printable PDF with the steps, required documents, and contact details — verified against SoFi primary sources. Bring it to the branch or keep it beside the phone.
SoFi estate support
Phone
Hours
Mailing address
Website
Estate requests go through general customer service.
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