You can use a SoFi Money Vault to systematically build up an emergency fund that will be there for you whenever you need it! You can save $1 or $1,000,000, it's up to you! Follow the steps below to start an Emergency Fund Vault today.
1. Log into your SoFi Money cash management account and click 'Create a vault'.
2. Select the Emergency Fun Vault.
3. Create your Emergency Fund goal.
4. Select how much you want to save in this step. It can be as little as $1 or as much as $1,000,000.
5. Determine your monthly living expenses and add that amount to the 'Monthly cost of living' section.
6. You can fund your vault with AutoSave or recurring transfers. We'll also remind you if you have AutoSave already set up*.
Add the amount you want to have deposited from each paycheck.
You’ll find your Direct Deposit details on this page and can also get a pre-filled form with direct deposit info that you can give directly to your employer.
Now you're automatically saving for your Emergency Fund vault with direct deposit.
Recurring Transfers Setup
You can also save for your Emergency Fund vault with recurring transfers.
Enter the dollar amount you want to save as well as the day of the month for your recurring transfer. Click ‘Save’.
Your Emergency Fund vault has now been created.