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 on the ‘Vaults’ link.
2. Click ‘Create vault’.
3. Select the ‘Emergency Fund’ vault.
4. Customize your Emergency Fund savings goals.
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 direct deposits from your employer or as 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 and click ‘Next’.
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.
Your Emergency Fund vault has been created.
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 ‘Next’.
Your Emergency Fund vault has now been created.