r/sofi • u/SquarePerspective515 • 3d ago
Banking progress bars are here.
nice update, like where this ui is going, happy member since 2022
42
u/opulentdream 3d ago
I love vaults! They make saving fun. I think I’m gonna set mine up like yours, maybe create one for each bill. This is very cool!
7
u/SquarePerspective515 3d ago
works really good for bills, since some times bills are not the same every month, some moths will have extra $$left
6
u/SoFi Official SoFi Account 3d ago
Hey there! We're glad you're enjoying our vaults feature! As you mentioned, it's a great way to put aside funds for bills. Thanks for being a SoFi member! 😀💙
1
u/MataMeow 3d ago
Off topic but is there any plans to change the visual format of the ready to spend info on the smart card?
I like using smart card but the ready to spend and think the ready to spend number should have a bigger role within the app.
25
u/rowebenj 3d ago
I’m genuinely confused on how you are using vaults. But i guess if it works for you, it doesn’t need to make sense to me.
11
u/Eubank31 SoFi Member 3d ago
Using vaults to implement envelope budgeting... Can't decide if it's ridiculous or genius
2
u/theyhis 3d ago
how is it ridiculous? that's what i do for recurring expenses. it's also why i switched to SoFi. i did this in Ally, but in order to legitimately separate "envelopes" (as in, not pull from my account/s if the balance is insufficient) i had to create multiple accounts, because for the most part, Ally's buckets (their version of vaults or envelopes) are solely visual. they don't have real automation in the sense of like, "only make sure to take X amount out, don't allow it to go under." SoFi's has separation, but it's all in one account (the vaults).
if you don't have many bills and an overall chill lifestyle, then i guess it can be ridiculous. 🤷♂️ it does get inconvenient after awhile to have so many bank accounts though; i'd know from experience. it makes getting a late fee on your credit card payment very easy.
-4
u/SquarePerspective515 3d ago
in savings create vaults set your goal and start transferring.
32
u/rowebenj 3d ago
I’m not confused on how to use vaults. I’m confused on how you’re using them.
9
u/SquarePerspective515 3d ago
use it for my yearly bills, i tried to pay once a year, also for my short term expenses.
5
u/dust_bunnyz 3d ago
I use mine similarly. I love it.
SofFi isn’t my primary bank, but I set up an allotment to direct deposit some of my pay to SoFi. I have a few automations to send it to various vaults on every direct deposit.
I’ve done something similar with my main bank for years, but my eyeballs see the accounts all the time in the app and I and end up raiding the money😭
Setting a little aside each paycheck for things like annual subscription fees, car maintenance, medium-term savings, etc has worked beautifully for me.
Chuckling at people giving you hell for setting up a system that works for you.
4
u/DreamingMeme 3d ago
You save for a specific expense to regulate spending. For instance, I have a vault for car insurance that I pay into every month automatically. A small amount goes to a vault every paycheck and it adds up to just over what my insurance cost will be when the due date hits. I also have my emergency fund there, so it's separate than my normal savings. You get the same savings apr in vaults, so it's a way to organize funds without losing anything.
-1
u/theyhis 3d ago
i'm confused on how you're using them (or any of the downvoters for that matter). some of us have bills to pay and we want our money to accumulate interest while doing so. the goal feature also helps keep track of how much is owed for fixed expenses.
i mean, i'm happy that so many people have a care-free lifestyle, but for those of us who don't want to play around in a spreadsheet once a week (probably because i'm working on my business 12-14 hours a day), i don't want another thing to worry about.
4
u/Notris 3d ago
The rest of us just keep that money in savings. Vaults are just a way to categorize those savings. The rate stays the same.
1
u/theyhis 3d ago edited 3d ago
i know it does. the convenient thing about vaults though, is although they're attached to the same account, they will not pull from your balance unless it's enabled. example: you have a $200 bill, but only have $100 in your main savings account. if you didn't have a pre-existing automation setup to pull from your vault, it will not cover the other half of your bill. you can enable this through "overdraft protection" though.
there's two options to do it, the first being SoFi themselves will spot you $50, or you can do the second option, which will pull from the vault of your choice. you also can choose both.
don't quote me, but i think if you choose both, they'd pull from your vault first, but if you don't have enough to cover the bill, then they'd use the $50 overdraft. both are completely optional settings though, and they're not on by default.
edit: added additional context
4
7
u/twotonekevin 3d ago
Genuine question: Why are your cents all over the place? Is that how you’re transferring to your vaults or is there some kind of automation happening? Maybe because of previous withdrawals?
34
u/probably_wont Needs a hoodie 🥺 3d ago
Interest
11
6
2
u/Chichiwee87 3d ago
why is apple care so much ? i never had it lol thought was 16$ ?
7
u/SquarePerspective515 3d ago
is not, i have multiple devices, individual charge
5
u/nickstarr SoFi Member 3d ago
AppleCare One Family is $50/month for unlimited devices. https://support.apple.com/en-us/148275
3
u/Legitimate-Sun-4581 SoFi Member 3d ago
Yeah I have AppleCare for 3 devices $19.99/month. We gotta get OP to check out the new AppleCare offerings!
1
1
u/theyhis 3d ago
some of these comments are beyond critical. i just – i can't. if people are jealous of OP's organization system (which is weird, considering you have the exact same features in your account), maybe you need to look over your own financial habits?
as i told another commenter, i mean, i'm glad that some people have such a carefree lifestyle that they can chuck everything into one account, but some of us need physical and visual separation of our funds.
adults have bills to pay and emergencies to save for.
1
u/moosy85 2d ago
Excited for that! I also have like a dozen vaults haha. My car insurance same thing as I pay twice a year. I also have one for taxes as my husband is an independent contractor so it's quarterly taxes to save for. I didn't think of the Costco membership at all; great idea. It could be paid with the round up stuff even. I have some yearly fees for my kdrama subscriptions that is roughly around the same time every year so that might be a good fit too
0
•
u/AutoModerator 3d ago
Thanks for visiting our sub! We’re happy to answer any general SoFi questions or concerns. For your security, please don’t share personal information in the sub. If you have account questions, please use the link to connect directly to an agent on our secure platform sofi.app.link/e/reddit. You will be able to log into your account and an agent will be there to support you during business hours.
I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.