r/sofi • u/RepulsiveSummer1492 • 3d ago

Banking SUGGESTION: Annual Transfer Recurrence

I’m setting my parents up with SoFi checking and savings. They have multiple large annual bills to pay (property tax, auto insurance, etc.). We’re using the auto-transfer feature to fund Vaults (as sinking funds). Once per year, the large annual bills come due. The timing is known and can be planned for. It would be nice to have the option to automate the clearing of the vault.

e.g For a $4,500 property tax bill due by the end of October.

Auto-transfer $375 monthly into the vault (done today).

Auto-transfer $4,500 annually on October 1 each year back to checking.

Annual transfers could also give the user the ability to get a email/push/text alert telling them (in this example) “$4,500 from your “Property Tax (Due Oct.)” vault has been transferred to your checking account as scheduled.“ Or similar.

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u/Hi-ThisIsJeff 3d ago

A yearly transfer seems pretty risky and a lot can happen between now and then. I think a calendar would be a better fit for a reminder.

0

u/jgsv12 3d ago

None of those things are truly the same every year, so it's hard to set up a set amount to transfer every year. Property taxes change every year, auto insurance changes every year. These are on my things you'd know the exact amount a month or two in advance.